Core Viewpoint - Luoyang Molybdenum's acquisition of Brazilian gold mining assets for up to $1.015 billion is expected to enhance its gold production capacity significantly, with an estimated output of 6 to 8 tons in 2026, contributing to the company's resource reserves and profitability [2][3][4]. Group 1: Acquisition Details - The acquisition was completed on January 23, 2026, just 40 days after the signing on December 15, 2025, demonstrating the efficiency of Luoyang Molybdenum in cross-border mining mergers [2][3]. - The acquired Brazilian gold mines have a total gold resource of 5.013 million ounces and a gold reserve of 3.873 million ounces, with an average grade of 1.88 grams per ton [4]. - The company anticipates that the Brazilian and Ecuadorian gold mines will collectively yield over 20 tons of gold annually, with a goal of significant growth in production capacity by 2030 [4][5]. Group 2: Cost Control and Efficiency - Post-acquisition, the company sees potential for cost reduction and efficiency improvements in various operational areas, leveraging China's supply chain advantages [4][5]. - The acquisition is expected to provide a short investment payback period and strong economic benefits due to the large resource base and mature processing technology [3][4]. Group 3: Market Outlook and Strategy - Luoyang Molybdenum remains optimistic about future gold prices and plans to maintain a "copper and gold" strategy, focusing on both metals rather than prioritizing one over the other [5][7]. - The company issued $1.2 billion in convertible bonds to secure funding for future acquisitions, aiming to strengthen its resource acquisition capabilities and ensure long-term stability in its gold business [6][7]. - The company achieved a copper production of 741,149 tons in 2025, a 9,000-ton increase from 2024, and aims for a copper output of 760,000 to 820,000 tons in 2026 [7][8].

本报记者 肖艳青 1月25日晚间，洛阳栾川钼业集团股份有限公司（以下简称"洛阳钼业"）发布公告称，于1月23日完成对 此前披露的巴西金矿项目的收购交割，此次并购仅用时40天，预计该资产今年将实现6吨至8吨黄金的产 量。 公告显示，洛阳钼业于2025年12月15日披露，计划以最高10.15亿美元收购加拿大Equinox Gold公司在巴 西的Aurizona金矿、RDM金矿及Bahia综合体三项金矿资产（四座矿山）的100%权益。 此次收购的金矿资产资源量可观，包含黄金资源量501.3万盎司，平均品位1.88克/吨；黄金储量387.3万 盎司，平均品位1.45克/吨。 洛阳钼业表示，上述金矿资源量较大，基础设施完善，选矿工艺成熟，盈利能力较强，收购完成即可为 公司贡献产量和利润，预期投资回报期短，经济效益良好。 洛阳钼业董事长兼首席投资官刘建锋表示："依托公司在巴西近十年的深耕运营经验以及在管理、技术 和协同方面的综合优势，我们实现了高效推进和快速落地。下一步，公司将加快管理整合，推动项目进 一步释放产能并兑现价值。" 盘古智库（北京）信息咨询有限公司高级研究员余丰慧在接受《证券日报》记者采访时表示，洛阳钼业 ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has rapidly completed the acquisition of four operating gold mines in Brazil, marking a significant strategic expansion in its gold business following a recent acquisition of a gold mine in Ecuador [2][4]. Group 1: Acquisition Details - The company announced on December 25, 2025, that its subsidiary CMOC Limited would acquire 100% equity of three gold mine assets from Equinox Gold for a total consideration of $1.015 billion, including $900 million at closing and up to $115 million contingent on gold sales in the first operational year [2][3]. - The acquisition includes four operating gold mines: Aurizona, Bahia Complex (including Fazenda and Santa Luz), and RDM, with a total gold resource of 5.013 million ounces and reserves of 3.873 million ounces [3][4]. Group 2: Strategic Importance - This acquisition is part of Luoyang Molybdenum's strategy to establish a dual-resource system focusing on copper and gold, enhancing its resource portfolio significantly [4][5]. - The company expects the newly acquired gold mines to contribute to production and profits immediately, with a projected annual gold output of 6-8 tons in 2026, aligning with its production goals [4][5]. Group 3: Financial Performance - Luoyang Molybdenum anticipates a net profit of RMB 20 billion to 20.8 billion for the year 2025, representing a year-on-year increase of 47.80% to 53.71%, marking the first time the company surpasses the RMB 20 billion profit threshold since its A-share listing in 2012 [4][5]. - The company reported a significant increase in copper production for 2025, reaching 741,149 tons, exceeding its production guidance by 18% [5].

Group 1 - India significantly reduces automotive import tariffs from a maximum of 110% to 40%, with a further reduction to 10% over time, targeting cars priced above €15,000, opening market opportunities for EU high-end car manufacturers [1] - Japan's Prime Minister warns of potential government intervention in the currency market due to abnormal fluctuations, indicating a possible global financial market impact, with traders on alert for intervention actions [1] - The National Investment Silver LOF temporarily suspends trading due to high premiums in the secondary market, highlighting risks associated with overheated precious metal trading [1] Group 2 - Luoyang Molybdenum Company completes the acquisition of 100% interests in the Aurizona, RDM, and Bahia gold mines from Equinox Gold Corp, adding 5.013 million ounces of gold resources and 3.873 million ounces of gold reserves, expected to yield an annual production increase of 6 to 8 tons by 2026 [2]

本报记者 肖艳青 洛阳钼业相关负责人对《证券日报》记者表示，厄瓜多尔奥丁金矿为绿地项目，目前在前期规划中，计划2029年前投产， 投产后预计年产黄金11.5吨。连同交割完成的巴西金矿，将共同构成公司当前的南美黄金资源组合。公司长期看好黄金市场， 未来将继续积极就黄金资源进行布局。 1月25日晚间，洛阳栾川钼业集团股份有限公司（以下简称"洛阳钼业"）公告称，公司于1月23日完成对此前披露的巴西金 矿项目收购的交割，此次并购仅用时40天，预计该资产今年将实现6吨至8吨黄金的产量。 据悉，洛阳钼业目前正在积极寻找更多扩张机会，公司于1月19日发行12亿美元H股可转债，为后续并购提供更加充足的资 金，未来将持续加强资源获取，推动黄金业务的长期稳健发展。 公告显示，洛阳钼业于2025年12月15日披露，计划以最高10.15亿美元收购加拿大Equinox Gold公司在巴西的Aurizona金 矿、RDM金矿及Bahia综合体三项金矿资产（四座矿山）的100%权益。 此次收购的金矿资产资源量可观，包含黄金资源量501.3万盎司，平均品位1.88克/吨；黄金储量387.3万盎司，平均品位 1.45克/吨。 洛阳钼业表示，上 ...

（编辑 丛可心） 证券日报网讯 1月25日，洛阳钼业发布公告称，公司完成收购EquinoxGoldCorp.旗下Aurizona金矿、 RDM金矿、Bahia综合矿区100%权益，交割于北京时间2026年1月23日完成，合计黄金资源量501.3万盎 司、储量387.3万盎司，预计2026年黄金年化产量6吨-8吨。 ...

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term raw material supply tightness is expected to support nickel prices, with LME nickel spot price reaching $18,630 per ton, up 5.70% from January 16 [1] - The cobalt market is anticipated to see continued price increases due to structural supply tightness, with electrolytic cobalt priced at 438,000 yuan per ton, down 3.74% from January 16 [2][5] - Domestic antimony supply remains tight, providing price support, with antimony ingot prices at 160,500 yuan per ton [6] - Lithium carbonate prices are expected to continue rising, with a market average of 171,100 yuan per ton, up 8.36% from January 16 [8][19] - Supply uncertainties in the rare earth market are expected to support prices, with significant global supply concentration in China [10][20] - Tin prices are supported by overseas supply uncertainties, with LME tin prices at $54,200 per ton, up 9.66% from January 16 [11][21] - Tungsten market supply-demand imbalance is notable, with white tungsten concentrate prices at 535,500 yuan per ton, up 5.93% from January 16 [13][22] - Uranium supply tightness is expected to persist, with global uranium prices at $63.51 per pound [14][15] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are supported by supply constraints, with Indonesia's nickel mining production quota expected to be reduced to 250-260 million tons [1][16] - Cobalt supply is projected to tighten further, with Congo's export quotas confirmed to extend into 2026 [2][17] Antimony Industry Update - Antimony supply remains tight, with domestic prices expected to rise due to export restrictions and seasonal supply issues [6][18] Lithium Industry Update - Lithium carbonate prices are expected to remain strong due to demand support and supply uncertainties, particularly regarding the recovery of key lithium mines [8][19] Rare Earth Industry Update - The rare earth market is facing supply tightening due to export bans and geopolitical factors, with China maintaining a dominant position [10][20] Tin Industry Update - Tin prices are supported by uncertainties in overseas supply, particularly from Myanmar and Congo [11][21] Tungsten Industry Update - The tungsten market is experiencing a supply-demand imbalance, with prices expected to rise due to limited new supply [13][22] Uranium Industry Update - Uranium prices are supported by ongoing supply tightness and geopolitical factors affecting production [14][15]

Core Viewpoint - Company completed the acquisition of 100% equity in Aurizona Gold Mine, RDM Gold Mine, and Bahia Complex from Equinox Gold Corp, enhancing its gold resource portfolio and operational capabilities [1] Group 1: Acquisition Details - The acquisition was finalized on January 23, 2026, after all conditions stipulated in the agreement were met or waived [1] - The acquired gold assets contain a total gold resource of 5.013 million ounces with an average grade of 1.88 g/t, and gold reserves of 3.873 million ounces with an average grade of 1.45 g/t [1] Group 2: Operational and Financial Impact - The company has successfully operated its niobium-phosphate project in Brazil for nearly ten years, leveraging operational experience and synergies to expedite the acquisition process [1] - The acquired gold mines are expected to contribute significantly to the company's production and profits, with an anticipated annual gold production of 6-8 tons in 2026, supporting the company's gold production targets and enhancing resource reserves [1]

Core Viewpoint - Company has successfully completed the acquisition of 100% equity in Aurizona Gold Mine, RDM Gold Mine, and Bahia Complex from Equinox Gold Corp, with the deal finalized on January 23, 2026, after all conditions were met or waived [1] Group 1: Acquisition Details - The acquisition involves gold assets with a total resource of 5.013 million ounces and an average grade of 1.88 g/t, along with gold reserves of 3.873 million ounces at an average grade of 1.45 g/t [1] - The completion of this acquisition is expected to contribute positively to the company's production and profit, with a short investment payback period and good economic benefits [1] Group 2: Operational Insights - The company has successfully operated its niobium-phosphate project in Brazil for nearly ten years, leveraging operational experience and synergies to expedite the acquisition process [1] - The expected annual gold production for 2026 is projected to be between 6 to 8 tons, which will significantly support the company's gold production targets and enhance resource reserves [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，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倚 賴該等內容而引致的任何損失承擔任何責任。 CMOC Group Limited* （於中華人民共和國註冊成立的股份有限公司） （股份代號：03993） 证券代码：603993 证券简称：洛阳钼业 公告编号：2026-008 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 以下為洛陽欒川鉬業集團股份有限公司（「本公司」）於上海證券交易所網站 (www.sse.com.cn)所發佈《洛陽欒川鉬業集團股份有限公司關於收購金礦項目完成 交割的公告》。 承董事會命 洛陽欒川鉬業集團股份有限公司 劉建鋒 董事長 中華人民共和國河南省洛陽市， 二零二六年一月二十五日 於本公告日期，執行董事為劉建鋒先生、彭旭輝先生及闕朝陽先生（職工董事）； 非執行董事為林久新先生、蔣理先生及馬飛先生；及獨立非執行董事為王開國 先生、顧紅雨女士及程鈺先生。 * 僅供識別 洛阳栾川钼业集团股份有限公司 关于收购金矿项目完成交割的公告 本公司董 ...