China - Dateline : Recent

Storyline:
Chinese mines bump up copper production on rising prices

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Chinese mining firms are ramping up copper production to capitalize on increasing prices for the bellwether industrial metal.

At a mine in the eastern province of Jiangxi, which is known for its rich copper resources, haul trucks are running 24/7 to transport freshly mined copper ore to processing facilities.

With copper prices on an upward swing, the director of the mine says so is their production.

[Sound_bite]

Xie Wenbo, director, copper mine:

"Recently, we've been operating at full capacity almost every day, with a daily output of around 130,000 tons of ore. Due to the recent high copper prices, we’ve been producing more than originally planned."

[Voice_over]

The mining director also said the company is processing a greater volume of low-grade copper ore to maximize profitability.

[Sound_bite]

Xie Wenbo, director, copper mine:

"When copper prices are high, the processing of low-grade ore becomes more profitable. During the first quarter, the utilization of low-grade ore at our mining plant was approximately 3.5 million tons, up 200,000 to 300,000 tons compared to previous years."

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International copper prices have been surging in recent weeks on expectations of tight supplies and improving demand prospects for energy transition metals.

According to forecasts by Citigroup investment bank, copper prices will average 10,000 U.S. dollars per metric ton by the year's end and will climb to 12,000 U.S. dollars by 2026.