Tibet Julong Copper Co. ,Ltd owns mining license for Qulong copper and polymetallic mine, exploration license for RongMuCuoLa copper mine and mining license for Zhibula copper and polymetalllic mine. Qulong copper mine is the largest domestic porphyry copper deposit which has been explored so far. The construction of Zhibula copper mine has almost completed and is under traill production. The three mines have 10.4 million tonnes of copper metal with grading 0.41% in average, and 730 thousand tonnes of associated molybdenum metal grading 0.028% in average. There are also a large volume of low-grade copper resources. According to Feasibility Study Report, the mining of Qulong will be open pit. The investment for Phase 1 construction is 14.6 billions RMB, of which 7.4 billions has been invested. The construction is expected to be completed by the end of year 2021 with annual production of 165 thousand tonnes of copper and 6.2 thousand tones of molybdenum. The construction of Phase 2 will start in 7 to 8 years after Phase 1 start commercial production. It is designed to process 300 thousand tonnes of ores per day with annual production of 263 thousand tonnes of copper and 13 thousand tonnes of molybdenum.
Tibet Zijin, a wholly-owned subsidiary of Zijin Mining has acquired 50.1% interest of Tibet Julong Copper Co., Ltd with the consideration of 388.3 billions RMB. Zangge Holding，Tibet Autonomous Region Bureau and Tibet Maizhokunggar Dapu Industrial and Trading Co., Ltd. holds 25% interest of Tibet Julong Copper Co., Ltd.