Zijin Mining, one of China’s largest mining companies, has announced a significant discovery of copper resources and reserves, bolstering its position in the global copper market.
On June 28, the company revealed the addition of 18.38 million tonnes of copper resources and 5.77 million tonnes of copper reserves across two projects in China.
The newly discovered reserves represent 14.2 per cent of China’s total copper reserves as of the end of 2022, marking a substantial contribution to the country’s mineral wealth.
This discovery was made possible by Zijin’s robust in-house research and exploration capabilities.
The Julong Copper Mine in Tibet, partially acquired by Zijin in 2020, has emerged as the star of this announcement.
Following extensive exploration efforts, including 87,000 metres of drilling and analysis of 43,400 samples, the mine has added 14.73 million tonnes of copper resources.
This brings Julong’s total copper resources to 25.88 million tonnes with an average grade of 0.29 per cent, making it China’s largest copper mine by resources.
Zijin’s ambitious plans for Julong include a Phase 2 expansion, expected to begin trial production in the first quarter of 2026.
Upon completion, the mine’s annual processing capacity will increase from 45 million tonnes to 110 million tonnes, with yearly copper production rising to 300,000-350,000 tonnes.
A feasibility study for Phase 3 is underway, which could potentially increase annual ore processing to 200 million tonnes, positioning Julong as the world’s largest copper mine.
In addition to the Julong discovery, Zijin’s wholly-owned subsidiary, Heilongjiang Duobaoshan Copper, has uncovered an ultra-large copper orebody at the Tongshan Copper Mine in Heilongjiang.
This exploration effort has added 3.651 million tonnes of copper resources with an average grade of 0.47 per cent.
The newly discovered V orebody, containing 2.81 million tonnes of copper, is the largest copper orebody found in Northeast China in four decades.
These discoveries significantly strengthen Zijin Mining’s copper portfolio and underscore the company’s growing prominence in the global mining industry.
As of 2023, Zijin has become one of the world’s top 5 copper producers by output, with its mined copper production reaching 1.01 million tonnes, an 11 per cent increase year-on-year.
The company’s strategic focus on copper aligns with the metal’s crucial role in the global transition to green energy and electrification.
As Zijin continues to expand its copper production capabilities, it is well-positioned to meet the increasing demand for this essential metal in the coming years.
