News Roundup for Overseas Copper Market

SHANGHAI, Dec 6 (SMM) – This is a news roundup in the overseas copper market last week.

1. Chile's National Copper Commission Cochilco stated on November 29 that by the end of 2030, the country will receive $68.9 billion in mining investment, which is 6.9% lower than the previous forecast because two projects were removed from the pipeline.

2. In the first three quarters, the operating income at Tongling Nonferrous Metals stood at 100.722 billion yuan, a year-on-year increase of 40.36%. Net profit in the first three quarters stood at 2.45 billion yuan, a year-on-year increase of 233.58%. In the third quarter of 2021, the operating income stood at 32.568 billion yuan, a year-on-year increase of 19.23%. Net profit stood at 1.129 billion yuan, a year-on-year increase of 214.65%. According to statistics, Tongling Nonferrous's net profit in the first three quarters has exceeded the total of the previous three years.

3. The Kamoa-Kakura Copper Mine in Congo (DRC) has signed a basic engineering contract with China Ruilin Engineering Technology. China Ruilin will provide the basic design services for the direct blister copper flash smelter. The first phase of the project was put into use on May 25, while the second phase is under construction and is expected to start operations in the second quarter of 2022. These two stages are expected to produce about 400,000 mt/year of copper concentrate. The study on the construction of the third phase of the beneficiation plant is currently underway.