From December 26 to 27, Zijin Mining and Zangge Mining announced that Tibet Julong Copper Co., LTD. (" Julong Copper ") Qulong Copper Mine phase I project beneficiation system at the end of October 2021 joint trial, December 27 began to formally put into production, to achieve the overall goal of completion and production at the end of 2021.
It is reported that after the first phase of Qulong Copper mine is put into production, plus the output of Zhibula copper mine, Julong Copper is expected to produce 120,000-130,000 tons of copper in 2022; The first phase of the project will produce about 160,000 tons of copper per year.
Julong Copper owns the rights to Qulong Copper polymetallic deposit, Rongmu Cuola Copper deposit and Zhibula Copper polymetallic deposit in Xizang province, with 10.72 million tons of copper and 570,000 tons of associated molybdenum. The mine here is the largest world-class porphyry copper deposit in China. At present, Julong Copper is carrying out the overall plan of mine development, and it is expected to achieve an annual mining and beneficiation capacity of about 200 million tons, becoming the largest copper mine in the world.
The ownership of Julong Copper, one of China's largest copper mines and the largest copper project under construction in the country's high-altitude region, has experienced several twists and turns in recent years.
Gulong Copper was formerly owned by Tibet Zangge Mining's controlling shareholder, Xizang Zangge Venture Capital Group Co., LTD. (" Zangge Group "). It was the strategic focus of Xiao Yongming, the founder of Zangge, and was planned to be incorporated into a listed company but failed. After the liquidity crisis broke out in Zangge in 2019, Zangge Group and Xiao Yongming transferred 37% equity of Gulong Copper to Zangge Mining at a discount to compensate for the capital occupation of the listed company. In June 2020, Zijin Mining spent RMB 3.883 billion to acquire 50.1% of The shares of Gulong Copper from Zangge Group and other shareholders of Gulong Copper, thus realizing the controlling of Gulong Copper. As a result of the changes, Zangge no longer holds a stake in Gulong, while Zangge's stake is reduced to 24.9 per cent and the remaining 25 per cent of Gulong is held by two state-owned shareholders.
On December 28, Zangge mining said that it is only a joint shareholder of Julong Copper, and its current focus is on industrial acquisitions and the development of salt Lake lithium mine in cooperation with Zangqing Fund.
Due to the Tibetan crisis, The construction and mining of Julong Copper mining area were stopped due to lack of funds. After Zijin Mining took over, Julong Copper resumed work in July 2020.
PUDA has sold five big bag dischargers to Julong copper:
