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Speech by Mr Lim Siong Guan, Chairman of the Singapore Economic Development Board, at the groundbreaking ceremony of Singapore Copper Technologies at 4 Tuas View Circuit on 24 January 2007 at 10:25 am
Mr Tan Kim Seng, Group Chairman, Advance SCT
Mr Terence Tea, Group CEO, Advance SCT
Dr Wu Shen Kong, Chairman, Singapore Copper Technologies
Distinguished guests,
Ladies and gentlemen,
1. Thank you for inviting me to join this groundbreaking ceremony of Singapore Copper Technologies (SCT). It is not only an event to mark the physical groundbreaking of one of the world’s largest integrated copper refinery and manufacturing plant; the very fact of having such a refinery here is in itself a groundbreaking event! Who among Singaporeans and non-Singaporeans alike would have imagined copper refining, a complex manufacturing activity, to be both viable and profitable in Singapore?
2. Minerals, metals and materials are a critical part of industrialisation as countries move up the value chain and economies expand. Mining operations and metal production activities have increased in many parts of the world to feed the economic growth of Asia. And in our neighbourhood, we see such exponential growth in Australia, China, India, Indonesia, Laos, and Vietnam, besides others. Singapore is also a major distribution centre for the London Metal Exchange (LME). The LME holds significant amounts of metals such as tin and copper in accredited warehouses here, making Singapore a key node in the global supply chain.
3. The EDB has identified the minerals, metals and materials industry (or what we call MMM) as one with significant economic potential for Singapore. It is already a multi-billion dollar industry globally. EDB’s MMM forays in recent years have attracted many leading players like BHP Billiton and Baosteel. Last year, we saw the setting up of a tin refining company whose output accounts for about 10 per cent of the world’s tin market. Today we signal Singapore’s entry into the copper refining world!
4. I congratulate Singapore Copper Technologies for taking this bold step. It is a strategic investment by Advance SCT, the parent company of SCT, which started off with metal recycling and copper product distribution to the printed circuit board (PCB) industry. This plant will be a major producer of phosphorus copper anodes, putting Singapore on the world map as a key supplier of materials to the PCB industry.
5. Singapore Copper Technologies has made an excellent decision in locating the refinery here. The project will benefit from Singapore’s reputation as a trustworthy and secure location for complex manufacturing activities. It will tap on our connectivity, supply chain management capability and international trade linkages to expand and extend its supplier and customer base. SCT could also make use of Singapore’s robust intellectual property protection regime and technology capabilities to set up its materials development and application centre here, either on its own or in collaboration with other companies or our research institutes.
6. This copper refinery is yet another testimony of Singapore’s capacity to host new, interesting and unique projects, and EDB’s capability to make business sense out of what, at first glance, could appear unexpected for Singapore.
7. Allow me, once again, to congratulate the Singapore Copper Technologies team on this groundbreaking event. I wish you every success as you drive this project to be on time and on track. You may be assured of EDB’s support and goodwill as we follow your progress in this exciting undertaking.
8. Thank you.
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