公司维持2025年的总产量指引，铜产量预计介于466,000吨至522,000吨之间，锌产量介于215,000吨至 240,000吨之间。LasBambas的C1成本指导从1.50美元/磅至1.70美元/磅下调至1.40美元/磅至1.60美元/ 磅，主要由于金、银及钼的价格利好，叠加加工费下降。Rosebery的C1成本指导亦获修订，从之前预计 的0.25美元/磅至0.40美元/磅下调至负0.10美元/磅至正0.15美元/磅，主要得益于贵金属价格上涨。 五矿资源(01208)绩后涨超11%，截至发稿，涨11.14%，报4.69港元，成交额1.48亿港元。 消息面上，五矿资源公布中期业绩，上半年收入为28.17亿美元，同比增长47%；公司权益持有人应占 溢利3.4亿美元，同比增长1511%。收入增长主要由于销量增加及商品价格上涨。利润增长主要得益于 旗下三座铜矿的铜产量全面提升、铜、金、银、锌市场价格上扬，以及LasBambas单位成本下降。 ...

Financial Performance - MMG achieved record financial results in the first half of 2025, with Net Profit After Tax (NPAT) of US$566 million, a 612% increase year-on-year[18] - EBITDA increased by 98% year-on-year to US$1,540 million[18] - Revenue increased by 47% to US$2,817 million in 1H 2025 compared to US$1,918 million in 1H 2024[47] - The gearing ratio decreased to 33%, down from 41% at the end of 2024[18] Production and Operations - Copper production increased significantly, with contained metal produced rising to 259kt in 1H 2025, a 64% increase compared to 158kt in 1H 2024[21] - Zinc production saw a slight decrease of 1%, with 108kt produced in 1H 2025 compared to 110kt in 1H 2024[21] - Revenue from copper sales increased to 78% of total revenue in 1H 2025, up from 72% in 1H 2024[22, 23] - Las Bambas copper production reached 211kt in 1H 2025, driven by higher ore milled grades[25, 27] - Khoemacau copper production increased to 22kt in 1H 2025, a 121% increase compared to 1H 2024[60] Strategy and Outlook - MMG is committed to debt reduction, with a focus on enhanced financial strength[73, 75] - The company is investing in growth and capacity expansion projects, including Las Bambas, Kinsevere, and Khoemacau[80, 81] - MMG is pursuing a nickel acquisition with an upfront cash consideration of US$350 million[82]

重大事项： 康基医疗(09997)获溢价约9.9%提私有化 华润医药(03320)拟参与设立基金 赣锋锂业(01772)拟与 LAR 共同整合合资公司 共同开发阿根廷Pozuelos-Pastos Grandes盐湖盆地 阅文集团(00772)发布中期业绩，股东应占溢利8.5亿元，同比增加68.5% 明源云(00909)拟7亿日元收购ASIOT株式会社100%股权 伟禄集团(01196)：股价及成交量近期出现不寻常变动 正与一名独立第三方就手机游戏权益的潜在收购 进行初步讨论 经营业绩： 中国联通(00762)上半年营收突破2000亿元 权益持有者应占溢利144.84亿元 同比增长5.01% 中国联通(00762)二季度"泛在智联"连接用户累计到达数约12.08亿户 腾讯音乐-SW(01698)上半年收入利润双增长 权益持有人应占溢利67亿元 同比增长115.85% 银河娱乐(00027)发布中期业绩 股东应占溢利52.4亿港元 同比增加19.44% 万洲国际(00288)发布中期业绩，股东应占利润7.88亿美元 同比增加0.51% 中期息每股0.2港元 五矿资源(01208)公布中期业绩 公司权益持有人应占 ...

五矿资源(01208)公布2025年中期业绩，收入为28.17亿美元，同比增长47%;EBITDA约15.4亿美元，同比 增长98%;EBIT约10.59亿美元，同比增长240%;税后利润约5.66亿美元，同比增长612%;公司权益持有人 应占溢利3.4亿美元，同比增长1511%;每股基本盈利2.8美仙。 公告称，收入增长主要由于销量增加(6.78亿美元)及商品价格上涨(2.21亿美元)所推动。利润增长主要得 益于旗下三座铜矿的铜产量全面提升、铜、金、银、锌市场价格上扬，以及Las Bambas单位成本下降。 ...

智通财经APP讯，五矿资源(01208)公布2025年中期业绩，收入为28.17亿美元，同比增长47%;EBITDA 约15.4亿美元，同比增长98%;EBIT约10.59亿美元，同比增长240%;税后利润约5.66亿美元，同比增长 612%;公司权益持有人应占溢利3.4亿美元，同比增长1511%;每股基本盈利2.8美仙。 公告称，收入增长主要由于销量增加(6.78亿美元)及商品价格上涨(2.21亿美元)所推动。利润增长主要得 益于旗下三座铜矿的铜产量全面提升、铜、金、银、锌市场价格上扬，以及 Las Bambas 单位成本下 降。 ...

公司维持2025年的总产量指引，铜产量预计介于466,000吨至522,000吨之间，锌产量介于215,000吨至 240,000吨之间。Las Bambas的C1成本指导从1.50美元／磅至1.70美元／磅下调至1.40美元／磅至1.60美 元／磅，主要由于金、银及钼的价格利好，叠加加工费下降。Rosebery的C1成本指导亦获修订，从之前 预计的0.25美元／磅至0.40美元／磅下调至负0.10美元／磅至正0.15美元／磅，主要得益于贵金属价格上 涨。 格隆汇8月12日丨五矿资源(01208.HK)公布，截至2025年6月30日止六个月，收入与2024年相比增加 898.8百万美元（47%），至2,817.0百万美元，主要由于销量增加及商品价格上涨所推动。除税后净利 润达566.3百万美元，包括公司权益持有人应占利润340.0百万美元，与2024年上半年的除税后净利润 79.5百万美元（包括权益持有人应占利润21.1百万美元）相比，实现了超过600%增长。这一强劲利润增 长主要得益于三座铜矿的铜产量均有所增长，铜、金、银及锌的市场价格上涨，以及LasBambas因铜产 量提升而实现单位成本下降。 ...

[Company Overview and Performance Highlights](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E6%A6%82%E8%A7%88%E4%B8%8E%E4%B8%9A%E7%BB%A9%E4%BA%AE%E7%82%B9) [Interim Performance Summary](index=2&type=section&id=%E6%88%AA%E8%87%B3%E4%BA%8C%E9%9B%B6%E4%BA%94%E4%BA%94%E5%B9%B4%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88%20MMG%20%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) MMG achieved significant financial and operational growth in H1 2025, with net profit after tax increasing over 600%, and record-high EBITDA and EBIT, driven by increased copper production, higher commodity prices, and reduced Las Bambas unit costs. The company's balance sheet strengthened, with record-low net debt and leverage, and the first dividend from Las Bambas - In H1 2025, MMG's Total Recordable Injury Frequency (TRIF) was **1.81 per million work hours**, an improvement from **2.06** for the full year 2024[4](index=4&type=chunk) 2025 H1 Key Financial Indicators Comparison (USD millions) | Indicator | 2025 H1 | 2024 H1 | Change % | | :--- | :--- | :--- | :--- | | Revenue | 2,817.0 | 1,918.2 | 47% | | EBITDA | 1,539.9 | 779.0 | 98% | | EBIT | 1,058.8 | 311.1 | 240% | | Net Profit After Tax | 566.3 | 79.5 | 612% | | Net Cash Flow from Operating Activities | 1,185.0 | 515.3 | 130% | | Basic Earnings Per Share | 2.80 US cents | 0.23 US cents | 1117% | - MMG's balance sheet strengthened, with net debt decreasing by **$903.3 million** from year-end 2024, and leverage ratio falling from **41% to 33%**[4](index=4&type=chunk) - Las Bambas distributed its first dividend to MMG and its joint venture partners, totaling **$276.5 million**[4](index=4&type=chunk) - MMG's total payable copper sales reached a record high since 2018, totaling **237,651 tonnes** in H1 2025[4](index=4&type=chunk) - Las Bambas' copper in concentrate production increased by **67% to 210,637 tonnes**, and EBITDA grew by **122% to $1,310.5 million**[4](index=4&type=chunk) - Kinsevere's cathode copper production increased by **19% to 25,425 tonnes**, but EBITDA decreased by **26% to $30.4 million**, affected by unstable power supply[4](index=4&type=chunk) - Khoemacau's copper in concentrate production increased by **121% to 22,043 tonnes**, and EBITDA rose by **167% to $89.6 million**, primarily due to extended ownership period and higher commodity prices[4](index=4&type=chunk) - Dugald River's zinc in concentrate production increased by **6% to 84,426 tonnes**, but EBITDA decreased by **18% to $66.0 million**, offset by lower lead and silver production and increased operating expenses[4](index=4&type=chunk) - Rosebery's zinc in concentrate production decreased by **22% to 23,505 tonnes**, and EBITDA decreased by **20% to $54.8 million**, affected by lower ore grades and equipment reliability challenges[7](index=7&type=chunk) - The company maintains its 2025 copper production guidance of **466,000-522,000 tonnes** and zinc production guidance of **215,000-240,000 tonnes**. C1 cost guidance for both Las Bambas and Rosebery has been lowered[7](index=7&type=chunk) - Total capital expenditure for 2025 is projected to be between **$1,100 million and $1,250 million**, primarily for expansion projects at Las Bambas, Khoemacau, and Kinsevere[7](index=7&type=chunk) [Chairman's Letter](index=4&type=section&id=%E8%91%A3%E4%BA%8B%E9%95%B7%E5%87%BD%E4%BB%B6) Chairman Xu Jiqing highlighted MMG's record-breaking profitability in H1 2025, with new highs in EBITDA and EBIT, significant net profit growth, and successful debt reduction. The company continues to invest in strategic capital programs, including the acquisition of Brazil Nickel, for long-term growth and diversification. The Chairman reaffirmed commitment to safety, sustainability, and community engagement, maintaining an optimistic outlook on future commodity markets - MMG achieved record-breaking profitability in the first half, with EBITDA and EBIT reaching new highs, and net profit after tax of **$566.3 million**, with profit attributable to equity holders of the Company at **$340 million**[8](index=8&type=chunk) - MMG's net debt decreased by **$903.3 million** from year-end 2024, and the Group's leverage ratio fell from **41% to 33%**[8](index=8&type=chunk) - The company announced in February the acquisition of Brazil Nickel from Anglo American, expected to be completed by year-end 2025, to expand its footprint in future-facing minerals[9](index=9&type=chunk) - MMG continues to build and deepen relationships with communities where it operates, advancing shared development programs and fulfilling its commitment to economic and social inclusion[9](index=9&type=chunk) - Looking ahead, the renewable energy transition, electrification, infrastructure development, and new technology investments underscore the critical role of copper, zinc, cobalt, and nickel in building a sustainable future, with the global outlook remaining optimistic[9](index=9&type=chunk) [CEO's Report](index=5&type=section&id=%E8%A1%8C%E6%94%BF%E7%B8%BD%E8%A3%81%E5%A0%B1%E5%91%8A) CEO Jing Zhao's inaugural interim report noted MMG's leapfrog operational and financial growth in H1 2025, with continuous improvement in safety performance. The company's financial position is robust, with substantial debt reduction and the first Las Bambas dividend. Copper sales and production significantly increased, while Australian zinc production remained stable. The company maintains its full-year production guidance and is committed to enhancing long-term shareholder value - MMG achieved leapfrog growth in both operations and financials in H1 2025, with encouraging improvements in safety performance[12](index=12&type=chunk) - MMG's balance sheet also reached its most robust level in a decade, benefiting from improved profitability and cash flow generation-driven debt reduction[12](index=12&type=chunk) - Copper sales and production from the company's three copper mines significantly increased, with strong performance from Las Bambas, and Khoemacau and Kinsevere in ramp-up phases[13](index=13&type=chunk) - MMG maintains its production guidance for the year, with total copper production up to **522,000 tonnes** and zinc production up to **240,000 tonnes**[13](index=13&type=chunk) - The company will continue to monitor market dynamics while focusing on enhancing its ability to create long-term value for shareholders, with a focus on safe and reliable operations, strict cost and capital management, and maintaining long-term growth momentum in the second half[14](index=14&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Consolidated Financial Performance](index=6&type=section&id=%E6%88%AA%E8%87%B3%E4%BA%8C%E9%9B%B6%E4%BA%94%E4%BA%94%E5%B9%B4%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88%E6%A5%AD%E7%B8%BE) The Group's H1 2025 revenue increased by 47% to $2,817.0 million, with net profit after tax surging 612% to $566.3 million, primarily due to higher sales volumes and commodity prices. Profit attributable to equity holders of the Company grew 1,511% to $340.0 million 2025 H1 Consolidated Statement of Profit or Loss Summary (USD millions) | Indicator | 2025 H1 | 2024 H1 | Change % | | :--- | :--- | :--- | :--- | | Revenue | 2,817.0 | 1,918.2 | 47% | | EBITDA | 1,539.9 | 779.0 | 98% | | EBIT | 1,058.8 | 311.1 | 240% | | Profit Before Income Tax | 919.3 | 143.1 | 542% | | Profit for the Period After Income Tax | 566.3 | 79.5 | 612% | | Profit Attributable to Equity Holders of the Company | 340.0 | 21.1 | 1,511% | - Profit attributable to non-controlling interests increased by **288% to $226.3 million**, primarily from Las Bambas and Khoemacau[18](index=18&type=chunk)[19](index=19&type=chunk) [Overview of Operating Results](index=7&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE%E6%A6%82%E6%B3%81) The Group's H1 2025 revenue grew 47% to $2,817.0 million, driven by increased sales volumes ($678.1 million) and higher commodity prices ($220.7 million). Revenue from copper, gold, silver, and cobalt significantly increased, while lead and molybdenum revenue declined 2025 H1 Segment Revenue and EBITDA (USD millions) | Segment | 2025 Revenue | 2024 Revenue | Revenue Change % | 2025 EBITDA | 2024 EBITDA | EBITDA Change % | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Las Bambas | 2,006.8 | 1,256.0 | 60% | 1,310.5 | 590.3 | 122% | | Kinsevere | 234.6 | 188.3 | 25% | 30.4 | 41.4 | (27%) | | Khoemacau | 199.9 | 90.2 | 122% | 89.6 | 33.5 | 167% | | Dugald River | 227.5 | 226.1 | 1% | 66.0 | 80.2 | (18%) | | Rosebery | 141.0 | 152.7 | (8%) | 54.8 | 68.3 | (20%) | | Total | 2,817.0 | 1,918.2 | 47% | 1,539.9 | 779.0 | 98% | - Increased sales volumes contributed **$678.1 million**, primarily driven by higher copper concentrate sales from Las Bambas (**$603.0 million**) and Khoemacau (**$106.9 million**)[23](index=23&type=chunk) - Higher commodity prices contributed **$220.7 million**, mainly from increased prices for copper (**$140.6 million**), gold (**$40.2 million**), silver (**$27.9 million**), and zinc (**$16.7 million**)[23](index=23&type=chunk) 2025 H1 Revenue by Commodity (USD millions) | Commodity | 2025 H1 | 2024 H1 | Change % | | :--- | :--- | :--- | :--- | | Copper | 2,208.6 | 1,373.0 | 61% | | Zinc | 233.5 | 224.2 | 4% | | Lead | 32.0 | 50.0 | (36%) | | Gold | 148.6 | 89.0 | 67% | | Silver | 139.9 | 112.2 | 25% | | Molybdenum | 46.9 | 68.5 | (32%) | | Cobalt | 7.5 | 1.3 | 477% | | Total | 2,817.0 | 1,918.2 | 47% | 2025 H1 LME Average Cash Price (USD) | Commodity | 2025 H1 | 2024 H1 | Change % | | :--- | :--- | :--- | :--- | | Copper (USD/tonne) | 9,432 | 9,097 | 4% | | Zinc (USD/tonne) | 2,739 | 2,641 | 4% | | Lead (USD/tonne) | 1,959 | 2,121 | (8%) | | Gold (USD/ounce) | 3,071 | 2,205 | 39% | | Silver (USD/ounce) | 32.77 | 26.11 | 26% | | Molybdenum (USD/tonne) | 45,444 | 45,994 | (1%) | | Cobalt (USD/tonne) | 29,019 | 27,174 | 7% | 2025 H1 Payable Metal in Products Sold | Commodity | 2025 H1 | 2024 H1 | Change % | | :--- | :--- | :--- | :--- | | Copper (tonnes) | 237,651 | 157,503 | 51% | | Zinc (tonnes) | 89,201 | 92,464 | (4%) | | Lead (tonnes) | 16,061 | 23,961 | (33%) | | Gold (ounces) | 47,968 | 39,311 | 22% | | Silver (ounces) | 4,337,251 | 4,245,706 | 2% | | Molybdenum (tonnes) | 1,207 | 1,635 | (26%) | | Cobalt (tonnes) | 482 | 92 | 424% | [Operating Expenses and Finance Costs](index=9&type=section&id=%E7%B6%93%E7%87%9F%E8%B2%BB%E7%94%A8%E8%88%87%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) The Group's total operating expenses increased 18% to $1,258.2 million in H1 2025, mainly due to higher production costs at Las Bambas, unfavorable inventory changes at Kinsevere, and a full operating period for Khoemacau. Exploration expenses rose 56%, while Khoemacau acquisition and integration costs significantly decreased. Net finance costs fell 17%, benefiting from lower debt balances and reduced interest rates - Total operating expenses increased by **$195.0 million (18%) to $1,258.2 million**, primarily due to higher operating expenses at Las Bambas (**$59.5 million**), including increased production expenses, tax provisions, and freight costs[30](index=30&type=chunk) - Kinsevere's operating expenses increased by **$61.5 million**, mainly due to unfavorable inventory changes (**$43.4 million**)[30](index=30&type=chunk) - Khoemacau's operating expenses increased by **$56.8 million**, reflecting a full six months of operations under MMG's ownership[30](index=30&type=chunk) - Exploration expenses increased by **$15.3 million (56%) to $42.5 million**, primarily due to increased drilling activities at Las Bambas[31](index=31&type=chunk) - Transaction and integration costs for the Khoemacau mine acquisition decreased by **$19.9 million**, mainly due to lower acquisition costs in 2024 and reduced integration costs in 2025[31](index=31&type=chunk) - Net other income increased by **$51.9 million (419%) to $39.5 million**, primarily attributable to favorable exchange rate impacts at Las Bambas and the release of tax-related provisions[32](index=32&type=chunk) - Depreciation and amortization expenses increased by **$13.2 million (3%) to $481.1 million**, mainly due to increased mining volumes at Las Bambas and an additional three months of depreciation and amortization for Khoemacau[32](index=32&type=chunk) - Net finance costs decreased by **$28.5 million (17%) to $139.5 million**, primarily due to lower debt balances (**$69.2 million**) and reduced interest rates (**$14.7 million**)[33](index=33&type=chunk) - Income tax expense increased by **$289.4 million**, mainly due to the growth in underlying profit before income tax[33](index=33&type=chunk) [Mine Operations Analysis](index=10&type=section&id=%E7%A4%A6%E5%B1%B1%E5%88%86%E6%9E%90) This section details the production, sales, financial performance, and outlook for MMG's key mines (Las Bambas, Kinsevere, Khoemacau, Dugald River, and Rosebery) in H1 2025. Las Bambas and Khoemacau showed strong performance with significant growth in output and profitability; Kinsevere's production increased but profitability was constrained by power supply; Dugald River's zinc output grew but profitability was affected by by-products; Rosebery saw declines in both output and profitability [Las Bambas](index=10&type=section&id=Las%20Bambas) Las Bambas' copper in concentrate production increased 67% to 210,637 tonnes in H1 2025, with revenue up 60% to $2,006.8 million and EBITDA up 122% to $1,310.5 million. Strong performance was driven by improved ore grades and high recovery rates. C1 costs significantly reduced to $1.06/lb. The 2025 copper production guidance is maintained at 360,000-400,000 tonnes, with C1 cost guidance lowered to $1.40-$1.60/lb Las Bambas 2025 H1 Production and Sales Data | Indicator | 2025 H1 | 2024 H1 | Change % | | :--- | :--- | :--- | :--- | | Ore Mined (tonnes) | 42,131,755 | 24,792,754 | 70% | | Copper in Concentrate (tonnes) | 210,637 | 126,198 | 67% | | Copper Sold (tonnes) | 190,577 | 125,668 | 52% | Las Bambas 2025 H1 Financial Performance (USD millions) | Indicator | 2025 H1 | 2024 H1 | Change % | | :--- | :--- | :--- | :--- | | Revenue | 2,006.8 | 1,256.0 | 60% | | EBITDA | 1,310.5 | 590.3 | 122% | | EBIT | 912.6 | 236.4 | 286% | | EBITDA Margin | 65% | 47% | - | - The H1 2025 C1 cost was **$1.06/lb**, a reduction from **$1.81/lb** in 2024, benefiting from increased copper production and higher by-product credits[39](index=39&type=chunk) - The 2025 Las Bambas copper production guidance is maintained between **360,000 tonnes and 400,000 tonnes**, with C1 cost guidance lowered to between **$1.40/lb and $1.60/lb**[40](index=40&type=chunk) [Kinsevere](index=12&type=section&id=Kinsevere) Kinsevere's cathode copper production increased 19% to 25,425 tonnes in H1 2025, but EBITDA decreased 27% to $30.3 million, primarily constrained by unstable national power supply. Revenue grew 25% to $234.6 million, benefiting from higher copper and cobalt sales and copper prices. C1 costs slightly increased to $3.17/lb. The 2025 cathode copper production guidance is maintained at 63,000-69,000 tonnes, with C1 costs expected near the upper end of the guidance range Kinsevere 2025 H1 Production and Sales Data | Indicator | 2025 H1 | 2024 H1 | Change % | | :--- | :--- | :--- | :--- | | Ore Mined (tonnes) | 546,536 | 1,599,920 | (66%) | | Cathode Copper (tonnes) | 25,425 | 21,278 | 19% | | Copper Sold (tonnes) | 25,270 | 21,465 | 18% | | Cobalt Sold (tonnes) | 482 | 92 | 424% | Kinsevere 2025 H1 Financial Performance (USD millions) | Indicator | 2025 H1 | 2024 H1 | Change % | | :--- | :--- | :--- | :--- | | Revenue | 234.6 | 188.3 | 25% | | EBITDA | 30.3 | 41.4 | (27%) | | EBIT | 15.2 | 6.2 | 145% | | EBITDA Margin | 13% | 22% | - | - The H1 2025 C1 cost was **$3.17/lb**, a slight increase from **$3.14/lb** in 2024, mainly due to higher cash production costs[46](index=46&type=chunk) - The 2025 cathode copper production guidance is maintained between **63,000 tonnes and 69,000 tonnes**, with output potentially closer to the lower end of the guidance range due to unstable power supply[47](index=47&type=chunk) [Khoemacau](index=14&type=section&id=Khoemacau) Khoemacau's copper in concentrate production increased 121% to 22,043 tonnes in H1 2025, with revenue up 122% to $199.9 million and EBITDA up 167% to $89.6 million. Growth was primarily due to a full six months of ownership and increased ore mining. C1 costs decreased to $2.05/lb. The 2025 copper production guidance is maintained at 43,000-53,000 tonnes, with C1 cost guidance maintained at $2.30-$2.65/lb Khoemacau 2025 H1 Production and Sales Data | Indicator | 2025 H1 | 2024 H1 | Change % | | :--- | :--- | :--- | :--- | | Ore Mined (tonnes) | 1,612,660 | 756,169 | 113% | | Copper in Concentrate (tonnes) | 22,043 | 9,982 | 121% | | Copper Sold (tonnes) | 21,244 | 9,717 | 119% | | Silver Sold (ounces) | 657,867 | 301,929 | 118% | Khoemacau 2025 H1 Financial Performance (USD millions) | Indicator | 2025 H1 | 2024 H1 | Change % | | :--- | :--- | :--- | :--- | | Revenue | 199.9 | 90.2 | 122% | | EBITDA | 89.6 | 33.5 | 167% | | EBIT | 70.6 | 23.1 | 206% | | EBITDA Margin | 45% | 37% | - | - The H1 2025 C1 cost was **$2.05/lb**, an improvement from **$2.65/lb** in H1 2024[53](index=53&type=chunk) - The 2025 copper production guidance is maintained between **43,000 tonnes and 53,000 tonnes**, with C1 cost estimated between **$2.30/lb and $2.65/lb**[54](index=54&type=chunk) [Dugald River](index=15&type=section&id=Dugald%20River) Dugald River's zinc in concentrate production increased 6% to 84,426 tonnes in H1 2025, with revenue flat year-on-year. EBITDA decreased 18% to $66.0 million, offset by lower lead and silver production and increased operating expenses. C1 costs improved to $0.65/lb. The 2025 zinc production guidance is maintained at 170,000-185,000 tonnes, with C1 costs expected at the lower end of the guidance range Dugald River 2025 H1 Production and Sales Data | Indicator | 2025 H1 | 2024 H1 | Change % | | :--- | :--- | :--- | :--- | | Ore Mined (tonnes) | 880,396 | 908,512 | (3%) | | Zinc in Concentrate (tonnes) | 84,426 | 79,284 | 6% | | Lead in Concentrate (tonnes) | 8,805 | 10,799 | (18%) | | Zinc Sold (tonnes) | 70,153 | 69,353 | 1% | | Lead Sold (tonnes) | 8,906 | 12,785 | (30%) | | Silver Sold (ounces) | 691,884 | 1,086,005 | (36%) | Dugald River 2025 H1 Financial Performance (USD millions) | Indicator | 2025 H1 | 2024 H1 | Change % | | :--- | :--- | :--- | :--- | | Revenue | 227.5 | 226.1 | 1% | | EBITDA | 66.0 | 80.2 | (18%) | | EBIT | 37.8 | 53.8 | (30%) | | EBITDA Margin | 29% | 35% | - | - The H1 2025 zinc C1 cost was **$0.65/lb**, an improvement from **$0.67/lb** in 2024, mainly due to higher zinc production, lower treatment charges, and reduced selling expenses[57](index=57&type=chunk) - The full-year 2025 zinc production guidance is maintained between **170,000 tonnes and 185,000 tonnes**, with C1 costs expected at the lower end of the previous guidance range of **$0.75/lb to $0.90/lb**[58](index=58&type=chunk) [Rosebery](index=17&type=section&id=Rosebery) Rosebery's zinc in concentrate production decreased 22% to 23,505 tonnes in H1 2025, with revenue down 8% to $141.0 million and EBITDA down 20% to $54.8 million. The decline was mainly attributed to lower ore grades and equipment reliability challenges. C1 costs slightly increased to negative $0.32/lb. The 2025 zinc production guidance is maintained at 45,000-55,000 tonnes, with C1 cost guidance lowered to negative $0.10 to positive $0.15/lb Rosebery 2025 H1 Production and Sales Data | Indicator | 2025 H1 | 2024 H1 | Change % | | :--- | :--- | :--- | :--- | | Ore Mined (tonnes) | 468,775 | 518,611 | (10%) | | Zinc in Concentrate (tonnes) | 23,505 | 30,263 | (22%) | | Lead in Concentrate (tonnes) | 8,347 | 10,970 | (24%) | | Zinc Sold (tonnes) | 19,048 | 23,111 | (18%) | | Lead Sold (tonnes) | 7,155 | 11,176 | (36%) | | Gold Sold (ounces) | 12,396 | 14,922 | (17%) | | Silver Sold (ounces) | 861,960 | 1,271,387 | (32%) | Rosebery 2025 H1 Financial Performance (USD millions) | Indicator | 2025 H1 | 2024 H1 | Change % | | :--- | :--- | :--- | :--- | | Revenue | 141.0 | 152.7 | (8%) | | EBITDA | 54.8 | 68.3 | (20%) | | EBIT | 39.8 | 30.2 | 32% | | EBITDA Margin | 39% | 45% | (13%) | - The H1 2025 zinc C1 cost was **negative $0.32/lb**, an increase from **negative $0.42/lb** in 2024, reflecting the decline in zinc production[63](index=63&type=chunk) - The 2025 zinc in concentrate production guidance is maintained between **45,000 tonnes and 55,000 tonnes**, with C1 cost guidance lowered to between **negative $0.10/lb and positive $0.15/lb**[64](index=64&type=chunk) [Cash Flow and Financial Resources](index=19&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%88%87%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group's net cash inflow from operating activities surged 130% to $1,185.0 million in H1 2025, primarily driven by increased sales volumes at Las Bambas and higher commodity prices. Net cash outflow from investing activities decreased 83%, due to the Khoemacau acquisition in 2024. Net cash outflow from financing activities increased, mainly due to net loan repayments and reduced non-controlling interest contributions 2025 H1 Net Cash Flow (USD millions) | Indicator | 2025 H1 | 2024 H1 | Change % | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,185.0 | 515.3 | 130% | | Net Cash Flow from Investing Activities | (424.2) | (2,464.9) | 83% | | Net Cash Flow from Financing Activities | (246.2) | 2,123.6 | (112%) | | Net Increase in Cash | 514.6 | 174.0 | 196% | - Net cash inflow from operating activities increased by **$669.7 million**, primarily attributable to higher sales volumes at Las Bambas (**$603.0 million**) and generally higher commodity prices (**$220.7 million**)[66](index=66&type=chunk) - Net cash outflow from investing activities decreased by **$2,040.7 million**, mainly due to the **$2,042.8 million** payment for the acquisition of the Khoemacau copper mine in 2024[67](index=67&type=chunk) - Net cash flow from financing activities decreased by **$2,369.8 million**, due to net loan repayments of **$388.8 million** in H1 2025 (compared to net loan drawdowns of **$1,889.8 million** in 2024)[67](index=67&type=chunk) Debt-to-Equity Ratio (USD millions) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Debt | 3,539.1 | 4,442.4 | | Total Equity | 7,060.9 | 6,278.5 | | Net Debt plus Total Equity | 10,600.0 | 10,720.9 | | Debt-to-Equity Ratio | 0.33 | 0.41 | - As of June 30, 2025, the Group had undrawn debt facilities of **$2,841 million**[70](index=70&type=chunk) [Strategic Development and Exploration](index=20&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85) MMG announced the acquisition of Brazil Nickel in H1 2025 to expand its commodity portfolio and global footprint. The company continues to advance expansion projects at Kinsevere and Khoemacau, aiming to extend mine life and increase capacity. Concurrently, active growth exploration activities are underway at various mines to assess and expand mineral resource potential - MMG announced on February 18, 2025, the acquisition of **100%** equity in Brazil Nickel for a total cash consideration not exceeding **$500 million**, with the transaction expected to close by year-end 2025[71](index=71&type=chunk) - The Kinsevere Expansion Project (KEP) continues its capacity ramp-up, with copper recovery from the sulphide concentrator exceeding **75%** and roasting conversion rate at the roaster reaching **88%**. To mitigate unstable power supply, an additional **12MW** of diesel generator capacity is being procured[74](index=74&type=chunk) - The Khoemacau Expansion Project plans to construct a new concentrator with an annual processing capacity of **4.5 million tonnes**, aiming to expand mine capacity to **130,000 tonnes** of copper in concentrate per year, with first concentrate production expected in 2028[75](index=75&type=chunk) - In H1 2025, the Group achieved **479 contracts** through market interactions and internal renegotiations, involving an annual operating or capital value totaling **$607.8 million**[78](index=78&type=chunk) - As of June 30, 2025, the Group employed **5,220 full-time employees** across its operating businesses, with total employee benefits expenses of **$271.5 million**, mainly due to increased MLB profit sharing expenses[87](index=87&type=chunk) - Las Bambas' exploration drilling focused on near-surface skarn and porphyry copper mineralization, assessing mineral potential in the intermediate area between the Chalcobamba and Sulfobamba pits[88](index=88&type=chunk) - Deep drilling in Zone 5 at Khoemacau confirmed the continuity of mineralization at a depth of **1,800 meters**[91](index=91&type=chunk) - Underground drilling at Dugald River discovered new extensions below previously undrilled zinc-lead-silver veins, extending the known depth of sulphide mineralization[92](index=92&type=chunk) 2025 H1 Growth Drilling Data Summary | Project | Drill Hole Category | Metres Drilled (m) | Number of Holes | Average Metres Drilled (m) | | :--- | :--- | :--- | :--- | :--- | | Las Bambas | Diamond | 26,126 | 65 | 402 | | Kinsevere | Diamond | 2,875 | 11 | 261 | | Khoemacau | Diamond | 471 | 2 | 236 | | Dugald River | Diamond | 10,356 | 13 | 797 | | Rosebery | Diamond | 36,161 | 158 | 229 | | Total | | 77,949 | 249 | 313 | [Risk Management and Future Outlook](index=24&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E8%88%87%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) [Financial and Other Risk Management](index=24&type=section&id=%E8%B2%A1%E5%8B%99%E5%8F%8A%E5%85%B6%E4%BB%96%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) MMG faces multiple risks including commodity prices, interest rates, liquidity, and country and community factors. The company manages price risk through commodity hedging and regularly monitors interest rate risk. Liquidity is ample, but political, economic, and community instability risks exist in some countries. Favorable rulings were obtained for tax contingent liabilities (withholding tax and income tax) in Peru, but SUNAT has appealed, leaving the final outcome uncertain - As of June 30, 2025, the Group entered into various commodity transactions to hedge copper and zinc prices, including **93,100 tonnes of copper** at fixed prices ranging from **$9,000/tonne to $10,093/tonne**[99](index=99&type=chunk)[103](index=103&type=chunk) Impact of 10% Commodity Price Change on Profit After Tax and Other Comprehensive Income (USD millions) | Commodity | Price Change | Increase/(Decrease) in Profit | Decrease/(Increase) in Other Comprehensive Income | | :--- | :--- | :--- | :--- | | Copper | +10% | 3.0 | (57.7) | | Zinc | +10% | 2.6 | - | | Total | | 5.6 | (57.7) | | Copper | -10% | (3.0) | 57.7 | | Zinc | -10% | (2.6) | - | | Total | | (5.6) | 57.7 | Impact of 100 Basis Point Interest Rate Change on Profit After Tax (USD millions) | Indicator | +100 Basis Points | -100 Basis Points | | :--- | :--- | :--- | | Cash and Cash Equivalents | 1.9 | (1.9) | | Floating Rate Loans | (18.8) | 18.8 | | Total | (16.9) | 16.9 | - The Group has sufficient debt facilities to manage liquidity, and as of June 30, 2025, there were no breaches of any loan covenants[107](index=107&type=chunk) - The Group faces country and community risks such as changes in political regimes or policies, currency exchange rate fluctuations, changes in licensing regimes, changes in political conditions and government regulations, and community unrest[109](index=109&type=chunk) - Peru's National Tax Superintendence (SUNAT) disputed withholding tax and income tax assessments for Las Bambas, but MLB obtained favorable rulings from the Peruvian Tax Court, revoking **$557.0 million** in withholding tax appeal assessments and **$2,016 million** in income tax, interest, and penalties uncertainties[115](index=115&type=chunk)[117](index=117&type=chunk) - SUNAT has filed judicial appeals against the Tax Court's rulings, and a final decision may take several years[115](index=115&type=chunk)[118](index=118&type=chunk) [Future Outlook](index=29&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) MMG is committed to long-term, disciplined growth, targeting production of metals crucial for a low-carbon future. Through prudent cost and risk management, operational excellence, and a strategic asset portfolio in South America, Africa, and Australia, the company continuously enhances operational value and seeks diversification opportunities. The company maintains its 2025 production guidance for key mines and plans to extend mine life and increase capacity through expansion and exploration - MMG is committed to long-term, disciplined growth and ambitious metal production targets for metals critical to achieving a low-carbon future[120](index=120&type=chunk) - MMG's asset portfolio in South America, Africa, and Australia strategically positions it in many rapidly growing economic regions[120](index=120&type=chunk) - 2025 key mine production guidance: Las Bambas copper **360,000-400,000 tonnes**; Kinsevere cathode copper **63,000-69,000 tonnes**; Khoemacau copper **43,000-53,000 tonnes**; Dugald River zinc **170,000-185,000 tonnes**; Rosebery zinc **45,000-55,000 tonnes**[121](index=121&type=chunk) - Las Bambas plans to produce **350,000-400,000 tonnes** of copper in concentrate annually in the medium term and continues to implement exploration programs within its existing mining concessions[122](index=122&type=chunk) - The Kinsevere Expansion Project is expected to extend the mine life to 2035, with an annual production of approximately **80,000 tonnes** of cathode copper at full capacity[123](index=123&type=chunk) - Khoemacau plans to increase annual copper in concentrate production to **130,000 tonnes by 2028**, involving the construction of a new concentrator, increased output from Zone 5, and development of expansion deposits[126](index=126&type=chunk) - Dugald River aims to achieve an annual mining target of **2,000,000 tonnes of ore** to produce approximately **200,000 tonnes of zinc equivalent** per year, and is studying the construction of a wind farm to reduce its carbon footprint[127](index=127&type=chunk) - Rosebery is focused on prioritizing increased zinc equivalent production, updating resource models, and advancing sustainable tailings storage solutions to extend mine operational life and optimize long-term value[128](index=128&type=chunk) [Condensed Consolidated Interim Financial Statements](index=34&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Interim Statement of Profit or Loss](index=34&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E4%B8%AD%E6%9C%9F%E6%90%8D%E7%9B%8A%E8%A1%A8) The Group's H1 2025 revenue was $2,817.0 million, a 47% increase year-on-year. EBITDA reached $1,539.9 million, and EBIT was $1,058.8 million. Profit for the period was $566.3 million, with $340.0 million attributable to equity holders of the Company, and basic earnings per share of 2.80 US cents 2025 H1 Condensed Consolidated Interim Statement of Profit or Loss Summary (USD millions) | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Revenue | 2,817.0 | 1,918.2 | | EBITDA | 1,539.9 | 779.0 | | EBIT | 1,058.8 | 311.1 | | Profit Before Income Tax | 919.3 | 143.1 | | Profit for the Period | 566.3 | 79.5 | | Profit Attributable to Equity Holders of the Company | 340.0 | 21.1 | | Basic Earnings Per Share | 2.80 US cents | 0.23 US cents | [Condensed Consolidated Interim Statement of Comprehensive Income](index=35&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E4%B8%AD%E6%9C%9F%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's profit for H1 2025 was $566.3 million. Other comprehensive loss was $16.4 million, mainly from changes in cash flow hedges. Total comprehensive income for the period was $549.9 million, with $329.5 million attributable to equity holders of the Company 2025 H1 Condensed Consolidated Interim Statement of Comprehensive Income Summary (USD millions) | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit for the Period | 566.3 | 79.5 | | Other Comprehensive (Loss)/Income | (16.4) | (27.4) | | Total Comprehensive Income for the Period | 549.9 | 52.1 | | Total Comprehensive Income Attributable to Equity Holders of the Company | 329.5 | 5.4 | [Condensed Consolidated Interim Statement of Financial Position](index=36&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets were $15,486.3 million, total liabilities $8,425.4 million, and total equity $7,060.9 million. Total equity increased by $782.4 million from year-end 2024, primarily due to profit for the period and increased non-controlling interests. Net current assets turned positive, indicating improved liquidity 2025 June 30 Condensed Consolidated Interim Statement of Financial Position Summary (USD millions) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 15,486.3 | 14,985.9 | | Total Liabilities | 8,425.4 | 8,707.4 | | Total Equity | 7,060.9 | 6,278.5 | | Net Current Assets/(Liabilities) | 651.3 | (467.1) | - Property, plant and equipment within non-current assets amounted to **$11,674.1 million**, and intangible assets were **$1,043.9 million**[145](index=145&type=chunk) - Cash and cash equivalents within current assets significantly increased to **$707.3 million** from **$192.7 million** at year-end 2024[145](index=145&type=chunk) - Loans within non-current liabilities were **$3,999.6 million**, and loans within current liabilities were **$241.8 million**[146](index=146&type=chunk) [Condensed Consolidated Interim Statement of Cash Flows](index=40&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E4%B8%AD%E6%9C%9F%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The Group's net cash inflow from operating activities was $1,185.0 million in H1 2025, a 130% increase year-on-year. Net cash outflow from investing activities was $424.2 million, a significant reduction from the prior year. Net cash outflow from financing activities was $246.2 million, mainly due to loan repayments and reduced non-controlling interest contributions. Net increase in cash and cash equivalents was $514.6 million 2025 H1 Condensed Consolidated Interim Statement of Cash Flows Summary (USD millions) | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 1,185.0 | 515.3 | | Net Cash Used in Investing Activities | (424.2) | (2,464.9) | | Net Cash (Used in)/from Financing Activities | (246.2) | 2,123.6 | | Net Increase in Cash and Cash Equivalents | 514.6 | 174.0 | | Cash and Cash Equivalents at June 30 | 707.3 | 621.0 | - Cash received from customers was **$3,137.3 million**, and cash paid to suppliers and employees was **$1,610.9 million**[152](index=152&type=chunk) - Expenditure on purchase of property, plant and equipment was **$424.3 million**[152](index=152&type=chunk) - Proceeds from external loans were **$1,150.0 million**, and repayment of external loans was **$1,517.7 million**[152](index=152&type=chunk) [Condensed Consolidated Interim Statement of Changes in Equity](index=38&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E4%B8%AD%E6%9C%9F%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) As of June 30, 2025, total equity attributable to equity holders of the Company was $3,747.2 million, and non-controlling interests were $3,313.7 million. Profit for the period and subscription of shares by non-controlling interests were key drivers of the equity increase. Cash flow hedge reserve decreased due to hedging losses 2025 H1 Equity Changes Summary (USD millions) | Indicator | January 1, 2025 | Profit for the Period | Other Comprehensive Loss | Total Comprehensive Income | Total Transactions with Owners | June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Attributable to Equity Holders of the Company | 3,419.0 | 340.0 | (10.5) | 329.5 | (1.3) | 3,747.2 | | Non-Controlling Interests | 2,859.5 | 226.3 | (5.9) | 220.4 | 233.8 | 3,313.7 | | Total Equity | 6,278.5 | 566.3 | (16.4) | 549.9 | 232.5 | 7,060.9 | - Proceeds from subscription of shares by non-controlling interests in subsidiaries amounted to **$337.5 million**, and dividends paid to non-controlling interests were **$103.7 million**[147](index=147&type=chunk) - Cash flow hedge reserve decreased by **$10.5 million** due to other comprehensive loss during the period[147](index=147&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=41&type=section&id=%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [General Information and Independent Review](index=41&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99%E5%8F%8A%E7%8D%A8%E7%AB%8B%E5%AF%A9%E9%96%B1) MMG Limited, an investment holding company incorporated in Hong Kong, engages in exploration, development, and mining of copper, zinc, gold, silver, molybdenum, lead, and cobalt deposits globally. These condensed consolidated interim financial statements are presented in USD, approved for issue by the Board, and reviewed by the Audit Committee and external auditors - The Company and its subsidiaries (the "Group") are engaged in the exploration, development, and mining of copper, zinc, gold, silver, molybdenum, lead, and cobalt deposits worldwide[155](index=155&type=chunk) - The condensed consolidated interim financial statements for the six months ended June 30, 2025, are unaudited but have been reviewed by the Company's Audit Committee and external auditors[155](index=155&type=chunk) [Basis of Preparation and Accounting Policies](index=41&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E8%88%87%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) These condensed consolidated interim financial statements are prepared on a going concern basis in accordance with the HKEX Listing Rules and HKAS 34 Interim Financial Reporting issued by the HKICPA. HKAS 21 (Amendment) "Lack of Exchangeability" was first applied this period, with no significant impact on financial position or performance - These condensed consolidated interim financial statements have been prepared on a going concern basis, assuming the continuity of ordinary business activities and the realization of assets and settlement of liabilities in the normal course of business[157](index=157&type=chunk) - HKAS 21 (Amendment) "Lack of Exchangeability" was first applied in this interim period, with no significant impact on the Group's financial position and performance for the current and prior periods[160](index=160&type=chunk) [Segment Information](index=42&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's reportable segments include Las Bambas, Kinsevere, Khoemacau, Dugald River, Rosebery, and "Other." The Executive Committee as the chief operating decision-maker regularly reviews internal reports for each segment to assess performance and allocate resources. Segment results are measured by EBIT, and segment assets and liabilities exclude income tax-related items - The Group's reportable segments include Las Bambas, Kinsevere, Khoemacau, Dugald River, and Rosebery, as well as the "Other" category[163](index=163&type=chunk)[165](index=165&type=chunk) - Segment results are measured by the EBIT earned by each segment, which is the indicator reported to the chief operating decision-maker for resource allocation and performance assessment[166](index=166&type=chunk) 2025 H1 Segment Revenue and EBIT (USD millions) | Segment | Revenue | EBITDA | EBIT | | :--- | :--- | :--- | :--- | | Las Bambas | 2,006.8 | 1,310.5 | 912.6 | | Kinsevere | 234.6 | 30.4 | 15.2 | | Khoemacau | 199.9 | 89.6 | 70.6 | | Dugald River | 227.5 | 66.0 | 37.8 | | Rosebery | 141.0 | 54.8 | 39.8 | | Other Unallocated Items/Eliminations | 7.2 | (11.4) | (17.2) | | Group Total | 2,817.0 | 1,539.9 | 1,058.8 | 2025 June 30 Segment Assets and Liabilities (USD millions) | Segment | Segment Assets | Segment Liabilities | Segment Non-Current Assets | | :--- | :--- | :--- | :--- | | Las Bambas | 9,325.2 | 2,314.5 | 8,097.9 | | Kinsevere | 1,195.0 | 381.2 | 995.0 | | Khoemacau | 3,306.3 | 935.4 | 3,131.3 | | Dugald River | 710.6 | 98.4 | 654.9 | | Rosebery | 248.1 | 169.0 | 205.5 | | Other Unallocated Items/Eliminations | 371.0 | 2,718.7 | 351.9 | | Group Total | 15,156.2 | 6,617.2 | 13,436.5 | [Expenses](index=46&type=section&id=%E8%B2%BB%E7%94%A8) The Group's total expenses for H1 2025 were $1,776.5 million, an increase from 2024. Key expenses include cost of sales, employee benefits, contracting and consulting fees, energy costs, and consumables. Total depreciation and amortization expenses amounted to $481.1 million 2025 H1 Major Expenses (USD millions) | Expense Category | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Changes in Inventories of Finished Goods and Work in Progress | (142.4) | (39.3) | | Employee Benefits Expenses | 247.5 | 152.7 | | Contracting and Consulting Fees | 386.7 | 309.0 | | Energy Costs | 178.5 | 166.7 | | Spares and Consumables Costs | 299.0 | 297.5 | | Depreciation and Amortisation Expenses | 471.9 | 458.5 | | Cost of Sales | 1,508.5 | 1,380.4 | | Operating Expenses (including depreciation and amortisation) | 1,730.1 | 1,521.7 | | Exploration Expenses | 42.5 | 27.2 | | Administrative Expenses | 15.6 | 16.2 | | Transaction and Integration Costs for Khoemacau Acquisition | 0.3 | 20.2 | | Total Expenses | 1,776.5 | 1,609.5 | - Total employee benefits expenses were **$271.5 million** (2024: **$190.4 million**), of which **$24.0 million** was included in administrative expenses, exploration expenses, and other expense categories[176](index=176&type=chunk) - Total depreciation and amortization expenses were **$481.1 million** (2024: **$467.9 million**), of which **$9.2 million** was included in exploration expenses and other expense categories[176](index=176&type=chunk) [Finance Income and Finance Costs](index=47&type=section&id=%E8%B2%A1%E5%8B%99%E6%94%B6%E5%85%A5%E5%92%8C%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) The Group's finance income for H1 2025 was $6.9 million, primarily from interest income. Total finance costs were $146.4 million, a decrease from 2024, mainly due to reduced interest expenses from third parties and related parties 2025 H1 Finance Income and Costs (USD millions) | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Total Finance Income | 6.9 | 13.6 | | Interest Expense – Third Parties | (59.8) | (129.5) | | Interest Expense – Related Parties | (55.9) | (70.0) | | Total Finance Costs | (146.4) | (181.6) | - Other finance costs – related parties include **$3.3 million** (2024: **$2.2 million**) in guarantee fees paid to China Minmetals and Minmetals Non-ferrous for guarantees provided to secure external bank revolving credit facilities[176](index=176&type=chunk) [Income Tax Expense](index=48&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E6%94%AF%E5%87%BA) The Group's income tax expense for H1 2025 was $353.0 million, a significant increase from 2024, primarily due to higher profit before income tax. The Group recognized a current income tax expense of $0.2 million under Pillar Two rules, as its Singapore operations did not meet the transitional CbCR safe harbor provisions 2025 H1 Income Tax Expense (USD millions) | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Current Income Tax Expense | 379.6 | 55.0 | | Deferred Income Tax (Credit)/Expense | (26.6) | 8.6 | | Income Tax Expense | 353.0 | 63.6 | - The Group recognized a current income tax expense of **$0.2 million** for the six months ended June 30, 2025 (2024: nil) under Pillar Two rules, which is expected to be levied on its subsidiary in Singapore[179](index=179&type=chunk) [Earnings Per Share](index=49&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) The Group's basic and diluted earnings per share for H1 2025 were both 2.80 US cents, a significant increase from the prior year. Earnings per share are calculated by dividing profit attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the reporting period 2025 H1 Earnings Per Share Data | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company for Basic and Diluted EPS Calculation (USD millions) | 340.0 | 21.1 | | Weighted Average Number of Ordinary Shares for Basic EPS Calculation (thousands) | 12,130,849 | 9,198,779 | | Weighted Average Number of Ordinary Shares for Diluted EPS Calculation (thousands) | 12,150,116 | 9,279,150 | | Basic Earnings Per Share | 2.80 US cents | 0.23 US cents | | Diluted Earnings Per Share | 2.80 US cents | 0.23 US cents | [Dividends](index=49&type=section&id=%E8%82%A1%E6%81%AF) The Board does not recommend the payment of any dividend to ordinary shareholders for the six months ended June 30, 2025 - The Directors do not recommend the payment of any dividend to ordinary shareholders for the six months ended June 30, 2025 (2024: nil)[183](index=183&type=chunk) [Property, Plant and Equipment](index=50&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) As of June 30, 2025, the Group's net book value of property, plant and equipment was $11,674.1 million. Additions during the period amounted to $420.6 million, and depreciation and amortization was $468.1 million. No indications of impairment or impairment reversals were identified this period 2025 H1 Property, Plant and Equipment Net Book Value Changes (USD millions) | Indicator | Amount | | :--- | :--- | | Net Book Value at January 1, 2025 | 11,722.6 | | Additions | 420.6 | | Depreciation and Amortisation | (468.1) | | Disposals | (1.0) | | Net Book Value at June 30, 2025 | 11,674.1 | - The Group's management believes that no indications of impairment or impairment reversals were identified within any of the Group's cash-generating units during the reporting period[185](index=185&type=chunk) [Intangible Assets](index=50&type=section&id=%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) As of June 30, 2025, the Group's net book value of intangible assets was $1,043.9 million, with depreciation and amortization of $0.3 million during the period 2025 H1 Intangible Assets Net Book Value Changes (USD millions) | Indicator | Amount | | :--- | :--- | | Net Book Value at January 1, 2025 | 1,044.2 | | Additions | - | | Depreciation and Amortisation | (0.3) | | Net Book Value at June 30, 2025 | 1,043.9 | [Principal Subsidiaries with Material Non-Controlling Interests](index=50&type=section&id=%E6%93%81%E6%9C%89%E9%87%8D%E5%A4%A7%E9%9D%9E%E6%8E%A7%E5%88%B6%E6%80%A7%E6%AC%8A%E7%9B%8A%E7%9A%84%E4%B8%BB%E8%A6%81%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8) As of June 30, 2025, the Group's total non-controlling interests were $3,313.7 million, primarily from the Las Bambas joint venture and Khoemacau joint venture. The Las Bambas joint venture paid dividends of $103.7 million to non-controlling shareholders, and the Khoemacau joint venture issued shares worth $337.5 million to Comor 2025 June 30 Non-Controlling Interests Composition (USD millions) | Company | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Las Bambas Joint Venture | 2,483.3 | 2,372.0 | | Khoemacau Joint Venture | 830.4 | 487.5 | | Total | 3,313.7 | 2,859.5 | - For the six months ended June 30, 2025, the Las Bambas joint venture paid dividends of **$103.7 million** to its non-controlling shareholders[187](index=187&type=chunk) - For the six months ended June 30, 2025, the Khoemacau joint venture issued **2,607,682,500 shares**, representing **45%** of the total issued shares, to Comor for an amount of **$337.5 million**[188](index=188&type=chunk) 2025 H1 Las Bambas and Khoemacau Joint Venture Consolidated Income Summary (USD millions) | Company | Revenue | Profit/(Loss) for the Period | Total Comprehensive Income | | :--- | :--- | :--- | :--- | | Las Bambas Joint Venture | 2,006.8 | 586.6 | 573.2 | | Khoemacau Joint Venture | 199.9 | 14.0 | 12.1 | [Trade and Other Receivables](index=52&type=section&id=%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE) As of June 30, 2025, the Group's trade receivables were $414.2 million, with most amounts due within six months from the invoice date. Amounts due from related companies were $187.2 million. Non-current other receivables were $104.0 million, including amounts due from Glencore and SUNAT - As of June 30, 2025, the Group's trade receivables included in "Trade and Other Receivables" primarily relate to mining operations, with a balance of **$414.2 million** (December 31, 2024: **$443.7 million**)[191](index=191&type=chunk) - The Group's trade receivables, other receivables, and prepayments include amounts due from related companies of **$187.2 million** (December 31, 2024: **$242.2 million**)[191](index=191&type=chunk) - The Group's non-current other receivables amounted to **$104.0 million** (December 31, 2024: **$125.5 million**), including amounts due from Glencore for the MLB acquisition project and amounts due from SUNAT for VAT audits in 2011 and 2012[192](index=192&type=chunk) [Share Capital](index=53&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the Company's issued and fully paid ordinary shares totaled 12,140,531 thousand shares, with share capital of $4,384.2 million. New shares were issued during the period due to vesting of employee performance awards, and a rights issue completed in 2024, issuing 3,465,433 thousand new shares, with proceeds used for loan repayment 2025 June 30 Share Capital Changes (thousands of shares/USD millions) | Indicator | Number of Ordinary Shares (thousands) | Share Capital (USD millions) | | :--- | :--- | :--- | | At January 1, 2024 | 8,656,047 | 3,224.6 | | Employee Performance Awards Exercised and Vested | 7,534 | 2.8 | | Rights Issue | 3,465,433 | 1,152.4 | | At December 31, 2024 | 12,129,014 | 4,379.8 | | Employee Performance Awards Exercised and Vested | 11,517 | 4.4 | | At June 30, 2025 | 12,140,531 | 4,384.2 | - On July 15, 2024, the Company completed a rights issue, issuing **3,465,432,486 new shares**, with proceeds of **$1,152.4 million** (net of transaction costs) used for loan repayment[193](index=193&type=chunk) [Reserves and Retained Earnings](index=54&type=section&id=%E5%84%B2%E5%82%99%E5%8F%8A%E7%95%99%E5%AD%98%E6%94%B6%E7%9B%8A) As of June 30, 2025, total reserves attributable to equity holders of the Company were negative $1,859.9 million, and retained earnings were $1,222.9 million. Profit for the period increased retained earnings, while cash flow hedge reserve decreased due to hedging losses 2025 June 30 Reserves and Retained Earnings Changes (USD millions) | Indicator | January 1, 2025 | Profit for the Period | Other Comprehensive Loss | Appropriation to Surplus Reserve | Employee Long-Term Incentives | Employee Performance Awards Exercised and Vested | June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Reserves | (1,871.9) | - | (10.5) | 28.2 | (1.3) | (4.4) | (1,859.9) | | Retained Earnings | 911.1 | 340.0 | - | (28.2) | - | - | 1,222.9 | | Total | (960.8) | 340.0 | (10.5) | - | (1.3) | (4.4) | (637.0) | - The cash flow hedge reserve records the gain or loss portion of hedging instruments, including commodity hedges and interest rate swaps attributable to equity holders of the Company, retained in other comprehensive income[196](index=196&type=chunk) [Loans](index=56&type=section&id=%E8%B2%B8%E6%AC%BE) As of June 30, 2025, the Group's total loans amounted to $4,246.4 million, comprising $3,999.6 million in non-current loans and $241.8 million in current loans. Loans primarily include related party loans and bank loans, with an effective annual interest rate of 5.2% 2025 June 30 Loan Composition (USD millions) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-Current Loans - Related Parties | 2,519.0 | 1,705.0 | | Non-Current Bank Loans (Net) | 1,480.6 | 2,035.1 | | Current Loans - Related Parties | 26.3 | 861.3 | | Current Bank Loans (Net) | 215.5 | 27.4 | | Total Loans (excluding prepayments) | 4,246.4 | 4,635.1 | - For the six months ended June 30, 2025, the effective annual interest rate on loans was **5.2%** (2024: **5.2%**)[198](index=198&type=chunk) [Trade and Other Payables](index=56&type=section&id=%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE) As of June 30, 2025, the Group's trade payables balance was $393.6 million, with most amounts aged less than six months - As of June 30, 2025, the trade payables balance included in "Trade and Other Payables" was **$393.6 million** (December 31, 2024: **$387.2 million**), of which **$365.0 million** (December 31, 2024: **$384.3 million**) was aged less than six months[199](index=199&type=chunk) [Deferred Income](index=57&type=section&id=%E9%81%9E%E5%BB%B6%E6%94%B6%E5%85%A5) As of June 30, 2025, the Group's total deferred income was $349.6 million, with a current portion of $20.7 million and a non-current portion of $328.9 million. Deferred income of $11.2 million was recognized during the period, and interest on discounting amounted to $13.7 million 2025 June 30 Deferred Income Changes (USD millions) | Indicator | Amount | | :--- | :--- | | January 1, 2025 | 347.1 | | Deferred Income Recognized During the Period | (11.2) | | Interest on Discounting | 13.7 | | June 30, 2025 | 349.6 | | Current | 20.7 | | Non-Current | 328.9 | [Significant Related Party Transactions](index=57&type=section&id=%E9%87%8D%E5%A4%A7%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) The Company's ultimate controlling entity is China Minmetals Corporation Limited. The Group engaged in several significant related party transactions with China Minmetals and its group companies, including sales of non-ferrous metals, commodity derivative transactions, purchases of consumables and services, and interest expenses. Related party loan agreements were revised, with the lender replaced by Minmetals Hong Kong, repayment periods extended, and interest rates adjusted - The Company's **67.4%** shares are held by Minmetals Non-ferrous through its subsidiary China Minmetals H.K. (Holdings) Limited, with the ultimate controlling entity being China Minmetals Corporation Limited[201](index=201&type=chunk) 2025 H1 Transactions with China Minmetals and its Group Companies Summary (USD millions) | Transaction Category | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Sales of Non-Ferrous Metals | 1,303.3 | 777.2 | | Loss on Commodity Derivative Instruments | (15.3) | (23.2) | | Purchases of Consumables and Services | (3.5) | (14.6) | | Interest Expense | (55.9) | (70.0) | | Other Finance Costs | (3.8) | (3.0) | 2025 June 30 Significant Related Party Balances (USD millions) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Amounts Payable to Related Parties | 2,637.0 | 2,609.3 | | Total Amounts Receivable from Related Parties | 187.2 | 242.2 | | Derivative Financial Liabilities – Transactions with Related Parties | 22.4 | - | - The loan agreement between MMG SA and Top Create was revised, extending the repayment period by **three years to July 2028** from July 2025, and changing the interest rate from a fixed **4.5%** to "Term Secured Overnight Financing Rate (SOFR) plus an annual margin of **0.4%**"[206](index=206&type=chunk) - The lender for all loan tranches has been replaced from Top Create to Minmetals Hong Kong, with the Group's obligations remaining unchanged[208](index=208&type=chunk) [Capital Commitments](index=59&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the Group's capital expenditure commitments contracted but not yet recognized as liabilities totaled $515.3 million, primarily for property, plant and equipment 2025 June 30 Capital Expenditure Commitments (USD millions) | Category | Within One Year | More Than One Year but Not Exceeding Five Years | Total | | :--- | :--- | :--- | :--- | | Property, Plant and Equipment | 499.1 | 15.2 | 514.3 | | Intangible Assets | 1.0 | - | 1.0 | | Total | 500.1 | 15.2 | 515.3 | [Other Information](index=31&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) [Corporate Governance](index=31&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company is committed to maintaining high standards of corporate governance practices, having complied with all code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules. The Board adopted a dividend policy and Board Charter. All Directors confirmed compliance with the Model Code for Securities Transactions - The Company has complied with all code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules for the six months ended June 30, 2025[130](index=130&type=chunk) - The Board resolved to adopt a dividend policy on April 1, 2025, aiming to provide long-term value to shareholders through a combination of value-accretive growth and dividend returns[131](index=131&type=chunk) - The Audit and Risk Management Committee comprises **six members**, including **four independent non-executive directors** and **two non-executive directors**, primarily responsible for financial reporting, risk management, and internal controls[133](index=133&type=chunk)[135](index=135&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&type=section&id=%E8%B3%BC%E5%9B%9E%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities (including sales of treasury shares)[136](index=136&type=chunk) [Publication of Interim Results and Interim Report](index=32&type=section&id=%E5%85%AC%E4%BD%88%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This interim results announcement is available on the Company's website, and the 2025 interim report will be dispatched to shareholders and published on the HKEX and Company websites in due course - This interim results announcement is also available on the Company's website (www.mmg.com). The Company's 2025 interim report will be dispatched to shareholders in due course and published on the websites of Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk) and the Company, respectively[137](index=137&type=chunk) [Independent Review](index=32&type=section&id=%E7%8D%A8%E7%AB%8B%E5%AF%A9%E9%96%B1) The interim financial information for the six months ended June 30, 2025, is unaudited but has been reviewed by the Company's independent auditor, Deloitte Touche Tohmatsu, in accordance with HKSRS 2410, and by the Company's Audit and Risk Management Committee - The interim financial information for the six months ended June 30, 2025, is unaudited but has been reviewed by the Company's independent auditor, Deloitte Touche Tohmatsu, in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants[138](index=138&type=chunk) [Group Financial Information](index=33&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) The financial information for the six months ended June 30, 2025 and 2024, presented in the 2025 interim results announcement, is derived from the statutory condensed consolidated interim financial statements but does not constitute part of them. The Company has filed its consolidated financial statements for the year ended December 31, 2024, with the Registrar of Companies, and the auditor's report was unqualified - The financial information for the six months ended June 30, 2025 and 2024, contained in the 2025 interim results announcement, does not constitute part of the Company's statutory condensed consolidated interim financial statements but is derived from them[139](index=139&type=chunk) - The Company has filed its consolidated financial statements for the year ended December 31, 2024, with the Registrar of Companies in accordance with section 662(3) and Part 3 of Schedule 6 to the Companies Ordinance[139](index=139&type=chunk) - The Company's auditor has issued a report on these condensed consolidated interim financial statements. The auditor's report contained no modified opinion[139](index=139&type=chunk) [Glossary](index=60&type=section&id=%E8%A9%9E%E5%BD%99) This section provides definitions for key terms and abbreviations used in the report to ensure consistent understanding of the content by readers [Company Information](index=62&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides MMG Limited's Melbourne and Hong Kong office addresses, correspondence address, company website, share registrar information, and contact details for investor and media inquiries. It also lists the Executive Committee members - MMG Limited's Melbourne office is located at Level 24, 28 Freshwater Place, Southbank, Victoria 3006, Australia[214](index=214&type=chunk) - The Hong Kong office is located at Room 1208, 12/F, China Minmetals Tower, 79 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong[214](index=214&type=chunk) - Executive Committee members include Jing ZHAO (CEO and Executive Director), Song QIAN (CFO), Troy HEY (Executive General Manager – Corporate Relations), Nan WANG (Executive General Manager – Operations), and Xiangjun GUAN (Acting Executive General Manager – Commercial and Development)[214](index=214&type=chunk) [Important Dates](index=62&type=section&id=%E9%87%8D%E8%A6%81%E6%97%A5%E6%9C%9F) This section lists the important release dates for MMG's 2025 interim report and third-quarter production report - MMG's 2025 Interim Report will be released on **September 18, 2025**[215](index=215&type=chunk) - MMG's Third Quarter Production Report is expected to be released on **October 22, 2025**[215](index=215&type=chunk)

2025开年以来港股市场表现活跃，主要指数涨势喜人。公募机构对港股的关注度显著提升，不仅主 动权益类基金、QDII基金积极布局港股，一些"固收+"基金也大举配置港股，向港股市场要收益。数据 显示，多只"固收+"基金对港股的持仓接近了合同规定的港股投资比例上限，得益于"纯债资产打底""港 股红利防御"和"科技龙头增厚"的三重配置优势，这些"固收+"基金近期普遍取得了不错的业绩。 "固收+"产品含"港"量提升 2025开年以来，港股市场表现亮眼。Wind数据显示，截至3月20日，恒生指数和恒生科技指数年内 涨幅分别超过20%和30%。 港股市场的潜在上行空间吸引了主动权益类基金和QDII基金的关注，截至去年底，在港交所挂牌 的腾讯控股成为公募基金第二大重仓股，小米集团、中芯国际等港股标的也成为公募基金增持较多的品 种；QDII基金也日益展现出配置重点转向港股的趋势。 "固收+"基金同样也在投资范围内积极配置港股。数据显示，截至去年底，全市场二级债基合计持 有的港股市值达到54.2亿元。从基金管理人来看，二级债基港股持仓市值最高的是广发基金，旗下相关 产品合计持有港股市值达7.89亿元。 从单只基金来看，7只二级债 ...

最近几年因为发生了以电动车、光伏、储能为代表的新能源革命，以及大模型驱动的AI革命，使得全 球电力需求持续增长，电气化相关的大宗产品量价齐飞，其中就包括铜。今天就让我们走进中国五矿资 源旗下，位于秘鲁安第斯山脉的巨大铜矿——Las Bambas。 ...

智通财经获悉，铜业股多数上涨，截至发稿，五矿资源(01208)涨2.61%，报3.93港元；洛阳钼业(03993) 涨1.53%，报9.31港元；江西铜业股份(00358)涨0.82%，报16.02港元；紫金矿业(02899)涨0.74%，报 21.82港元。 消息面上，8月4日，据新华社报道，智利总统博里奇近日表示，该国中部奥伊金斯大区数日前发生的矿 难共造成6人死亡，其中5名被困矿工全部遇难。据媒体报道，Codelco已启动事故原因调查，地下作业 全面停止。目前尚不清楚停产将持续多长时间，以及是否会影响公司的产量目标。该矿占Codelco总产 量逾四分之一，去年产铜35.6万吨。铜矿停产消息提振了本已紧张的铜市情绪。 此前，7月30日，美国总统特朗普签署了一项公告，以应对铜进口对美国国家安全的影响，包括对几类 铜进口产品征收关税。华西证券指出，由于此次关税未对铜原料进行限制，COMEX铜溢价消失，叠加 今年美国铜进口量已经超过去年全年，且74.3%进口量为不受关税影响的铜原料。预计贸易商未来将不 再持续往美国运输铜，铜将流向除美国外消费地区，例如欧洲和亚洲市场。预计LME铜与SHFE铜将回 归供需定价，目 ...