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 ...

生意社12月30日讯 中国五矿资源(MMG)宣布投资约9亿美元扩建博茨瓦纳Khoemacau铜矿，预计使铜精矿年产量增至13万 吨，并新增超400万盎司银产量。扩建后生产成本将降至1.60美元/磅以下，提升长期盈利能力，以满足 电动汽车及半导体行业需求。该矿未来具备年产20万吨铜的潜力。 PriceSeek评析 铜，多空评分：-1 五矿资源宣布投资扩建博茨瓦纳Khoemacau铜矿，预计铜精矿年产量增至13万吨，并具备20万吨潜力， 供给增加将直接压制铜现货价格。生产成本降至1.60美元/磅以下，可能刺激产量进一步扩张，尽管电 动汽车和半导体需求增长提供部分支撑，但短期供给过剩风险加剧，利空影响显著。 银，多空评分：-1 扩建项目新增超过400万盎司银年产量，作为铜矿伴生产品，供给增加将导致银现货市场供需趋松，价 格承压下探。需求端无明显利好抵消，预计短期利空效应持续，但影响幅度可能弱于铜。 【大宗商品公式定价原理】生意社基准价是基于价格大数据与生意社价格模型产生的交易指导价，又称 生意社价格。可用于确定以下两种需求的交易结算价： 1、指定日期的结算价 2、指定周期的平均结算价 定价公式：结算价=生意社基准价 ...

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]

近期铜价屡创新高。12月29日，亚洲交易时段，伦敦金属交易所三个月期铜价格一度触及每吨12960美 元，刷新历史纪录。 同在12月29日，中国五矿集团旗下上市公司五矿资源（HK01208，股价8.53港元，市值1036亿港元）宣 布了一个大项目。公司博茨瓦纳Khoemacau（科马考）矿山二期扩建项目获得董事会批准，未来铜年产 量将增至13万吨，伴生银年产量超过400万盎司，总资本支出约为9亿美元。 扩建后将大幅提升采矿、选矿能力 五矿资源12月29日公告表示，公司科马考矿山二期扩建项目的可行性研究报告及设计方案已获董事会正 式批准，接下来将全力推动项目建设。 具体来看，项目将建设一座年处理能力达450万吨的选矿厂，使矿山总选矿处理能力突破800万吨/年。 采矿范围也将从一期的5区延伸至5区北部、Mango及Zeta东北部。 本次扩建项目预计于2028年上半年产出首批铜精矿，总资本支出约为9亿美元。在此基础上，科马考矿 山的铜年产量将增至13万吨，伴生银年产量超过400万盎司。 多家公司海外买矿 今年以来，多种有色金属价格涨幅较大。 广发证券2025年12月研报指出，2025年，美联储降息提振需求预期，库存套 ...

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]

转自：证券时报 此次扩建将使矿山总选矿能力提升至超过800万吨/年。项目的总资本支出预计约为9亿美元（包含2026 年前的相关支出）。该扩建项目预计将于2028年上半年产出首批铜精矿。 人民财讯12月29日电，五矿资源12月29日公告，已批准博茨瓦纳Khoemacau铜矿的重大扩建项目的可行 性研究，并正式启动建设。该项目旨在将年产能提升至13万吨铜精矿含铜，并使伴生银的年产量超过 400万盎司。 ...

每经AI快讯，12月29日，五矿资源在港交所公告，已批准博茨瓦纳Khoemacau铜矿的重大扩建项目的可 行性研究，并正式启动建设。该项目旨在将年产能提升至13万吨铜精矿含铜，并使伴生银的年产量超过 400万盎司。项目将包括：将采矿区域延伸至5区北部、Mango及Zeta东北部矿床；及新建一座年处理能 力达450万吨的选矿厂。此次扩建将使矿山总选矿能力提升至超过800万吨/年。项目的总资本支出预计 约为9亿美元。该扩建项目预计将于2028年上半年产出首批铜精矿。展望未来，Khoemacau矿区已通过 持续勘探活动，识别出进一步扩产的潜力，年产能有望提升至20万吨铜。公司计划于2026年启动下一阶 段扩建的预可行性研究。 ...