Zijin says copper target under pressure after Congo mine flood
Zijin Mining Group said its full-year copper production target was under pressure due to flooding at a major Congolese mine, adding to global supply concerns as the metal trades near a record high.
The Chinese miner said its share of output from the Kamoa-Kakula complex was expected to fall by as much as 57000 tons this year, with production still ramping up after operations were suspended last year due to seismic activity and the flooding that followed. Zijin calculates its interest in the project at just over 44%.
The company made the statement in its half-year report published Friday.
The threat to output adds to supply concerns worldwide that have contributed to copper’s recent return above $14000 a ton, near a record high struck earlier this year. With long-term demand driven by electrification and the rapid buildout of AI infrastructure, the market is sensitive to supply setbacks at major mines.
Zijin — which also produces copper in China, Serbia and elsewhere in Congo — said it was targeting total production of 1.2-million tons of mined copper in 2026. In April, one of the company’s partners at Kamoa-Kakula, Ivanhoe Mines, cut 2026 production guidance at the mine to 290000 tons to 330000 tons from an earlier forecast of 380000 tons to 420000 tons.
