Sunstone Development Co., Ltd signed an agreement on Feb. 1 with Yunnan Aluminum and the local government to build an anode plant with an annual capacity of 900,000 tons in Qujing City, Yunnan Province. The project will be constructed in two phases, 600,000 tons for Phase 1 and the rest for Phase 2. The total investment is expected to reach 2.7 billion yuan ($429 million). The products will feed the fast-growing aluminum industry in Qujing City, where Yunnan Aluminum currently operates two aluminum smelters with a total capacity of 680,000 tons per annum.

Headquartered in Dezhou, Shandong Province, Sunstone is one of largest anode suppliers in China, operating several plants across the country with a total annual output of 875,000 tons. The company also has several other anode plant projects under construction, which will double the company’s operating capacity by the end of 2018. Benefiting from the surge in anode prices, the company expects net profit in 2017 to be around 549 million yuan ($87 million), an increase of 517.44% over 2016.

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