With the global energy transition driving demand for key metals like copper and cobalt, Zijin Mining Group projects copper demand to reach 7.2 million tonnes annually by 2030. During a keynote address at the London Indaba, Zijin deputy president Shaoyang Shen highlighted Africa’s critical role in this growth. The continent is the second-largest copper producer, with the Democratic Republic of Congo (DRC) and Zambia among the top ten copper-producing countries globally.
Zijin has made Africa a central focus of its long-term growth strategy. The company is actively investing in operations across the DRC, Eritrea, and South Africa. Shen emphasized, “A priority will be to look for further investment opportunities on the continent.”
The Commus copper/cobalt mine in the DRC produced 127,000 tonnes of copper in 2023, with a 2024 target of 128,000 tonnes. Additionally, the Kamoa-Kakula copper complex, a joint venture with Ivanhoe Mines, produced 393,000 tonnes of copper last year. The 2024 guidance is set at over 440,000 tonnes. The completion of the Phase 3 concentrator at Kamoa-Kakula is expected to boost production to over 600,000 tonnes in the future.
In Eritrea, the Bisha zinc/copper mine produced 17,000 tonnes of copper in 2023, with an expectation to produce 20,000 tonnes this year.
“As a major copper producer and a producer of other industrial metals, we are well positioned to benefit from the energy transition trend,” Shen said. “We will continue contributing to the global supply chain.” Zijin plans to increase its copper production significantly over the next five years. The company’s production targets are 1.1 million tonnes in 2024, 1.2 million tonnes in 2025, and 1.5 million tonnes by 2028.
Shen also noted that lithium would be a significant growth driver for Zijin. As the global demand for electric vehicles and renewable energy technologies rises, the need for lithium is expected to surge. Zijin is positioning itself to capitalize on this trend.
Regarding the future of the global mining industry, Shen emphasized the importance of international cooperation. He stated that working together is vital for the robust growth of the mining sector. “International cooperation has been a key driver for the mining industry’s growth, and we advocate for continued collaboration,” he said.
Zijin Mining Group’s strategic investments in Africa and its focus on increasing copper and lithium production highlight its commitment to meeting the growing demand for critical minerals. With a clear plan for expansion and an emphasis on international cooperation, Zijin is poised to play a significant role in the global energy transition.
Source: Mining Weekly
