Zijin Mining to commission China’s largest copper mine by end-2021

Published: Jun 11, 2020 11:34
Zijin Mining will “unswervingly” push for the commissioning of Qulong copper mine, the largest in China, at the end of 2021, said Chen Jinghe, Chairman of the Chinese mining behemoth.

SHANGHAI, Jun 11 (SMM) – Zijin Mining will “unswervingly” push for the commissioning of Qulong copper mine, the largest in China, at the end of 2021, said Chen Jinghe, Chairman of the Chinese mining behemoth.

 

The Qulong mine is located in southwest China’s Tibet and owned by Tibet Julong Copper, which is likely to be taken over by Zijin Mining.

 

Zijin Mining said Sunday it will acquire a 50.1% share in the Tibet-based mining firm for 3.88 billion yuan ($547.7 million), which is expected to further cement its position as a copper giant and ease the risks brought on by mining operations overseas to its overall revenues.

 

This move came after the mining behemoth had a major setback in its Papua New Guinea (PNG) gold mining operations.

 

Qulong deposit will be exploited via large-scale open-pit mining, and the construction will be carried out in two phases. With investment of 14.6 billion yuan, the phase 1 is expected to come online at the end of next year, which will be able to produce 165,000 mt of copper and 6,200 mt of molybdenum per year.

 

In addition to Qulong, Tibet Julong also owns Zhibula and Rongmucuola projects.

 

Zijin Mining, meanwhile, is making rapid progress at the Kamoa-Kakula copper mining complex in DR Congo. Construction of the project is expected to be completed in 2021, and the initial phase will be able to process 6 million mt of ore per year at Kakula. The project is expected to produce 382,000 mt of copper per year on average in the first decade, and will ramp up to 740,000 mt in the 12th year.

 

By 2022, Zijin Mining’s copper mine output is expected to reach 670,000-740,000 mt, making the top 10 across the globe.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
North Copper Reports 15.8% Revenue Growth, Proposes Cash Dividend in 2025 Annual Report
12 hours ago
North Copper Reports 15.8% Revenue Growth, Proposes Cash Dividend in 2025 Annual Report
Read More
North Copper Reports 15.8% Revenue Growth, Proposes Cash Dividend in 2025 Annual Report
North Copper Reports 15.8% Revenue Growth, Proposes Cash Dividend in 2025 Annual Report
North Copper (000737) disclosed its annual report on April 24. In 2025, the company achieved revenue of 27.916 billion yuan, up 15.80% YoY; net profit attributable to the parent company was 791 million yuan, up 29.01% YoY; basic earnings per share were 0.415 yuan. The company proposed a cash dividend of 1.4 yuan per 10 shares (tax inclusive). During the reporting period, the company's main mines maintained stable production, but copper concentrates supply was tight in the market, and copper smelting TC remained subdued.
12 hours ago
Pengxin Resources Reports 81.94% Revenue Growth,扭亏为盈并提议每股派息0.31元
12 hours ago
Pengxin Resources Reports 81.94% Revenue Growth,扭亏为盈并提议每股派息0.31元
Read More
Pengxin Resources Reports 81.94% Revenue Growth,扭亏为盈并提议每股派息0.31元
Pengxin Resources Reports 81.94% Revenue Growth,扭亏为盈并提议每股派息0.31元
Pengxin Resources (600490) disclosed its annual report on April 24. In 2025, the company achieved revenue of 3.411 billion yuan, up 81.94% YoY; net profit attributable to the parent company was 225 million yuan, compared with a loss of 96.7716 million yuan in the prior year; basic earnings per share were 0.1019 yuan. The company proposed a cash dividend of 0.31 yuan per 10 shares (tax inclusive). During the reporting period, the company achieved continuous breakthroughs in its South Africa gold mine project, maintained stable production and improved efficiency at its DRC project, advanced new trade business models, and accelerated industrial expansion in and outside China, increasing mineral resource reserves and enhancing the company's overall competitiveness.
12 hours ago
U.S. Treasury Secretary Bessent Discusses Policy Blueprint and Fed Chairman Possibility
12 hours ago
U.S. Treasury Secretary Bessent Discusses Policy Blueprint and Fed Chairman Possibility
Read More
U.S. Treasury Secretary Bessent Discusses Policy Blueprint and Fed Chairman Possibility
U.S. Treasury Secretary Bessent Discusses Policy Blueprint and Fed Chairman Possibility
U.S. Treasury Secretary Bessent stated in an exclusive interview on Friday, outlining his policy blueprint for artificial intelligence, energy, taxation, and financial regulation, and indicated that he did not rule out the possibility of serving as Fed Chairman in the future.Bessent said he did not rule out the possibility of serving as Fed Chairman in the future, but explicitly refused to run for any public office. He explained that the Fed Chairman does not need to participate in elections, can shape the direction of the economy, and that the US Fed itself is an important institution.
12 hours ago
Zijin Mining to commission China’s largest copper mine by end-2021 - Shanghai Metals Market (SMM)