YUNNAN Copper Industry Co. may boost 2007 profit by 26 percent after it raised 4.3 billion yuan (US$555 million) to buy copper mines from its parent company.

Profit may rise to 1.36 billion yuan from 1.08 billion yuan after it bought four mines and a smelting plant from Yunnan Copper Group Co., the company said in a statement Friday. Yunnan Copper sold 458 million additional local-currency shares to institutional investors in February to fund the acquisition, which will boost its production capacity 80 percent to 630,000 metric tons in 2008. Buying the mines will reduce the company’s reliance on its parent for ore to feed its smelters.