China Nonferrous Mining expands Luanshya project, revises copper sales caps

China Nonferrous Mining Corporation Limited is embarking on a new mining project in Luanshya, Zambia, to safeguard sustainable development and extend the life of its copper mine. The project includes resource extraction in the Southern Superficial Part of Muliashi and Mashiba sections, with a planned total investment of approximately $150 million, targeting an annual ore processing capacity of 800,000 tonnes. Additionally, the sulfide ore resource development project for Shaft No. 28 has a planned investment of approximately $530 million, aiming for an annual ore processing capacity of 2,200,000 tonnes. Both projects have a mine life of 17 years and are expected to be completed in two and four years, respectively.

Concurrently, the company is revising its annual caps for continuing connected transactions with Huachin Group under the 2023 Huachin Copper Supply Framework Agreement. Due to expected increases in copper product demand and price, the existing annual caps for 2025 and 2026 are insufficient. The revised caps for the year ending 31 December 2025 are increased to $132,000,000, and for 31 December 2026, to $180,000,000. These revisions reflect a forecasted copper price of approximately $11,000 per tonne in 2025 and $12,000 per tonne in 2026, alongside increased sales volumes to Huachin Group.