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]

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]

机构：中信建投证券 研究员：覃静/王介超/王晓芳/汪明宇 核心观点 公司专注于全球铜、锌等基本金属开采，擅长海外矿山收购和运营，成功的国际化运营案例有望持续复 制。目前公司主要利润集中在铜矿开采，随着美联储进入降息周期，能源转型推升铜需求，铜价预计持 续上行。公司旗下三个主力矿山均已经进入发展快车道。Las Bambas 随着社区关系好转，第二矿坑 Chalcobamba 的高品位矿顺利生产，实现了产量提升和成本下滑的双重增长。 Kinsevere 的氧化矿转硫化矿项目也顺利进行，随着公司自备电力系统的逐步完善，电力波动的不利影 响会逐渐消退，产销有望顺利提升。Khoemacau 矿区扩产计划已经指定，并引入经验丰富的金诚信当 地子公司作为工程项目实施方，原项目达产与新扩产项目将持续贡献业绩增量。 摘要 公司概况： 风险分析： 1、铜价波动风险：公司营收高度依赖铜产品（2023 年铜占营收76%）。全球铜价受宏观经济、供需关 系及金融市场情绪等因素影响较大。若铜价出现波动，将直接影响公司的未来利润。 矿山概况： 秘鲁Las Bambas 矿山：随着第二矿坑Chalcobamba 顺利投产，公司上半年的铜矿品位 ...

本集团矿石储量(含金属量)减少部分：铜(-2%)、银(-5%)。 上述结果显示，MMG旗下各矿山多年来的勘探及资源量转储量钻探工作持续补充选矿消耗，并进一步 增加矿产资源量及矿石储量。Rosebery及Dugald River矿山通过地质与采矿研究实现矿产资源量及矿石 储量的显著提升。Las Bambas矿山的Ferrobamba露天矿体资源亦提升，结合Ferrobamba地下矿体的最新 概略研究，已连续第二年有效补足过去十二个月铜矿产资源量消耗。 五矿资源(01208)发布集团截至2025年6月30日最新矿产资源量及矿石储量声明。截至2025年6月30日的 矿产资源量及矿石储量声明的主要变动包括： 本集团矿产资源量(含金属量)增加部分：铜(3%)、铅(5%)、钼(10%)、银(3%)及金(29%)。 本集团矿产资源量(含金属量)减少部分：锌(-0.5%)、钴(-2%)。 本集团矿石储量(含金属量)增加部分：锌(13%)、铅(10%)、钴(3%)、钼(5%)及金(10%)。 依托Kinsevere矿山的采矿研究，Nambulwa及Dianzenza(DZ)区域首次报告矿石储量，而Kimbwe Kafubu 区 ...

• 本集团矿石储量(含金属量)减少部分：铜(-2%)、银(-5%)。 上述结果显示，MMG 旗下各矿山多年来的勘探及资源量转储量钻探工作持续补充选矿消耗，并进一步 增加矿产资源量及矿石储量。Rosebery 及 Dugald River 矿山通过地质与采矿研究实现矿产资源量及矿石 储量的显著提升。Las Bambas 矿山的 Ferrobamba 露天矿体资源亦提升，结合 Ferrobamba 地下矿体的最 新概略研究，已连续第二年有效补足过去十二个月铜矿产资源量消耗。 依托 Kinsevere 矿山的采矿研究，Nambulwa 及 Dianzenza(DZ)区域首次报告矿石储量，而 Kimbwe Kafubu 区域的矿产资源量对比2024年首次报告近乎翻倍。 智通财经APP讯，五矿资源(01208)发布集团截至2025年6月30日最新矿产资源量及矿石储量声明。截至 2025年6月30日的矿产资源量及矿石储量声明的主要变动包括： • 本集团矿产资源量(含金属量)增加部分：铜(3%)、铅(5%)、钼(10%)、银(3%)及金(29%)。 • 本集团矿产资源量(含金属量)减少部分：锌(-0.5%)、钴(-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 ...

报告中称，公司专注于全球铜、锌等基本金属开采，擅长海外矿山收购和运营，成功的国际化运营案例 有望持续复制。目前公司主要利润集中在铜矿开采，随着美联储进入降息周期，能源转型推升铜需求， 铜价预计持续上行。公司旗下三个主力矿山均已经进入发展快车道。Las Bambas随着社区关系好转，第 二矿坑Chalcobamba的高品位矿顺利生产，实现了产量提升和成本下滑的双重增长。Kinsevere的氧化矿 转硫化矿项目也顺利进行，随着公司自备电力系统的逐步完善，电力波动的不利影响会逐渐消退，产销 有望顺利提升。Khoemacau矿区扩产计划已经指定，并引入经验丰富的金诚信（603979）当地子公司作 为工程项目实施方，原项目达产与新扩产项目将持续贡献业绩增量。 中信建投（601066）发布研报称，根据五矿资源(01208)矿山的建设进度，预计2025-2027年对应的铜销 量分别为52万吨、53.5万吨和54.1万吨，对应的权益量分别为34.6万吨、36万吨和36.4万吨，假设2025- 2027年铜价预测为9500美元/吨、10000美元/吨和10500美元/吨，则公司2025-2027年对应的归母净利润 分别为7.1 ...

报告中称，公司专注于全球铜、锌等基本金属开采，擅长海外矿山收购和运营，成功的国际化运营案例 有望持续复制。目前公司主要利润集中在铜矿开采，随着美联储进入降息周期，能源转型推升铜需求， 铜价预计持续上行。公司旗下三个主力矿山均已经进入发展快车道。Las Bambas随着社区关系好转，第 二矿坑Chalcobamba的高品位矿顺利生产，实现了产量提升和成本下滑的双重增长。Kinsevere的氧化矿 转硫化矿项目也顺利进行，随着公司自备电力系统的逐步完善，电力波动的不利影响会逐渐消退，产销 有望顺利提升。Khoemacau矿区扩产计划已经指定，并引入经验丰富的金诚信当地子公司作为工程项目 实施方，原项目达产与新扩产项目将持续贡献业绩增量。 智通财经APP获悉，中信建投发布研报称，根据五矿资源(01208)矿山的建设进度，预计2025-2027年对 应的铜销量分别为52万吨、53.5万吨和54.1万吨，对应的权益量分别为34.6万吨、36万吨和36.4万吨，假 设2025-2027年铜价预测为9500美元/吨、10000美元/吨和10500美元/吨，则公司2025-2027年对应的归母 净利润分别为7.19亿美元、7 ...