Zijin Mining Group has revised its copper-in concentrate production target to 1.22 million tonnes (Mt) for 2025, marking a 4% increase from its previous goal, as disclosed in a filing with the Shanghai Stock Exchange on 16th May 2024. 

Zijin Mining Group has revised its copper-in concentrate production target to 1.22 million tonnes (Mt) for 2025, marking a 4% increase from its previous goal, as disclosed in a filing with the Shanghai Stock Exchange on 16th May 2024. By 2028, Zijin aims to further boost its output to between 1.5 and 1.6 Mt, representing nearly a 50% increase from 2023 levels of 1.01Mt.

The company attributes these upward adjustments, originally set for 2030, could now be achieved two years ahead of schedule (by 2028) due to copper’s strong fundamentals. These include the development of a global operation, management, an ESG sustainable development system, and the capacity expansion potential of its key projects.

To realise these ambitious targets, Zijin has outlined the following strategic plans:

1) Expedite Development: Zijin plans to accelerate the development of the second and third phases of the Julong copper mine in Tibet, China. Upon completion, the project is expected to mine and process approximately 200Mt and produce 600kt of copper annually.

2) Initiate Construction: The company will commence construction of the Zhunuo copper mine in China, which is expected to have a mine life of 20 years with an average copper output of 99kt per annum.

3) Expansion in the DRC: At the Kamoa-Kakula copper mine, Zijin plans to finalise the construction of a phase 3 concentrator plant with a capacity of 5Mt per annum and a 500kt per annum copper smelter. These new facilities, expected to be operational by October 2024, will raise the annual production capacity to 620kt. Additionally, Zijin plans to initiate the construction of phase 4 at the copper mine, with a processing capacity target of 19.2Mt per year. Robert Friedland, Founder and co-Chairman of Ivanhoe Mines recently revealed that a 4^th and 5^th concentrator were planned for the mine. Upon completion, the project will rank as the world’s second-largest copper mine, after BHP’s Escondida, producing over 800kt of copper annually.

4) Mining Expansion in Serbia: Zijin plans to promote safe and efficient underground, large-scale mining of the Lower Zone of the Čukaru Peki Copper-Gold mine and the Jama mine in Serbia.

In addition to these projects, Zijin will actively seek new major mining projects globally.

This announcement coincides with global copper prices hovering near historic highs, driven by the industry supply struggles to meet demand for critical copper raw materials amidst the global shift towards renewable energy resources.