One of the world’s largest copper mines
In July 2014, CITIC Metal, partnered with MMG Limited and CNIC Corporation Limited, acquired 100% stake of the Peru-based Las Bambas copper mine from Glencore, where CITIC Metal took 15% stake and secured distribution right on 26.25% of the copper concentrate extracted from the site.
Located in southern Peru, Las Bambas is one of the world’s largest copper mines with world-class high-grade copper assets. As of mid-term of 2021, it has ex- plored copper resources of 8.5 million ton, associated with molybdenum, silver and gold and reserves promising to increase. Moreover, the cash cost of mines is leading globally, Since its commercial operation in July 2016, Las Bambas copper mine has been steadily producing about 300,000 tons of copper in copper concentrate per year and delivering lucrative returns for investors. Going for- ward, the Company will further integrate mining and trading business and syner- gize the resources between upstream and downstream. It will also move further into logistics coordination in priority areas, also strengthen the consolidation of commodities sourcing and purchasing.