Core Viewpoint - Minmetals Resources (01208) announced a framework agreement with MLB for the sale of molybdenum concentrate produced at the Las Bambas mine, effective until December 31, 2025 [1] Group 1: Company Overview - The company's main business includes the production and sale of metal products, specifically copper and molybdenum concentrates [1] - The company sells several of its products to China Minmetals Group at prices and terms consistent with current market conditions [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致 之任何損失承擔任何責任。 LAS BAMBAS 鉬精礦銷售框架協議 MMG LIMITED 五礦資源有限公司 （於香港註冊成立之有限公司） （股份代號：1208） 持續關連交易 LAS BAMBAS 鉬精礦 銷售框架協議 LAS BAMBAS 鉬精礦銷售框架協議 於二零二五年十二月三十一日，MLB 與五礦有色就 MLB 銷售該產品訂立框架協議。 根據上市規則，五礦有色為本公司之關連人士。因此，該框架協議構成本公司的持續關連交 易。 由於框架協議項下之年度最高交易價值合計涉及之全部有關百分比率均超過0.1%，但所有比 率均低於 5%，故框架協議項下之交易構成持續關連交易，根據上市規則第十四 A 章，須遵 守申報、年度審核及公告規定，惟獲豁免遵守獨立股東批准之規定。 作為日常及一般業務過程之一部分，MLB 向中國五礦集團成員公司出售該產品。 於二零二五年十二月三十一日，MLB 與五礦有色就銷售該產品訂立框架協議。框架協議之主 要條款 ...

Core Viewpoint - China Minmetals Resources (MMG) announced an investment of approximately $900 million to expand the Khoemacau copper mine in Botswana, which is expected to increase annual copper concentrate production to 130,000 tons and add over 4 million ounces of silver production, enhancing long-term profitability to meet the demand from the electric vehicle and semiconductor industries [1][4]. Group 1: Copper Production - The expansion is projected to increase copper concentrate production to 130,000 tons annually, with potential to reach 200,000 tons in the future [1][4]. - Production costs are expected to decrease to below $1.60 per pound, which may stimulate further production expansion [1][5]. - The increase in supply is likely to exert downward pressure on copper spot prices, with short-term oversupply risks intensifying despite some support from growing demand in electric vehicles and semiconductors [5]. Group 2: Silver Production - The expansion project will add over 4 million ounces of silver production annually, which is a byproduct of copper mining [2][5]. - The increase in silver supply is anticipated to lead to a loosening of supply and demand in the silver spot market, putting downward pressure on prices [2][5]. - There are no significant demand-side factors to offset this supply increase, suggesting that the bearish effects on silver prices may persist in the short term, although the impact may be less severe than that on copper [2][5].

Core Viewpoint - Morgan Stanley reports that the National Development and Reform Commission (NDRC) has issued an article titled "Vigorously Promoting the Optimization and Upgrading of Traditional Industries," which emphasizes the management and optimization of the alumina and copper smelting industries, encouraging large backbone enterprises in these sectors to pursue mergers and acquisitions [1] Industry Summary - The new policy may restrict the planning of new alumina production capacity, which is expected to benefit industry leaders such as China Aluminum and China Hongqiao [1] - The anticipated lower annual copper concentrate processing/refining fees and long-term contract concentrate volumes may indicate a reduction in refined copper production by 2026 [1] - These factors, combined with relatively stable demand, are expected to support copper prices at high levels, benefiting companies like Zijin Mining, Luoyang Molybdenum, Minmetals Resources, and Jiangxi Copper [1]

Group 1 - Recent copper prices have reached new highs, with the London Metal Exchange three-month copper price hitting $12,960 per ton on December 29, setting a historical record [2] - Minmetals Resources announced the approval of the second phase expansion project at the Khoemacau mine in Botswana, which will increase annual copper production to 130,000 tons and silver production to over 4 million ounces, with total capital expenditure estimated at $900 million [2][3] - The expansion project will significantly enhance mining and processing capacity, with a new processing plant capable of handling 4.5 million tons annually, raising total processing capacity to over 8 million tons per year [3] Group 2 - The average C1 cost for the Khoemacau mine is expected to decrease to below $1.60 per pound, down from $2.05 per pound in the first half of 2025, indicating improved cost efficiency [3] - The mine has identified further expansion potential, with future copper production capacity expected to increase to 200,000 tons per year, and a pre-feasibility study for a third phase expansion planned to start in 2026 [3][4] - Global copper exploration capital investment has been insufficient in recent years, leading to a limited number of new large copper projects over the past 15 years, highlighting supply constraints [4] Group 3 - Several domestic companies are actively acquiring overseas copper resources, driven by rising prices of various non-ferrous metals [5][6] - Jiangxi Copper announced a formal offer to acquire all issued and to be issued shares of SolGold plc for approximately £867 million, with significant copper and gold resources identified at the Alpala deposit [7] - China Nonferrous Mining has signed a share purchase agreement to acquire an additional 55% stake in SM Minerals for $89 million, which operates in Kazakhstan and has approximately 1.5 million tons of copper resources [8]

Group 1 - The article highlights the National Development and Reform Commission's recent emphasis on optimizing the management and layout of the alumina and copper smelting industries, encouraging mergers and acquisitions among major enterprises in these sectors [1] - Morgan Stanley notes that alumina prices are under pressure due to increased supply, with current production capacity at 110 million tons and an utilization rate of 84%, while domestic demand in China has reached its limit [1] - The new policy may restrict the planning of additional alumina production capacity, and capacity consolidation is expected to benefit industry leaders such as China Aluminum (02600) and China Hongqiao (01378) [1] Group 2 - Lower annual copper concentrate processing and refining fees, along with long-term contract concentrate volumes, may lead to a reduction in refined copper production by 2026 [1] - Despite these factors, stable demand is expected to support copper prices at high levels, benefiting companies like Zijin Mining (02899), Luoyang Molybdenum (03993), Minmetals Resources (01208), and Jiangxi Copper (00358) [1]

Group 1 - The article discusses a report from Morgan Stanley regarding the National Development and Reform Commission's recent article on optimizing traditional industries, specifically focusing on alumina and copper smelting management and encouraging mergers and acquisitions among major enterprises in these sectors [1] - Alumina prices are under pressure due to increased supply, with current production capacity at 110 million tons and an utilization rate of 84%, while domestic demand in China has reached its limit. The new policy may restrict the planning of new alumina production capacity, and capacity consolidation is expected to benefit industry leaders such as China Aluminum (02600) and China Hongqiao (01378) [1] - There is a potential for pressure on alumina prices from a significant amount of already approved capacity that may impact prices until 2026 [1] Group 2 - Lower annual copper concentrate processing and refining fees, along with long-term contract concentrate volumes, may lead to a reduction in refined copper production by 2026. However, stable demand is expected to support copper prices at high levels, benefiting companies such as Zijin Mining (02899), Luoyang Molybdenum (03993), Minmetals Resources (01208), and Jiangxi Copper (00358) [1]

Group 1 - The article highlights the National Development and Reform Commission's recent emphasis on optimizing the management and layout of the alumina and copper smelting industries, encouraging mergers and acquisitions among major enterprises in these sectors [1] - Morgan Stanley notes that alumina prices are under pressure due to increased supply, with current production capacity reaching 110 million tons and an utilization rate of 84%, while domestic demand in China has nearly reached its limit [1] - The new policy may restrict the planning of additional alumina production capacity, and capacity consolidation is expected to benefit industry leaders such as China Aluminum (601600) and China Hongqiao (01378) [1] Group 2 - The report indicates that lower annual copper concentrate processing and refining fees, along with long-term contract concentrate volumes, may lead to a reduction in refined copper production by 2026 [1] - Despite these factors, stable demand is expected to support copper prices at high levels, benefiting companies like Zijin Mining (601899), Luoyang Molybdenum (603993), Minmetals Resources (01208), and Jiangxi Copper (600362) [1]

Core Viewpoint - The company has approved the feasibility study for a significant expansion project at the Khoemacau copper mine in Botswana, officially commencing construction to enhance production capacity and optimize costs [1] Group 1: Project Details - The expansion aims to increase annual production capacity to 130,000 tons of copper concentrate and over 4 million ounces of associated silver [1] - The project includes extending the mining area to the northern part of Zone 5, as well as the Mango and Zeta northeast deposits, and constructing a new processing plant with an annual capacity of 4.5 million tons [1] - Total capital expenditure for the project is estimated at approximately $900 million, covering related expenses before 2026 [1] Group 2: Production and Cost Optimization - The expansion is expected to increase the total processing capacity of the mine to over 8 million tons per year [1] - The first batch of copper concentrate is anticipated to be produced in the first half of 2028 [1] - The average C1 cost during the mine's lifespan is projected to be optimized to below $1.60 per pound, a significant reduction from the actual C1 cost of $2.05 per pound recorded for the six months ending June 30, 2025 [1] Group 3: Future Prospects - Ongoing exploration activities at the Khoemacau mining area have identified further expansion potential, with annual production capacity expected to increase to 200,000 tons of copper [1] - The company plans to initiate a pre-feasibility study for the next phase of expansion in 2026 [1]

Core Viewpoint - The company has approved the feasibility study for a significant expansion project at the Khoemacau copper mine in Botswana, officially commencing construction [1] Group 1: Project Details - The expansion aims to increase annual production capacity to 130,000 tons of copper concentrate and over 4 million ounces of associated silver [1] - The total processing capacity of the mine will exceed 8 million tons per year following the expansion [1] - The total capital expenditure for the project is estimated at approximately $900 million, including related expenses before 2026 [1] - The first batch of copper concentrate is expected to be produced in the first half of 2028 [1]