OREANDA-NEWS. September 14, 2012.  One of China's private equity investment and management giant will set up a fund to provide money for the copper sector of Tongling, Anhui province in partnership with a local company.

Shanghai- based Kaishi Investment Management Co.and Tongling Development Investment Group Co.agreed to spend 750 million yuan (USD119 million) and 250 million yuan, respectively, launching a copper industrial fund in Tongling, China's important center for bronze production.

The move is believed to play a crucial role in improving Tongling's industrial structures and transforming the energy-oriented city. It will also help break foreign firms' monopoly of high-end copper-based products and build a complete and globally competitive industrial chain, according to local authorities.

60 percent of the fund is to be poured into the copper sector, sources said.