China Copper, a subsidiary of the Aluminum Corporation of China (Chalco), is turning to overseas copper mine development to overcome the shortage of copper supply in China.
Xiong Weiping, the CEO of Chalco, said in an interview with Reuters on the 11th (local time), “China Copper has launched an acquisition of overseas copper mines as the demand for copper increases amidst a shortage of supply.” He added, “Due to an unexpected shortage of copper supply this year, many Chinese companies are already trying to expand overseas.”
Earlier, at the annual National People’s Congress meeting held in Beijing, the CEO stated, “We will strengthen cooperation on risky projects with low exploration rates and high potential,” and “We will focus on securing mineral resources that are of good quality, abundant in reserves, and have potential, in cooperation with countries and companies around the world.”
China Copper currently owns the Toromocho copper mine in central Peru through Chalco. However, the closure of Cobre Panama, Panama’s largest copper mine, at the end of last year directly blew the Chinese supply network.
Recently, the demand for copper in the electric vehicle and renewable energy sectors has been rapidly increasing. Furthermore, copper is widely used in the power, transportation, and construction sectors, creating a situation where supply cannot keep up with demand.
The CEO emphasized that “China’s demand for copper is still strong” and that “in the long term, the copper refining industry needs more cooperation, better technology research, and market analysis for sustainable development.”
Meanwhile, last year, China’s refined copper production increased by 13.5% to a record 13 million tons due to the rapid expansion of Chinese refineries. The import volume of copper ore and ore concentrate also increased by 9% to a record 27.5 million tons.
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