Resource gains: Cranes load containers from China into a ship in the port of Aktau. China’s major listed mining companies have established a complete industrial chain of exploration, mining, selection and smelting. — The New York Times
SHANGHAI: China’s output of key mineral resources hit a new high last year with the extraction of 10 major nonferrous metals reaching a peak of 72.288 million tonnes in the first 11 months of 2024 – a 4.4% year-on-year (y-o-y) increase, according to the China Mining Association.
The trade body estimated annual total output of the 10 major nonferrous metals, such as copper and aluminium, to reach 78.8 million tonnes this year.
Additionally, iron ore production also rose 1.9% y-o-y to 952 million tonnes in the first 11 months, and is expected to hit 1.038 billion tonnes by end-Dec 2024, it said.
The exploration of new mines also yielded ample results. From January to September last year, a total of 984 exploration rights were granted nationwide, including 570 strategic mineral exploration rights, marking a 218.4 % y-o-y increase.
Significant achievements have been made in Hunan province, the Xinjiang Uygur autonomous region, the Inner Mongolia autonomous region, and Shandong and Guizhou provinces.
For instance, Hunan has discovered over 40 gold veins in 2024, with the highest gold grade reaching 138g per tonne and gold reserves of 300.2 tonnes in the core exploration area.
“As a global powerhouse in mineral production, trade, and consumption, China’s mining industry not only plays a pivotal role in domestic economic and social development but also holds significant influence over international mining investment, mergers and acquisitions and trades,” said the association secretary-general Che Changbo.
China’s major listed mining companies have established a complete industrial chain of exploration, mining, selection and smelting, Che added.
In 2023, about 87% of China’s listed mining companies were profitable, with two each reporting profits exceeding 100 billion yuan (US$13.7bil).
Over the past four years, two companies have seen average annual net profit growth rates exceeding 45%, with Zijin Mining at 49% and CMOC Group at 45.2%.
In recent years, Zijin Mining, Shandong Gold Group and Ganfeng Lithium have rapidly expanded their asset bases, with annual asset value growth rates exceeding 20%, with Ganfeng Lithium topping the list at 59.4%.
“In the mining sector, many companies have played a crucial role in global resource distribution by expanding abroad, contributing significantly to both national and global energy and resource security.
“Particularly in the past decade, mining enterprises have actively strengthened overseas mining investments, conducting greenfield exploration and project acquisitions for high-quality resources,” said the association head Cheng Liwei.
In a recent PwC ranking of the top 40 global listed mining companies in terms of market capitalisation, eight Chinese companies have made it to the list. — China Daily/ANN
