Domestic mining giants Zijin Mining and Luoyang Molybdenum Industry recently released 2023 performance, thanks to the high growth of the main mineral production capacity, the performance of the two companies have reached a record high. Among them, Zijin Mining earned 21.1 billion yuan in 2023, and Luoyang Molybdenum earned 8.25 billion yuan. With the growth of performance, the international status of the two major mining companies is also steadily improving. In 2023, Zijin Mining will produce 1.01 million tons of copper, surpassing Southern Copper to become the world's fourth largest copper mining enterprise.
With 55,000 tonnes of cobalt, Luoyang Molybdenum overtook Glencore to become the world's largest cobalt producer. The two mining giants have said that they will continue to increase the layout of the copper industry. Among them, Zijin Mining plans to expand copper production to 1.11 million tons in 2024, and Luoyang Molybdenum Industry plans to produce 520,000 tons to 570,000 tons of copper. This will further enhance the global competitiveness of Chinese miners. In addition, the two mining giants also said that they will enhance international competitiveness by increasing storage and expanding capacity. Zijin Mining's three world-class copper assets will continue to increase production and efficiency; Luoyang Molybdenum Industry plans to launch an increase in storage plan in 2024 to ensure the completion of more than 60,000 tons of cobalt production throughout the year.
