Introduction
In today’s era of global economic integration, copper, as a key industrial metal, has seen its demand rise steadily with the acceleration of industrialization. China, as the world’s largest copper consumer, has a huge demand for copper, but its domestic copper resources are relatively scarce and insufficient to meet demand. Therefore, China seeks investment and cooperation in copper resources worldwide to ensure the security of this strategic resource.
🌍 Global Copper Resource Distribution and China’s Role
• Global Copper Reserves are Unevenly Distributed: The majority of copper reserves are concentrated in countries like Chile, Peru, and Australia, which account for most of the world’s copper reserves. The global copper supply system is relatively fragile and is easily influenced by geopolitical factors, international trade, and regional industrial policies.
• China’s Copper Resource Reserves: According to the latest data, China’s copper reserves occupy a position in the global total, but there is a significant gap compared to the leading countries.
🏭 Characteristics of China’s Copper Resources
• Small Scale, Low Grade: The discovered copper deposits in China are relatively small in scale, with large, medium, and small mines each having a small share. Moreover, most of the copper ores have low grades.
• Complex Accompanying Ores: The composition of China’s copper resources is complex, as many are associated ores, which result in higher smelting costs.
📈 Growth in China’s Copper Demand
• Refined Copper Production and Consumption: China has been the world’s largest producer and consumer of refined copper for several years.
• High Dependence on Imports: China’s reliance on imported copper continues to grow, reflecting the shortage of domestic copper resources.
🌳 Strategic Significance of Overseas Investment Projects
Here are the latest capacity data for China’s overseas copper mining projects in 2024:
• Las Bambas, Peru (Minmetals Group): The expected copper concentrate production in 2024 is 280,000 to 320,000 tons, with refined copper production ranging from 39,000 to 44,000 tons.
• Kinsevere, Congo (Minmetals Group): In Q1 2024, 9,732 tons of refined copper were produced, with an estimated full-year output of 39,000 to 44,000 tons.
• Kamoa-Kakula, Congo (Zijin Mining Group): The third-phase concentrator is expected to be completed and start production in Q2 2024, increasing copper production capacity to 600,000 tons.
• Mirador Copper Mine, Ecuador (Tongling Nonferrous Group): The second phase of the project is expected to be completed in June 2025, with an annual output of approximately 200,000 tons of copper concentrate.
🔍 Conclusion
China’s copper demand is enormous, and the limitations of domestic copper resources force Chinese mining companies to frequently invest overseas to strengthen the strategic security of copper resources. These overseas investment projects not only provide new revenue growth opportunities for Chinese enterprises but also play a crucial role in balancing international copper mining monopolies and ensuring the security of national strategic resources. In the global copper supply and demand landscape, China’s overseas copper mining projects play a key role.