An industry-leading full-chain copper trader with stakes in two world-class copper mining assets

Copper is a metal of significant strategic importance to both the national economy and national security. China is currently the world’s largest producer and consumer of electrolytic copper, yet it faces a severe shortage of copper resources, with a self-sufficiency rate of less than 30% and a long-term import dependence exceeding 70%. This has led to weak influence over copper supply and pricing. In response, CITIC Metal began making strategic investments in copper mines in 2014. To date, it has invested in two world-class copper assets: Las Bambas in Peru and the Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo, which is operated by Ivanhoe Mines.

CITIC Metal actively acquires copper resources worldwide. Its copper trading activities span copper concentrates, electrolytic copper, blister copper, and recycled copper. The Company is committed to providing high-quality, stable raw materials to non-ferrous metal smelting and processing enterprises, establishing strong partnerships with domestic smelters and upstream and downstream clients in the copper product value chain, boosting the efficiency of industry chain collaboration.

Leveraging the distribution advantages of its invested mines, including Las Bambas and the Kamoa-Kakula Copper Complex, CITIC Metal has vigorously promoted its copper concentrate trading business. Meanwhile, it actively explores other copper concentrate resources worldwide, and broadens its downstream smelter channels by deepening cooperation with key smelting enterprises. These efforts in both equity and traded copper concentrates have secured CITIC Metal a leading position in the domestic market.

Moreover, the Company proactively engages in blister copper and electrolytic copper trading. In blister copper trading, it fully leverages the distribution advantages of the Kamoa-Kakula Copper Complex on the upstream side to continuously expand global resource channels, while deepening cooperation with multiple domestic smelters downstream. By annual trading volume, CITIC Metal has ranked among the leading blister copper traders in China. In electrolytic copper trading, relying on its strong position in the copper concentrate and blister copper supply chains, the Company serves the Asia-Pacific and African markets, with strong growth momentum.

CITIC Metal has become a leading copper trader spanning the entire copper industry chain in China, and copper trading has grown into a core business of the Company. Its operations cover the full copper industry chain from copper concentrate ￫blister copper and recycled copper ￫ electrolytic copper. Looking ahead, the Company will continue to expand its copper product lines both vertically and horizontally. It will simultaneously strengthen upstream resource acquisition and downstream product offerings, accelerate the development of key resource nodes in South America and Africa, enhance global logistics capabilities, and deepen cooperation with end users across the industrial chain.