Zijin Mining gains approval for Tibet copper mine expansion
BEIJING - Chinese miner Zijin Mining has received local government approval for the second phase expansion of its Julong copper project in Tibet, the company said in a filing to the Shanghai Stock Exchange on Friday.
The expansion will raise the mine's capacity by 200 000 metric tons per day to about 350 000 metric tons. Annual output will exceed 100-million tons, making it the largest single copper mine in China, the company said.
The expansion will require investment of about 17.5-billion yuan ($2.43-billion) and enter operation in 2025, it added.
The company is planning a third phase of expansion that - if approved by the government - could raise annual output to about 200-million tons, making it the largest single copper mine in the world, the company said.
The Julong project is a joint venture between Zijin Mining Group and Shenzhen-listed Zangge Mining.
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