Core Viewpoint - The successful commissioning of the "4+2" ten thousand tons lithium salt project by China Salt Lake Group marks a significant step in building a world-class salt lake industry base, enhancing China's lithium resource supply stability and technological capabilities [1] Group 1: Project Overview - The "4+2" ten thousand tons lithium salt project includes a 40,000 tons/year basic lithium salt integrated project and a 20,000 tons/year lithium carbonate project [1] - The project utilizes globally leading technology to overcome traditional lithium extraction bottlenecks, improving extraction efficiency and quality [1] Group 2: Strategic Importance - Lithium is recognized as a critical resource for the development of strategic emerging industries and is essential for achieving energy transition and carbon neutrality goals [1] - Historically, China's high dependence on imported lithium resources has constrained the development of related industries [1] Group 3: Environmental and Economic Impact - The project incorporates photovoltaic installation and green electricity applications, contributing to the goal of "zero-carbon lithium extraction" [1] - The successful launch of the lithium salt project will enhance China's lithium battery industry's self-sufficiency and support ecological protection in the Qinghai-Tibet Plateau [1] Group 4: Future Directions - The company aims to leverage this project as a new starting point to seize development opportunities, strengthen technological innovation, and improve operational efficiency while adhering to safety and environmental standards [1] - The goal is to establish the project as a leading demonstration, brand, and benchmark project in the global salt lake industry [1]

Core Viewpoint - Citigroup has raised the target price for China Molybdenum from HKD 5.7 to HKD 7.2, reflecting updated resource estimates, rising copper prices, and a downward adjustment in the C1 cost guidance for the Las Bambas project, maintaining a "Buy" rating and initiating a 90-day positive catalyst observation period [1] Group 1 - The adjustment in the target price is based on strong gold and copper prices, as well as stable output from the Las Bambas project [1] - Citigroup anticipates a potential decrease in the C1 cost guidance for the Las Bambas project due to favorable market conditions [1] - The company's net profit is highly sensitive to fluctuations in copper prices, which is expected to benefit the company as copper prices rise [1]

Core Viewpoint - Minmetals Resources (01208) has seen a stock price increase of over 5%, currently trading at HKD 6.57 with a transaction volume of HKD 750 million [1] Group 1: Bond Issuance - The company announced a subscription agreement to issue bonds totaling USD 500 million, which are zero-coupon convertible bonds maturing in 2030 [1] - The bonds will convert into approximately 463 million shares at an initial conversion price of HKD 8.40 per share, representing about 3.81% of the company's total issued share capital as of the announcement date [1] - After the conversion, the expanded total issued share capital will be approximately 3.67% [1] Group 2: Use of Proceeds - The net proceeds from the bond issuance will be used for refinancing the company's offshore debt [1]

Core Viewpoint - Minmetals Resources (01208) shares rose over 5%, currently up 5.13% at HKD 6.57, with a trading volume of HKD 750 million [1] Group 1: Bond Issuance - The company announced a subscription agreement to issue bonds totaling USD 500 million, which are zero-coupon convertible bonds maturing in 2030 [1] - The bonds will convert into approximately 463 million shares at an initial conversion price of HKD 8.40 per share, representing about 3.81% of the company's total issued share capital as of the announcement date [1] - After the bond issuance, the expanded total issued share capital will be approximately 3.67% [1] Group 2: Use of Proceeds - The net proceeds from the bond issuance will be used for refinancing the company's offshore debt [1]

华泰证券则表示，2025年以来铜矿扰动事件频发，大部分扰动在短期内解除、导致的供给减量有限。该 行表示，展望2026年，预计Kamoa-kakula铜矿与Grasberg铜矿合计造成的供给减量可能达40万吨产量， 有望抵消全球铜矿全部增量，铜供需平衡表大幅改善。叠加市场对AI相关基建铺开将驱动铜需求的预 期、铜矿扰动频发、全球财政货币宽松环境、金价对铜价有一定拖拽作用，判断铜价行情或启动。 消息面上，近日，自由港宣布旗下印尼Grasberg铜矿因泥石流事故严重破坏开采设施，预计2026年铜产 量将下降约35%，较原计划减少27万吨。今年以来，刚果(金)Kamoa-kakula铜矿因矿震减产15万吨，智 利国家铜业旗下埃尔特尼恩特铜矿也因坍塌事故停产。美银证券发布研报称，考虑到现时全球三大铜矿 均出现经营问题，预计今明两年实际产量将低于原先预期。 铜业股继续飙升，截至发稿，五矿资源(01208)涨7.53%，报6.71港元；江西铜业（600362）股份(00358) 涨5.92%，报29.66港元；中国有色矿业(01258)涨5.41%，报14.8港元；紫金矿业（601899）(02899)涨 3.73%，报3 ...

Core Viewpoint - Copper stocks are experiencing significant gains due to supply disruptions from major copper mines, leading to expectations of improved copper prices in the near future [1] Group 1: Market Performance - Minmetals Resources (01208) increased by 7.53%, reaching HKD 6.71 - Jiangxi Copper (00358) rose by 5.92%, reaching HKD 29.66 - China Nonferrous Mining (01258) gained 5.41%, reaching HKD 14.8 - Zijin Mining (02899) saw a rise of 3.73%, reaching HKD 3.36 [1] Group 2: Supply Disruptions - Freeport announced that its Grasberg copper mine in Indonesia suffered severe damage from a landslide, leading to an expected 35% decrease in copper output by 2026, equating to a reduction of 270,000 tons from previous plans - Kamoa-Kakula copper mine in the Democratic Republic of Congo has reduced output by 150,000 tons due to seismic activity - Chile's El Teniente copper mine has halted production due to a collapse [1] Group 3: Future Outlook - Bank of America forecasts that actual copper production will be lower than previously expected in the next two years due to operational issues at major copper mines - Huatai Securities indicates that since 2025, there have been frequent disturbances in copper mining, but most disruptions are short-term, resulting in limited supply reductions - By 2026, the combined supply reduction from Kamoa-Kakula and Grasberg mines could reach 400,000 tons, potentially offsetting all global copper production increases, leading to a significant improvement in the copper supply-demand balance [1]

Core Viewpoint - The company, Minmetals Resources (01208), has announced the issuance of a $500 million zero-coupon convertible bond due in 2030, aimed at refinancing its offshore debt [1] Group 1: Bond Issuance Details - The company has entered into a subscription agreement to issue a total principal amount of $500 million in bonds [1] - The bonds will be convertible at an initial conversion price of HKD 8.40 per share, resulting in approximately 463 million shares, which represents about 3.81% of the company's existing issued share capital as of the announcement date [1] - After the conversion, the expanded issued share capital will be approximately 3.67% [1] Group 2: Use of Proceeds - The net proceeds from the bond issuance are intended to be used for the refinancing of the company's offshore debt [1]

Core Viewpoint - Minmetals Resources (01208.HK) announced the issuance of a $500 million zero-coupon convertible bond due in 2030, aimed at refinancing the company's offshore debt [1] Group 1: Bond Issuance Details - The company entered into a subscription agreement on September 29, 2025, for the issuance of the bonds [1] - The bonds will be convertible at an initial conversion price of HKD 8.40 per share, resulting in approximately 463 million shares, which represents about 3.81% of the company's total issued share capital as of the announcement date [1] - After full conversion of the bonds, the enlarged issued share capital will be approximately 3.67% [1] Group 2: Use of Proceeds - The net proceeds from the bond issuance will be used for the refinancing of the company's offshore debt [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，概不對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之任何損失承 擔任何責任。 本公告或其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的任何其他司法權區內刊發或派 發。 本公告僅供參考。其並非要約出售或邀請收購、購買、認購或出售任何證券之要約，且本公告或其任何內容亦 不構成任何合同或承諾之基礎。 向香港以外司法權區派發本公告或會受法律限制。獲得本公告之人士須自行瞭解並遵守任何該等限制。不遵守 任何該等限制或會違反任何有關司法權區之證券法例。 聯席全球協調人、聯席牽頭經辦人及聯席賬簿管理人 （按英文字母順序） BofA Securities 中信証券 於二零二五年九月二十九日（交易時段後），本公司與經辦人訂立認購協議，據 此，本公司同意發行本金總額為 500,000,000美元的債券，而經辦人個別且並非 共同地同意認購並支付該等債券的款項，或促使認購人認購並支付該等債券的款 項，具體須遵守認購協議所載的若干條件。 經辦人已進行入標定價，據此確定了債券的條款，包括但不限於 ...

Group 1 - Recent global copper production has faced significant disruptions due to natural disasters, with Freeport's Grasberg mine in Indonesia expected to see a 35% drop in copper output by 2026, translating to a reduction of 270,000 tons from previous plans [1] - The Kamoa-Kakula mine in the Democratic Republic of Congo has reduced output by 150,000 tons due to seismic activity, while Chile's El Teniente mine has halted production due to a collapse [1] - Following these disruptions, U.S. copper stocks saw gains, with Hudbay Minerals rising nearly 8%, and copper futures on COMEX increased by 2.94% to $4.9120 per pound [1] Group 2 - Bank of America forecasts that operational issues at major copper mines will lead to lower actual production in the next two years, with a supply gap of 270,000 tons expected next year due to the Grasberg mine's shutdown [2] - European demand is recovering, and Chinese demand is stabilizing, putting pressure on copper supply, prompting an upward revision of copper price forecasts to $11,313 per ton for next year and $13,500 per ton for 2027 [2] Group 3 - Goldman Sachs indicates that upgrades in electrical grids and AI demand will drive copper prices higher [3] - Huatai Securities notes that while supply disruptions have been frequent since 2025, the most significant impacts are from the Kamoa-Kakula and Grasberg mines, with a potential combined supply reduction of 400,000 tons by 2026, which could significantly improve the copper supply-demand balance [3] - The expectation of increased copper demand due to AI infrastructure, along with ongoing supply disruptions and a favorable monetary environment, suggests a potential bullish trend for copper prices [3] Group 4 - Related companies in the copper mining sector include Luoyang Molybdenum (03993), Zijin Mining (02899), China Nonferrous Mining (01258), Minmetals Resources (01208), Jiangxi Copper (00358), and China Railway (00390) [4]