Core Viewpoint - The completion of the second phase of the Julong Copper Mine will significantly enhance the company's copper production capacity and solidify its position as a leading player in the global copper industry [1][3]. Group 1: Project Developments - The second phase of the Julong Copper Mine is set to commence production on January 23, 2026, increasing the total production capacity to 350,000 tons per day [1]. - After reaching full capacity, the annual ore processing scale will rise from 45 million tons to 105 million tons, with copper production expected to increase from 190,000 tons in 2025 to approximately 300,000 to 350,000 tons [1]. - The mine will also see increases in molybdenum and silver production, with annual outputs projected to rise to about 13,000 tons and 230 tons, respectively [1]. Group 2: Future 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 and allow for the extraction of over 20 million tons of copper reserves annually [2]. - The cumulative confirmed copper metal resource at the Julong Copper Mine is 25.88 million tons, significantly higher than the 10.41 million tons verified at the time of acquisition, making it the largest copper mine in China by registered resources [2]. Group 3: Strategic Importance - The completion of the second phase will enhance the company's overall strength in the copper sector, contributing to a strategic framework that includes core copper projects in Serbia and the Democratic Republic of the Congo [3]. - The ongoing development and upgrades of various copper projects will drive continuous growth in copper production, supporting the company's goal of becoming a top-tier global mining group [3].

2026 年 1 月 23 日，本公司旗下巨龍銅礦的二期工程正式建成投產。在現有 15 萬噸／日採 選工程基礎上，巨龍銅礦將新增生產規模 20 萬噸／日，形成 35 萬噸／日的總生產規模。 二期工程達產後，巨龍銅礦年礦石採選規模將從 4,500 萬噸提升至 1.05 億噸，礦產銅年產量 將從 2025 年的 19 萬噸提高至約 30－35 萬噸（預計 2026 年礦產銅產量將達 30 萬噸），礦產 鉬年產量將從 2025 年的 0.8 萬噸提高至約 1.3 萬噸，礦產銀年產量將從 2025 年的 109 噸提 高至約 230 噸；巨龍銅礦將成為中國最大的銅礦，同時也是全球海拔最高、入選品位最低的 世界級超大型銅礦。 巨龍銅礦地處海拔 5,000 米以上的高寒缺氧區域，自然地理環境惡劣，作業條件艱苦，施工 管理難度極高。公司自 2020 年 6 月收購並主導建設運營巨龍銅礦以來，依託強大的全流程 自主技術與工程研發創新能力，以及「艱苦創業、開拓創新」的紫金精神，僅用時約 18 個 月便實現一期工程建成投產；二期工程自動工後，再次以約 18 個月的工期實現建成投產。 關於巨龍銅礦二期工程建成投產的公告 茲提述紫金 ...

Core 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].