Zijin Mining to increase copper production by 50% by 2028
Zijin Mining (HKG: 2899), the largest copper producer in China, predicts that it will produce 4% more copper than previously planned in 2025 in order to profit from a rise in copper prices due to anticipated supply shortages.
The state-owned mining company's new target is to increase copper production to 1.22 million tons next year. Also, it is planned to further increase production to 1.5 million to 1.6 million tons by 2028, and this will increase 50% from 2023.
Zijin, which is also China's top gold mine, justified revisions to production forecasts because market fundamentals are strong and there is a possibility that production capacity will expand. The company pointed out that some of its operations, such as the Jurong copper project in Tibet, are already working to expand mine production capacity.
The company, which is one of China's most purchasable metal groups and China's largest publicly traded mining company, intends to promote the expansion of mining in the Congo and Serbia while also exploring large-scale projects on a global scale.
The company recently announced that it is planning to acquire “a very large mine or mining company with global influence” in order to increase overall production.
Existing mines that have existed for decades have been shown to be unlikely to be able to meet the rapid increase in demand due to the global transition to green energy, and copper prices are trading near record highs.
Supply has been drastically tight since the beginning of this year in response to the forced shutdown of the Coble Panama mine by First Quantum Minerals (TSX: FM) and guidance cuts from Anglo-American (LON: AAL), which owns 3 copper mines out of the top 10 production volume in South America.
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kenau : This is in my portfolio, but it has also exceeded the proper stock price, and I feel like a sharp drop will come suddenly, so I can't get my hands on it
乱空OP kenau: It also seems true that demand for copper is increasing, but...
What is one cause of the rise in copper-related prices
NY Copper Market Short Squeeze Spreads Worldwide - Logistics Issues Also in the Background (Bloomberg) - Yahoo! news
that's because there's also such a thing
I'm looking at it that it will still take a little while before there is a drop in copper-related matters, but I think there is a high possibility that it's not that far