Core Viewpoint - China Minmetals Corporation emphasizes "resources" as its primary strategy and aims for high-end, intelligent, and green development through technological innovation [1][2] Group 1: Business Overview - China Minmetals, established in 1950, is a state-owned enterprise directly managed by the central government, focusing on metal minerals and has developed a full industry chain covering exploration, construction, operation, smelting, trade, logistics, R&D, and financial capital [1] - As of mid-2025, China Minmetals has total assets of nearly 1.5 trillion yuan and reported revenue of 381.1 billion yuan [1] Group 2: Resource Assurance and Development - The company is enhancing its resource assurance capabilities, with significant increases in resources for copper, lead-zinc, nickel, cobalt, tungsten, tin, and antimony expected in 2024 [2] - China Minmetals has formed the China Salt Lake Group with Qinghai Province to accelerate the construction of a world-class salt lake industry base, with Salt Lake Co. becoming the ninth listed subsidiary [2] - Minmetals Resources, a flagship platform for overseas base metal development, holds 18.6 million tons of copper and 11.9 million tons of zinc resources, positioning it as a leading global producer [2] Group 3: Technological Innovation and Development - The company is focusing on technological innovation as a core driver, leveraging national-level R&D platforms to foster strategic emerging industries in metal materials, special materials, equipment manufacturing, digital economy, and energy conservation [3] - China Minmetals boasts 10 national-level manufacturing champions, 20 specialized "little giant" enterprises, and 14 "double hundred" enterprises [3] Group 4: Business Diversification and Upgrading - The metallurgical construction sector is aligning with new industrialization and urbanization, while trade logistics is developing a comprehensive model integrating resources, trade, logistics, and services [4] - Financial capital aims to optimize business structure with a focus on technology, green, and industrial finance [4] - Zhongtung High-tech is promoting the high-end, intelligent, and green transformation of the non-ferrous metal industry, with significant production increases expected post-technical upgrades [4] Group 5: Investor Relations and Value Creation - China Minmetals is committed to enhancing the value creation and realization of its listed companies, focusing on improving company quality, optimizing investor return mechanisms, and enhancing investor relations management [5][6] - The company plans to support listed companies in developing sustainable profit distribution policies and encourage cash dividends and share buybacks to boost investor confidence [6] - Efforts will be made to improve communication with investors through various engagement activities, enhancing information disclosure quality and market recognition [6]

Group 1: Market Impact - The closure of Freeport McMoRan's Grasberg mine due to a fatal landslide is expected to significantly disrupt global copper supply, potentially leading to a price increase and improved profitability for copper companies [1][2] - Analysts predict a loss of 500,000 tons of copper supply in the next 12 to 15 months, with possible further losses of 1 to 2 million tons, equating the impact to the simultaneous closure of three major copper mines [1][3] Group 2: Demand Dynamics - Copper is increasingly recognized as a critical material for green energy transition and digital economy development, with electric vehicles using four times more copper than traditional fuel vehicles [2] - Goldman Sachs forecasts that by 2030, data centers powering AI servers could consume an additional 1 million tons of copper, indicating strong future demand [2] Group 3: Price Forecasts - Goldman Sachs has adjusted its price forecast for copper, suggesting an upward risk to its previous estimate of $9,700 per ton for December 2025, now expecting prices to stabilize between $10,200 and $10,500 per ton [2] - The long-term outlook for copper prices remains bullish, with expectations of reaching $10,750 per ton by 2027 due to challenges such as increased mining depth and declining ore grades [2] Group 4: Company Performance - Jiangxi Copper Co. reported a revenue of approximately 256.03 billion yuan for the first half of 2025, a decrease of 4.97% year-on-year, while net profit attributable to shareholders increased by 19.78% to about 4.45 billion yuan [4] - Zijin Mining's copper production reached 566,853 tons in the first half of 2025, a year-on-year increase of 9.3%, with copper sales contributing 27.8% to total revenue [4] - Luoyang Molybdenum Co. achieved a copper production of 353,600 tons in the first half of 2025, with revenue from mining operations increasing by 29.05% to 31.446 billion yuan [4] - Minmetals Resources reported a total copper production of 140,368 tons in Q2 2025, a 54% increase year-on-year, driven by improved output from three copper mines [5]

Core Viewpoint - The company focuses on global copper and zinc mining, excelling in overseas acquisitions and operations, with successful international cases expected to replicate. The main profit currently comes from copper mining, and with the Federal Reserve entering a rate-cutting cycle, the demand for copper driven by energy transition is expected to push copper prices upward. The company's three main mines are on a fast development track, with Las Bambas improving community relations and achieving production increases and cost reductions. The Kinsevere project is progressing well, and the Khoemacau expansion plan has been initiated with experienced local partners [1]. Company Overview - The company is an international mining firm specializing in copper and zinc extraction, serving as the primary overseas resource operation platform for China Minmetals Corporation. Since its transformation in 2010, the company has steadily grown through overseas mergers and acquisitions, successfully acquiring multiple mines such as OZ, Kinsevere, Las Bambas, and Khoemacau, all of which have become profitable. The successful international operations are expected to continue, positioning the company as a leading global resource firm [1]. Mining Overview - **Las Bambas Mine (Peru)**: The copper grade increased from 0.5%-0.6% to 0.9% with the successful production of the second pit, Chalcobamba. Copper sales rose from 126,000 tons to 190,000 tons, and C1 costs decreased from $1.81 per pound to $1.06 per pound, leading to significant profit growth [2]. - **Kinsevere Mine (Democratic Republic of Congo)**: The mine has excellent resource endowment, allowing for open-pit mining without blasting, with an average grade of 2%. The transition from oxide to sulfide ore is partially complete, but domestic power shortages in the DRC have affected production. Once fully operational, the project will have a capacity of 130,000 tons, with a significant reduction in C1 costs expected [2]. - **Khoemacau Mine (Botswana)**: Current capacity is around 60,000 tons, with plans to reach 80,000 tons by 2028 and a long-term target of 200,000 tons. The company began collaborating with Jincheng Mining, which has extensive overseas mining experience, enhancing the certainty of the Khoemacau expansion [2]. Performance Forecast and Investment Recommendations - Based on the construction progress of the mines, copper sales are projected to be 520,000 tons, 535,000 tons, and 541,000 tons for 2025-2027, with corresponding equity amounts of 346,000 tons, 360,000 tons, and 364,000 tons. Assuming copper prices of $9,500 per ton, $10,000 per ton, and $10,500 per ton for 2025-2027, the company's net profit attributable to shareholders is expected to be $719 million, $782 million, and $859 million, respectively. The profit increase is mainly driven by rising copper prices, declining financial costs, and slight increases in production and sales [2]. Valuation - At an exchange rate of 7.78 HKD/USD, the company's profits for 2025-2027 are projected to be HKD 5.6 billion, HKD 6.08 billion, and HKD 6.68 billion, with corresponding P/E ratios of 12.1x, 11.1x, and 10.1x. Given the expected price increases for copper, the reasonable valuation for resource stocks is around 15-20x, indicating that the company's value is significantly undervalued, warranting an "overweight" rating [3].

Core Insights - The latest mineral resource and ore reserve statement from MMG shows significant increases in various metals, particularly gold, which saw a 29% increase in mineral resources [1] - The company reported a decrease in mineral resources for zinc and cobalt, with reductions of 0.5% and 2% respectively [1] - Ore reserves have increased for zinc (13%), lead (10%), cobalt (3%), molybdenum (5%), and gold (10%), while copper and silver reserves decreased by 2% and 5% respectively [1] Group 1: Mineral Resource Changes - Copper mineral resources increased by 3% [1] - Lead mineral resources increased by 5% [1] - Molybdenum mineral resources increased by 10% [1] - Silver mineral resources increased by 3% [1] - Gold mineral resources increased by 29% [1] - Zinc mineral resources decreased by 0.5% [1] - Cobalt mineral resources decreased by 2% [1] Group 2: Ore Reserve Changes - Zinc ore reserves increased by 13% [1] - Lead ore reserves increased by 10% [1] - Cobalt ore reserves increased by 3% [1] - Molybdenum ore reserves increased by 5% [1] - Gold ore reserves increased by 10% [1] - Copper ore reserves decreased by 2% [1] - Silver ore reserves decreased by 5% [1] Group 3: Exploration and Resource Management - Continuous exploration and resource transfer drilling have supplemented the mining consumption, enhancing mineral resources and ore reserves [1] - Significant improvements in mineral resources and ore reserves were achieved at the Rosebery and Dugald River mines through geological and mining studies [1] - The Ferrobamba open-pit resource at the Las Bambas mine has been enhanced, effectively replenishing copper mineral resources for the second consecutive year [1] Group 4: Specific Regional Developments - The Kinsevere mine's mining studies have led to the first reporting of ore reserves in the Nambulwa and Dianzenza (DZ) areas [2] - The mineral resource volume in the Kimbwe Kafubu area has nearly doubled compared to the 2024 report [2]

Core Viewpoint - The latest mineral resource and ore reserve statement from MMG shows significant increases in various metals, indicating successful exploration and resource replenishment efforts across its mining operations [1][2]. Group 1: Mineral Resource Changes - The company's mineral resources (including metal content) have increased for copper (3%), lead (5%), molybdenum (10%), silver (3%), and gold (29%) [1]. - Conversely, there has been a decrease in mineral resources for zinc (-0.5%) and cobalt (-2%) [1]. Group 2: Ore Reserve Changes - The company's ore reserves (including metal content) have increased for zinc (13%), lead (10%), cobalt (3%), molybdenum (5%), and gold (10%) [1]. - However, there has been a decrease in ore reserves for copper (-2%) and silver (-5%) [1]. Group 3: Exploration and Resource Replenishment - The results indicate that MMG's mining operations have effectively replenished resource consumption through ongoing exploration and resource transfer drilling [1]. - Significant improvements in mineral resources and ore reserves have been achieved at the Rosebery and Dugald River mines through geological and mining studies [1]. - The Las Bambas mine's Ferrobamba open-pit resource has also been enhanced, successfully compensating for copper resource consumption for the second consecutive year [1]. Group 4: New Reporting Areas - The Kinsevere mine's mining studies have led to the first reporting of ore reserves in the Nambulwa and Dianzenza (DZ) areas [2]. - The mineral resource quantity in the Kimbwe Kafubu area has nearly doubled compared to 2024 [2].

香港交易及結算所有限公司與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的任何損失承 擔任何責任。 MMG LIMITED 五礦資源有限公司 （於香港註冊成立的有限公司） （股份代號：1208） 截至二零二五年六月三十日礦產資源量及礦石儲量聲明 本公告由五礦資源有限公司（本公司或 MMG，連同其附屬子公司，統稱本集團）根據香港聯合交易所有限公 司證券上市規則（上市規則）第 13.09(2)條及香港法例第 571 章證券及期貨條例第 XIVA 部內幕消息條款（定 義見上市規則）發佈。 本公司董事會（董事會）欣然報告本集團截至二零二五年六月三十日最新礦產資源量及礦石儲量聲明（礦產資 源量及礦石儲量聲明）。 截至二零二五年六月三十日之礦產資源量及礦石儲量聲明的主要變動包括： 上述結果顯示，MMG 旗下各礦山多年來的勘探及資源量轉儲量鑽探工作持續補充選礦消耗，並進一步增加礦 產資源量及礦石儲量。Rosebery 及 Dugald River 礦山通過地質與採礦研究實現礦產資源量及礦石儲量的顯著 提升。Las ...

Core Viewpoint - The report from CITIC Construction Investment indicates that the copper mining company, Minmetals Resources, is expected to see significant profit growth from 2025 to 2027 due to rising copper prices and operational improvements [1][2] Group 1: Financial Projections - Expected copper sales volumes for 2025, 2026, and 2027 are projected at 520,000 tons, 535,000 tons, and 541,000 tons respectively, with corresponding equity volumes of 346,000 tons, 360,000 tons, and 364,000 tons [1] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are estimated at $719 million, $782 million, and $859 million respectively, driven by rising copper prices, reduced financial costs, and slight increases in production and sales [1] Group 2: Operational Highlights - The company focuses on the mining of basic metals such as copper and zinc, with a strong track record in overseas mining acquisitions and operations, which are expected to continue [2] - The Las Bambas mine has seen improved community relations, leading to increased production and reduced costs, particularly from the high-grade Chalcobamba pit [2] - The Kinsevere project is progressing well with the transition from oxide to sulfide ore, and improvements in the self-sufficient power system are expected to mitigate power fluctuation impacts [2] - Expansion plans for the Khoemacau mining area have been established, with the experienced local subsidiary of Jincheng Mining being appointed as the project implementation partner, contributing to performance growth from both existing and new projects [2]

Group 1 - The core viewpoint of the report indicates that the company is expected to see significant increases in copper sales and net profit from 2025 to 2027, driven by rising copper prices and improved operational efficiency [1][2] - Projected copper sales for 2025, 2026, and 2027 are 520,000 tons, 535,000 tons, and 541,000 tons respectively, with corresponding net profits of $719 million, $782 million, and $859 million [1] - The company is considered undervalued with a reasonable valuation range of 15-20 times earnings, leading to an "overweight" rating [1] Group 2 - The company focuses on the mining of basic metals such as copper and zinc, with a strong track record in overseas acquisitions and operations [2] - The Las Bambas mine has improved community relations, leading to increased production and reduced costs, while the Kinsevere project is progressing well with a self-sufficient power system [2] - Expansion plans for the Khoemacau mining area have been established, with a local subsidiary involved in project implementation, contributing to performance growth [2]

Core Viewpoint - The copper metal sector in Hong Kong and A-shares has experienced significant gains due to a supply disruption at the Grasberg mine, which is expected to impact global copper supply and prices substantially [4][5][6]. Group 1: Market Performance - On September 25, copper-related stocks in Hong Kong surged, with China Nonferrous Mining (01258.HK) up 11.9%, Minmetals Resources (01208.HK) up 9.93%, and Jiangxi Copper (00358.HK) up 8.71% [2][3]. - A-share market also saw similar gains, with Luoyang Molybdenum (603993.SH) hitting the daily limit, and Northern Copper (000737.SZ) rising 8.77% [3]. Group 2: Copper Price Movement - Futures markets showed a strong upward trend, with Shanghai copper futures reaching a high of 82,920 yuan/ton, marking a 3.28% increase [4]. - The price of copper on the London Metal Exchange (LME) rose by 3.46% to $10,320 per ton on September 24, reaching $10,328.5 per ton on September 25, the highest level since June 2024 [5]. Group 3: Supply Disruption Details - The Grasberg mine, operated by Freeport-McMoRan, experienced a fatal landslide on September 8, leading to a complete production halt and an expected 35% drop in copper output for 2026 [5][6]. - The mine accounts for 3.2% of global copper supply and over 70% of Freeport's total copper production, indicating a significant impact on the overall market [5][6]. Group 4: Demand Outlook - The demand for copper is expected to remain strong due to its essential role in electric vehicles, power infrastructure, and AI data centers, with projections indicating that global data centers will consume over 4.3 million tons of copper in the next decade [7]. - Increased defense spending globally is also anticipated to drive copper demand, as it is required for various military applications [7]. Group 5: Market Sentiment and Future Outlook - The copper sector has seen heightened interest in capital markets, with the Hong Kong copper index up 167.5% and the corresponding A-share index up 62.12% [7]. - Analysts maintain a bullish outlook on copper prices, citing ongoing supply disruptions and favorable macroeconomic conditions as key factors [7].

Group 1 - The core viewpoint of the news is that copper concept stocks in the Hong Kong market opened higher, driven by supply disruptions at Freeport's Grasberg mine, which is expected to impact global copper supply and support copper prices [1] - Jiangxi Copper Co. saw an increase of over 8%, while China Nonferrous Mining and Minmetals Resources rose over 7% and 6% respectively, indicating strong market performance in the copper sector [1][2] - Freeport's Grasberg mine accounts for approximately 3% of global copper supply, and the total loss in Q4 is projected to affect global supply by 3%, with a cumulative impact of 1% by 2026 [1] Group 2 - Jiangxi Copper Co. reported a price increase of 8.47%, with a latest price of 26.900 and a total market capitalization of 931.47 billion, reflecting a year-to-date increase of 129.98% [2] - China Nonferrous Mining experienced a 7.44% rise, with a latest price of 13.000 and a market cap of 507.26 billion, showing a year-to-date increase of 165.13% [2] - Minmetals Resources increased by 6.27%, with a latest price of 6.100 and a market cap of 740.57 billion, marking a year-to-date increase of 138.28% [2]