Financial Performance - MMG reported a net profit after tax of $79.5 million for the first half of 2024, compared to a net loss of $24.9 million in the same period of 2023[22]. - Total revenue for H1 2024 was $1,918.2 million, a 1% increase from $1,896.2 million in H1 2023[36]. - EBITDA totaled $779.0 million, a 23% increase from the first half of 2023, supported by higher production and sales at Dugald River and Rosebery[22]. - EBITDA for H1 2024 increased by 23% to $779.0 million, up from $635.8 million in H1 2023[36]. - The net profit for H1 2024 was $79.5 million, a significant turnaround from a loss of $24.9 million in H1 2023, marking a 419% improvement[37]. - Las Bambas contributed $100.3 million in net profit for H1 2024, a 79% increase from $56.1 million in H1 2023[38]. - Kinsevere's revenue increased by 6% to $188.3 million in H1 2024, while EBITDA improved significantly to $41.4 million from a loss of $13.8 million[42]. Production and Sales - Las Bambas produced 126,198 tons of copper in H1 2024, a decrease of 10% compared to H1 2023, primarily due to lower ore grades from the Ferrobamba pit[24]. - Kinsevere produced 21,278 tons of copper, a 2% decrease year-over-year, attributed to mining sequence changes and reduced reliance on high-cost third-party ores[24]. - Dugald River produced 79,284 tons of zinc and 10,799 tons of lead, representing increases of 38% and 65% respectively compared to H1 2023[24]. - Total sales volume of copper decreased by 14% to 157,503 tons, while zinc sales volume increased by 29% to 92,464 tons, and lead sales volume rose by 82% to 23,961 tons compared to 2023[49]. - Revenue for Las Bambas was $1,256.0 million, down 15% from $1,480.4 million in 2023, attributed to decreased sales volumes of copper, gold, silver, and molybdenum[61]. - Revenue for Dugald River increased by $93.4 million (70%) to $226.1 million, driven by higher sales volumes of zinc and lead concentrates[80]. Costs and Expenses - Operating expenses decreased by $193.9 million (15%) to $1,063.2 million, mainly due to changes in inventory at Las Bambas[54]. - Depreciation and amortization expenses increased by $22.0 million (5%) to $467.9 million, primarily due to increased mining volumes at Kinsevere[55]. - Financial costs decreased by $12.3 million (7%) to $168.0 million, mainly due to a reduction in debt balance[55]. - Income tax expenses increased by $29.1 million, reflecting an increase in pre-tax profits compared to the same period last year[55]. - The company experienced a significant increase in administrative expenses, rising by $12.9 million (391%) to $16.2 million due to higher employee benefits and restructuring costs[54]. Development Projects - The company is focused on advancing key development projects, including the expansion of Kinsevere and the Chalcobamba project at Las Bambas[10]. - The Kinsevere expansion project is expected to produce approximately 80,000 tons of electrolytic copper and 4,000 to 6,000 tons of cobalt hydroxide once fully operational[113]. - The Chalcobamba project aims to increase production to 350,000 to 400,000 tons, enhancing local community relations and economic contributions[112]. - MMG aims to increase Khoemacau's annual copper production to 60,000 tons by 2026, with a long-term goal of 130,000 tons by 2028[114]. Financial Strategy - MMG raised $1,152.2 million through a rights issue, with approximately 2.8 times oversubscription, to repay existing debt and finance the Khoemacau acquisition[31]. - The rights issue on June 4, 2024, involved issuing 3,465,432,486 shares at a subscription price of HKD 2.62, representing a discount of approximately 31.41% from the last trading price[106]. - Funds from the rights issue are allocated for debt repayment, including up to $611 million for Khoemacau acquisition financing and $200 million for MMG South America Company Limited shareholder loans[108]. Safety and Community Engagement - The total recordable injury frequency (TRIF) for MMG was 2.44 per million hours worked, an increase from 1.97 in 2023, but showed a decreasing trend with a July TRIF of 1.70[21]. - MMG is committed to creating wealth for employees, shareholders, and local communities through constructive dialogue and business agreements with local stakeholders[14]. - Las Bambas established new agreements to optimize production and development, focusing on local community participation as suppliers[119]. Exploration and Drilling - The company reported a significant focus on underground drilling in the first half of 2024, particularly around the K North, H, Z, and P veins, as well as resource testing in the U and T veins[136]. - The company has commenced surface drilling at the South Hercules deposit, located 9 kilometers south of Rosebery, achieving significant discoveries[136]. - The company is continuing its exploration plans for zinc-lead-silver targets at Dugald River, with ongoing geological interpretation improvements based on drilling results[135]. Risks and Compliance - The group faces interest rate risk primarily through interest-bearing loans and cash investments, with current risk mainly from non-derivative financial assets and liabilities[151]. - The group is currently facing tax audits in Australia, Peru, Zambia, Laos, and the Democratic Republic of the Congo, which may impact its financial position[162]. - The group has not violated any covenants related to its loans as of June 30, 2024, ensuring sufficient liquidity management[156].

Summary of Conference Call Company or Industry Involved - The conference call involves a listed company, although the specific name is not mentioned in the provided content. Core Points and Arguments - The company expresses gratitude to investors for attending the meeting, indicating a focus on investor relations and communication [1]. Other Important but Possibly Overlooked Content - No additional significant details or data points are provided in the content, limiting the analysis to the introductory remarks of the conference call [1].

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 中期業績公佈 截至二零二四年六月三十日止六個月 五礦資源有限公司（本公司或 MMG）董事會（董事會）欣然宣佈本公司及其附屬 子公司（本集團）截至二零二四年六月三十日止六個月之合併業績。 載列於本公佈內之財務資料並不構成本集團截至二零二四年六月三十日止六個月 之完整簡明合併財務報表，但該等資料乃摘錄自該簡明合併財務報表。 該等財務資料已由本公司之審核及風險管理委員會以及本公司核數師審閱。 隨文附奉本集團之未經審計合併中期業績。 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佈的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 1 摘要 2 • 二零二四年上半年，MMG 錄得每百萬工作小時可記錄總工傷事故頻率（TRIF）2.44，較二零二三年全年的 1.97 有所上升。二零二四年上半年具有能量交換的重大事件頻率（SEEEF）為每百萬工作小時 1.22，較二零 二三年的 1.14 有所增加。SEEEF 的增加令人關注 ...

证券研究报告 公 2024年06月17日 司 报 告 五矿资源(01208) │ 行 业： 有色金属/工业金属 港 投资评级： 买入（首次） 股 当前价格： 2.98港元 - 高成长属性的国际铜资源龙头 公 目标价格： 4.19港元 司 投资要点： 深 基本数据 度 ➢ 国际化矿业翘楚，坐拥世界级矿产资源 研 总股本/流通股本(百万股) 12,129.01/12,129.01 公司主要从事铜、锌采选业务，主要产品为铜、锌和少量包括金、银、铅和 究 流通市值(百万港元) 36,144.46 钼在内的副产品。公司实际控制人为中国五矿，截至 2023年12月31日, 中国五矿持有公司67.55%股份。公司是中国五矿旗下海外上游基本金属资 每股净资产(元) 1.88 源的开发平台，目前公司在南美洲、非洲与澳洲拥有5个运营矿山；其中， 资产负债率(%) 66.98 公司旗舰级资产 Las Bambas 铜矿是世界产量前十五的铜矿之一，Dugald 一年内最高/最低(港元) 4.51/1.75 River则为全球十大锌矿之一。 ➢ Las Bambas铜矿运营改善，贡献公司主要利润 股价相对走势 2023年，公司实现营业 ...

华福证券 铜 2024年05月29日 公 司 五矿资源（01208.HK） 买入（首次评级） 研 究 铜锌巨头拨云见日，铜矿放量扬帆再起 当前价格： 4.18港元 基本数据 投资要点： 总股本/流通股本(百万股) 8,656.05/8,656.05 流通市值(百万港元) 36,182.28  根基深厚，深耕铜锌资源开发。 每股净资产(港元) 1.92 资产负债率(%) 63.77 公司成立以来发展三十余年，始终以矿产资源开发为业务核心， 一年内最高/最低价(港元) 4.51/1.75 目前拥有核心运营矿山四座，分别为位于秘鲁的LasBambas铜矿山、 一年内股价相对走势 位于刚果（金）的Kinsevere 铜矿山、位于澳洲的Rosebery多种基本 金属矿山及DugaldRiver锌矿山。截至2023年6月，公司保有铜资源 公 量969.0万吨，锌资源量1054.6万吨，铅资源量160.9万吨。2024年3 司 月，公司完成收购Khoemacau 铜矿的100%股权，带来铜资源量640 深 万吨。根据各矿山产量指引，预计2024 年铜精矿含铜产量28.0-32.0 度 研 万吨，电解铜产量3.9-4.4万 ...

以上的那么也是基于这样一个基础啊所以今年我们给出来的这个产量和成本指引呢其实并没有在在一季度也并没有调整 那么从邦邦街可能大家比较关注的就是我们二财场这个超高邦邦的一个进展目前来看呢我们在跟超高邦邦周边社区的谈判呢实际上还是进展的比较顺利的那当然这个谈判还是持续在进行过程当中但是同时呢我们跟 社区其实在年初就达成了社区公司达成了五项合同那么这五项商业合同主要是用于支持ChocoBamba的这个玉玻璃还有一些开发准备当作的那么这五项合同实际上在近期也得到了进一步的一个延期那么这些合同会延期到今年2020年年底所以ChocoBamba的 开发准备工作也是在顺利的进行过程当中那么不仅有社区公司的参与同时邦巴斯业主团队也有人员和机器设备进入所以也都是在同步做矿区的开发准备的一个工作 另外一点可能大家比较关注的就是针对邦邦思想就是我们重载道路的问题重载道路其实很长从去年 第一季度四月开始我们基本恢复了我们的这个重摆道路的运输之后呢实际上绝大部分时间都是非常通畅的那可能有的投资者也关注到我们在四月今年的四月初其实是有一个短期的堵路的那么也可以看到这个短期的堵路呢是实际上持续了应该是五六天的时间那么道路就恢复了通畅 其实我 ...

Acquisition and Expansion - The company signed a share purchase agreement in November 2023 to acquire the Khoemacau mine in Botswana, demonstrating its commitment to building a high-quality mining asset portfolio[5]. - The company achieved a significant milestone by signing a share purchase agreement to acquire the Khoemacau mine[10]. - Future focus includes advancing the Kinsevere development project and completing the acquisition and integration of the Khoemacau mine[12]. - The Kinsevere expansion project aims to extend the mine life until at least 2035, with projected annual production of approximately 80,000 tons of electrolytic copper and 4,000 to 6,000 tons of cobalt hydroxide[137]. - The Chalcobamba project is expected to support a mid-term production increase to 350,000 to 400,000 tons, with ongoing negotiations with the Huancuire community[135]. Production and Operational Performance - The company achieved the first production of hydroxide copper at Kinsevere, celebrating successful commissioning in Q4 2023[9]. - The company reported steady progress on key development projects, including Las Bambas and Chalcobamba[5]. - Total copper production for 2023 was 347,264 tons, representing a 14% increase from 2022, mainly due to uninterrupted operations at the Las Bambas mine[10]. - Kinsevere's copper production decreased by 10% compared to 2022, primarily due to unstable power supply from the national grid[10]. - Las Bambas produced 302,033 tons of copper in 2023, a 19% increase from the previous year, largely due to uninterrupted operations[92]. Financial Performance - MMG recorded a net profit after tax of $122.1 million for 2023, down from $243.5 million in 2022, reflecting a decrease of 50%[10]. - The company reported a total of 440 million tons of confirmed copper resources across its operations[41]. - Revenue for the year ended December 31, 2023, increased by 34% to $4,346.5 million compared to $3,254.2 million in 2022[65]. - The total revenue from Las Bambas was $3,417.3 million in 2023, with copper concentrate production of 302,033 tons[83]. - EBITDA decreased by 5% to $1,461.9 million from $1,535.4 million year-over-year[65]. Cost Management and Efficiency - Total operating expenses increased by $1,131.5 million (67%) in 2023 due to inventory changes and increased production costs[80]. - C1 costs for 2023 were $1.60 per pound, lower than the guidance range of $1.65 to $1.75 per pound, but higher than $1.53 per pound in 2022[94]. - The average recovery rate for copper concentrate at Las Bambas is 86%, with a recovery rate of 75% for copper in the copper-gold concentrate[62]. - The average recovery rate for zinc concentrate at Dugald River is 91%, with a lead concentrate recovery rate of 63%[62]. Environmental, Social, and Governance (ESG) Initiatives - The company aims to reduce operational greenhouse gas emissions by 40% by 2030, aligning with the Paris Agreement goals[12]. - The company is committed to maintaining high standards in environmental, social, and governance (ESG) practices as part of its operational strategy[64]. - The company aims to enhance its ESG practices and performance in the upcoming fiscal year[30]. Community Engagement and Relations - The company is actively engaged in constructive dialogue with the Huancuire community in Peru, advancing negotiations to support the success of the Las Bambas project[8]. - The company is committed to collaborating with government departments and community groups to mitigate potential risks associated with social instability and political conditions[189]. Exploration and Resource Development - The company is focused on enhancing its resource base through exploration and development initiatives[40]. - Exploration activities at Las Bambas focused on extensive drilling in multiple locations, with plans for continued research and further drilling in 2024[149]. - Significant exploration activities are focused on the lower mining areas, including GT Lens, U Downdip, Lower V Lens, Lower H Lens, AB South, and AB North, with further drilling planned for Z Lens and the Oak exploration area in 2024[156]. Debt and Financial Management - The overall debt decreased by $783.6 million, leading to a 5% reduction in the overall debt-to-asset ratio by the end of 2023[10]. - Total loans (excluding prepaid financing costs) decreased from $5,456.9 million to $4,748.1 million, resulting in a debt-to-equity ratio improvement from 0.55 to 0.50[130]. - Available but undrawn debt financing increased significantly from $300.0 million to $3,350 million, including a new revolving credit facility of $1,000 million maturing in December 2026[131]. Tax and Regulatory Challenges - The company is facing ongoing audits and reviews from tax authorities in Australia, Peru, Zambia, and the Democratic Republic of Congo, which may impact financial results[192]. - Las Bambas received a tax assessment from SUNAT regarding the 2016 income tax, estimating total tax, interest, and penalties at 651.0 million Peruvian Soles (approximately 173.0 million USD) as of December 31, 2023[197]. - The company is currently awaiting a ruling from the Peruvian tax court regarding its appeal against the 2016 tax assessment[196].

智通财经APP获悉，铜业股涨幅居前，截至发稿，五矿资源(01208)涨4.07%，报4.09港元；中国有色矿业(01258)涨3.07%，报7.04港元；中国黄金国际(02099)涨1.57%，报48.6港元；江西铜业股份(00358)涨0.49%，报16.38港元。 消息面上，4月18日，沪铜期货主力合约走高，盘中最高涨至78920元/吨，再创2006年以来新高。截至收盘，沪铜期货报收78780元，日内涨幅超2%，达到2.79%。3月以来沪铜期货整体涨幅已超14%。高盛预计2024年精炼铜供应将出现“非常严重”的缺口，铜价在明年第一季度将飙升至每吨12000美元左右。 中信证券指出，在矿端持续偏紧、冶炼端减产落地预期下，叠加海内外主动补库周期时点临近，铜供需格局或将转为短缺。金融属性方面，铜的交易逻辑从此前的降息预期过渡到通胀预期，在需求和成本两维度为铜价提供支撑。建议按照“成长、价值、组合”维度配置国内铜矿板块。 ...

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 全年業績公佈 截至二零二三年十二月三十一日止年度 五礦資源有限公司（本公司）董事會（董事會）欣然宣佈本公司及其附屬公司（本 集團）截至二零二三年十二月三十一日止年度之合併業績。 載列於本公佈內之財務資料並不構成本集團截至二零二三年十二月三十一日止年 度之合併財務報表，但摘錄自該等合併財務報表。 該等財務資料已由本公司之審核及風險管理委員會以及本公司核數師審閱。 隨文附奉本集團之經審核合併業績。 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的內容概不負責，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分內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 1 MMG 截至二零二三年十二月三十一日止年度業績 摘要 2 • 二零二三年伊始發生了一起悲劇性事故，二零二三年二月十五日，Dugald River 礦山的採礦承包商 Barminco 僱傭的兩名員工駕駛一輛輕型車輛墜入採場而不幸喪生。MMG 將竭盡全力保障工作場所安全， 並促進建立以安全為中心的文化，確保每名員工都能安全 ...

智通财经APP获悉，五矿资源(01208)涨超5%，截止发稿涨5.05%，报2.08港元，成交额1332万港元。 银河证券认为，目前COMEX黄金期货和期权管理基金多头与全球黄金主要ETF持仓已降至2023年10月下旬市场开始以2024年激进降息预期给予黄金定价前的位置，此前乐观降息影响下投机因素对黄金的定价扰动已基本消退。中期来看，美联储今年由紧转松进入降息周期的逻辑仍较为确定，从历史复盘看在美联储持续降息的过程中政策利率下行带动的美债名义利率与实际利率的下行定会驱动黄金价格的走强。 中泰证券表示，有色大宗品将进入又一轮“共振上行”期，继续重点推荐铝、铜、金三大品种。美国经济韧性源于服务等非制造业，随着持续加息以及储蓄消耗，其韧性终将被打破，就业市场已给出明显信号：23Q4-24Q1或将是重要拐点，美国长久期实际利率也将开启趋势下行。更宏观维度，美元信用担忧及随之而来的央行购金攀升，都将推动金价进入新高度。 ...