On the evening of June 7, Zijin Mining announced that it would acquire a 50.1% stake in Xizang Julong Copper For about 3.883 billion yuan.The Tibet Autonomous Region attaches great importance to the ownership of Zijin Mining. Zijin Mining has signed a "package" equity purchase agreement with the relevant equity parties at the signing ceremony held in Lhasa on June 6.After the completion of this transaction, Zijin Mining will lead the development of porphyry copper deposits with the largest proven copper metal reserves in China.
According to zijin Mining's verification of resources, based on the calculation of 0.4% of the lowest industrial grade of equivalent copper (molybdenum converted into copper), the overall project has 10.4 million tons of copper metal with an average grade of 0.41%, and about 730,000 tons of molybdenum metal with 0.028%.At the same time, there are also a large number of low-grade copper resources in the mine area. If the technical and economic breakthrough of low-grade resources can be achieved, the copper prospect reserves within the mine area of Julong Copper Industry may exceed 20 million tons.
According to the mining plan, The Qunlong Copper mining area will use large-scale open pit mining technology and carry out construction in two phases. The overall investment of the first-phase project is 14.6 billion yuan, and the investment has been 7.4 billion yuan. It is planned to put into operation by the end of 2021.The second phase will process 300,000 tons of copper and 13,000 tons of molybdenum per day in 7-8 years after the first phase is put into production.The project will become the largest single copper mine in China after it is put into operation.
At present, more than half of the construction of Qulong Copper Mine has been completed. Due to the shortage of funds of the original actual controller, the construction was basically suspended in the second half of last year.In addition, the mining and processing project of Zhibla Copper polymetallic ore has been basically completed and pilot production has been carried out. The project to be Shared by The Tonglong copper polymetallic ore tailings pond can be formally put into operation after the completion of the construction, which will quickly generate profits and cash flow.
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