Chinese copper companies say more mining is needed to boost supply

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BEIJING, Nov 9 (Reuters) – China’s top copper producers are urging the government to extract more metal, both at home and abroad, amid growing concerns over global supply disruptions, the China Nonferrous Metals News, state-backed.

Jiangxi Copper Co Ltd, Zijin Mining, Tongling Nonferrous Metals Group Co Ltd (000630.SZ) and others urged relevant authorities at a meeting on Tuesday to start a new round of ore exploration as soon as possible and open a new batch of mines for development, reports the newspaper.

Industry lobbying comes amid growing concern over the global supply of copper, which is used in transport and construction, and increasingly in the fast-growing renewable energy and utility sectors. electric vehicles.

In Peru, the Las Bambas copper mine, owned by Chinese miner MMG Ltd (1208.HK), said it had started to scale back operations due to recent lockdowns by indigenous communities, which halted activity During months.

Chile’s Codelco, the world’s largest copper producer, announced this week that it would extend maintenance work at its Chuquicamata smelter to 135 days, up from an originally scheduled 90-day shutdown.

China is the world’s largest user of copper and depends on imports for around 25% of its consumption.

Mining companies should mine deeper and wider and strive to extend the life of their mines, while smelters should speed up overseas resource development and optimize their layout on the industrial chain, officials reportedly said. Chinese companies at the meeting.

Chinese miners, however, face growing headwinds overseas as countries compete for critical resources.

Last week, Canada ordered three Chinese companies to drop their investments in Canadian minerals, citing national security. Read more

China produced 10.49 million tonnes of refined copper last year and imported 23.40 million tonnes of copper ore and concentrate.

Reporting by Siyi Liu and Dominique Patton; Editing by Robert Birsel

Our standards: The Thomson Reuters Trust Principles.

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