ZIJIN Mining Group Co., which lists shares in Hong Kong and Shanghai, has started production at its Qulong copper mine in Tibet, one of the largest in top metals consumer China, adding a new source of supply to the market for next year. Zijin, a well-known copper and gold producer that is buying Argentina-focused lithium miner Neo Lithium, took control of the Qulong mine around 18 months ago when it bought a 50.1 percent stake in operator Tibet Julong Copper Co. and swiftly resumed construction at the project. Tibet Julong is expected to produce 120,000-130,000 tons of copper in 2022, including volumes from Phase 1 of Qulong and the Zhibula mine, which is also in Tibet. “After Phase 1 reaches the designated production capacity, the annual copper production volume will be approximately 160,000 tons,” Zijin Mining said in a statement Tuesday. According to Zijin, Qulong is the largest copper mine to be located at the highest altitude area in China and would become one of the world’s largest copper mines. The tightness in the copper concentrate market seen in recent years is expected to ease in 2022 as more mine production comes on stream. Annual treatment and refining charges agreed by miners and smelters have risen for the first time since 2015. Zijin said Julong Copper had applied to merge the mining rights for the Qulong mine and the adjacent Rongmucuola mine, arguing they belong to the same copper ore body. Following the merger, the mine will be renamed as Julong and Phases 2 and 3 will be pursued, it said. Earlier this year, Zijin agreed to acquire Canada-based lithium brine developer Neo Lithium in an all-cash deal worth US$770.45 million. (SD-Agencies) | 