As the popularity of the new energy industry rises, copper prices have soared sharply in recent days thanks to good demand prospects. Since February, the cumulative increase in international copper prices has exceeded 10%, and domestic copper prices have also risen step by step. The main contract of Shanghai copper futures once exceeded 73,900 yuan/ton, setting a new high in nearly nine months. However, violent fluctuations in prices will bring instability to the copper industry chain, and ensuring the supply of copper resources is crucial to the security and stability of the industrial chain.

The mining industry has conducted an inventory of important copper mining projects held by domestic companies that have just been completed or are undergoing reconstruction and expansion in recent years and are expected to bring incremental growth (including domestic mines and overseas equity mines). Which of them do you pay most attention to? ** **

查看矿业界往期盘点文章，请点击“ [Another 10 billion-level project started! Inventory of the most eye-catching iron ore projects in China! ]( ”

domestic mines

Julong Copper Mine

The predecessor of Julong Copper Mine was the Qulong Copper Polymetallic Mine, the Rongmu Cuola Copper Mine and the Zhibula Copper Polymetallic Mine under the jurisdiction of Xizang Julong Copper Industry. In 2020, Zijin Mining controlled Julong Copper with 3.883 billion yuan, hoping to build the largest single copper mine in China. It is reported that if the ore body is delineated with the boundary grade of 0.2% copper equivalent, the copper metal content of the Julong Copper Mine will reach 26.11 million tons, with 1.78 million tons of associated molybdenum and 15,000 tons of silver. After preliminary research, the amount of copper metal that can be mined in open-pit is 20.11 million tons, with an average grade of 0.32%, 1.31 million tons of associated molybdenum and 13,100 tons of silver, and the stripping ratio is less than 1.

After Zijin Mining took over, it took only 18 months to complete and put the project into operation. This super-large mine with the highest altitude in the world was built, creating a new benchmark and monument for plateau mines. In 2023, the Julong Copper Mine will have 154,000 tons of copper, making it the top two mines in domestic copper production, making positive contributions to the accelerated establishment of an important national strategic resource reserve base and economic and social prosperity and development in Xizang.

2024年2月22日，巨龙铜矿迎来全新节点——二期改扩建工程项目获有关部门核准。项目预计** It will be completed and put into operation by the end of 2025. The total annual ore volume in the first and second phases after reaching production capacity will exceed 100 million tons, and the annual mineral copper will reach 300,000 - 350,000 tons, making it the largest mining and mining scale in the world that has been put into operation this century. The largest single copper mine. **

Yulong copper mine

The Yulong Copper Mine is one of the main mines under the Western Mining Industry. It is located in the Qamdo Prefecture of the Tibet Autonomous Region. It is a super-large copper deposit discovered in China in the last century. It belongs to a super-large porphyry and contact metasomatic mixed copper deposit. The Kuangqu has an altitude of 4,560 - 5,118 meters. It is the second largest single copper mine in China. According to the 2023 annual report recently released by Western Mining, as of the end of 2023, Yulong Copper Mine has 855 million tons of copper ore resources, 5.5828 million tons of copper metal retained reserves, and an average copper grade of 0.66%.

In March 2023, the Yulong Copper Mine reconstruction and expansion project started construction. In just 8 months, the project was signed, completed, and trial production in the same year, setting a new pace of construction of high-altitude and high-quality projects. ** ** In November 2023, the reconstruction and expansion project of Yulong Copper Mine's No. 2 concentration plant was completed, and the ore processing capacity was increased to 22.8 million tons/year. According to previous reports, the project construction content mainly includes dismantling the old systems of the first and second processing plants, building a new intelligent mineral processing production system on site, building a new mine crushing station, ore belt transportation corridor, etc. After completion and putting into operation, the processing capacity will increase by 4.5 million tons per year, copper The amount of metal will increase from 120,000 tons to 150,000 tons, which can increase the annual benefits by 1 billion yuan.

The annual report shows that Western Mining plans to produce 158,700 metal tons of copper concentrate in 2024, an increase of nearly 20% from the planned 133,000 metal tons in 2023.

Foreign equity mines

Kamoa-Kakula copper mine

The Kamoa-Kakula copper mine is one of the world's top copper mines projects. It is located in the Katanga copper-cobalt ore belt in the northwest of the Zambia-Congo (Gold) copper belt in Central Africa. It has 43.12 million tons of copper resources and an average grade of 2.54%(Data comes from Zijin Mining's official website). Zijin Mining holds 44.98% of its interests (including through its indirect shareholding in Ivanhoe Mining, where the company holds 13.59% of Ivanhoe Mining) and is the largest equity holder in the mine.

Data shows that the Kamoa-Kakula copper mine is continuing to expand. The first phase of the processing plant, the second phase of the processing plant, and the first phase and second phase of the joint technical transformation and expansion have been completed, with a processing capacity of 9.2 million tons/year. The total annual production capacity reaches more than 450,000 tons of copper and will become the world's fourth largest copper producer. Currently, we are accelerating the expansion of the third phase of **** 5 million tons/year selection plant and the construction of a supporting 500,000 tons/year copper smelter. It is expected to be completed and put into operation in the fourth quarter of 2024, and the output will increase to approximately 620,000 tons/year after reaching production capacity. Zijin Mining said that when the project's production capacity is increased to an ore processing capacity of 19.2 million tons per year, it will become the world's second largest copper producer, with an annual output of more than 800,000 tons of copper.

TFM&KFM copper-cobalt ore

Both TFM and KFM are world-class high-grade copper-cobalt mines owned by Luoyang Molybdenum Industry. According to Luoyang Molybdenum Industry's 2022 annual report, TFM copper-cobalt mine has 277.5 million tons of copper ore reserves, with a grade of 2.84%, and KFM copper-cobalt mine has 66.5 million tons of copper ore reserves, with a grade of 2.91%.

In 2016, Luoyang Molybdenum acquired an 80% interest in TFM copper-cobalt mine for US$2.65 billion, realizing control of TFM and taking full responsibility for production and operations. In 2021 and 2022, the copper metal output of the TFM project will be 209,100 tons and 254,300 tons respectively. In 2021, Luoyang Molybdenum Industry decided to expand the TFM project. The project plans to invest a total of US$2.51 billion and plans to build three production lines, namely a 3.5 million tons/year mixed ore production line, a 3.3 million tons/year oxide ore production line and a 5.6 million tons/year mixed ore production line. After reaching production capacity, it is expected that the average annual output of copper will be approximately 200,000 tons and the average annual output of cobalt will be approximately 17,000 tons.

KFM was previously a copper-cobalt mine project to be developed. In 2020, Luoyang Molybdenum obtained a 95% interest in KFM copper-cobalt ore from Freeport Group of the United States for US$550 million, and then transferred part of its interest to subsidiaries of Ningde Times. Currently, it indirectly holds 71.25% interest in KFM copper-cobalt ore. In June 2022, Luoyang Molybdenum Industry disclosed that it had begun preparations for the first phase of the KFM development project, with an investment of US$1.826 billion. It is expected to be put into operation in the first half of 2023. After reaching production capacity, it is expected to add an average of 90,000 tons of copper metal and 10,000 tons of cobalt metal annually.

据报道，2023年，TFM和KFM两座世界级矿山均全部从建设期进入到生产期。** The construction of the middle and east areas of the TFM mixed mine will be completed in 2023. With the addition of 3 new production lines, all 5 production lines of the TFM project have been completed, and the annual processing of ore can reach 20 million tons;KFM will reach production capacity when it is put into operation in the second quarter of 2023, and has always maintained stable and high yield, with a monthly copper output of about 14,000 tons, and nearly 15,000 tons of copper in December ** 。洛阳钼业表示，近年来，随着位于刚果（金）的TFM扩建项目的稳步推进和KFM一期建设，公司的铜产能每年跃上一个台阶。2024年，随着TFM和KFM实现满产，公司全年铜产量预计将提升到52万吨以上。

Mirador copper mine

The Mirado Copper Mine is located in Ecuador and is a joint venture between Tongling Nonferrous Metals Group and China Railway Construction Corporation.

In December 2009, Tongling Nonferrous Metals Group and China Railway Construction jointly established China Railway Construction Copper Crown Investment Co., Ltd., each holding 50% of the shares. In 2010, they successfully acquired Canadian Coriant Company, the original owner of the Mirado copper mine. In 2013, China Railway Construction transferred its 20% stake in China Railway Construction Tongguan to Tongling Nonferrous Metals Group at a price of 560 million yuan, and the latter realized 70% equity control. Construction of the project began at the end of 2015 and was officially completed and put into operation in 2019. According to media reports at the time, the total investment of the first phase of the Mirado Copper Mine project was US$1.89 billion. The designed mining and dressing production scale will handle an annual ore volume of 20 million tons, and the daily mining and dressing of 60,000 tons of ore. After reaching the production capacity and reaching the standard, the annual output of copper concentrate is 354,000 tons, the copper metal content is 96,000 tons, and the service life is 30 years.

In 2023, Tongling Nonferrous Metals Group will inject its 70% stake in China Railway Construction Tongguan into its listed companies. Analysts at Guosen Securities pointed out that the amount of copper metal discovered and controlled at the Mirado Copper Mine exceeded 6 million tons. Currently, the first phase of the project is full of production, with an annual output of 121,000 tons of copper and a net profit of 1.84 billion yuan. ** According to the news released by the official website of Tongling Nonferrous Metals Group, the second phase expansion project of Mirado Copper Mine has broken ground in August 2023 and is scheduled to be completed and put into operation in July 2025. After the completion of the project, the total mining scale of the Mirado Copper Mine will reach 46.2 million tons/year, and the annual copper production is expected to exceed 200,000 tons. ** The above-mentioned analyst said that after the Mirado Copper Mine is fully completed, it is expected to rank among the top 20 copper mines in the world, and Tongling Nonferrous Metals will also become the top three copper producers of A-share copper listed companies.