https://www.miningweekly.com
Construction|Copper|Energy|Power|PROJECT|Resources|Solar
Construction|Copper|Energy|Power|PROJECT|Resources|Solar
construction|copper|energy|power|project|resources|solar

China's Jiangxi Copper to develop Afghanistan copper mine when situation allows

13th September 2021

By: Reuters

  

Font size: - +

BEIJING - China's Jiangxi Copper Co said on Monday that it and the Metallurgical Corp of China (MCC) are monitoring the situation in Afghanistan and will push forward with the Mes Aynak copper mine when they can.

The company and MCC took on a 30-year lease for the mine in 2008, which has an estimated reserve of 11.08-million tonnes of copper. Jiangxi Copper holds a 25% stake in the project.

"Due to the unstable situation in Afghanistan, the Mes Aynak copper mine invested by the company has not yet undergone substantial construction," Zheng Gaoqing, the chairman of Jiangxi Copper said at an online briefing.

The company would monitor the situation and push forward construction of the project when it can, he said.

The Islamist Taliban took control of Afghanistan last month, ousting a US-backed government as US and other international forces withdrew after a 20-year mission.

Mes Aynak, about 40 km southeast of the capital, Kabul, is also the site of ancient Buddhist ruins and campaigners have called for their preservation.

Meanwhile, the Jiangxi firm is also prioritising gaining resources as its top strategy and would seek mines globally for investment opportunities, according to Zheng.

"The rise in copper prices has brought direct benefits to the company's own ores," said Zheng, adding that he expected copper prices would stay at high levels given an optimistic outlook for solar power and new energy consumption.

Copper prices on China's Shanghai Futures Exchange have surged more than 21% this year, propped up by recovering demand and global economic stimulus.

Jiangxi Copper had reported its biggest quarterly net profit fir the April-June period in 10 years in August.

Edited by Reuters

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.109 0.144s - 113pq - 2rq
Subscribe Now