Zijin Mining (601899.SH) plans to establish an internal project for the Tibet Junuo copper mining and selection project, with a total investment of about 8.393 billion yuan

Zhitong Finance App News, Zijin Mining (601899.SH) announced that the board of directors of the company agreed to establish an internal project for the Junuo copper mining and selection project in Tibet, with a total investment of about RMB 8.393 billion. The project uses open pit mining, with a mining scale of 18 million tons/year. The main products are copper concentrate (containing silver) and molybdenum concentrate. The project is scheduled to be completed and put into operation by the end of June 2026. The production service period will be 26 years, with an average annual production of about 76,000 tons of copper, 19.7 tons of silver, and 1,188 tons of molybdenum after delivery. At present, the project has obtained a number of core pre-construction procedures, such as mining licenses, EIA, and project approval.

Recently, Tibet Zijin Industrial Co., Ltd., a wholly-owned subsidiary of the company, transferred 5% of the shares of the project company held by Tibet Tibetan Venture Capital Group Co., Ltd. in consideration of RMB 290 million. The registration of the industrial and commercial change has now been completed. The company's actual equity interest in the project company increased from 48.591% to 53.591%, and the project company is still a joint venture of the company. The company has technical advantages in developing low-grade porphyry copper ore, and has successful experience in developing and operating many projects in alpine and high-altitude regions. It is expected that the development of the project will bring good economic and social benefits.