China: Gerald Metals and Shanghai Pengxin launch copper & cobalt JV

Visual of Gerald Group homepage.

By Shiwen Yap

February 8, 2016

Gerald Metals SA, a member of Gerald Group, and Shanghai Pengxin Investment Co., Ltd. (“Pengxin”), a subsidiary of Pengxin International Mining Co., Ltd., has formed a Shanghai-based joint venture (JV) that will procure, produce, and market raw and refined copper and cobalt materials globally.

Gerald Metals SA is an international trading arm of the Gerald Group that has access to substantial copper and cobalt resources worldwide, in addition to extensive experience in trading these mineral resources. With a claimed turnover in excess of of US$10 billion, the Connecticut-headquartered corporation maintains regional hub offices in Stamford, Connecticut; Singapore; Shanghai, China and in Switzerland.

Shanghai Pengxin Mining Investment Co., Ltd. is a resource company that is actively involved and expanding in both the cobalt and copper sectors and is listed on the Shanghai Stock Exchange. According to a Financial Times quote, it maintains a market capitalisation of $9.78 billion and has 1.48 billion outstanding shares being trade. Prior to the Chinese New Year (CNY) break, it closed at $6.61 per share.

The JV will see Pengxin’s operational and technical expertise being paired with Gerald Group’s supply and marketing capabilities, aligning the strategic plans of both groups.

Partnering with Gerald will facilitate Pengxin’s strategy to substantially expand its current, low-cost copper and cobalt production. This partnership will see Gerald Group supporting the procurement of an optimal supply of copper and cobalt concentrates for Pengxin as it expands existing production capabilities.

Pengxin is expected to increase its annual copper cathode production by the additional supply of copper concentrates and produce as much as 7000 tonnes of cobalt metal annually when the expansion is completed.

Commenting on the formation of the JV, Craig Dean, CEO and president of Gerald Group, said, “We look forward to working with Pengxin on their metals and mining expansion strategy, as our experience in the sourcing and marketing of copper and cobalt and their technical expertise will create a strong foundation for a win-win relationship.”

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