World‘s Top Ten Copper Mine
In July 2014, CITIC Metal, partnered with MMG Limited and CNIC Corporation Limited, acquired 100% equity stake of Las Bambas copper mine from Glencore. CITIC Metal owns a 15% equity stake and secures distribution right on 26.25% of the copper concentrates extracted from the site.
Copper is of strategic importance to the national economy and security. As the largest copper consumer in the world, China imports more than 60% of its copper. The Las Bambas project is greatly significant in ensuring a stable source of copper supply for China's economic growth.
Located in southern Peru, Las Bambas is one of the world's largest copper mines with world class high grade copper assets. As of 2017, it has explored copper resources of 11.62 million tonnes, equivalent to 13% of China's current explored copper resources, associated with molybdenum, silver and gold. Due to its low mining cost, Las Bambas is well within the upper quartile of the global copper cost curve, a significant competitive advantage only available to very few producers. Since its commercial operations in July 2016, Las Bambas copper mine produces 450,000 tonnes of copper in copper concentrate per annum and delivers lucrative returns for shareholders.