China, Canada Mining Giants Book Bumper Profits on African Copper Project

An African copper mine co-operated by Chinese mining giant Zijin Mining Group Co. Ltd. (601899.SH) and its Canadian peer Ivanhoe Mines Ltd. posted a bumper profit in 2022 after raking in close to $3 billion of revenue in its first 18 months of commercial production, a boon to operators’ annual earnings.

Last year, the Kamoa-Kakula mine, which is located in the Democratic Republic of Congo (DRC) and began commercial operation in July 2021, saw its revenue and operating profit reach $2.15 billion and $1.27 billion, respectively, according to an earnings report released Monday by Ivanhoe.