截至2025年9月30日止九个月，集团：累计生产阴极铜(含铜产品代加工服务)约10.77万吨，同比增长约 12%，完成年度产量指引约77%;其中，自有矿山产阴极铜约6.39万吨，与去年同期基本持平;累计生产粗 铜和阳极铜(含铜产品代加工服务)约30.76万吨，同比增长约7%，完成年度产量指引约77%;其中，自有 矿山产粗铜和阳极铜约5.42万吨，同比减少约6%;累计生产硫酸约78.83万吨，同比增长约2%，完成年度 产量指引约79%;累计生产氢氧化钴含钴约676吨，同比减少约12%，完成年度产量指引约75%;及累计生 产液态二氧化硫约1442吨，同比减少约90%，完成年度产量指引约14%。 智通财经APP讯，中国有色矿业(01258)发布公告，截至2025年9月30日止九个月，集团预估实现公司拥 有人分占利润约3.56亿美元，同比增长约13%。经济指标同比增长的主要原因是受国际铜价上涨、阴极 铜产销量同比增加影响。 ...

截至2025年9月30日止九个月，集团：累计生产阴极铜(含铜产品代加工服务)约10.77万吨，同比增长约 12%，完成年度产量指引约77%;其中，自有矿山产阴极铜约6.39万吨，与去年同期基本持平;累计生产粗 铜和阳极铜(含铜产品代加工服务)约30.76万吨，同比增长约7%，完成年度产量指引约77%;其中，自有 矿山产粗铜和阳极铜约5.42万吨，同比减少约6%;累计生产硫酸约78.83万吨，同比增长约2%，完成年度 产量指引约79%;累计生产氢氧化钴含钴约676吨，同比减少约12%，完成年度产量指引约75%;及累计生 产液态二氧化硫约1442吨，同比减少约90%，完成年度产量指引约14%。 中国有色矿业(01258)发布公告，截至2025年9月30日止九个月，集团预估实现公司拥有人分占利润约 3.56亿美元，同比增长约13%。经济指标同比增长的主要原因是受国际铜价上涨、阴极铜产销量同比增 加影响。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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 公告全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 China Nonferrous Mining Corporation Limited 中國有色礦業有限公司 （根據公司條例於香港註冊成立的有限公司） （股份代號：01258） 內幕信息 截至2025年9月30日止九個月之生產經營報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09(2)(a)條以及證券及 期貨條例（香港法例第571章）第XIVA部之內幕消息條文而作出。 • 累計生產陰極銅（含銅產品代加工服務*）約107,663噸，同比增長約12%，完 成年度產量指引約77%；其中，自有礦山產陰極銅約63,888噸，與去年同期 基本持平； • 累計生產粗銅和陽極銅（含銅產品代加工服務*）約307,573噸，同比增長約7%， 完成年度產量指引約77%；其中，自有礦山產粗銅和陽極銅約54,244噸，同 比減少約6%； 截至2025年9月30日止九個月，本集團預估實現本公司擁有人分佔 ...

新湖期货表示，昨日"十五五"公告公布，显著提振市场情绪，大宗普涨，铜价强势运行。从铜基本面来 看，自由港印尼矿山事故导致减产的量级和时间均大幅超出市场预期，将扭转全球的供需平衡，26年全 球铜供需将进入紧平衡。宏观面美联储已开启降息，目前市场预期年内美联储仍有两次降息；"大而 美"法案促使美国财政也将发力，美国将迎来财政货币双宽松的宏观环境。 花旗发布研报称，据该行追踪数据显示，今年8月铜消耗量增长依然疲软，仅按年升1.3%，不及上半年 由中国内地太阳能行业推动的强劲表现。考虑到基数较高，该行预期今年余下时间的消耗量增长将保持 温和，但仍看好铜价将于明年第二季升至每吨12,000美元，因预期明年的周期性需求将更强劲，加上矿 产供应限制、货币贬值风险以及美国的套利行为，均支持铜价。花旗看好未来6至12个月铜价，短期而 言，该行料中美贸易紧张局势及股市回调风险会构成短期压力，但铜价若下跌将吸引投资者趁低吸，因 此维持预期未来3个月铜价目标价每吨11,000美元。 智通财经APP获悉，铜业股早盘走强，截至发稿，洛阳钼业(03993)涨5.18%，报16.05港元；中国有色矿 业(01258)涨4.36%，报14.1 ...

Core Viewpoint - The lawsuit against Chinese mining companies in Zambia, demanding $80 billion for environmental damages, highlights significant concerns regarding corporate responsibility and environmental management in the mining sector [1][2][5]. Group 1: Lawsuit Details - Over 100 residents from the Chimbishi mining area have filed a collective lawsuit against Sino Metals Leach Zambia and NFC Africa Mining, subsidiaries of China Nonferrous Metal Mining Group, demanding the establishment of an environmental restoration fund of $80 billion [2][9]. - The lawsuit also requests an additional $200 million for emergency relief and health/environmental assessment funds [2][9]. - The $80 billion claim is equivalent to Zambia's GDP for three years, raising eyebrows as it surpasses the highest compensation in global mining history, which was $23 billion [3][4][14]. Group 2: Incident Background - The lawsuit stems from a tailings dam collapse at the Chimbishi copper mine on February 18, which released toxic waste into the Kafue River, a vital water source for approximately 60% of Zambia's population [6][8]. - Following the incident, the Chinese companies involved took immediate action to contain the damage and restore water quality, with the Zambian government reporting improvements in water conditions by August [6][7][8]. Group 3: Company and Industry Context - China Nonferrous Metal Mining Group has been a significant player in Zambia's mining sector since the late 1990s, with the Chimbishi copper mine being a flagship project [10][11]. - The mine has a production capacity exceeding 30,000 tons annually, showcasing the importance of Chinese investment in Zambia's copper industry [11]. - The lawsuit reflects broader challenges faced by Chinese mining companies in Africa, including issues of local governance, environmental management, and community relations [17][21].

消息面上，近期，印度尼西亚格拉斯贝格铜矿发生泥石流事故，运营该矿的美国矿业巨头自由港-麦克 莫兰铜金公司宣布，依据合同中的"不可抗力"条款，免除其供货义务。作为产量排名全球第二的铜矿， 格拉斯贝格的供应受限对全球铜市影响巨大。事故发生后，花旗调整了对全球铜矿供应的预测，预计 2025年全球铜矿产量将达2315万吨，同比增长0.1%；2026年将达到2346万吨，同比增长1.3%。这些数 据较此前的预测值有所下调。 宏观方面，近日，在美联储主席鲍威尔暗示本月可能再次降息后，铜价出现反弹。中粮期货发布报告表 示，从近期铜价影响因素看，海外降息预期仍是主导。当前劳动力市场数据依然是影响美国降息预期的 主要因素，但因美国政府停摆导致数据公布推迟，重点关注数据公布后潜在的预期反复。对于铜价来 说，更多需要考量的是降息的本质，只要不出现衰退风险，铜价就难以出现较大跌幅。 铜业股集体上扬，截至发稿，中国有色矿业(01258)涨4.89%，报14.15港元；五矿资源(01208)涨3.54%， 报6.72港元；江西铜业（600362）股份(00358)涨3.2%，报32.92港元；紫金矿业（601899）(02899)涨 2 ...

Group 1: Copper Industry Performance - Copper stocks collectively surged, with China Nonferrous Mining (01258) up 4.89% to HKD 14.15, Minmetals Resources (01208) up 3.54% to HKD 6.72, Jiangxi Copper (00358) up 3.2% to HKD 32.92, and Zijin Mining (02899) up 2.68% to HKD 35.2 [1] - The recent landslide incident at the Grasberg copper mine in Indonesia has led Freeport-McMoRan, the operator, to invoke "force majeure" clauses, significantly impacting global copper supply [1] Group 2: Global Copper Supply Forecast - Citigroup has revised its global copper supply forecast, predicting a production of 23.15 million tons in 2025, a 0.1% increase year-on-year, and 23.46 million tons in 2026, a 1.3% increase year-on-year, reflecting a downward adjustment from previous estimates [1] Group 3: Macroeconomic Factors Influencing Copper Prices - Following comments from Federal Reserve Chairman Jerome Powell suggesting a potential interest rate cut this month, copper prices have rebounded, with overseas rate cut expectations being a dominant factor [2] - The labor market data remains a key influence on U.S. rate cut expectations, but delays in data release due to government shutdowns may lead to fluctuating expectations [2] - As long as recession risks do not materialize, significant declines in copper prices are unlikely [2]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [3] Core Views - The report anticipates a potential upward trend in copper prices due to expected shortages in copper mines, particularly with the global second-largest copper mine, Grasberg, facing production halts. The report suggests that the copper supply-demand balance may shift from tight equilibrium to shortage by 2026 [4] - The report highlights the performance of various metals, including aluminum, lithium, and cobalt, with specific recommendations for companies to watch in each segment [4] Summary by Sections 1. Industry Overview - Recent macroeconomic developments include a new round of US-China trade negotiations and comments from Trump regarding the unsustainability of high tariffs on China [8] 2. Market Performance - The overall performance of the non-ferrous metals sector saw a decline, with the Shanghai Composite Index down 1.47% and the Shenwan Non-Ferrous Metals Index down 3.07%, underperforming the Shanghai Composite by 1.60 percentage points [10][11] 3. Valuation Changes - The PE_TTM for the Shenwan Non-Ferrous Metals Index is 26.96, down 1.78 from the previous week, while the PB_LF is 3.22, down 0.22 [19][22] 4. Copper - Copper prices have seen a decline, with LME copper down 1.86% and SHFE copper down 1.77%. However, the report indicates a potential for price recovery due to supply disruptions and seasonal demand [21][44] 5. Aluminum - Aluminum prices are experiencing fluctuations, with LME aluminum down 0.45% and SHFE aluminum down 0.47%. The report notes a decrease in inventory levels, which may support price stability [33][44] 6. Lithium - Lithium prices are showing mixed trends, with lithium carbonate down 0.27% and lithium spodumene up 0.83%. The report suggests that lithium prices may stabilize due to seasonal demand [73] 7. Cobalt - Cobalt prices have increased, with MB cobalt up 5.40% to $20.98 per pound, driven by changes in export regulations from the Democratic Republic of Congo [86]

Group 1 - Hong Kong copper stocks continue to decline, with Luoyang Molybdenum (03993.HK) down 4.21% to HKD 14.8 [1] - Jiangxi Copper (00358.HK) decreased by 3.95%, trading at HKD 31.58 [1] - Minmetals Resources (01208.HK) fell by 2.68%, priced at HKD 6.53 [1] - China Nonferrous Mining (01258.HK) dropped 2.21%, now at HKD 13.69 [1]

Core Viewpoint - Copper stocks continue to decline amid intense market fluctuations, with significant drops observed in major companies such as Luoyang Molybdenum, Jiangxi Copper, and others [1] Group 1: Company Performance - Luoyang Molybdenum (03993) fell by 4.21%, trading at 14.8 HKD [1] - Jiangxi Copper (00358) decreased by 3.95%, with a price of 31.58 HKD [1] - Minmetals Resources (01208) dropped by 2.68%, now at 6.53 HKD [1] - China Nonferrous Mining (01258) saw a decline of 2.21%, trading at 13.69 HKD [1] Group 2: Market Conditions - The copper market is experiencing a tug-of-war between supply and demand, influenced by various events such as the shutdown of Grasberg in Indonesia and earthquakes in Congo [1] - Uncertainties in international trade and the Federal Reserve's interest rate policies are expected to create volatility in copper prices [1] Group 3: Price Forecasts - According to CITIC Futures, the market is likely to see copper prices under pressure and in a state of consolidation due to the U.S. government shutdown affecting economic data releases [1] - Goldman Sachs indicates that short-term upward price movement for copper is limited to 11,000 USD per ton, despite a long-term bullish outlook [1]