Zhi Tong Cai Jing·2026-01-26 02:08Core Viewpoint - Zijin Mining (02899) has seen a stock price increase of over 5%, currently trading at HKD 42.62 with a transaction volume of HKD 1.021 billion, following the announcement of the completion of the second phase expansion project at the Julong Copper Mine [1] Group 1: Project Developments - The second phase of the Julong Copper Mine has officially commenced production as of January 23, 2023, adding a new production capacity of 200,000 tons per day to the existing 150,000 tons per day, resulting in a total production capacity of 350,000 tons per day [1] - The Julong Copper Mine is set to become the largest in China and the highest in the world, with the lowest grade among world-class super-large copper mines [1] Group 2: Production Forecasts - By 2025, the copper production from the Julong Copper Mine is expected to exceed 190,000 tons, with the annual ore processing capacity increasing from 45 million tons to over 105 million tons, and annual copper production projected to rise to approximately 300,000 to 350,000 tons [1] - The expected copper production for 2026 is estimated to reach 300,000 tons, while molybdenum production is anticipated to increase from 8,000 tons in 2025 to about 13,000 tons [1] Group 3: Future Plans - The company is currently planning the third phase of the Julong Copper Mine project, which, if approved, will further lower the mining elevation and allow for the development of over 20 million tons of copper reserves, with an annual ore processing capacity reaching approximately 200 million tons [1] - Upon reaching full production, the Julong Copper Mine is projected to produce around 600,000 tons of copper annually, making it the largest copper mining operation in the world [1]