Core Viewpoint - The company, Jinchuan Group Co., Ltd. (金钼股份), announced the acquisition of a 24% stake in Anhui Jinsan Molybdenum Co., Ltd. (金沙钼业) from Zijin Mining Group Co., Ltd. (紫金矿业) for a consideration of 1.731 billion yuan, increasing its total ownership in Jinsan Molybdenum to 34% [1] Group 1 - The acquisition aims to leverage the advantages of molybdenum industry development and enhance resource security, thereby strengthening the company's influence in the industry [1] - The transaction is also intended to accelerate the development and construction of the Shapingou Molybdenum Mine, allowing the company to realize resource value and obtain investment returns sooner [1]

Core Viewpoint - The company Jinmoly Co., Ltd. (601958.SH) announced the acquisition of a 24% stake in Anhui Jinsuo Molybdenum Co., Ltd. from Zijin Mining Group Co., Ltd. for a consideration of 1.731 billion yuan, increasing its total stake in Jinsuo Molybdenum to 34% [1] Group 1 - The acquisition aims to leverage the advantages of molybdenum industry development and enhance resource security, thereby strengthening the company's influence in the industry [1] - The transaction is also intended to accelerate the development and construction of the Shapinggou Molybdenum Mine, allowing the company to realize resource value and obtain investment returns sooner [1]

Core Viewpoint - The company Jinmoly Co., Ltd. has announced the acquisition of a 24% stake in Anhui Jinsan Molybdenum Co., Ltd. for a total consideration of RMB 173.087 million, increasing its ownership to 34% after the transaction [2] Group 1 - The acquisition involves the transfer of shares from Zijin Mining Group Co., Ltd., which will retain a 60% stake in Anhui Jinsan Molybdenum Co., Ltd. after the transaction [2] - The decision was made during the 29th meeting of the fifth board of directors and falls within the company's decision-making authority, thus not requiring shareholder approval [2]

Group 1 - The core point of the news is that Jintong Co., Ltd. (金钼股份) announced the acquisition of a 24% stake in Anhui Jinsha Molybdenum Co., Ltd. (金沙钼业) from Zijin Mining (紫金矿业) for a total consideration of 1.731 billion yuan, increasing its ownership from 10% to 34% [1] - After the transaction, Zijin Mining will remain the controlling shareholder with a 60% stake, while the local government investment platform will maintain a 6% stake [1] - Jinsha Molybdenum Co., Ltd. is currently in the construction phase with no revenue or net profit expected in 2024, and its core asset is the Shapinggou Molybdenum Mine, which has a total molybdenum metal resource of 2.1 million tons [1] Group 2 - The cooperation includes both equity trading and smelting collaboration, with Jintong required to pay 50% of the equity transfer payment within 20 working days after signing the agreement, and the remaining 50% within 10 working days after the completion of industrial and commercial registration [2] - Jintong and Jinsha Molybdenum will establish a smelting company in the county where Jinsha Molybdenum is located, focusing on molybdenum metal smelting and deep processing, with Jintong holding 51% and Jinsha Molybdenum holding 49% [2] - The acquisition is part of Jintong's strategic decision to enhance its industrial advantages and resource security, aiming to accelerate the development of the Shapinggou Molybdenum Mine and realize resource value and investment returns as soon as possible [2]

Core Viewpoint - Zijin Mining (02899.HK) has signed a project cooperation and equity transfer agreement with Jinchuan Group Co., Ltd. to develop and process the Shapinggou Molybdenum Mine in Anhui Province, China, enhancing resource utilization and economic benefits [1][2] Group 1 - The cooperation agreement was signed on January 15, 2026, following a letter of intent signed on August 29, 2025, establishing a framework for integrated development and deep processing of the Shapinggou Molybdenum Mine [1] - Jinchuan Group and Anhui Jinsan Molybdenum Co., Ltd. will jointly invest to establish a smelting company in the county where the Shapinggou Molybdenum Mine is located, with a capital structure aligned with the mine's development scale [1][2] - Jinchuan Group will hold 51% and Anhui Jinsan Molybdenum will hold 49% of the smelting company, which will be primarily operated by Jinchuan Group [1] Group 2 - Zijin Mining will transfer 24% of its stake in Anhui Jinsan Molybdenum to Jinchuan Group for a consideration of RMB 173,087 million, resulting in Zijin Mining holding 60% and Jinchuan Group holding 34% of Anhui Jinsan Molybdenum [2] - The Shapinggou Molybdenum Mine is a rare, large undeveloped porphyry-type molybdenum mine with significant advantages such as large resource reserves, single composition, concentrated ore body, and high grade [2] - This collaboration aims to create a complementary advantage between Zijin Mining's mining operations and Jinchuan Group's smelting and processing capabilities, promoting efficient development of the mine and extending the industrial chain [2]

Core Viewpoint - Zijin Mining (601899) and Jinchuan Group Co., Ltd. (601958) have signed a cooperation agreement for the integrated development and deep processing of the Shapinggou Molybdenum Mine in Anhui Province, enhancing resource utilization and economic benefits [1][2]. Group 1 - The cooperation agreement was signed on January 15, 2026, following a framework established in a letter of intent signed on August 29, 2025 [1]. - Jinchuan Group will collaborate with Anhui Jinsan Molybdenum Co., Ltd. to establish a smelting company in the county where the Shapinggou Molybdenum Mine is located, with a capital structure aligned with the mine's development scale [1][2]. - The ownership of the smelting company will be divided, with Jinchuan Group holding 51% and Jinsan Molybdenum holding 49%, while Jinchuan Group will lead the construction and operation [1]. Group 2 - Zijin Mining will transfer 24% of its stake in Jinsan Molybdenum to Jinchuan Group for a consideration of RMB 173,087 million, resulting in Zijin Mining holding 60% and Jinchuan Group holding 34% of Jinsan Molybdenum [2]. - The Shapinggou Molybdenum Mine is noted for being a rare, large undeveloped porphyry-type molybdenum mine with significant resource reserves and high-grade ore [2]. - This collaboration aims to create a complementary advantage between Zijin Mining's mining operations and Jinchuan Group's smelting and processing capabilities, promoting efficient development and extending the industrial chain [2].

Core Viewpoint - Zijin Mining (02899.HK) has signed a project cooperation and equity transfer agreement with Jinchuan Group Co., Ltd. to develop and process the Shapinggou Molybdenum Mine in Anhui Province, China, enhancing resource utilization and economic benefits [1][2] Group 1: Agreement Details - The cooperation agreement was signed on January 15, 2026, following a letter of intent signed on August 29, 2025 [1] - Jinchuan Group and Anhui Jinsan Molybdenum Co., Ltd. will jointly invest to establish a smelting company in the region, with a capital structure aligned with the development scale of the Shapinggou Molybdenum Mine [1][2] - Jinchuan Group will hold 51% and Anhui Jinsan Molybdenum will hold 49% of the smelting company, which will be primarily operated by Jinchuan Group [1] Group 2: Equity Transfer - Zijin Mining will transfer 24% of its stake in Anhui Jinsan Molybdenum to Jinchuan Group for a consideration of RMB 173,087,000 [2] - Post-transfer, Zijin Mining will hold 60%, Jinchuan Group 34%, and the local development company 6% of Anhui Jinsan Molybdenum [2] Group 3: Resource and Economic Impact - The Shapinggou Molybdenum Mine is a rare, large undeveloped porphyry-type molybdenum mine with significant resource reserves and high-grade ore [2] - The collaboration aims to create a complementary advantage between Zijin Mining's mining operations and Jinchuan Group's smelting and processing capabilities, promoting efficient development and extending the industrial chain [2]

Core Viewpoint - Zijin Mining (02899) has signed a project cooperation and equity transfer agreement with Jinchuan Group Co., Ltd. to develop and process the Shapingou Molybdenum Mine in Anhui Province, enhancing resource utilization and economic benefits [1][2] Group 1: Agreement Details - The cooperation agreement was signed on January 15, 2026, following a letter of intent signed on August 29, 2025 [1] - Jinchuan Group will collaborate with Anhui Jinsan Molybdenum Co., Ltd. to establish a smelting company in the county where the Shapingou Molybdenum Mine is located, with a capital structure aligned with the mine's development scale [1][2] - Jinchuan Group and Jinsan Molybdenum will hold 51% and 49% of the smelting company's shares, respectively, with Jinchuan Group leading the construction and operation [1] Group 2: Equity Transfer - Zijin Mining will transfer 24% of its stake in Jinsan Molybdenum to Jinchuan Group for a consideration of RMB 173,087 million [2] - Post-transfer, Zijin Mining will hold 60%, Jinchuan Group 34%, and Jinchuan County Urban Development Investment Co., Ltd. 6% of Jinsan Molybdenum [2] Group 3: Resource and Economic Impact - The Shapingou Molybdenum Mine is a rare, large undeveloped porphyry-type molybdenum mine with significant resource reserves and high-grade ore [2] - The collaboration aims to create a complementary advantage with Zijin Mining leading the mining development and Jinchuan Group focusing on smelting and processing, promoting efficient resource development and local economic growth [2]

關於簽署沙坪溝鉬礦項目合作及股權轉讓協議的公告 茲提述紫金礦業集團股份有限公司（以下簡稱「紫金礦業」或「本公司」）日期為 2022 年 10 月 21 日的關於收購安徽沙坪溝鉬礦的公告及 2025 年 8 月 29 日的關於安徽沙坪溝鉬礦項目 收購完成交割暨簽署《合作意向書》的公告（「該等公告」）。除另有定義外，本公告內所用 辭彚與該等公告所載者具有相同涵義。 2026 年 1 月 15 日，本公司與金堆城鉬業股份有限公司（以下簡稱「金鉬股份」，上海證券交 易所股票代碼：601958）簽署《項目合作及股權轉讓協議》（以下簡稱「《合作協議》」）。雙方 在 2025 年 8 月 29 日簽署的《合作意向書》框架下，正式就安徽省金寨縣沙坪溝鉬礦（以下 簡稱「沙坪溝鉬礦」）的一體化開發和深加工等業務達成一攬子合作。 一、合作方案 本次合作包括冶煉合作、股權交易兩部份，具體如下： （一）冶煉合作 依據《合作協議》，金鉬股份應與安徽金沙鉬業有限公司（持有沙坪溝鉬礦 100%權益，以下 簡稱「金沙鉬業」）共同出資，在金沙鉬業所在縣域設立從事鉬金屬冶煉和深加工等業務的 冶煉公司（以下簡稱「冶煉公司」），其註冊資本、投資規模、 ...

Core Viewpoint - The non-ferrous metal sector is experiencing a significant market transformation, with strong price increases across various metals, making it a focal point for investment in 2026 [3][26]. Group 1: Market Performance - Non-ferrous metals have shown a strong upward trend in both futures and stock markets, with the non-ferrous mining ETF rising 14.88% in the first nine trading days of 2026 [1][3]. - From mid-2025, metals like aluminum, cobalt, lithium, and rare earths entered a super-upward cycle, with tin futures prices soaring from 261,400 CNY/ton to 443,400 CNY/ton, a nearly 70% increase [4][10]. - In 2025, cobalt and silver prices increased by 173% and 148% respectively, while gold rose by 59.27% [7][8]. Group 2: Price Trends - The price of lithium carbonate futures surged to 174,000 CNY/ton, nearly three times the price in Q2 2025 [8]. - Key industrial metals like copper and aluminum also saw significant price increases, with copper futures rising from 78,000 CNY/ton to 105,600 CNY/ton [10]. - The price of tungsten increased from 122,000 CNY/ton to 455,000 CNY/ton, marking a 272% rise [10]. Group 3: Supply and Demand Dynamics - Geopolitical factors, such as the ongoing Russia-Ukraine conflict, have increased demand for gold as a strategic reserve, with central banks globally increasing their gold holdings [10][11]. - Supply disruptions in metals like copper and tin due to mining accidents and export restrictions have contributed to a widening supply-demand gap [11][21]. - Historical data indicates a strong correlation between precious metals and interest rate cuts, suggesting that monetary easing periods lead to increased prices for both precious and industrial metals [11][12]. Group 4: Investment Trends - The global gold ETF holdings increased significantly in 2025, with a total of 3,985.94 tons, marking the second-largest annual increase since 2004 [14]. - Non-ferrous themed ETFs saw a net subscription of over 51 billion CNY in 2025, with total assets growing nearly ninefold [16]. - Major non-ferrous companies like Zijin Mining and Luoyang Molybdenum reported substantial profit increases, with Zijin's net profit growing by 55.45% year-on-year [20][21]. Group 5: Future Outlook - The non-ferrous metal sector is expected to continue its strong performance due to macroeconomic liquidity, geopolitical tensions, and robust demand from industries like renewable energy and electric vehicles [26]. - The non-ferrous mining ETF is positioned to benefit from rising metal prices, with a historical performance showing significant price elasticity compared to the underlying commodities [23][25].