“Analysis is being carried out and we’re planning” for 1 million tons, Chen stated at Zijin’s headquarters in Xiamen on China’s southeast coast. The Congo challenge is a three way partnership with mining billionaire Robert Friedland’s Ivanhoe Mines Ltd.
Kamoa-Kakula is amongst solely a handful of large-scale, high-quality mines which have entered manufacturing previously decade, simply as demand for copper from inexperienced industries begins to speed up. The power can be a cornerstone of Zijin’s ambitions to be a top-three international copper producer.
Chen didn’t give additional particulars of the enlargement. He stated the challenge nonetheless wanted to “higher management the funding and decrease prices”, and he additionally identified points with energy provides, logistics prices and transport bottlenecks.
Zijin and Ivanhoe each maintain 39.6% of Kamoa-Kakula, whereas the DRC authorities has a 20% stake. Zijin additionally owns greater than 10% of Ivanhoe.
“We’re presently conducting an up to date life-of-mine engineering examine on the Kamoa-Kakula Copper Complicated,” Ivanhoe Mines stated by e-mail. “Timing and funding selections on any future expansions on the complicated, together with the proposed Part 4 enlargement, will probably be knowledgeable by the brand new mine examine, which is predicted in Q1 2025.”
The mine produced practically 400,000 tons final 12 months, Ivanhoe stated final month, and it’s presently within the third section of a ramp-up to greater than 600,000 tons a 12 months. Zijin has beforehand indicated plans for peak manufacturing at 800,000 tons.
Escondida, a decades-old mine run by BHP Group Ltd., produced about 1.07 million tons in 2023. Grasberg, an enormous copper mine in Indonesia run by Freeport McMoRan Inc., produced round 750,000 tons final 12 months.
(With help from William Clowes)