November 9, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Lihua International, Inc. (NASDAQ: LIWA), a Chinese maker of copper products, said that it has broken ground on its second copper recycling facility.

The new recycling and smelting facility, which is scheduled to open during the second half of 2011, is being built on around 30 acres of land located adjacent to Lihua's existing copper recycling facility in Danyang, China.

Based on the company's construction plan, the facility will initially house two smelters, and will increase Lihua's annual refined copper production capacity to 100,000 tons from current annual capacity of 50,000 tons.

Lihua said that total costs associated with the new facility, including the acquisition of 50-year land use rights, construction and equipment are expected to total $35 to $40 million.

The company added that the construction and all associated costs will be fully funded from Lihua's cash on hand, which totaled $87 million as of June 30.

China-based Lihua International, through its two wholly-owned subsidiaries, Lihua Electron and Lihua Copper, is a manufacturer of copper replacement products.

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