Zijin Mining Increases Copper Output Targets Amid Soaring Prices
China’s leading copper miner, Zijin Mining Group, has raised its output guidance as copper prices rally toward record highs due to expected supply deficits.
In a recent filing to the Shanghai Stock Exchange, Zijin announced plans to boost mined copper production to 1.22 million tons by 2025, a 4% increase from its previous target.
The company projects that by 2028, output will surge to between 1.5 and 1.6 million tons, marking a roughly 50% increase from 2023 levels.
The Fujian-based company attributed the revisions to strong fundamentals and capacity expansion potential. Zijin plans to accelerate the development of its existing mines in Tibet, Congo, and Serbia, while also seeking major mining projects globally.
Global copper prices are nearing all-time highs as aging mines struggle to meet demand driven by the global green transition. The market has tightened significantly this year due to the sudden shutdown of First Quantum Minerals’ Cobre Panama mine and reduced output guidance from Anglo American.
In a separate statement on WeChat, Zijin also revised down its lithium carbonate output forecast to 100,000 tons in 2025 from a previous target of 120,000 tons, citing falling prices.
Meanwhile, Zijin’s mined gold output is set to increase to 85 tons by 2025 and further to between 100 and 110 tons by 2028, up from 68 tons in 2023.
