Ge Long Hui·2026-01-23 11:04Core Viewpoint - Zijin Mining (02899.HK) 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 establishing it as the largest copper mine in China and a world-class super-large 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, with an estimated 300,000 tons in 2026 [1]. - Molybdenum production is projected to increase from 8,000 tons in 2025 to approximately 13,000 tons, while silver production is expected to rise from 109 tons in 2025 to about 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 in the second phase to 3,880 meters, with available copper reserves exceeding 20 million tons and an annual ore processing capacity of approximately 200 million tons [2]. - Upon completion, the Julong Copper Mine is expected to become the largest copper mining operation globally, with an anticipated annual copper output of around 600,000 tons [2]. - The cumulative verified copper metal resource at the Julong Copper Mine is 25.88 million tons, which is 2.5 times the verified resource of 10.41 million tons at the time of acquisition, making it the largest copper mine in China by recorded resource [2].