Group 1 - The core point of the news is that Luoyang Molybdenum Co., Ltd. announced the acquisition of Lumina Gold Company for CAD 581 million amid rising global gold prices, with its stock prices increasing significantly in both A-share and Hong Kong markets [2] - The acquisition will be conducted in cash and is aimed at enhancing the company's gold resource portfolio, reflecting a positive long-term outlook on gold prices [2][4] - Lumina Gold holds the Cangrejos gold mine project in Ecuador, which has a substantial resource base and competitive extraction costs due to its favorable geological and infrastructural conditions [3][4] Group 2 - The Cangrejos project has a resource estimate of 1.376 billion tons with an average gold grade of 0.46 g/t, containing approximately 638 tons of gold, and a mine life expectancy of 26 years [3] - The acquisition price of CAD 1.27 per share represents a 41% premium over Lumina's closing price on April 17 [4] - Luoyang Molybdenum's revenue and profit reached historical highs in 2024, with total revenue of CNY 213 billion, a 14% year-on-year increase, and a net profit of over CNY 13.5 billion, a 64% increase [4]

Group 1 - Luoyang Molybdenum announced the acquisition of all issued and unissued common shares of Lumina Gold for approximately CAD 581 million (about RMB 3 billion), with a per-share price of CAD 1.27, representing a 41% premium over the closing price on April 17 [1] - Lumina Gold's core asset is the Cangrejos project in Ecuador, which has a resource of 1.376 billion tons with an average gold grade of 0.46 g/t, containing 638 tons of gold, and reserves of 659 million tons with an average gold grade of 0.55 g/t, containing 359 tons of gold, with an expected mine life of 26 years [1] - The current gold market is bullish, with spot gold reaching USD 3,470 per ounce, a historical high, and Goldman Sachs predicting gold prices to rise to USD 3,700 per ounce by the end of 2025 and USD 4,000 per ounce by mid-2026 [1] Group 2 - Luoyang Molybdenum has extensive experience in overseas asset acquisitions, including the purchase of NPM copper-gold mine in Australia in 2013, CIL phosphate mine and NML niobium mine in Brazil in 2016, TFM copper-cobalt mine in the Democratic Republic of Congo in 2016 and 2017 for nearly USD 3.8 billion, KFM copper-cobalt mine in 2020 for USD 550 million, and IXM mineral trading company in Switzerland [2] - In 2024, Luoyang Molybdenum reported a revenue of RMB 213.03 billion and a net profit attributable to shareholders of RMB 13.53 billion, a year-on-year increase of 64.03%, driven by significant increases in copper and cobalt production and rising copper prices [2] - The company’s core products include copper, cobalt, molybdenum, tungsten, niobium, and phosphate, with copper production reaching 650,200 tons, a 55% year-on-year increase, contributing approximately RMB 21 billion to gross profit, accounting for nearly 60% of total gross profit [2]

明牌珠宝直线 拉升涨停， 四川黄金、 鹏欣资源、 洛阳钼业、 西部黄金、 潮宏基、 晓程科技、 山东黄 金等涨幅靠前。消息面上，现货黄金日内涨近50美元，突破3470美元/盎司，继续刷新历史高点。 ...

A股黄金股持续震荡走强，四川黄金涨超8%，鹏欣资源涨超6%，洛阳钼业、西部黄金、晓程科技纷纷 上扬。消息面上，现货黄金连续刷新高位至3470美元。 ...

Core Viewpoint - Luoyang Molybdenum plans to acquire all issued and unissued common shares of Canadian-listed Lumina Gold for approximately 5.81 billion CAD (around 3 billion RMB) in cash, focusing on the Cangrejos gold mine project in Ecuador [1] Group 1: Acquisition Details - The acquisition price is approximately 5.81 billion CAD, equivalent to about 30 billion RMB [1] - The core asset of the acquisition is a 100% stake in the Cangrejos gold mine project located in Ecuador [1] Group 2: Resource and Reserve Information - The Cangrejos project has a total resource of 1.376 billion tons with an average gold grade of 0.46 g/t, containing 638 tons of gold [1] - The mine's reserves are estimated at 659 million tons with an average gold grade of 0.55 g/t, containing 359 tons of gold [1] - The expected lifespan of the mine is projected to be 26 years [1]

Group 1 - The core index, the China Hong Kong 300 Resource Index, reported a value of 2342.69 points, with a decline of 6.71% over the past month, 5.09% over the past three months, and 3.91% year-to-date [1] - The index comprises companies from various sectors including banking, transportation, resources, infrastructure, logistics, and leisure, reflecting the overall performance of different thematic listed companies in the Hong Kong market [1] - The top ten holdings of the index include China National Offshore Oil (30.27%), PetroChina (12.09%), China Shenhua (10.59%), Zijin Mining (10.42%), Sinopec (9.56%), China Hongqiao (3.67%), China Coal Energy (3.33%), Zhaojin Mining (3.3%), Yanzhou Coal Mining (2.6%), and Luoyang Molybdenum (2.2%) [1] Group 2 - The sector composition of the index shows that oil and gas account for 52.33%, coal for 18.61%, precious metals for 15.80%, industrial metals for 9.90%, rare metals for 2.94%, and other non-ferrous metals and alloys for 0.41% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year, and weight factors are generally fixed until the next scheduled adjustment [2]

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Insights - Gold prices are influenced by tariff policies, which create uncertainty and trigger risk aversion in the short term. The expectation of stagflation in the U.S. due to tariffs positions gold as an optimal asset allocation choice in the medium term. Long-term, the loosening of global capital ties to dollar assets may lead to increased inflows into gold from various global funds [1][9]. - The Federal Reserve's neutral stance is seen as supportive for gold prices, with recent comments from officials indicating no immediate need for rate hikes, which helps maintain a favorable environment for gold [1][9]. - Copper prices are stabilizing, with improving demand and decreasing domestic inventory. The report suggests that copper mining equities present a good opportunity for long-term investment [10][12]. Summary by Sections 1. Weekly Research Insights - Gold's price dynamics are primarily driven by tariff uncertainties, which affect market sentiment and asset allocation strategies [1][9]. - The Federal Reserve's current neutral position is beneficial for gold prices, with no immediate rate hikes expected [1][9]. 2. Sector Performance - The non-ferrous metals index increased by 0.78%, underperforming the broader market [12]. - Gold was the best-performing segment, rising by 4.58%, followed by nickel, cobalt, tin, and antimony [12]. 3. Metal Prices and Inventory 3.1. New Energy Metals - Cobalt prices increased, while lithium prices showed a slight decline [21][23]. 3.2. Base Metals - Copper prices rose by 1.63% to 76,000 CNY/ton, while aluminum prices remained stable [31][32]. 3.3. Precious Metals - COMEX gold prices rose by 2.6% to 3,328 USD/ounce, and silver prices increased by 1.8% to 32.47 USD/ounce [44][45].

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Luoyang Molybdenum Co., Ltd., indicating a significant drop in stock price and a low PE ratio compared to the industry average [1][2] - As of the latest report, Luoyang Molybdenum achieved a revenue of 2130.29 billion yuan, representing a year-on-year increase of 14.37%, and a net profit of 135.32 billion yuan, reflecting a 64.03% increase year-on-year [1] - The company has a rolling PE ratio of 10.57, significantly lower than the industry average of 53.46 and the median of 45.83, ranking 5th in the small metals industry [1][2] Group 2 - Luoyang Molybdenum's total market capitalization is 1429.70 billion yuan, with 719 institutions holding shares, including 713 funds, 4 other entities, 1 insurance company, and 1 brokerage [1] - The company's main business includes mining and processing of base and rare metals, with key products such as molybdenum, tungsten, copper, cobalt, niobium, and phosphate [1] - The sales gross margin for the company stands at 16.55% [1]

Summary of Conference Call Records Industry Overview - The records primarily discuss the mining industry in the Democratic Republic of the Congo (DRC), focusing on the M23 rebel group and the DRC government's strategies regarding mineral exports and resource management [1][2][3][4][5][6][7][8][9][10][11]. Key Points and Arguments 1. **Political Situation and Negotiations**: The DRC government engaged in negotiations with the M23 rebel group, indicating a willingness for peace despite the rebels' refusal to communicate directly due to lack of formal documentation [1]. 2. **Resource Management Strategies**: The DRC government is implementing measures to control mineral exports, including extending export bans and introducing quotas to manage local mineral processing [2][3]. 3. **Local Mineral Processing**: There is a strong emphasis on local mineral processing to enhance economic benefits for local communities, moving away from being merely an exporting country [3]. 4. **Nickel and Cobalt Market Dynamics**: The DRC's nickel and cobalt production is under pressure from global supply dynamics, particularly from Indonesia, which holds a significant market share [4][5]. 5. **Strategic Partnerships**: The DRC is exploring partnerships with the U.S. for military support in exchange for access to key minerals, highlighting the strategic importance of these resources [5][6][7]. 6. **Copper Market Outlook**: The DRC's copper market is facing challenges, including potential impacts from U.S. tariffs on imports, which could drive up copper prices [9][10][11]. 7. **Impact of Trade Policies**: U.S. trade policies are expected to influence global copper prices, with potential increases due to tariffs on imports [9][10]. 8. **Production Costs and Market Conditions**: The current market environment is challenging for copper producers, with calls for production cuts to stabilize prices [12][13]. 9. **Future Projections**: Companies in the DRC are expected to see growth in production capacity, particularly in copper and gold, with significant projects planned for the coming years [16][17]. Other Important Content - The DRC government recognizes the value of its mineral resources as a bargaining chip in international relations, particularly in negotiations with the U.S. and Indonesia [7][8]. - The records indicate a shift in focus towards enhancing local processing capabilities to create a sustainable economic model rather than relying solely on exports [3][4]. - The potential for increased copper prices due to supply constraints and rising production costs is highlighted, suggesting a favorable outlook for companies involved in copper mining [12][13][14]. - The importance of strategic metals, including copper and cobalt, is underscored as essential for future economic stability and growth in the DRC [11][12]. This summary encapsulates the critical insights from the conference call records, providing a comprehensive overview of the current state and future outlook of the mining industry in the DRC.

2024年6月7日，公司第七届董事会第一次会议审议通过《关于授 权相关人士处理本公司2024年对外担保事宜的议案》，同意授权公司 董事长或首席财务官在2023年年度股东大会授权范围内具体办理上 述担保相关事宜。 股票代码：603993 股票简称：洛阳钼业 编号：2025—021 洛阳栾川钼业集团股份有限公司 关于对外担保计划的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 一、担保审批及授权情况 2024年6月7日，公司2023年年度股东大会审议通过《关于本公司 被担保方：相关全资子公司 本次担保金额：洛阳栾川钼业集团股份有限公司（以下简称"公 司"）直接或通过全资子公司（含直接及间接全资子公司，下同） 为其他全资子公司合计提供总额预计不超过21亿元的担保。 本次担保不涉及反担保。 截至本公告披露日公司无逾期担保。 本次担保计划部分被担保方为资产负债率超过70%的全资子公 司；截至本公告披露日，公司对外担保总额占公司最近一期经审 计净资产的26.95%。敬请投资者注意相关风险。 2024年度对外担保额度 ...