Zijin Mining Group Co.Ltd
Zijin Mining Group Co.Ltd
Full text is available to Level 2 subscribers only
Subscribe to Mining Business Media
Full access to Mining Business Media's unique blend of global mining sector news and commentary is available by subscription only.
$A275.00 per year*
(*up to 10 users)
GST included in Australia
Direct debit/cheque/credit card:
Click here
Subscription inquiries, email subscribe@miningbusiness.net or call 61+413 772 044.
Related Content
Ivanhoe Mines’ has initiated phase-3 plans to crank up its Kamoa-Kakula’s copper project in the Democratic Republic of Congo by pushing ahead with phase 3-plans aimed at making it the world’s 3rd largest copper mining complex by Q4 2024.
The phase-2 copper concentrator has just ramped up to a steady state, in line with the phase-1 plant and is on track to deliver in the upper end of its 2022 copper production guidance of 290,000t-340,000t.
Chinese copper giant Zijin Mining has made a strategic $US43M ($A58M) cash, 3-stage investment in Australia-based Xanadu Mines and its world class Kharmagtai copper/gold project in Mongolia.
Stage-1 is a binding agreement to acquire 9.9% of Xanadu for $A5.56M with completion by Apr 26, 2022; working capital during the 4-month exclusivity period; with the rest allocated to Xanadu’s share of Kharmagtai PFS costs.
The 2nd stage acquisition will secure Zijin of up to 19.9% of in Xanadu, purchased at $0.04ps.
Chinese government-owned Zijin Mining has met its end-2021 deadline to commence operations at its 50.1%-owned Julong Copper operation in the precipitous mountains of Tibet, slated to become the country’s largest porphyry copper mine.
The Chinese government-owned Zijin Mining has met its end-2021 deadline to commence operations at its 50.1%-owned Julong Copper operation in Tibet, delivering its first production on Dec 27 from the largest under-construction mine at the highest altitude in the country.
Zijin, which acquired its majority stake in local owner Tibet Julong Copper in mid-2020, expects to deliver 120,000-130,000t in 2022 and build to about 160,000tpa capacity by incorporating a number of mining tenements owned by the company in Tibet.
China's Zijin Mining has approved investment in a $US769M smelter for its Kamoa-Kakula copper project alongside Ivanhoe Mines in the Democratic Republic of Congo, Reuters reports.
The venture will reduce the partners' reliance on 3rd party smelters to process their ore and make blister, a partially purified form of copper. The 500,000tpa direct-to-blister plant will be the largest copper smelter in Africa and one of the largest single-line smelters in the world.
The Kamoa-Kakula Copper J/V in the Democratic Republic of Congo has posted its inaugural 1st qtr of commercial production, giving Ivanhoe Mines a Sept 2021 qtr (Q3 21) profit of $US85.4M and raising FY/CY 21 copper production guidance to 92,500t-100,000t.
After achieving phase-1 commercial production on July 1, 2021, more than 77,500t of copper has been produced year-to-date, with 41,490t of payable copper in Q3 21 yielding $342.6M for an inaugural operating profit of $209.7M and EBITDA of $233.2M.
Chinese government-owned gold and copper miner Zijin Mining Group has reached agreement on the $C918.7M acquisition of Neo Lithium Corp, the Canadian developer of the Tres Quebradas lithium brine project in the Catamarca province of Argentina.
The $6.50 per share offer has been unanimously approved by the Neo board.
The 3Q project in the Lithium Triangle is ranked as one of the world’s top 5 lithium brine deposits and in the top 3 in lithium brine grade.
Miner Barrick Gold says Papua New Guinea PM James Marape is to make an imminent agreement to reopen the disputed Porgera Gold Mine a year after it was shut, Reuters reports.
China-based Zijin Mining has produced a record net profit for the Dec 2020 year (FY/CY 20), jumping 52% on the previous year to 6.5B yuan ($US1B), mostly on the back of higher commodity prices, including an average gold price up 26.77% and copper 3.23% better, Reuters reports.
Global gold major Barrick Gold and its Porgera mine partner Zijin Mining Group have escalated their dispute with the PNG government, announcing plans to challenge its move to grant a 20-year lease over the giant openpit and underground gold mine.
In a statement, the JV company Barrick Niugini did not detail the planned challenge to the “purported grant” of the special mining lease over Porgera by PM James Marape to the state-owned Kumul Minerals, Reuters reported.