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Chinese mining leader Zijin Mining Group (OTCPK: ZIJMF) announced an upward revision of its copper production targets for 2025 in response to soaring copper prices.
The company now aims to produce 1.22 million tons of copper next year, a 4% increase over its previous goal. This adjustment comes as Zijin positions itself to capitalize on the metal's price surge, which has reached historic highs due to anticipated supply shortages.
According to Bloomberg's report, the state-owned miner has ambitious plans to significantly boost its copper output by 2028. It targets production levels between 1.5 and 1.6 million tons, representing a 50% increase from its 2023 figures. This substantial increase will be driven by enhanced capacity at key projects, including the Julong copper project in Tibet, which is expected to become one of the world's largest copper mines.
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Moreover, Zijin is set to expedite expansion projects at its mines in Congo and Serbia. Notably, the Cukaru Peki mine in Serbia is poised for substantial investment following Chinese President Xi Jinping‘s recent visit to the country.
The company also intends to acquire large mines or mining companies with global influence, although such opportunities are rare and difficult to close. BHP's ongoing attempt to acquire Anglo American is one such example.
Zijin’s strategy aligns with current market dynamics where copper prices are near record highs. This surge is attributed to aging mines struggling to meet the growing demand driven by the global transition to green energy.
The market has experienced significant tightening due to disruptions, such as the forced shutdown of First Quantum Minerals’ Cobre Panama mine and production cuts by Anglo American, which operates some of the largest copper mines in South America. While the Cobre Panama mine fits the description of interesting assets, it would be a complex issue owing to environmental concerns and a subject to negotiations with the new administration.
Following the expansionary plans, Zijin's subsidiary Jinteng Mining has reached an agreement with Pan American Silver Corp (NYSE:PAAS) to acquire two mining projects in Peru for approximately $290 million. This acquisition includes the La Arena Gold Mine and the La Arena II Phase II project.
While copper remained the current focus, Zijin was adjusting its production targets for other metals. The company reduced its lithium carbonate production target for 2025 due to a recent price slump. However, Zijin maintained a bullish outlook for gold production, aiming to reach 85 tons in 2025 and 100-110 tons by 2028.
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