Contents of this article
- 1. What are the copper stocks?
- 2. Which system of Guiye does Jiangxi Copper’s 300,000 tons of copper smelting project per year belong to?
- 3. Expert translator
- 4. Porphyry copper-molybdenum mineralization model
What are the copper stocks?
1. Yunnan Copper (000878)
1) The company is a company that mainly produces and sells copper concentrate and other non-ferrous metal mineral products, high-purity cathode copper, copper wire blanks for electrical purposes, industrial sulfuric acid, gold, silver, etc. , is currently one of the largest copper smelting and copper processing enterprises in China.
2) In the medium to long term, electrolytic copper is an important but in short supply strategic material for the country. It is widely used in electric power, military industry, machinery, communications, home appliances and other industries. The growth of domestic copper consumption and the high concentration of production have led to the decline of copper. The imbalance between supply and demand will not change significantly in the next few years.
3) In order to improve the company's competitive advantage in the same industry and increase the company's own self-sufficiency of copper concentrate, the company completed the transaction to the controlling shareholder in March 2007 The issuance of shares to acquire mining assets has improved the company's raw material self-sufficiency rate and profitability. The annual output of its main product, cathode copper, ranks third in the country.
4) In December 2008, the company was officially listed as one of the first batch of important material reserve enterprises in Yunnan Province. The reserve period was from December 1, 2008 to December 31, 2009.
5) my country has introduced a series of economic stimulus plans in response to the financial crisis; the correct leadership of the Yunnan Provincial Government, Chinalco, and the outstanding resource advantages of the parent company Yunnan Copper Group have helped the company resolve current operating risks and safely tide over the difficulties. will play a vital role.
2. Jiangxi Copper (600362)
1. Industry leader: The company’s mineral resource reserves rank first in the country, its copper ore output accounts for 15.5% of the country’s total, and its refined copper output accounts for 18.5% of the country’s total. In January 2009, the day when the first batch of cathode copper was shipped out of the eastward expansion project of Jiangxi Copper and Guiye Electrolysis, marking the formation of the company's copper production capacity of 900,000 tons (originally 700,000 tons), further consolidating the company's status as the largest in China and the third largest in the world. The status of copper smelting producers. After acquiring the group's assets in 2008, the company's copper processing capacity increased from 370,000 tons to more than 450,000 tons, and it began to get involved in the fields of copper pipes, copper foil, and enameled wires with higher technical content, forming a relatively complete copper processing product line. The company also has molybdenum resource reserves of 410,000 tons (accounting for more than 10% of the country's total reserves). In 2008, it has an annual production capacity of approximately 3,500 tons of standard molybdenum concentrate, and plans to double its production scale in 2010. The company is also one of China's largest gold and silver producers.
2. Resource reserve advantages: The company's Dexing Copper Mine, Yongping Copper Mine, Wushan Copper Mine, and Diaoquan Copper Mine have a total copper metal reserve of 16.048 million tons. If the copper mines owned by the group are added, the company can The copper metal reserves under direct control are about 19 million tons, and it also accounts for about 1/3 of China's mine copper output, ranking first in the domestic industry. In 2008, newly added copper metal reserves were 6.09 million tons, gold reserves were 145 tons, and silver reserves were 1,700 tons. The company's copper concentrate self-sufficiency rate is about 40.5%, much higher than the domestic average of 24%. The new annual output of copper concentrate in 2008 increased the amount of metal by about 5,600 tons. The two mines Yinshan and Dongtong acquired in January 2008 have a total of 975,000 tons of copper metal reserves, 1,614.4 tons of silver, 62,000 tons of lead, 74,000 tons of zinc, and 17.907 million tons of sulfur resources. Among them, the newly added copper metal reserves are equivalent to 10.7% of the company's current total reserves.
3. Foreign investment: During the reporting period, the company and MCC jointly invested 58.14 million yuan (the company accounted for 25%) to establish "MCC Jiangxi Copper Aynak Mining Co., Ltd." to develop the Aynak copper mine in the central and western regions Mining area, with 30-year exploration rights. The total resources of this mining area are 705 million tons of ore and 11 million tons of copper. It is a very large copper deposit. The company and Minmetals Nonferrous Metals acquired 100% of the shares of Canada's Northern Peru Copper Company (NPC). NPC's main assets are located in northern Peru, including exploration projects such as the Galeno copper-gold mine, Hilorico gold mine, and Pashpap copper-molybdenum mine. As of the end of 2008, the development plan for the company's affiliated mines was under review.
4. Brand advantage: The company is one of the most potential electrolytic copper companies in China. "Guiye" brand cathode copper is the first domestic A-grade product registered on the London Metal Exchange and is also a Class I product on the Shanghai Metal Exchange. products and enjoy premium treatment.
5. Equity participation in finance: The 2008 annual report disclosed that the company holds 80% of the equity of Jiangxi Copper Group Finance Company, which achieved a net profit of 42.23 million yuan in 2008; it holds 100 million shares of Nanchang Commercial Bank (accounting for 4.2% of the total share capital) ), with a cost of 280 million yuan and a book value of 280 million yuan at the end of the period. In September 2008, the company planned to transfer 40 million shares and related interests of Nanchang Commercial Bank for 118 million yuan (as of March 2009, it had been submitted to the China Banking Regulatory Commission for approval).
6. Policy: The Ministry of Commerce announced the adjusted "Prohibited Catalog of Processing Trade", in which the prohibition on the import of copper ore and its concentrate was changed to "only certain qualified enterprises are allowed to import, and others are still prohibited. At the same time, the export ban on refined copper cathodes has been lifted. Jiangxi Copper, Yunnan Copper, and Tongling are all on the lifted list, which means that companies engaged in related businesses can be exempted from 17% value-added tax and 10% export. tariff.
3. Tongling Nonferrous Metal (000630)
1. The company’s main products are electrolytic copper, gold, silver, sulfuric acid, iron pellets, iron sand, and copper materials. Among them, the sales revenue of electrolytic copper accounts for about 70% of the company's total revenue. Copper is an important and scarce strategic material for the country. It ranks second after aluminum in the consumption of non-ferrous metals. It is one of the most valuable natural resources in the world and one of the important metal materials. It is widely used in electric power. , military industry, machinery, communications, construction, automobiles, home appliances, electronics, construction and many other fields, it is an important basic raw material.
2. The company is one of the most promising cathode copper manufacturers in China. It currently has a copper smelting capacity of more than 800,000 tons/year, ranking among the top five in the world. The company's product "Tongguan" brand high-purity cathode copper is registered copper on the London Metal Exchange and the Shanghai Futures Exchange. The company's products enjoy a price premium compared to the exchange's standard grade products, and have obvious advantages in the industry.
3. In 2009, copper smelting processing fees increased significantly, which had a beneficial impact on the company's operations. Currently, the company's cathode copper production capacity exceeds 800,000 tons, and it has strong scale advantages and a high industry status.
Jiangxi Copper's annual output of 300,000 tons of copper smelting project belongs to which system of Guiye Metallurgy?
Jiangxi Copper Group Co., Ltd. was established in July 1979. It is a large-scale joint enterprise in China's nonferrous metal industry that integrates copper mining, selection, smelting and processing. It is China's largest copper product production base and important sulfur chemical raw materials and Origin of gold and silver. The company is headquartered in Guixi City, Jiangxi Province, and its subsidiaries include Jiangxi Copper Co., Ltd., Jiangxi Copper Group Copper Material Company, Jiangxi Copper-Yates Copper Foil Co., Ltd., Jiangxi Copper-Taiyi Electrical Materials Co., Ltd., Jiangxi Copper- Longchang Precision Copper Tube Co., Ltd., Jiangxi Copper Group Finance Company, Jiangxi Copper Shenzhen Southern Corporation, Jinrui Futures Brokerage Company and many other legal entities. Among them, the stocks of Jiangxi Copper Co., Ltd. controlled by Jiangxi Copper Group Company were listed in Hong Kong and Shanghai in 1997 and 2001 respectively. At present, the company's total assets are more than 39 billion yuan. It has more than 34,000 employees, an excellent management team and a team of highly skilled technical personnel who are good at international operations. Especially in copper mining and copper smelting, hundreds of experts have been sent to guide overseas mines and enterprises. The company mainly engages in the exploration, mining, smelting, processing of copper, gold, silver, lead, zinc, molybdenum and other mineral resources and the production and sales of related non-ferrous metal products. It is also engaged in the manufacturing and installation of mining and smelting equipment, technology development and technical services. , engaged in processing of supplied materials, foreign trade and re-export trade. The company's main products include copper cathode, sulfuric acid, gold, silver, platinum, palladium, tellurium, rhenium, molybdenum, copper sulfate, arsenic oxide, copper concentrate, lead-zinc ore, zinc concentrate, sulfur concentrate, copper wire ingots, Copper rod, bare copper wire, enameled wire, high-grade copper foil, precision copper tube, etc. Among them: all brands of cathode copper are registered with the London Metal Exchange (LME); "Guiye" brand cathode copper is a famous brand product in China and a national quality inspection-free product; sulfuric acid is a national gold medal product; copper rods are a famous brand product in Jiangxi Province. The company's products are exported to more than 30 countries and regions including the United States, Japan, Europe and Southeast Asia, and have established technical, economic and trade exchanges. The company has the largest copper and associated and symbiotic mineral resources in the same industry in China. The five largest copper mines in the country are all owned by the group. The self-sufficiency rate of raw materials ranks among the best in China's copper industry. In terms of overseas resource development, it acquired the equity of the Northern Peru Copper Company, initiated the development of the gold and copper mine in Kyrgyzstan, and obtained the qualification as the preferred bidder for the development of the Aynak copper mine in Afghanistan. At the same time, the second phase expansion project of Chengmenshan Copper Mine, the 130,000-ton expansion project of Dexing Copper Mine, the integration of lead and zinc resources, and the construction of a lead and zinc industry integrating mining, dressing, and smelting are being implemented. The company has formed the largest copper smelting production scale in China. In 2003, it reached an annual production capacity of 400,000 tons of copper. In 2007, it formed an annual production capacity of 700,000 tons of copper. In 2010, the copper smelting capacity will reach more than 1 million tons. . The company has built China's largest copper processing and production base. Copper processing enterprises including copper rods, copper wires, cables, optical fibers, copper foil, copper tubes and other products have been built in Nanchang, Guixi, Jiangxi, Shenzhen, Guangdong and other places, with an annual output of 500,000 tons of copper materials. With the construction of the 100,000 tons/year copper plate and strip project, the second phase of the copper foil project and other projects, the deep processing capacity of Jiangxi Copper Group's copper products will reach 600,000 tons. Jiangxi Copper Co., Ltd. is a listed company controlled by the group. Jiangxi Copper Co., Ltd.'s business includes Dexing Copper Mine, Yongping Copper Mine, Guixi Smelter, Wushan Copper Mine, Sichuan Kangxi Copper Mine, Shanxi Diaoquan silver and copper mine and other assets. The company's investment value: a resource-based commodity enterprise. In the future, the prices of various resource commodities will inevitably rise for a long time, which is the main reason for investing in this type of enterprise. Listed companies do not have separate websites, only the group company's website. The English version of the website is very simple and does not provide detailed financial data for common overseas listed companies. This website is the worst among the listed companies that have been analyzed. In the "Listed Companies" column of the website, the company's organizational chart is actually bad. When I click on "Company Announcements" and "Company Financial Reports", I am prompted with " Your IP has been restricted from accessing this site by the administrator." The "Investor Relations" column is actually still a test content from March and April 2007. Governance structure and investor relations handling: A typical state-owned enterprise’s organizational structure and corporate culture, if it is not a resource-based enterprise, will be given a negative evaluation simply from the perspective of corporate governance structure and investor relations handling. The relationship between a group company and a listed company is the relationship between one organization and two brands. In the future, it is possible that the company will continue to conduct private placements to the group, exchange shares for group assets, and finally take the overall listing route. The RMB 6.8 billion convertible bonds issued for the A-share market have been approved by the China Securities Regulatory Commission: the planned issuance of convertible corporate bonds with separate transactions of stock options and bonds shall not exceed RMB 6.8 billion. Each bond can also receive warrants distributed by the company free of charge, and the exercise ratio of the warrants is 4:1. At the same time, approximately 6.8 billion yuan was raised from the warrants. The funds raised will be used to acquire the group's assets and invest in mining projects. Including Jiangxi Copper Group’s copper, gold, molybdenum and other related assets (two mines, Yinshan Mine and Dongtong Mine), the acquisition of Canada’s Northern Peru Copper Company and the bidding for the mining rights of Afghanistan’s Aynak Copper Mine. The company also plans to expand the mining, processing and production scale of Dexing Copper Mine to increase the output of copper concentrate by 41,000 tons; and add 7,000 tons/year of molybdenum concentrate production capacity. The acquisition is expected to increase the company's value by 10%. After the acquisition is completed, Jiangxi Copper's copper metal reserves will be increased by 975,000 tons, equivalent to 10.7% of the company's current total reserves. As well as 163 tons of gold and 1,614 tons of silver reserves. In 2008, it produced approximately 5,600 tons of self-owned copper concentrate, contributing approximately RMB 600 million in pre-tax profits. We estimate that by 2011, Jiangxi Copper's own copper concentrate output will reach 220,000 tons, and the copper concentrate raw material ownership rate will increase from the current 25% to 37%. The reasonable value per share of the company will increase after the acquisition. Analysis of static reserve value: After Jiangxi Copper obtained the group's mining assets through private placement, copper resource reserves increased by 153.1 tons, from 7.958 million tons to 9.489 million tons, and gold resource reserves increased by 62 tons, from 212 tons to 274 tons. 19% and 29% respectively. The reserve value is based on the current international market prices of copper, gold and other precious metals. It can be estimated that the resource value per share is 170 yuan. Excluding 50% of the mining cost, the value is about 85 yuan. Future reserve resource growth: first, the Aynak copper mine project in Afghanistan; second, the GALENO project in Peru; and third, the Yinshan Hedong Mine. These projects will bring the company's equity reserves to 15.743 million tons of copper, 448 tons of gold, 11,239 tons of silver, and 349,600 tons of molybdenum. After the completion of Guiyang's 300,000-ton copper smelting project, the company's copper smelting capacity will reach 700,000 tons/year, ranking among the top in the world; copper mine output is now 150,000 tons; copper processing capacity has also reached 370,000 tons/year. Year. Other products: Sulfur and sulfuric acid are important raw materials for the production of phosphate fertilizers and compound fertilizers. One ton of sulfur is needed to produce 2 tons of sulfur. The phosphate fertilizer industry has become the largest consumer of sulfuric acid, accounting for about 65%. my country's sulfur imports account for 60-70%. Due to the increase in international grain prices and the expansion of planting area, the price of sulfur has increased five times, thus driving the price of sulfuric acid to rise sharply. The average price in the first half of 2008 reached 1,400 yuan/ton, and the average price for the whole year is expected to be 1,600 yuan/ton, with a sulfuric acid output of 2 million tons. The main risks of investing in this stock are the short-term global economic recession and the risk of a short-term decrease in copper prices, but in the long term copper prices are still on an upward trend; the impact of resource tax reform on its future development; In the first quarter of 2008, earnings per share were 0.42 yuan, Earnings per share are expected to be 0.85 yuan in the mid-term of 2008 and 1.8 yuan for the full year. Calculated based on 10 times PE, the reasonable stock price is more than 18 yuan, based on 15 times the Hong Kong stock price-earnings ratio, it is 27 yuan, and based on 20 times the price-earnings ratio, it is 36 yuan. As of August 19, 2008, the stock's closing price on the A stock market was 15.77 yuan, and the H share price was 10.06 Hong Kong dollars, approximately RMB 9, both of which were lower than the reasonable stock price. Because of the principle of lower price for the same shares with the same rights, if you invest in this company, you should invest in H shares with a lower price.
Expert translator
Company provides 452 million yuan to miners NPC
Minmetals Group, Jiangxi Copper bid to host company's mining assets in Peru
Two Chinese companies have signed a 330 million yuan agreement to take over the Northern Peruvian Copper Company (NPC ), Vancouver-based shearer project in Peru.
China Minmetals Nonferrous Metals CO and Jiangxi Copper jointly provided Canadian dollars, 4.55 million US dollars (of which 452millon), Jiangxi Copper said in a statement to the Shanghai Stock Exchange yesterday.
The two companies are offering a cash premium of $13.75 per share, more than a third of the NPC's 20-day average price last week.
Shareholders representing 42% of the NPC's equity have signed a lock-in agreement to support the deal. If it fails, the NPC will pay about 3.5percent of the value of the deal, the statement said.
The NPC has been looking for a buyer this year to acquire and develop its Galeno copper-gold-molybdenum project, peru.it said the Chinese company had the best bid.
"Minmetals and Jiangxi Copper made an offer to us to acquire the company and we are happy to accept their offer," Northern Peru Copper Chairman Ross Beaty was quoted as saying by Canadian media.
"Both are major companies with extensive experience in the copper sector and are well-positioned to develop Galeno into a world-class copper mining operation."
The Galeno Project will have an average production capacity of 144,000 tonnes of copper concentrate per year over 20 years of mine life, including 200,000 tonnes annualy in the first five years.
A preliminary feasibility study found it would create 3,600 construction jobs and 657 long-term jobs.
In addition to Galeno, NPC owns adjacent Hilorico gold mines and Pashpap copper-molybdenum sites.
The deal will boost Jiangxi Copper, China's largest integrated producer of the metal, said Shi Weiping, an analyst at Orient Securities in Shanghai.
The deal will increase Jiangxi Copper's mining assets by one-third, he said.
The transaction, the third this year involving the purchase of assets by Chinese miners, took place in Peru. Chalco agreed in June to pay $790 million for Peruvian copper.
In April, China's second-largest gold producer Zijin Mining Group agreed to acquire more than 50 percent of Peru-focused copper miner Monterrico's metals.
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Porphyry copper-molybdenum mineralization model
Porphyry copper deposits (copper-molybdenum deposits, copper-gold deposits) and related skarn-type copper deposits (copper-gold deposits) are still the main types of copper deposits with the most work, new deposit discoveries and resource expansion. D.A. Singer of the U.S. Geological Survey and others classified porphyry copper deposits into three subtypes based on the relative contents of gold and molybdenum associated with copper: porphyry copper-gold deposit subtype (Aug/ton: Mo%≥ 30), porphyry copper-molybdenum ore subtype (Au g/ton: Mo% ≤ 3), and porphyry copper-gold-molybdenum ore subtype in between. Some relevant statistical numerical characteristics of this three-type deposit are shown in Table 2-1 (the number of deposits is the actual number, the depth of emplacement is an estimate, and other items are statistical median values).
Table 2-1 Statistics of three subtypes of porphyry copper deposits
In the Pacific Rim belt, Chile has discovered some important deposits since the late 1990s, such as the Toki deposit group, which was discovered from 1996 to 2002. First, the Opache oxide deposit was discovered there in 1996, and the Genovera oxide deposit was discovered in 1999. The main porphyry deposit (Torkey) was discovered from 1999 to the second half of 2000. The Quetana deposit was discovered in 2002. In total, the Toki deposit group has a total of 2 billion tons of ore with an average copper grade of 0.5%, which means it contains 10 million tons of copper. Among them, the Toki porphyry copper deposit has 800 million tons, containing 0.45% copper. Discovered in 1996 were the Spans deposit in northern Chile (400 million tons, 1% copper) and the South Gabe deposit (906 million tons, 0.48% copper). The El Morro-LaFortuna copper-gold deposit group in northern central Chile (there are 3 deposits, of which La Fortuna has inferred resources of 645 million tons, copper 0.53%, gold 0.46 g/ton) was discovered in 1993 and 1997. There are also the Vizcachitas copper deposit discovered in 1998 (some say 1995) (1.141 billion tons, copper 0.42%), and the Esperanza copper-gold deposit discovered in 1998 (currently 786 million tons, copper 0.53%, gold 0.2% g/ton, molybdenum 0.0123%).
The extremely large Teniente copper-molybdenum deposit near Santiago, the capital of Chile, was previously interpreted as a porphyry type. New geological mapping and regional petrological studies suggest a breccia or megabreccia type. After the formation of multi-stage breccias containing copper mineralization, later-stage porphyry emplaced, bringing a small amount of copper mineralization, but reactivating the copper mineralization brought by the breccias. This new understanding led to a re-examination of key exploration targets for similar deposits.
In the Andaveras-Yauri belt in Cusco District in southern Peru (an area of about 25,000 square kilometers), until the 1980s it was considered to be mainly a copper-bearing magnetite skarn mining area, including Tintaya, Atala Asia, Ras Bambas, Katanga and other skarn deposits. Regional work was completed in the late 1980s and the Tintaya and Katanga deposits were studied in detail. In 1995, Magma Copper Company conducted grassroots exploration in the area and proved the existence of porphyry alteration and mineralization. Later, the company was merged by BHP, and drilling and other work led to the discovery and delineation of the Antapakai porphyry copper-gold deposit (383 million tons, copper 0.89%, gold 0.16 g/ton), Los Chencas (2 billion tons, copper 1%, gold 0.12% g/ton, molybdenum 0.08%) and other porphyry copper deposits. In addition, the Korokovaiko deposit was also delineated, which is mainly skarn type, with reserves of 157 million tons, containing 1.58% copper, 0.149 g/ton gold, and 6.3 g/ton silver.
The Rio Blanco porphyry copper-molybdenum deposit discovered in northern Peru in 1994 has original copper resources of 3.463 million tons. After work in recent years, the existing confirmed resources are 146 million tons, containing 0.73% copper and 0.024% molybdenum; the inferred resources are 670 million tons, containing 0.56% copper and 0.023% molybdenum; the inferred resources are 441 million tons, containing 0.52% copper and 0.021% molybdenum. . The total resources are 7.1 million tons of copper and 280,000 tons of molybdenum. Peru also discovered the Tantahuatay porphyry copper-gold deposit in 1995 (375 million tons, copper 0.79%, gold 0.33% g/ton), and the Galeno porphyry copper deposit in 1998 (current inferred resources are 504 million tons, copper 0.54% , gold 0.12 g/ton, molybdenum 0.015%; inferred resources are 554 million tons, copper 0.39%, gold 0.09 g/ton, molybdenum 0.010%; a total of 4.88 million tons copper, 110 tons gold, 130,000 tons molybdenum), 1999 The Magestral porphyry-skarn copper deposit (270 million tons, 0.51% copper, 4.11 g/t silver, and molybdenum) was discovered in the Ancagh area. The recently discovered Constancia porphyry copper-gold-molybdenum deposit, approximately 600 kilometers southeast of Lima, has associated skarn mineralization. The Carariaco copper-gold deposit in northern Peru was discovered in 1970 by dispersed flow sampling by the British Geological Survey and the Peruvian Geological Survey. The resource was once estimated to be 300 million to 400 million tons, with copper 0.5%. It is currently being explored and drilling will continue.
The Toromocho porphyry copper-molybdenum (silver) deposit in Morococha, 100 kilometers east of Lima and 32 kilometers west of Aurora, was discovered as early as 1974. A feasibility study was completed in 1980, and 143 diamond boreholes (42,000 meters) and 4 tunnels were drilled. The surface showed 1×1.5 kilometers. The heap leaching part that can be exposed is 610 million tons, and the upper part is 410 million tons. The leached copper grade is 0.67%. According to reports in May 2005, after drilling in recent years, the mine has confirmed and inferred resources of 818 million tons, with an overall average grade equivalent to 0.9% copper (actually 0.64% copper, 0.022% Mo, and 0.6% silver). Copper equivalent is the cut-off grade), and there are 763 million tons of confirmed plus inferred resources of 0.26% to 0.59% copper equivalent, 0.33% copper, and 0.008% molybdenum. There are also 257 million tons of inferred resources (with 0.26% copper equivalent as the cut-off grade), 0.45% copper, and 0.009% molybdenum. In addition, resources at all levels include silver ranging from 6.3 to 7.4 g/ton. The above total contains more than 8.6 million tons of copper, 227,000 tons of molybdenum, and silver. The stripping ratio is about 0.35:1 and the infrastructure is adequate. It is a world-class deposit and one of the best undeveloped copper projects in the world. It is currently being explored by the Peruvian Copper Company (the chairman is J.D. Lowell, a famous American porphyry copper expert). More than 50,000 meters of drilling have been drilled. At that time, it was expected that another 50,000 meters would be drilled in 2005. It was hoped that feasibility would start again in 2005. Research. According to reports in October 2005, resources increased by 16% compared with April 2005. After 116,000 meters of drilling, the confirmed and inferred resources have exceeded 1.8 billion tons, with copper 0.46%, molybdenum 0.016%, and silver 6.8 g/ton (a total of equivalent (0.68% of copper), that is, the confirmed plus inferred resources include 8.5 million tons of copper, 288,000 tons of molybdenum, and 12,240 tons of silver.
The latest resource calculation results (part of the feasibility study) of the Agua Rica porphyry copper deposit in Argentina discovered in 1992 (some say 1993) are: confirmed plus inferred resources of 671 million tons, copper 0.62%, molybdenum 0.035 %, gold 0.26% g/ton; inferred resources are 331 million tons, copper 0.50%, molybdenum 0.052%, gold 0.16 g/ton, and the deposit also contains silver (about 3 g/ton). The total contains about 5.8 million tons of copper, about 400,000 tons of molybdenum, about 220 tons of gold, and about 3,000 tons of silver. Now considering an annual output of 150,000 tons of copper and 10.8 million pounds of molybdenum, the project capital is estimated to be US$996 million.
The feasibility of the Mirador porphyry copper mine, discovered in Ecuador in 1997, has been positively concluded. There are inferred resources of 310 million tons, copper 0.65%, gold 0.2 g/ton; inferred resources 315 million tons, copper 0.56%, gold 0.17 g/ton, and silver, part of which can be mined in open pits. The Mirador North copper-gold deposit was recently discovered 3 kilometers away from the Mirador deposit, and drilling has circled the near-surface high-grade secondary enrichment zone. There are also the San Carlos and Panatze deposits.
The E1 Brujo porphyry copper-gold deposit was recently discovered in Dominica.
The Cananea porphyry copper deposit in Mexico still has huge copper resources after many years of mining. In 2001, it had reserves of 1.6 billion tons with a copper grade of 0.61%, and another 1.55 billion tons of ores with a copper grade of 0.26% that can be heap leachable. About 13.8 million tons of copper. In recent years, porphyry deposits such as the San Enrique porphyry copper-molybdenum-(silver) deposit in Sonora and the E1 Pulpo porphyry copper-gold-(silver) deposit in Sinaloa have been discovered and are currently under exploration.
The western United States is rich in porphyry copper deposits and has many large deposits. Utah's Bingham Canyon deposit has a history of large-scale modern open-pit mining for a century. The mining pit has now expanded to 4 kilometers wide and 1,200 meters deep. About 5.4 billion tons of ore and waste rock have been excavated, and a total of more than 1,500 mines have been produced. million tons of copper (including associated skarn mines). In 2004, the mine mined 45.7 million tons of ore, with an average of 0.63% copper, 0.033% molybdenum, 0.29 g/ton gold, and 3.04 g/ton silver, producing 263,700 tons of copper (copper content in concentrate), 9.6 tons of gold, and 6,800 tons. Molybdenum, 111.5 tons of silver. According to 1997 data, the total cumulative production plus reserves of the deposit (including porphyry type, adjacent skarn type, base metal metasomatic mines and placer gold mines) at that time was 27.4 million tons of copper, 1.3 million tons of molybdenum sulfide, and 15.7 million tons of gold. tons, and a lot of silver. There are still confirmed and probable reserves of 659 million tons in the current mining pit, with an average of 0.57% copper, 0.04% molybdenum, 0.33 g/ton gold, and 3.0 g/ton silver. There are still 910 million tons of exploitable resources in the future, including 0.70% copper, 0.05% molybdenum, 0.3 g/ton gold, and 3.0 g/ton silver. The deposit is not only huge in scale, but also has relatively uniform sulfide mineralization. It was recently announced that the mining pit will be expanded and its life will be extended to 2017, at which time a decision will be made whether to switch to well mining or continue open pit mining. Many deposits in the western United States have identified some low-grade heap leachable ores in recent years. For example, the Safford copper (gold and silver) deposit in Arizona has 500 million tons of heap leachable ores and 300 million tons of sulfide ores. The Mineral Park copper-molybdenum deposit has oxidized ore confirmed plus probable reserves of 84.6 million tons, copper 0.24%. The deposit still has confirmed resources of 345.6 million tons, copper 0.41%, molybdenum 0.037%; inferred resources are 101.2 million tons, copper 0.39%, molybdenum 0.038 %; inferred resources are 62 million tons, copper 0.38%, molybdenum 0.038% (with 0.3% copper equivalent as the cut-off grade).
The Resolution deep concealed porphyry copper-molybdenum deposit, 90 miles east of Phoenix in eastern central Arizona, USA, near the town of Superior, was discovered during drilling work from 1992 to 1997. There is a 600-1200m thick Tertiary cap rock on it, mainly It is deep mineralization with average copper grade of 1.0% to 2.0%, molybdenum of 0.02% to 0.03%, and silver of 2 g/ton. The mineralization is contained in thick Cretaceous (?) volcaniclastic rocks and siliciclastic sedimentary rocks, with NEE intruding into the quartz porphyry dyke group. There is little structural disturbance and not deep erosion after mineralization. The resources are estimated to exceed 1 billion tons, with an average copper grade of 1.5%, and are expected to be expanded. This is the largest copper discovery in the United States in recent years. The deposit has no indication on the surface and lacks geophysical and geochemical anomalies. It is a success in the geological exploration of the covered area. This area is a metallogenic area with a high degree of exploration. The last large copper mine discovered was the Santa Cruz deposit more than 20 years ago. Surface silver mines (Silver King and Silver Queen mines, mainly vein types) were mined in this area in the late 19th century. At the beginning of the 20th century, due to the depletion of supergene silver ores, the amount of supergene chalcocite increased in depth, and copper production was switched. A rich deep chalcocite-bornite ore body was discovered under the supergene enrichment zone. , the mine was also renamed Magma (copper) mine. After decades of mining, it was discovered that the ore body continues to extend to depth and along the strike, extending eastward under the young ore-free volcanic rock caprock, and metasomatic ore bodies were discovered. In the 1960s, mining was transferred to metasomatic ore bodies, and the reserves were exhausted in 1996. Magama veins and flat metasomatic ore bodies have supported the mine for 85 years, producing 24.5 million tons of ore with an average copper grade of nearly 5%. In 1991, Magma Copper Company realized that its reserves were about to be depleted, and began a mine-scale exploration plan to find more massive sulfide metasomatic ore bodies and select key work areas. In October 1994, a horizontal borehole was drilled southward in the Magama mine tunnel, which was completed in February 1995. A group of quartz porphyry rock walls, some tight sulfide veins, quartz sulfide veinlets and network veins were drilled. and widespread sericitization, thought to be shallow in the underlying center of porphyry mineralization. Later, a hole was drilled under it. In January 1996, strong biotitization was detected, and economic prospects were confirmed. The discovery was called the Magama Porphyry Center, and was later renamed the Resolution deposit. Later, Rio Tinto Company acquired the project. By the end of 2003, it had conducted 20 months of exploration and drilled 17 boreholes. It is learned that the ore body is dome-shaped, with its top 1,400 meters above the surface. It is known to be 1,800 meters long, 1,500 meters wide, and 200 to 450 meters thick. Pre-feasibility studies continued in 2004. Production is not expected before the middle of the next decade. The rock temperature and ground pressure at a depth of about 2,000 meters underground are also issues to be considered during mining.
The Pebble porphyry copper-gold-molybdenum deposit in Alaska, USA, was discovered before the 1990s (formerly translated as the "Pebble Beach" deposit), with low grade and huge scale. Drilling and re-evaluation have been ongoing over the last two years. The new resource calculation results reported in March 2005 (based on 70,719 meters of drilling) are, using 0.3% copper equivalent as the cut-off grade: confirmed resources of 711 million tons, copper 0.33%, gold 0.36 g/ton, molybdenum 0.016%; inferred resources 23.20 billion tons, copper 0.27%, gold 0.31 g/ton, molybdenum 0.014%; inferred resources are 1.130 billion tons, copper 0.24%, gold 0.30 g/ton, molybdenum 0.014%. That is to say, there are a total of about 11.1 million tons of copper, 1,310 tons of gold, and nearly 600,000 tons of molybdenum. If 0.7% copper equivalent is used as the cut-off grade, there are 214 million tons of confirmed resources, 0.47% copper, 0.47 g/ton gold, and 0.02% molybdenum; 356 million tons of inferred resources, 0.46% copper, 0.51 g/ton gold, and 0.021 molybdenum. %; inferred resources are 143 million tons, copper 0.40%, gold 0.56 g/ton, and molybdenum 0.02%. That is, there are a total of 3.21 million tons of copper, 362 tons of gold, and 14.6 tons of molybdenum. The mineralization is spread over an area of 1.7 by 1.7 square kilometers and is said to represent only 5% of the extensive 89 square kilometers of sulfide mineralization system identified by the US Geological Survey at the site. In 2005, the Pebble East porphyry copper-gold-molybdenum deposit was discovered.
Canada's porphyry copper deposits are mainly located in western British Columbia. Exploration in recent years has mainly included the Galore Creek porphyry copper, gold and silver deposit in the northwest of the province. According to 1992 data, the deposit has confirmed plus inferred resources of 243.2 million tons, copper 0.75%, gold 0.45 g/ton, and silver 6.0 g/ton. In the past, we paid attention to copper mineralization, but now we mainly focus on gold. The deposits occur in volcanic rocks and intrusive porphyries and contain disseminated and metasomatic sulfides. Copper-rich mineralization is related to potassium feldspar, garnet and biotite alteration, mainly chalcopyrite and bornite, and gold is related to chalcopyrite and biotite-magnetite. It now includes 4 independent ore bodies including Copper Canyon. According to reports in April 2005, new ore bodies have been discovered during drilling in the past two years, and the total resources have increased. Currently, there are confirmed and inferred resources of 353.3 million tons, copper 0.72%, gold 0.45 g/ton, silver 5.29 g/ton; inferred resources 3.485 billion tons, copper 0.5%, gold 0.54 g/ton, silver 5.41 g/ton (0.5% copper equivalent is the cut-off grade). In total, there are 4.286 million tons of copper, 347 tons of gold, and 3,755 tons of silver. If 0.35% copper equivalent is used as the cut-off grade, there are confirmed plus inferred resources of 516.7 million tons, 0.59% copper, 0.36 g/ton gold, and 4.54 g/ton silver; inferred resources are 578.3 million tons, 0.41% copper, and 0.42 g gold. / ton, silver 4.35 g / ton. A total of 5.42 million tons of copper, 429 tons of gold, and 4,860 tons of silver are produced, with an average annual output of 134,000 tons of copper, 5.85 tons of gold, and 62.8 tons of silver.
The Mt. Polley mining project in south-central British Columbia consists of several small alkaline porphyry copper-gold deposits. Each deposit has different mineralization, alteration and breccia characteristics. The mine was mined from 1997 to 2001 (mainly in the Bell Pit). In the summer of 2003, high-grade copper, gold and silver mineralization in the northeast zone was newly discovered about 1.5 kilometers northeast of the Bell Pit. This is a "hiking shoe and hammer" discovery. It was discovered after mineralization was revealed during the construction of a logging road in a previously poorly explored part. It was a lucky accident. This discovery was confirmed by trenching and drilling. Different from other ore bodies in this area, the ore body in the Northeast Zone has high copper grade, high silver content and bornite content, and little magnetite, so there is no magnetic response (other deposits in this area have magnetic response). The discovery of this zone has expanded the prospecting prospects in this area. Mt.Polley has confirmed probable reserves of 44 million tons, copper 0.45%, and gold 0.30 g/ton. In addition, it has confirmed plus inferred resources of 68.5 million tons, copper 0.37%, and gold 0.26 g/ton; inferred resources are 28 million tons, copper 0.3 %, gold 0.27 g/ton.
The Afton copper-gold mine project, also located near Kamloops in south-central British Columbia, is also an old mine. New discoveries have been made in recent years, and a new copper-gold mine is being developed on the site of the former mine. The mine originally had two pits and produced 450,000 ounces (14 tons) of gold and about 250,000 tons of copper from 1977 to 1988. The deposit was originally discovered in the early 1970s based on surface natural copper mineralization. About 10.5 million tons of high-grade copper-gold ore (copper 1.52%, gold 1.1 g/ton) remains under the original mining pit. In 1999, it was planned to drill 5,000 meters to expand the resources. The first few holes drilled natural copper and copper sulfides, indicating that the supergene enrichment extends much deeper than imagined. The first hole drilled an ore containing more than 8% copper, and the second hole drilled 235 meters to drill an ore containing 2.37% copper, 1 g/ton of gold, and some palladium and silver, which illustrates the prospect of deep mineralization, and its deep mineralization is closely related to Most porphyry copper deposits are different. Most porphyry copper deposits are under the supergene enrichment zone, and the grade of the sulfide zone mostly decreases with increasing depth. This deposit increases significantly with depth. Later, the drilling was extended to the deep mineralization zone southwest of the drilling well, and it was found that the palladium and gold grades increased. It is believed that the drilling circle may be a broad ore liquid supply zone (in the southwest of the original mining pit). This mineralization zone is steeply inclined and long. At least 365 meters, with an average width of 76 meters, and a depth of at least 300 meters under the pit. Some people believe that mineralization that becomes richer in depth can be compared to magmatic copper-nickel deposits. After encouraging results from the first year of drilling, 2 years of infill and expansion drilling followed. The pre-feasibility study was started in early 2003, and in early 2004, 68.7 million tons of confirmed and inferred resources were circled, with 1.08% copper, 0.85 g/ton gold, 2.62 g/ton silver, and 0.12 g/ton palladium. There are also inferred resources of 7.45 million tons, copper at 0.92%, and gold at 0.78 g/ton (with 0.7% copper equivalent as the cut-off grade). Later, underground exploration was carried out (drilling a 2,000-meter inclined shaft), and the mine life is about 18 years.
There are also some porphyry copper-gold deposits under exploration in British Columbia. For example, the feasibility study results of the Red Chris deposit in 2004 showed that the mine life can be 25 years, and the recoverable reserves in the first 17 years are 185.4 million tons, containing 0.414% copper and gold. 0.325 g/ton. In the next 8 years, 90.6 million tons of low-grade ore will be stored in the early stage of processing, containing 0.216% copper and 0.145 g/ton gold. The Gibraltar porphyry copper mine in the south-central part of the province has recently begun to resume mining after being suspended for a period of time. There are currently 745 million tons of ore, containing more than 2 million tons of copper.
On the west side of the Pacific, the extremely large porphyry copper-gold deposit group discovered in Mongolia's South Gobi Turquoise Mountains (Oyu Tolgoi Oyu Tolgoi) from 1996 to 2002 has continued to be explored in recent years, and its scale has continued to expand. Big bonanza. At present, a series of deposits in this mineralization system have been traced, with a total length of more than 6.5 kilometers along the strike, with confirmed and inferred resources of 1.15 billion tons, containing 1.3% copper and 0.47 g/ton of gold (that is, containing 14.95 million tons of copper and 540 tons of gold). ), with inferred resources of 1.16 billion tons, containing 1.02% copper and 0.23 g/ton of gold (i.e. containing 11.83 million tons of copper and 267 tons of gold), both with 0.6% copper equivalent as the cut-off grade; a total of 26.78 million tons of copper and 807 gold Ton. Heading north and extending into the Copper Flat area. For an overview of mineral deposit discovery and exploration, see the example introduction in the next chapter.
The Reko Diq porphyry copper-gold deposit discovered in 1997 in the Chagai area of Balochistan Province, Pakistan, is located east of the Sayindak porphyry copper mine. Australia's Tethys Copper Company continues its exploration and continues to discover some porphyry complexes and related copper-gold deposits, and is already conducting feasibility studies. The area is part of the Tethys magmatic arc, an intrusive complex that contains 19 known porphyry copper-gold deposits within an area of approximately 10 × 15 km2. This area is composed of older central porphyry and younger surrounding porphyry. Supergene copper mineralization is developed on the central porphyry, and there is a large amount of unweathered deep mineralization in the young porphyry. The main ones are the western ore-bearing porphyry group (four known deposits), the southern ore-bearing porphyry group and the Tanjeal porphyry copper-gold deposit (i.e. the H4 deposit of the central porphyry). The resources reported in July 2005 include: Tanjeal deposit (i.e. H4 deposit, with 0.3% copper as the cut-off grade) inferred resources of 153 million tons, containing 0.7% copper; inferred resources of 15 million tons, containing 0.5% copper; inferred deep mineral deposits The resources are 47 million tons, containing 0.4% copper and gold. The inferred resource of the western porphyry deposit is 729 million tons, containing 0.64% copper and 0.4 g/ton gold (with 0.5% copper as the cut-off grade). The H8 deposit is located between the Tanjeal deposit and the western porphyry deposit, with inferred resources of 270 million tons, containing 0.4% copper and 0.2 g/ton gold (with 0.3% copper as the cut-off grade). The above total contains 7.08 million tons of copper and 345 tons of gold. The Tanjeal deposit is mainly a supergene ore that can be heap leached (including biological heap leaching) or used to produce electrolytic copper using the solvent extraction electrowinning (SX-EW) method. In some cases, not much work has been done on the exploration of mineral deposits and the resources have not yet been calculated. According to reports in early 2006, the total inferred resources of Reko Diq are 1.27 billion tons, containing 0.54% copper and 0.24 g/ton gold; the inferred resources are 1.14 billion tons, containing 0.48% copper and 0.31 g/ton gold. It contains a total of 12.33 million tons of copper and 658 tons of gold.
The Phu Kham (meaning "gold mountain") copper-gold deposit about 100 kilometers northeast of Vientiane, Laos, is one of the two porphyry copper-gold systems discovered in the area from 1994 to 1997 (the other is the Phu Bia gold deposit 120 kilometers north of Vientiane). Mineral deposit), the ore-hosting rocks are mainly Carboniferous Permian volcaniclastic rocks, tuffs and skarns. They were discovered when soil sampling and rock block samples were used to examine regional scattered gold flow anomalies. Feasibility studies are now being carried out. The new resource calculation results are that the inferred resources in the central part are 27 million tons, containing 0.8% copper and 0.3 g/ton gold; the inferred resources are 37 million tons, containing 0.8% copper and 0.4 g/ton gold (taking 0.5% copper as the cut-off grade, Calculated to a depth of 250 to 300 meters); there are inferred resources of 44 million tons in the south and north, containing 0.8% copper and 0.3 g/ton of gold, which means 864,000 tons of copper and 32.4 tons of gold. Other data report that the copper resource of this deposit is 1.55 million tons. This area seems to be produced in the same belt as the skarn-porphyry copper-gold deposits in Nong Khai and Loei Province in northern Thailand. The Sepon-Khanong copper-gold deposit in Savannakhet Province in southeastern Laos was discovered in 1992 by the Rio Tinto Company during an inspection of a United Nations Development Program report. It is also related to porphyry bodies. Deposits dominated by skarn. After subsequent exploration, it was found that the Sepon gold mine was put into production in December 2002 (reserves of 14.2 million tons, gold 3.43 g/ton), and the Khanong copper deposit will produce 30,000 tons of electrolytic copper in 2005. After exploration in the past two years, the resources of the Khanong deposit have increased. The current confirmed resources are 20.4 million tons, containing 3.3% copper; the inferred resources are 9 million tons, containing 3.3% copper; the inferred resources are 12.6 million tons, containing 2.3% copper; the total resources are 42 million tons, containing 1.25 million tons of copper, and in addition to copper, it also contains about 560 tons of silver. At the same time, regional surveys were also conducted. The Thengkham South exploration area, discovered by drilling 7.8 kilometers away from the Khanong deposit, has inferred resources of 25 million tons, containing 1.3% copper, as well as gold and silver. The Thengkham North Exploration Area on its north side has inferred resources of 29.4 million tons, containing 1.5% copper, 0.3 g/ton gold, and 7 g/ton silver. The total copper resources in the entire Sepen-Khanong mining area are 96.4 million tons, with an average grade of 2.1% copper and approximately 2.01 million tons of copper. The resources in these three locations all have prospects for expansion.
The Tembagapura (Elzberg-Grasberg) mining area in Indonesia produces a large amount of copper and gold every year from the porphyry-skarn copper-gold deposit group (718,000 tons of copper and 99.68 tons of gold in 2003; 2004 The annual production was reduced due to various factors, producing 520,000 tons of copper and 48.56 tons of gold), but annual exploration not only replenished the reserves that were mined that year, but also increased the retained reserves. At the end of 2000, the total proven and probable reserves were 2.51 billion tons, containing 1.10% copper, 1.04 g/ton of gold, and 3.40 g/ton of silver (ie, 27.61 million tons of copper, 2610 tons of gold, and 8,500 tons of silver). In addition, there are resources 6.9 million tons of copper and 700 tons of gold can be recycled. In 2003, China Reserve’s proven and probable reserves were 2.58 billion tons, containing 1.12% copper, 1.02 g/ton of gold, and 3.73 g/ton of silver (containing 28.9 million tons of copper, 2,632 tons of gold, and 9,623 tons of silver). In 2003, there were still 1.06 billion tons of resources, containing 0.7% copper, 0.7 g/ton gold, and 3.7 g/ton silver (that is, containing approximately 7.4 million tons of copper, 740 tons of gold, and 3,900 tons of silver). In 2004, the confirmed and probable reserves increased to 2.8 billion tons, containing 1.09% copper, 0.98 g/ton gold, and 3.87 g/ton silver, which means it contains 30.52 million tons of copper, 2,744 tons of gold, and 10,836 tons of silver. In addition, in recent years at the Baroi copper-gold project in central Kalimantan, Indonesia, the mineralization is related to dacite porphyry intrusions, and it is said that it may also be of the porphyry type.
The Tampakan porphyry copper-gold deposit discovered in 1992 in Mindanao, Philippines, has been under exploration for the past two years. It has confirmed resources of 456 million tons, containing 0.74% copper, 0.31 g/ton gold, and molybdenum. 86×10-6; inferred resources are 426 million tons, containing 0.68% copper, 0.27 g/ton of gold, and 73×10-6 molybdenum; inferred resources are 458 million tons, Containing 0.56% copper, 0.22 g/ton gold, and 65×10 molybdenum-6. In total, there are 8.9 million tons of copper, 360 tons of gold, and molybdenum. According to recent reports, the deposit has resources of 1.97 billion tons, containing 0.59% copper and 0.23 g/ton gold, which means there are 11.62 million tons of copper and 453 tons of gold. The current resources of the Boyongan porphyry copper-gold deposit discovered in 2000 at the northeastern tip of Mindanao are 300 million tons, containing 0.6% copper and 1 g/ton of gold, which means it contains 1.8 million tons of copper and 300 tons of gold. The Hinoba-an porphyry copper deposit in Negros Island has confirmed and inferred resources of 240.6 million tons, containing 0.37% copper.
The Golpu copper-gold project in Papua New Guinea is undergoing feasibility study and has resources of 114.25 million tons, containing 1.43% copper and 0.72 g/ton of gold.
In addition, there is also exploration work for such deposits in Iran, the South Ural region of Russia (near Kazakhstan), and Turkey.
The above is all about the Galeno copper mine, what are the copper stocks, and the related content of galeno. I hope it can help you.