Golden Dragon Precise Copper Tube Group Inc., China's largest precise copper tube producer, is to set up a plant in Mexico, the group announced Tuesday.

The Mexican plant, in the copper-rich Coahuila with a designed capacity of 70,000 tonnes of precise copper tube, will start test production by the end of 2008, Golden Dragon President Li Changjie told Xinhua.

The plant is to cost up to 80 million U.S. dollars, which will be funded by Standard Chartered, Goldman Sachs and Lehman Brothers.

The group plans to list in Shanghai next year, raising 1.6 billion to 2.0 billion yuan, Li said.

(Xinhua News Agency May 7, 2008)