9月25日，港A两市铜金属概念股再度全线大涨，市场交投氛围活跃。 截至发稿前，港股方面，中国有色矿业（01258.HK）大涨11.9%，五矿资源（01208.HK）涨9.93%，江西铜业股份（00358.HK）涨8.71%，中国黄金国际 （02099.HK）涨4.82%。 A股市场，相关概念股同步冲高。洛阳钼业（603993.SH）涨停，北方铜业（000737.SZ）涨8.77%，铜陵有色（000630.SZ）大涨9.28%，江西铜业 （600362.SH）、云南铜业（000878.SZ）也分别上涨7.08%、4.22%。 期货市场亦"涨声一片"。9月25日，国际铜、沪铜、COMEX铜等期货主力合约几乎全线拉升。其中，沪铜期货主力一度触及82920元/吨高点，创2024年6月 以来新高，截至发稿前，涨幅为3.28%，报82610元/吨。 今日行情的直接导火索——全球第二大铜矿发生事故导致停产，点燃了市场对铜供应短缺的忧虑，并推动铜价大幅飙升。 2025年9月8日，美国矿业巨头Freeport-McMoRan（麦克莫兰铜金）(FCX.US)位于印尼的Grasberg矿山（全球第二大铜矿）发生致命泥石流事故，造成 ...

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

Core Viewpoint - The Hong Kong copper industry stocks experienced a collective surge in opening prices on September 25, with significant gains across various companies [1] Company Performance - Luoyang Molybdenum (03993.HK) increased by 8.54%, reaching HKD 13.6 [1] - Jiangxi Copper (00358.HK) rose by 8.47%, trading at HKD 26.9 [1] - China Nonferrous Mining (01258.HK) saw a gain of 7.44%, priced at HKD 13 [1] - Minmetals Resources (01208.HK) climbed by 6.27%, with a price of HKD 6.1 [1] - Zijin Mining (02899.HK) grew by 3.91%, now at HKD 30.8 [1]

Group 1 - Copper stocks collectively opened higher, with notable increases: Luoyang Molybdenum up 8.54% to HKD 13.6, Jiangxi Copper up 8.47% to HKD 26.9, China Nonferrous Mining up 7.44% to HKD 13, Minmetals Resources up 6.27% to HKD 6.1, and Zijin Mining up 3.91% to HKD 30.8 [1][1][1] - International copper prices surged significantly, with the London Metal Exchange three-month copper price rising by 3.2% to USD 10,297.50 per ton, marking the largest intraday increase since April 10 [1][1][1] Group 2 - A fatal landslide incident at Freeport McMoRan's Grasberg mine in Indonesia, the world's second-largest copper mine, has led to a production halt, with recovery to pre-accident production levels expected no earlier than 2027 [1][1][1] - Freeport anticipates a 35% decrease in copper and gold production for 2026 compared to previous forecasts due to the incident [1][1][1] Group 3 - Citic Futures maintains a bullish outlook on copper prices, citing positive macroeconomic expectations following the Federal Reserve's September meeting and frequent disruptions in copper supply, particularly the significant impact of the Grasberg mine's suspension [1][1][1]

Group 1 - Copper stocks collectively opened higher, with notable increases: Luoyang Molybdenum up 8.54% to HKD 13.6, Jiangxi Copper up 8.47% to HKD 26.9, China Nonferrous Mining up 7.44% to HKD 13, Minmetals Resources up 6.27% to HKD 6.1, and Zijin Mining up 3.91% to HKD 30.8 [1][1][1] - International copper prices surged significantly, with the London Metal Exchange three-month copper price rising by 3.2% to USD 10,297.50 per ton, marking the largest intraday increase since April 10 [1][1][1] Group 2 - The Grasberg mine, operated by Freeport McMoRan in Indonesia, experienced a fatal landslide, leading to a production halt at the world's second-largest copper mine. Freeport anticipates that it may take until 2027 to restore production levels to pre-accident standards, with a projected 35% decrease in copper-gold output for 2026 compared to previous expectations [1][1][1] - Citic Futures maintains a bullish outlook on copper prices, citing positive macroeconomic expectations following the Federal Reserve's September meeting and frequent disruptions in copper supply, particularly the significant impact of the Grasberg mine's suspension [1][1][1]

Group 1: Market Performance - U.S. rare earth stocks saw significant activity, with United States Antimony (UAMY.US) rising over 20%, USA Rare Earth (USAR.US) and NioCorp Developments (NB.US) increasing over 5%, TMC the metals (TMC.US) up over 3%, and MP Materials (MP.US) gaining nearly 2% [1] Group 2: Company Contracts and Revenue - UAMY announced a contract with the U.S. Defense Logistics Agency for a value of up to $245 million for the purchase of antimony ingots, which is approximately 16 times its projected 2024 revenue of $14.9 million [1] - The company operates one of the only two antimony smelters in North America and is prepared to fulfill the first order immediately [1] Group 3: Antimony Market Insights - Antimony is a strategic minor metal with strong resource scarcity, and domestic restrictions on antimony mining are increasing, while overseas mines face resource depletion [2] - The main future global antimony supply increases are expected from Huayu Mining's Takin project and Russia's Solonechenskoye antimony mine [2] - Traditional demand for antimony in flame retardants, lead-acid batteries, and polyester catalysts is stable, with photovoltaic glass expected to become the second-largest demand sector due to rising installation rates [2] Group 4: Production Forecasts - Polar Gold is a major overseas source of antimony, with a production of 27,100 tons in 2023, accounting for 26% of global output, but expected to drop to 12,700 tons in 2024, reducing its global share to 13% [2] - The production forecast for Polar Gold in 2024 is 8,616 tons in the first half and 4,056 tons in the second half, with annualized production shares of 17% and 8% respectively [2] Group 5: Price Outlook - Antimony prices are expected to rise in the medium to long term due to limited supply increases domestically and abroad, alongside the recovery of compliant antimony exports from China [3] - The cash costs for Polar Gold are projected to increase in 2025, primarily due to a significant decline in antimony production [3]

Group 1: Market Performance - Rare earth concept stocks in the US saw significant activity, with United States Antimony (UAMY.US) rising over 20%, USA Rare Earth (USAR.US) and NioCorp Developments (NB.US) increasing over 5%, TMC the metals (TMC.US) up over 3%, and MP Materials (MP.US) gaining nearly 2% [1] - UAMY announced a contract worth up to $245 million from the US Defense Logistics Agency for the purchase of antimony ingots, which is approximately 16 times its projected revenue for 2024 of $14.9 million [1] Group 2: Supply and Demand Dynamics - Antimony is a strategic minor metal with strong resource scarcity, and domestic restrictions on antimony mining are increasing, while overseas mines face resource depletion [2] - The main future global antimony supply increases are expected from Huayu Mining's Tajin project and Russia's Solonechenskoye antimony mine [2] - Traditional demand for antimony in flame retardants, lead-acid batteries, and polyester catalysts is stable, with photovoltaic glass expected to become the second-largest demand sector due to rising installation rates [2] - Polar Gold is a major overseas source of antimony, with production in 2023 at 27,100 tons, accounting for 26% of global output, but expected to drop to 12,700 tons in 2024, reducing its global share to 13% [2] Group 3: Price Trends and Future Outlook - Antimony prices are expected to rise in the medium to long term due to tightening supply and recovering exports, with domestic prices likely to increase as compliance with export regulations improves [3] - The cash costs for Polar Gold are projected to rise in 2025, primarily due to a significant drop in antimony production, which is expected to remain low [3] - The overall outlook for antimony prices is positive, with limited supply increases domestically and abroad, supporting a potential upward shift in price levels [3] Group 4: Company Involvement - China Minmetals' subsidiary, Hunan Xikang Mining, controls over 300,000 tons of antimony resources [4] - Jiangxi Copper's product line includes crude antimony and sodium antimonate compounds [5]

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) 通知信函 各位非登記股東( 附註 1)： 五礦資源有限公司（「 本公司」） — 二零二五年中期報告 本公司之二零二五年中期報告（「本次公司通訊」），可於本公司網站 www.mmg.com 及香港交易及結算所有限公司網 站 www.hkexnews.hk（「披露易網站」）查閱。若 閣下因任何理由以致在收取或接收載於本公司網站上的本次公司通訊 遇到任何困難，本公司將於接到 閣下通知後，盡快向 閣下免費發送有關本次公司通訊的印刷本。 閣下可隨時以書面方 式通知本公司的股份過戶登記處，香港中央證券登記有限公司（「股份過戶登記處」），地址為香港灣仔皇后大道東 183號合和中心17M樓，或電郵至 mmg.ecom@computershare.com.hk 提出有關要求。 閣下亦可以隨時以合理書面方式或 電郵通知股份過戶登記處（郵寄至上述地址或電郵至 mmg.ecom@computershare.com.hk）以更改日後所有公司通訊的語 言版本及收取方式。 作為非登記股東，如有意根據香港聯合交易所有限公司證券上市規則收取日 ...

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) 通知信函 各位現有登記股東： 五礦資源有限公司（「本公司」） — 二零二五年中期報告之發佈通知 本公司之二零二五年中期報告（「本次公司通訊」）可於本公司網站 www.mmg.com 及香港交易及結算所有限公司網站 www.hkexnews.hk（「披露易網站」）查閱。 閣下若因任何理由以致在收取或接收載於本公司網站上的本次公司通訊遇 到任何困難， 本公司將於接到 閣下通知後，盡快向 閣下免費發送有關本次公司通訊的印刷本。 閣下可以書面方式通知 本公司的股份過戶登記處，香港中央證券登記有限公司（「股份過戶登記處」），地址為香港灣仔皇后大道東183號合和 中心17M樓，或電郵至 mmg.ecom@computershare.com.hk 提出有關要求。 閣下亦可以隨時以合理書面方式或電郵通知股 份過戶登記處以更改日後所有公司通訊的語言版本及收取方式。 如 閣下對本函件有任何疑問，請於辦公時間星期一至五（香港公眾假期除外）上午九時正至下午六時正（香港時間）期 間致電股份過戶登記處 (852) 2862 8688 查 ...

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) 通知信函 各位新登記股東： 如 閣下選擇接收日後公司通訊的網上版本， 閣下需要在回條中提供電郵地址，以便接收 (i) 當公司通訊刊載於本公司網 站時，有關公司網站發佈相關日後公司通訊的電郵通知，以及 (ii) 本公司日後以電子形式發佈的所有可供採取行動的公 司通訊。 若 閣下在回條中沒有提供有效且可用的電郵地址，或 閣下被視為已同意接收公司通訊的網上版本，本公司將 根據股份過戶登記處所存置的股東名冊上所示的地址透過郵寄方式向 閣下發送 (i) 在本公司網站上發佈日後公司通訊的通 知函及 (ii) 所有日後可供採取行動的公司通訊的印刷本，直至 閣下向股份過戶登記處提供有效且可用的電郵地址以接收 該等公司通訊為止。 若 閣下希望收取日後公司通訊之印刷本，請填妥隨附的回條並郵寄至上述本公司的股份過戶登記處之地址，或發送電子 郵件至 mmg.ecom@computershare.com.hk，並註明 閣下的姓名、地址以及收取日後公司通訊印刷本的要求。請注意，該 指示自收到 閣下的指示之日起生效，直至被 閣下撤銷或取代為止 ...