Zijin Mining Group to Invest in Tungsten and Uranium Amid Rising Demand for Critical Minerals
Zijin Mining Group aims to expand its portfolio in strategic metals, including tungsten and uranium, driven by increasing global demand. The company also considers rare earth mines but faces challenges due to high costs and long development times. Gold Mountains Asset Management, Zijin's investment unit, has significant cash reserves to seize opportunities quickly.
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Zijin Mining Group, China's largest gold and copper producer, plans to invest in tungsten and uranium as demand for critical minerals rises. The price of tungsten has more than doubled this year due to Chinese export restrictions and military demand, while uranium prices have surged in anticipation of increased nuclear energy use.
Gold Mountains Asset Management is also exploring rare earth mines, though viable projects are scarce and often costly or require extended timelines to become productive. The firm maintains a substantial cash buffer for swift investments when opportunities arise. Gold continues to be a key asset for wealth preservation amid global uncertainties.
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