Zijin Mining Group (02899): The second phase of the Julong Copper Mine project has been officially completed and put into operation, becoming the largest copper mine in China.

Zijin Mining Group (02899) announced that on January 23, 2026, the Phase II project of its Long Dragon Copper Mine officially completed construction and commenced production. In addition to the existing 150,000 tons per day mining and processing project, the Long Dragon Copper Mine will add a production capacity of 200,000 tons per day, forming a total production capacity of 350,000 tons per day. After the completion of the Phase II project, the annual ore processing scale of the Long Dragon Copper Mine will increase from 45 million tons to 105 million tons. The annual copper production will increase from 190,000 tons in 2025 to approximately 300,000-350,000 tons (estimated copper production in 2026 will reach 300,000 tons), the annual molybdenum production will increase from 8,000 tons in 2025 to approximately 13,000 tons, and the annual silver production will increase from 109 tons in 2025 to approximately 230 tons. The Long Dragon Copper Mine will become the largest copper mine in China, as well as the world's highest-altitude and lowest-grade world-class super large copper mine. Situated in a high-cold, oxygen-deficient area above 5,000 meters in altitude, the natural geographical environment of the Long Dragon Copper Mine is harsh, and the operating conditions are tough, with extremely high construction management difficulty. Since acquiring and leading the construction and operation of the Long Dragon Copper Mine in June 2020, the company has relied on its strong independent technology and engineering research and development innovation capabilities, as well as the "arduous entrepreneurship, pioneering innovation" Zijin spirit, to achieve the completion and production of the Phase I project in approximately 18 months; following the completion of the Phase II project, once again, achieving completion and production in approximately 18 months. Currently, the company is further planning to implement the Phase III project of the Long Dragon Copper Mine. If the project is approved by the relevant government departments, the final mining altitude in the Phase III project will decrease from 4452 meters in Phase II to 3880 meters, with copper reserves available for development exceeding 20 million tons. The annual ore processing volume will reach approximately 200 million tons; the Long Dragon Copper Mine will become the world's largest copper mine in terms of mining scale, with an annual copper production of approximately 600,000 tons after achieving full production. According to the resource reserve data filed by the Long Dragon Copper Mine with the natural resources supervision department in 2024, the Long Dragon Copper Mine has a confirmed copper metal resource of 25.88 million tons, which is about 2.5 times the verified copper metal resource of 10.41 million tons at the time of acquisition by the company, making it the largest copper mine in China in terms of filed resource reserves. The Long Dragon Copper Mine also has associated resources of 1.672 million tons of molybdenum metal, with an average grade of 0.019%, and 15,145 tons of silver metal, with an average grade of 1.68 grams per ton. The company's wholly-owned subsidiary and controlling listed company, Zangge Mining Co., Ltd., collectively hold an 80.88% equity interest in the Long Dragon Copper Mine, with an attributable equity interest to the company of 58.16%. The completion and production of the Phase II project of the Long Dragon Copper Mine will significantly enhance the overall strength of the company's copper sector. The Long Dragon Copper Mine, along with the company's core copper mine projects in Serbia and the Democratic Republic of the Congo, has formed a "three-horse carriage" pattern for the development of the copper industry. Coupled with the continuous construction, production, and technological transformation of a series of key copper mining projects under its ownership, this will drive the continuous growth of the company's copper production, consolidate its leading position in the global copper industry, and achieve the strategic goal of becoming a world-class mining group.