Gelonghui, July 1 | CICC's research report indicates that the Tibet Julong Copper Mine (601899.SH) under Zijin Mining () added a total of 18.377 million tons of registered copper resources and 5.777 million tons of registered copper metal reserves, accounting for 14.2% of China's copper reserves at the end of 2022, marking that the company has achieved significant results in China's new round of prospecting breakthrough strategy actions. In terms of development potential, according to the announcement, first, Julong Copper achieved 154,400 tons of mineral copper in 2023. Currently, the second phase of the renovation and expansion of the Julong Copper Mine has been fully started. The company expects trial production in 1Q26, and the annual copper production will increase to about 30-350,000 tons after delivery. At that time, it will become the largest world-class super-large copper mine in China. At the same time, the company is planning the third phase of the project. If the project is approved, Julong Copper Mine may become the largest copper mine in the world, producing about 600,000 tons of copper per year. Second, in 2023, Duobaoshan Copper will produce 110,000 tons of copper and 2.6 tons of gold. Currently, underground mining of the Shallow No. 2 ore body in the Tongshan Copper Mine is already under construction. The company expects to start production in 2024, with an annual extraction scale of 3 million tons, and an additional 12,000 tons of copper production after production. The company's long-term copper, gold, and lithium production increased systematically, and responded positively to the national “increase storage and production” policy, maintaining the 2024 net profit forecast of 31.9 billion yuan, introducing a 2025 forecast of 39 billion yuan, and maintaining the A/H share performance rating of the industry.