Zijin Mining Group, a leading figure in China’s mining industry, has announced an ambitious plan to expand its Julong copper mine in Tibet, setting the stage for what could become the world’s largest single copper mine. The company confirmed on Friday that it received the green light from the government to proceed with the second phase of expansion, a critical step in bolstering the mine’s capacity significantly.
With this expansion, Zijin aims to elevate the mine’s daily processing capacity to an impressive 350,000 tonnes by 2025. This development not only enhances Julong’s standing as the foremost copper operation within China, boasting annual ore mining and processing volumes exceeding 100 million tonnes, but it also propels the project into the global spotlight.
The financial commitment to this expansive endeavor is substantial, with Zijin projecting a total investment of approximately 17.5 billion yuan ($2.43 billion). The company’s vision extends beyond the current phase, as it anticipates further augmenting production and capacity at the Julong site in the near future.
The prospective third phase of expansion, pending approval from local authorities, promises to elevate Julong’s annual output to around 200 million tonnes. This milestone would not only underscore Zijin’s prowess in the copper mining sector but also officially position Julong as the largest single copper mine on the planet.
Zijin, renowned as China’s top gold miner and a major copper producer, assumed control of the Julong project in 2020. Remarkably, the company managed to operationalize the mine within a mere 18 months, showcasing its efficiency and commitment to rapid development. In addition to Julong, Zijin boasts several strategic assets in Tibet, further cementing its influence in the region. This includes the acquisition of the Zhunuo copper mine in August 2023 and significant stakes in lithium production through Lakkor Resources. Moreover, Zijin holds influential positions in other Tibet-based companies, such as Yulong Copper and Tianyuan Mining, demonstrating its integrated approach to mining and resource management in the area.
Zijin’s expansion efforts in Tibet not only reflect the company’s ambitious growth strategy but also highlight the increasing importance of copper as a critical resource on the global stage. As the world leans more towards renewable energy and electric vehicles, the demand for copper continues to rise, positioning projects like Julong at the forefront of meeting this burgeoning need. Through strategic investments and development projects, Zijin Mining Group is set to play a pivotal role in shaping the future of the copper industry both in China and globally.
