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A copper supply shortage is projected to strike the global market following the closure of First Quantum Minerals' Cobre Panama mine and Anglo American's prediction of reduced copper production at its South American mines.
Zijin Mining became the first Chinese business to surpass the 1MT milestone when it announced a mined copper production of 1.01 million tonnes (MT) for 2023, despite these changes in the global copper market.
Despite a period of decreasing confidence in the mining sector's market and shifting mineral prices in 2013, Zijin remained committed to acquiring numerous big copper mines at beneficial pricing. Among the acquisitions were the Bor Copper Complex, the Julong Copper Mine in Xizang, the Kamoa-Kakula Copper Mine in the Democratic Republic of the Congo and the Cukaru Peki Copper-Gold Mine in Serbia.
By concentrating on innovation and technological advancements, Zijin lifted its mined copper compound annual growth rate to 23% over the last ten years. The company is making considerable investments in international projects, including developing deposits in the Democratic Republic of the Congo. In partnership with Ivanhoe Mines, Zijin plans to expand the annual production capacity of the Kamoa-Kakula copper mine to over 800,000 tonnes, which could make it the second-largest copper mine in the world.
Potential destinations of imports include several major copper deposits near China's borders, such as Udokan in Russia's Trans-Baikal region (operated by Udokan Copper) and Oyu Tolgoi in Mongolia (operated by Rio Tinto).
Udokan is the world's largest undeveloped deposit in terms of reserves, with JORC-compliant mineral resources estimated at 26.7 MT and an average copper grade of 1.05%. Udokan Copper is developing the deposit, producing copper concentrate with a 45% copper content. Oyu Tolgoi is one of the world's largest gold and copper deposits, with most of its base metals underground. While only open-pit mining is ongoing, the mine's output is expected to reach about 500,000 tonnes of copper annually by 2036.
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