Zijin Mining to acquire copper mining claims in Tibet
2023-08-22 11:38:50 [Print]
Zijin Mining announced that its subsidiary Tibet Zijin Industrial and Tibet Zilong Mining (49% owned by Tibet Zijin) will participate in the equity restructuring of Tibet Zhonghui Industrial. Tibet Zijin plans to get a total of 48.591% stake in Tibet Zhonghui for around RMB1.646 billion (USD226 million) through share acquisition and capital increment in Tibet Zhonghui and Tibet Zilong.
Upon completion of the equity restructuring, Tibet Zhonghui will hold the mining claim of Juno copper mine located in Angren, Shigatse, Tibet. This massive copper mine has indicated and inferred copper resources at 0.62% Cu on average for nearly 2.2 million tonnes of copper equivalent. It also holds copper resources at 0.29% Cu for around 1.34 million tonnes of copper equivalent.
After the equity restructuring, Tibet Zijin will be in charge of the construction and operation of Juno copper mine. As an open-pit mine, it has a designed mining capacity of 24 million tonnes per annum for a life of mine of 20 years (excluding two years of construction) and would produce 99,000tpa of copper on average when reaching full capacity.
Upon completion of the equity restructuring, Tibet Zhonghui will hold the mining claim of Juno copper mine located in Angren, Shigatse, Tibet. This massive copper mine has indicated and inferred copper resources at 0.62% Cu on average for nearly 2.2 million tonnes of copper equivalent. It also holds copper resources at 0.29% Cu for around 1.34 million tonnes of copper equivalent.
After the equity restructuring, Tibet Zijin will be in charge of the construction and operation of Juno copper mine. As an open-pit mine, it has a designed mining capacity of 24 million tonnes per annum for a life of mine of 20 years (excluding two years of construction) and would produce 99,000tpa of copper on average when reaching full capacity.
Copper Conc. 20%min Delivered China
Unit:RMB/mt Cu
China copper concentrate producers' sales to production ratio statistics by province by month
Unit: %
