Jinchuan Group signs a letter of intent for copper concentrate supply and business cooperation with Rio Tinto. [Photo/WeChat account: jinchuanjituan]
Jinchuan Group signed a letter of intent with Rio Tinto for copper concentrate supply and business cooperation during the 9th China International Import Expo (CIIE), running Nov 5 to 10 in Shanghai, with an intended purchase value of $600 million.
Jinchuan is a core strategic partner of Rio Tinto for Oyu Tolgoi (OT) copper concentrate and became one of the first buyers of the product in 2014. Over more than a decade, the two sides have built a long-term, mutually beneficial partnership.
Copper is a key base metal used in new energy, high-end manufacturing, and infrastructure. The new partnership will strengthen raw material security for Jinchuan's copper industry chain and stabilize supply chains. It will also support Gansu province in extending and strengthening its nonferrous metals industry chain.
As a leading enterprise in Gansu, Jinchuan is using the CIIE to connect with global resources and expand its international trade network, aiming to enhance the security of the province's key mineral resources through more stable imports.
Rio Tinto said it will continue to strengthen its presence in the Chinese market and provide high-quality OT copper concentrate to Jinchuan through its mature supply chain, while expanding cooperation on the basis of equality and mutual benefits.