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。 ...

财联社3月14日讯（编辑 冯轶）今日港股市场上，以黄金、有色为代表的矿业股强势领涨。截至发稿，五矿资源(01208.HK)涨超6%，中国有色矿业(01258.HK)涨超5%，洛阳钼业(03993.HK)、江西铜业股份(00358.HK)双双涨超4%。 综合来看，受近期冶炼厂减产预期及宏观预期上修等因素影响，短线铜价获得利好支撑。 而市场最关注的是，本周以来，沪铜期货主力主力合约连续拉涨。周五更是跳空高开，截至发稿涨超2%，最高一度触及72470元/吨，突破2022年5月以来的所有高点。 消息面上，中国有色金属工业协会13日在北京组织召开了铜冶炼企业座谈会。针对行业产能增长过快问题形成共识，铜冶炼企业新增产能将被控制。 此外，近期国内宏观层面相对偏暖，市场对旺季需求抱有期待，预计下游消费将从3月中旬开始进入兑现阶段。宏观面与基本面共振，也成为推动短期铜价上涨的动力，但届时终端库存等指标将接受市场验证。 华泰期货研究员蔡劭立、高聪在3月14日的报告中还指出，近日国务院印发《推动大规模设备更新和消费品以旧换新行动方案》，宏观预期有望迎来上修契机。汽车和家电的消费预期得到支撑，对应关注铜、铝等传统有色金属板 ...

Financial Performance - MMG reported a net profit after tax of $122.1 million, down from $243.5 million in 2022, with a profit attributable to equity holders of $9.0 million compared to $172.4 million in the previous year[6]. - Total revenue for 2023 was $4,346.5 million, a 34% increase from $3,254.2 million in 2022[10]. - EBITDA totaled $1,461.9 million, a decrease of 5% from 2022, attributed to falling copper and zinc prices and lower sales at Kinsevere and Dugald River[6]. - The company reported a net profit of $122.1 million for the fiscal year 2023, down from $243.5 million in 2022, reflecting a decline in profitability[195][197]. - Basic earnings per share for 2023 were $0.10, significantly lower than $2.00 in 2022[166]. Revenue and Sales - Total revenue increased by $1,092.3 million (34%), primarily due to higher sales volumes at Las Bambas, offsetting declines in copper and zinc prices[6]. - Revenue for the year ended December 31, 2023, increased by 34% to $4,346.5 million compared to $3,254.2 million in 2022[35]. - Las Bambas revenue increased by 64% to $3,417.3 million, while Kinsevere revenue decreased by 16% to $354.6 million[39]. - Copper sales increased by 69% to 374,743 tons in 2023, compared to 221,918 tons in 2022, largely due to stable logistics operations[53]. - The company received customer payments totaling $4,605.3 million in 2023, compared to $3,402.1 million in 2022, which is an increase of approximately 35%[177]. Production and Costs - The expected copper production for Las Bambas in 2024 is between 280,000 tons and 320,000 tons, with C1 costs projected to be between $1.60 and $1.80 per pound[9]. - The total amount of copper mined at Las Bambas was 302,033 tons in 2023, a 19% increase from 254,836 tons in 2022[52]. - C1 cost for 2023 was $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[55]. - The expected zinc production for Dugald River in 2024 is between 175,000 tons and 190,000 tons, with C1 costs projected to be between $0.70 and $0.85 per pound[9]. - Kinsevere's total production expenditure increased by $42.0 million or 16% due to higher third-party ore consumption[61]. Debt and Financial Position - The company reduced its net debt by $783.6 million, with a debt-to-asset ratio decreasing by 5% to 50% by the end of 2023[6]. - Total liabilities decreased by $718.2 million to $7,588.8 million as of December 31, 2023[80]. - The group has an authorized undrawn financing amount of $4,325.0 million as of the financial statement publication date[185]. - The company’s financing activities resulted in a net cash outflow of $985.1 million in 2023, compared to $1,176.5 million in 2022, indicating a reduction in cash outflow[177]. - The group has a total cash and cash equivalents of $447.0 million as of December 31, 2023, up from $372.2 million in 2022[132]. Operational Highlights - MMG continues to engage constructively with the Peruvian government and community members, making progress in negotiations with the Huancuire community and signing five service contracts for the Chalcobamba project[6]. - The Kinsevere expansion project is progressing as planned, with the cobalt plant successfully commencing production in Q4 2023[24]. - The company plans to focus on the development of the Chalcobamba project and the integration of the Khoemacau mine in 2024[30]. - Significant exploration activities are ongoing at Las Bambas, focusing on the Ferrobamba pit, with plans for continued research and drilling in 2024 to assess mineralization[99]. - The company is actively exploring sustainable tailings storage solutions to extend the life of the Rosebery mine, which remains a key operational priority[88]. Safety and Environmental Concerns - The total recordable injury frequency (TRIF) increased to 1.97 in 2023 from 1.25 in 2022, indicating a need for improvement in workplace safety[23]. - MMG aims to reduce operational greenhouse gas emissions by 40% by 2030 from a 2020 baseline as part of its commitment to sustainability[28]. - Approximately one-third of Dugald River's power demand transitioned to solar energy in 2023, with natural gas contracts signed for 2024 to secure power supply[94]. Tax and Regulatory Issues - The group is currently facing tax audits in Australia, Peru, Zambia, and the Democratic Republic of Congo, which may impact financial results[136]. - Las Bambas has filed an appeal against SUNAT's tax assessment and is awaiting a decision from the tax court[139]. - The company has not recognized any tax liabilities in its consolidated financial statements related to the assessments, pending the outcome of appeals[143]. Future Outlook - The company plans to focus on market expansion and new product development in the upcoming year[38]. - The projected annual copper production from Las Bambas in the medium term is expected to reach 350,000 to 400,000 tons, aided by contributions from the Chalcobamba project[147]. - The company plans to complete the acquisition by the first quarter of 2024, pending final regulatory approvals[108].

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。 ...

Financial Performance - Revenue for the period increased by $488.2 million (35%), primarily due to higher sales from Las Bambas, offsetting declines in copper and zinc prices[22] - For the six months ended June 30, 2023, the company's revenue increased by 35% to $1,896.2 million compared to $1,408.0 million in the same period of 2022[32] - The company recorded a net loss of $24.9 million for the period, including a loss attributable to equity holders of $58.8 million[22] - The net loss attributable to equity holders for the first half of 2023 was $58.8 million, a decline of 174% compared to a profit of $79.5 million in the same period of 2022[33] - Total comprehensive loss for the first half of 2023 was $29.0 million, compared to a comprehensive income of $176.4 million in the same period of 2022[198] - Basic and diluted loss per share for the first half of 2023 was $0.68, compared to earnings of $0.92 per share in the same period of 2022[195] Production and Sales - Las Bambas produced 139,594 tons of copper in the first half of 2023, a 38% increase year-over-year, with second-quarter sales reaching a record 417,000 tons[23] - Kinsevere produced 21,641 tons of electrolytic copper, a 2% decrease from the previous year, with cobalt production expected to commence in 2023[23] - Dugald River produced 57,374 tons of zinc, a 28% decrease due to a fatal accident that led to a 34-day shutdown[25] - Las Bambas generated $1,480.4 million in revenue, an increase of 84% from $805.0 million in the previous year, while Kinsevere's revenue decreased by 12% to $178.4 million[37] - Copper sales increased by 96% to 160,764 tons in the first half of 2023, compared to 81,931 tons in the same period of 2022[48] - Total revenue for the first half of 2023 reached $1,480.4 million, an increase of 84% from $805.0 million in the first half of 2022[48] Costs and Expenses - Operating expenses rose by $495.3 million (65%) in the first half of 2023, primarily due to adverse inventory changes and higher production costs[43] - Total production expenditure for the first half of 2023 was $591.8 million, an increase of 42% from $416.8 million in the same period of 2022[48] - Depreciation and amortization expenses rose by $94.8 million (27%) to $445.9 million, mainly due to increased mining and processing volumes[46] - The C1 cost for the first half of 2023 was $1.60 per pound, up from $1.27 per pound in the same period of 2022, but below the guidance range of $1.70 to $1.90 per pound[52] Cash Flow and Financing - Cash flow from operating activities increased by $290.8 million (216%) to $425.6 million, driven by favorable working capital changes[78] - As of June 30, 2023, total loans amounted to $5,622.0 million, with net debt at $5,098.3 million, and total equity at $4,199.6 million, resulting in a debt-to-equity ratio of 0.55[82] - The company raised $299.0 million from a share placement at HKD 4.15 per share, with 49.8% allocated to the KEP project and 50.2% for working capital and general corporate purposes[85] Strategic Developments - MMG anticipates starting the development of the Chalcobamba deposit by the end of 2023, contingent on reaching a lasting agreement with the Huancuire community[26] - The Kinsevere expansion project is on track, with cobalt production expected to commence in 2023, aiming for an annual output of approximately 80,000 tons of copper and 4,000 to 6,000 tons of cobalt hydroxide by 2025[88] - The Chalcobamba project is expected to increase mid-term production to 380,000 to 400,000 tons, with ongoing discussions with the Huancuire community for long-term agreements[86] Exploration and Resource Management - Exploration expenses increased by $14.2 million (131%) to $25.0 million in 2023, driven by drilling activities around Ferrobamba[44] - Successful deep drilling at the Ferrobamba site indicates potential large deposits with copper grades of 0.4% to 0.6% and molybdenum grades of 200 to 500 ppm[87] - Exploration activities around the Rosebery mine are ongoing, with multiple mineralized zones identified, aiming to extend the mine's life[89] Risk Management and Compliance - The company has not made any changes to its risk management policies since December 31, 2022, indicating a stable approach to managing financial risks[108] - The group is currently facing a tax audit from authorities in Australia, Peru, Zambia, Laos, and the Democratic Republic of the Congo[124] - The group has not recognized any liabilities in the interim consolidated financial statements for the tax assessments, pending appeals against the assessments[128] Corporate Governance - The company has complied with all provisions of the Corporate Governance Code during the six months ending June 30, 2023, except for certain deviations explained in the report[181] - The independent auditor has reviewed the unaudited condensed consolidated interim financial statements for the six months ending June 30, 2023[183]

MMG Limited | 五礦資源有限公司 於香港注冊成立之有限公司 股票代號:1208 中期業績公佈 截至二零二三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）截至二零二三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二零二三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。 ...