The company also secured a scrap metal import license from the General Administration of Quality Supervision, Inspection and Quarantine of China in November 2010.
Together, these licenses enable the company to begin purchasing and importing scrap copper directly from overseas suppliers.
Lihua said importing scrap copper directly, rather than purchasing from domestic importers, will provide it with material cost savings on scrap copper procurement.
Lihua chairman and CEO Jianhua Zhu said as the company continues working to expand the scale of its business and focus on increasing profitability, its ability to import scrap copper marks a significant milestone for it.
The company is expected to ramp up the volume of scrap copper imports by the end of 2011.
