Key Facts
On August 2, a brokerage issued a research report initiating coverage of Zangge Mining with a Buy rating. The report states that the company has formed a potassium, lithium, and copper polymetallic resource portfolio, holding a 30.78% stake in Julong Copper, and on a look-through basis approximately 26.95% of Mamisu and a 21.09% stake in Guoneng Mining.
Phase II of the Julong copper mine started production in January 2026, raising annual copper output from 160,000 tonnes in Phase I to a combined 300,000-350,000 tonnes in Phases I and II, corresponding to attributable capacity of 92,300-107,700 tonnes per year for the company. Julong Copper contributed investment income of RMB 2.782 billion and RMB 1.314 billion to the company in 2025 and Q1 2026, respectively.
Project Progress
On the lithium side, the 10,000 tonnes/year lithium carbonate capacity at Chaerhan is expected to be upgraded to 16,000 tonnes/year through technical renovation by 2028. Mamisu Phase I is planned to have 50,000 tonnes/year capacity and is expected to start production in Q3 2026. Guoneng Mining is expected to partially start production in 2027 and achieve 20,000 tonnes of lithium carbonate output. The company expects net profit attributable to shareholders of RMB 3.55 billion to RMB 3.75 billion for H1 2026, up 97.2%-108.3% year-on-year.