On June 30th, GeLongHui announced that ZangGe Mining (000408.SZ) recently learned that compared to the previous record (2022), its subsidiary, Tibet JuLong Copper, has added 14.726 million tons of copper metal resources, according to the "The Verification Report of Copper Mineral Resources in Julong Mining Area, Mozhugongka County, Tibet Autonomous Region" issued by the Tibet Autonomous Region Land Mineral Rights Trading and Resource Reserve Evaluation Center (ZangKuangchu Evaluation Preparation Word [2024] No. 1). After this review, JuLong Copper's total confirmed copper metal resource in the mining area reached 25.88 million tons, making it currently the largest copper mine with the most recorded resources in China.
In addition to the newly added copper metal resources mentioned above, JuLong Copper also added 100,200 tons of molybdenum metal and 8,157 tons of silver metal. After the review, the associated molybdenum metal resources in the JuLong Copper mining area reached 1.672 million tons, averaging a grade of 0.019%, and its silver metal resources reached 15,145 tons, with an average grade of 1.68g/ton.
Currently, the second phase expansion project of JuLong Copper Mine has been approved by relevant departments, and the project construction has been fully launched. It is expected to achieve trial production in the first quarter of 2026. After the completion of the JuLong Phase II project, the annual ore selection scale will be increased from 45 million tons to more than 110 million tons (daily selection of 350,000 tons), and the annual output of copper mineral will be increased from 154,400 tons in 2023 to about 300,000-350,000 tons. The annual output of molybdenum mineral will be increased from 5,000 tons in 2023 to about 13,000 tons, while the annual output of silver mineral will be increased from 100 tons to 230 tons. This mine will become the largest world-class super large copper mine with the highest altitude, the lowest grade of copper ore, and the largest mining scale in China.
After the completion of the second phase of JuLong Copper Mine, further planning and implementation of the third phase project will be carried out. If the project is approved by the government department, the altitude of the third phase mining area will be reduced from 4,452 meters to 4,090 meters, and the copper reserves available for development within the jurisdiction will exceed 20 million tons. It is expected that the annual ore selection scale will reach about 200 million tons, making it the largest copper mine in the world with the largest mining scale, with an annual output of about 600,000 tons of copper.