Ge Long Hui A P P·2026-01-23 10:37Core Viewpoint - Zijin Mining (601899.SH) announced the completion and production commencement of the second phase of the Julong Copper Mine on January 23, 2026, significantly increasing its production capacity and positioning it as a leading global copper mine [1][2]. Group 1: Production Capacity and Output - The second phase of the Julong Copper Mine will add a production scale of 200,000 tons per day, bringing the total production capacity to 350,000 tons per day [1]. - After reaching full capacity, the annual ore processing scale will increase from 45 million tons to 105 million tons, with copper production expected to rise from 190,000 tons in 2025 to approximately 300,000 to 350,000 tons [1]. - Molybdenum production is projected to increase from 8,000 tons in 2025 to about 13,000 tons, while silver production is expected to rise from 109 tons in 2025 to approximately 230 tons [1]. Group 2: Future Development Plans - The company is planning the third phase of the Julong Copper Mine, which, if approved, will lower the mining elevation from 4,452 meters to 3,880 meters, with available copper reserves exceeding 20 million tons and an annual ore processing capacity of about 200 million tons [2]. - Upon completion, the third phase is expected to make the Julong Copper Mine the largest copper mine in terms of processing scale, with an anticipated annual copper output of around 600,000 tons [2]. Group 3: Strategic Importance - The company holds an 80.88% stake in the Julong Copper Mine through its subsidiaries, translating to a 58.16% equity interest after consolidation [3]. - The completion of the second phase will significantly enhance the company's copper segment's overall strength, contributing to its strategic goal of becoming a leading global mining group [3].