2 1 Shi Ji Jing Ji Bao Dao·2025-06-26 11:51Core Viewpoint - The approval of the Yulong Copper Mine Phase III expansion project by the Tibet Autonomous Region Development and Reform Commission marks a significant step in enhancing copper production capacity, increasing from 1,989,000 tons/year to 3,000,000 tons/year, aligning with national strategies for resource security and economic development [2][4]. Group 1: Project Developments - The Yulong Copper Mine's Phase III project has received approval, which will include the construction of a new 1,100,000 tons/year beneficiation plant and an increase in hydrometallurgical capacity from 300,000 tons/year to 1,000,000 tons/year [4][5]. - The project is estimated to require a total investment of 4.79 billion yuan [5]. - The Yulong Copper Mine is expected to produce between 180,000 to 200,000 tons of copper metal annually after the completion of the Phase III project [6]. Group 2: Supply Chain and Capacity - The Yulong Copper Mine, along with the ongoing construction of the Jilong Copper Mine Phase II, is set to create a combined short-term, medium-term, and long-term supply increase in copper resources [8]. - The Jilong Copper Mine Phase II is projected to reach a production capacity of 300,000 to 350,000 tons/year upon completion in late 2025 [8]. - The overall copper production capacity from the Yulong Copper Mine is expected to significantly increase, with the mine's production in 2024 estimated at 177,000 tons, of which 159,000 tons will come from Yulong [4][6]. Group 3: Industry Context and Players - The development of copper resources in Tibet is being accelerated, with major companies like Zijin Mining, Zangge Mining, Western Mining, and Hongda Co. Ltd. involved in the projects [2][11]. - Zijin Mining has increased its stake in Jilong Copper Mine to approximately 57% after acquiring control of Zangge Mining, enhancing its resource portfolio [12]. - The profitability of Jilong Copper and Yulong Copper is notable, with projected revenues and net profits for 2024 reaching 12.83 billion yuan and 6.26 billion yuan for Jilong, and 10.62 billion yuan and 5.41 billion yuan for Yulong, respectively [14].