China Copper Eyes Overseas Mine Acquisitions Amid Tight Supply, Rising Demand

China Copper, a prominent metal producer in the country, is actively pursuing acquisitions of overseas mineral resources in response to the constrained supply of mined copper and escalating demand, as revealed by the company’s chairman in an interview with Reuters. With limited domestic copper reserves, Chinese companies are turning their focus abroad, driven by an unexpected supply deficit and a growing need for resources.

Xu Bo, the chairman of China Copper, expressed the company’s intentions to collaborate globally with countries and industry players to secure near-production or at-production mineral resources characterized by high quality, substantial reserves, and promising potential. This strategic approach aligns with China Copper’s goal of expanding its resource base and enhancing its position in the copper market.

Emphasizing a willingness to engage in ventures involving risky projects with untapped potential, Xu highlighted the company’s commitment to exploring new opportunities amidst evolving market dynamics. As a delegate of the National People’s Congress attending the annual parliamentary meeting in Beijing, Xu underscored the importance of strategic partnerships and resource diversification for China Copper’s long-term growth objectives.

China Copper’s ownership of the Toromocho Copper mine in central Peru through its parent company, Aluminum Corporation of China (Chalco), positions the company as a key player in the global copper market. The closure of major mines like Cobre Panama has exacerbated raw material shortages for Chinese smelters, underscoring the urgency for securing overseas resources to meet domestic demand.

Against the backdrop of robust demand from sectors such as electric vehicles and renewable energy, copper remains a vital commodity in industries spanning power generation, transportation, and construction. Acknowledging the persistent supply challenges, Xu highlighted the need for collaboration within the copper smelting industry to drive technological innovation, market insights, and sustainable development practices.

As Chinese smelters navigate supply constraints and market pressures, industry associations have advised operational adjustments to mitigate raw material shortages. With refined copper output reaching record levels and imports of copper ore and concentrate surging, China’s copper industry faces both opportunities and challenges in sustaining growth and meeting evolving demand dynamics.

China Copper Eyes Overseas Mine Acquisitions Amid Tight Supply, Rising Demand
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