Zijin Mining Group, a leading Chinese copper and gold producer, has made a significant move in the Chinese mining sector by offering to acquire a nearly 25% stake in fellow Chinese miner Zangge Mining for 13.7 billion yuan ($1.87 billion). This acquisition would grant Zijin controlling rights over Zangge, which operates in the mineral-rich Qinghai region, and allow for the consolidation of Zijin’s ownership of the Julong copper project in Tibet. The Julong project, a joint venture between Zijin and Zangge, is poised to become China’s largest single copper operation once its expansion reaches a capacity of 350,000 tonnes per day.
Chinese copper and gold producer Zijin Mining Group has offered fellow Chinese miner Zangge Mining to buy a nearly 25% stake in the company for 13.7 billion yuan ($1.87 billion). The deal would grant Zijin controlling rights in Zangge, which operates in the mineral-rich western region of Qinghai. It would also allow it to consolidate Zijin’s ownership of the Julong copper project in Tibet, a joint venture with Zangge, to about 350,000 tonnes per day.
Once the expansion is complete, the asset will become China’s largest single copper operation, with annual ore mining and processing volumes exceeding 100 million tonnes. Zijin, one of China’s most acquisitive metals companies and its biggest listed miner, took control of the Julong project in 2021. Additionally, Zijin holds a controlling stake in lithium producer Lakkor Resources, and is the second-largest shareholder of Tibet-based companies Yulong Copper and Tianyuan Mining. Zijin also has majority stakes in the Lakkor Tso Lithium Salar mine in China’s Tibet region and the Xiangyuan lithium mine in Hunan province.Zijin has since postponed the start of certain projects in Argentina and Tibet until 2025, citing weak lithium prices and permitting delays. Despite these setbacks, the company plans to continue expanding its operations in copper and lithium, driven by China’s growing demand for these metals. Faster grid expansion is going to accelerate demand for copper, said Wei Lai, deputy trading head at Zijin Mining Investment Shanghai Co.
Zijin Mining Group Zangge Mining Copper Acquisition Julong Copper Project China Mining
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