Abitibi Metals boosts resource by 62% at B26 polymetallic deposit in Quebec
Indicated resources increased to 11.3 million tonnes from 6.9 Mt.
Major Chinese copper and gold producer Zijin Mining Group Co. said a slowing global economy, geopolitical tensions, and resource nationalism could restrict its overseas deal-making ambitions.
Net income rose 46% to 15 billion yuan ($2.1 billion) in the first half, bolstered by higher prices for its commodities and cost controls, Zinjin said Friday in a stock exchange filing. Still, the company flagged negative factors in the future potentially impacting “the company’s revenue, profits, merger and acquisitions of new overseas projects.”
China’s dominant role in mining supply chains – especially in critical minerals vital in industries from electric vehicles to military hardware — has lead the US, the EU and their allies to try to bolster their own output. That poses a risk to the growth of Chinese companies led by Zijin, which has bought copper and gold mines from Canada to Africa, and expanded into lithium in a bid to become a key player in the battery material.
The company — one of China’s most acquisitive metals groups and its biggest listed miner — has made similar comments before. Chairman Chen Jinghe said in March that it “will be targeted for sure” by US-led efforts to tackle Beijing’s dominance of some minerals given its leading role in the industry. Zijin has already slowed acquisitions due to higher project valuations and geopolitical tensions.
Zijin was “determined to expand its global footprint while strengthening its resource layout in China and its friendly neighboring countries,” it said in the statement.
The copper market will go into a deficit in the medium to long term due to the metal’s use in the global green transition, artificial intelligence and booming demand from emerging economies, it said. Gold will fluctuate at high levels, with geopolitical uncertainty raising haven demand, while the lithium price downturn may continue as supply and demand rebalances, it added.
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