EXCLUSIVE: Head of Jiangxi Copper’s international trading arm Su Li steps down - sources

Jiangxi Copper International Trading Co Ltd’s president, Su Li, has stepped down from his role, multiple sources with direct knowledge of the matter confirmed.

Su was placed under arrest three months ago and was discharged from public office for allegedly violating China’s 8-point anti-graft regulations, several sources said.

Jiangxi Copper International Trading parent company Jiangxi Copper did not respond to emailed requests for comment from Fastmarkets.

It is the latest top management reshuffle related to anti-graft enforcement at the Chinese copper heavyweight after former vice president Wang Chi-wei was arrested on corruption charges last December.

Jiangxi Copper International Trading was set up in 2011 giving Jiangxi Copper, China’s largest refined copper producer, a stake in the Shanghai import merchant business.

Su has overseen the company since its inception, according to the Shanghai government’s website. Previously he worked for parent company Jiangxi Copper since 2008.

He also oversees Jiangxi Copper’s Singapore s subordinate company, which is Jiangxi Copper’s first overseas subsidiary.

It mainly trades copper, nickel and precious metals in Southeast Asia, South Asia and Australia. The Singapore office started to trade copper concentrates in 2017.

Its Singapore office turnover reached $3 billion between 2014 and 2017, according to the company website.

Other than copper trading, Jiangxi Copper International Trading also ranked the 20th largest importer of precious metal concentrates in China in 2017, according to Global Trade Analysis System.

A series of senior management reshuffles since early 2018 have clouded the direction and power structure of industry giant Jiangxi Copper.

It started in January 2018 when former chairman Li Yihuang was investigated for alleged disciplinary violations, while in last July three senior executives of Jiangxi Copper left their roles due to “work adjustments,” including of Jiangxi Copper’s Wu Yuneng.

Wu used to be the chief negotiator of copper concentrate treatment charges (TC) for Jiangxi Copper, which were taken as a benchmark for determined smelting margins of the entire copper smelting industry.

Additional reporting by Anna Xu in Shanghai.

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