12月12日，江西铜业（600362）（600362.SH）公告将收购索尔黄金100%股份，较上次报价提高2便士/股，修改后的潜在要约价格对索尔黄金已发行及将 发行的全部普通股股本估值约为8.42亿英镑。索尔黄金的核心资产为厄瓜多尔的Cascabel项目，项目主要的Alpala矿床目前拥有探明、控制及推断资源 量：铜1220万吨、金3050万盎司、银1.02亿盎司。 12月15日，矿业巨头洛阳钼业（603993）（603993.SH）开盘后强势拉升翻红，一度涨超4%，随后震荡走低。截至收盘报17.93元/股，涨1.99%，总市值超 3800亿元。或受益于全球贵金属价格飙涨，今年以来，洛阳钼业股价已涨近180%。 值得注意的是，此前受刚果金的钴出口禁令影响，洛阳钼业钴销量大幅下滑。国信证券指出，明年公司钴出口配额为3.2万吨，虽然销量会大幅下滑，但 是钴价上涨弥补了销量下滑的影响。 金价飙升，年内多家矿企掀起并购狂潮 矿企巨头频频"拥"金的背后，是金价的不断攀升。数据显示，截至12月15日，年初至今COMEX黄金累计涨幅超65%，沪金涨幅也达58.14%。 在此背景 下，年内亦有不少矿企选择加码金矿。 金价飙涨 ...

Core Viewpoint - The surge in gold prices has triggered a wave of mergers and acquisitions among mining companies, with Luoyang Molybdenum Co., Ltd. announcing a significant acquisition of gold mining assets in Brazil [1][5]. Group 1: Company Performance - Luoyang Molybdenum's stock price increased nearly 180% this year, closing at CNY 17.93 per share, with a market capitalization exceeding CNY 380 billion [1][2]. - The company reported a net profit of CNY 142.80 billion for the first three quarters, a year-on-year increase of 72.61%, despite a 5.99% decline in revenue [3][4]. - The third quarter saw a substantial net profit increase of 96.40% year-on-year, attributed to rising product prices and increased copper sales [3]. Group 2: Acquisition Details - Luoyang Molybdenum plans to acquire 100% of Equinox Gold's Brazilian gold mining assets for a total consideration of USD 1.015 billion, which includes an upfront payment of USD 900 million and potential contingent payments based on gold sales [2][3]. - The three gold mines involved in the acquisition hold a total gold resource of 5.013 million ounces, with an average grade of 1.88 g/t, and are expected to produce approximately 247,300 ounces of gold in 2024 [3]. Group 3: Industry Trends - The gold price has risen significantly, with COMEX gold increasing over 65% year-to-date and Shanghai gold up 58.14%, prompting several mining companies to pursue acquisitions [5][6]. - Other notable acquisitions in the industry include Jiangxi Copper's acquisition of SolGold and Zijin Mining's purchase of gold mining projects in Kazakhstan and Ghana [6][7].

Core Viewpoint - Luoyang Molybdenum plans to acquire four gold mines in Brazil for $1 billion, aligning with its strategy focused on copper and gold investments, which is expected to enhance its resource reserves and financial performance [1][2]. Group 1: Acquisition Details - The acquisition involves a total consideration of $1.015 billion for 100% equity in four gold mines owned by Equinox Gold, including Aurizona, RDM, and Bahia [2]. - The payment structure consists of a $900 million upfront payment and up to $115 million contingent payment based on gold sales in the first operational year post-acquisition [2]. - The transaction is expected to be completed by Q1 2026, pending regulatory approvals from Brazilian antitrust authorities and Chinese regulatory bodies [2]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of 145.485 billion yuan, a year-on-year decrease of 5.99%, while net profit attributable to shareholders was 14.280 billion yuan, an increase of 72.61% [3]. - In Q3 2025, revenue was 50.713 billion yuan, down 2.36% year-on-year but up 3.99% quarter-on-quarter, with net profit reaching 5.608 billion yuan, reflecting a 96.40% year-on-year increase [3]. - The profit growth is attributed to rising product prices and increased copper production and sales [3]. Group 3: Market Context and Strategic Implications - The mining industry is cyclical, and the company emphasizes the importance of accurately grasping market cycles for expansion [3]. - Some industry experts express concerns about the timing of the acquisition, suggesting it may be at a market peak, which could pose risks of "buying at high points" [4][5]. - The acquisition is seen as a strategic move to diversify the company's asset portfolio, particularly as it transitions towards becoming a more diversified mining group [5].

（文章来源：证券日报） 证券日报网讯 12月15日晚间，洛阳钼业发布公告称，公司第七届董事会第八次临时会议审议通过《关 于收购金矿项目的议案》。 ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. (CMOC) is acquiring gold assets from Equinox Gold for $1.015 billion, aiming to enhance its gold production capabilities amid high international gold prices [1][14][21]. Group 1: Acquisition Details - The acquisition includes four operating gold mines: Aurizona, RDM, and the Bahia complex in Brazil [5][19]. - The total gold resource from these assets is 5.013 million ounces, with an average grade of 1.88 grams per ton [20]. - The transaction price consists of $900 million at closing and up to $115 million contingent on future gold sales [21][22]. Group 2: Production Expectations - Aurizona is expected to produce between 70,000 to 90,000 ounces of gold in 2025, while RDM is projected to yield 50,000 to 60,000 ounces [19]. - The Bahia complex is estimated to produce between 125,000 to 145,000 ounces in 2025 [20]. - After the acquisition, CMOC's annual gold production is anticipated to increase by approximately 8 tons [20]. Group 3: Strategic Implications - CMOC's chairman emphasized that this acquisition aligns with the company's strategy to diversify its resource portfolio, focusing on copper and gold [22][23]. - The company aims to leverage synergies with its existing operations in Brazil, enhancing its resource base in South America [22][23]. - The deal is subject to regulatory approvals in Brazil and China, expected to be completed by Q1 2026 [11][23]. Group 4: Financial Performance - In the first three quarters of the year, CMOC reported revenues of 145.485 billion yuan and a net profit of 14.280 billion yuan, marking a 72.61% year-on-year increase [24].

Core Viewpoint - The company, Luoyang Molybdenum Co., Ltd., is focusing its investment and acquisition strategy on copper and gold, with a recent announcement of a significant acquisition in Brazil [2] Group 1: Acquisition Details - Luoyang Molybdenum announced it will acquire 100% equity in four gold mines in Brazil from Equinox Gold for a total consideration of up to $1.015 billion [2] - The payment structure includes $900 million in cash at closing and up to $115 million contingent on gold sales volume in the first operational year post-acquisition [2] - The acquisition is expected to be completed in the first quarter of 2026 [2] Group 2: Strategic Rationale - The acquisition aligns with the company's strategic focus on copper and gold, as stated by the Chairman and Chief Investment Officer, Liu Jianfeng, who expressed confidence in the long-term market prospects for gold assets [2] - The company completed its first pure gold investment in June 2025, acquiring the Cangrejos gold project in Ecuador for CAD 581 million, which is currently in the exploration phase and expected to start production in 2028, with an annual output of approximately 11.5 tons of gold [2] - Once the Cangrejos project is operational, the company's annual gold production is anticipated to exceed 20 tons [2] Group 3: Market Context - Brazil is noted for its rich gold resources and relatively stable geopolitical environment, which is expected to synergize with the company's existing operations in Brazil [2]

Core Viewpoint - Luoyang Molybdenum plans to acquire four gold mines in Brazil for a total consideration of $1.015 billion, which aligns with its strategy focused on copper and gold investments, potentially enhancing its resource reserves [2][3]. Group 1: Acquisition Details - The acquisition includes 100% equity of four gold mines owned by Equinox Gold, namely Aurizona, RDM, and Bahia complex (Fazenda and Santa Luz mines), with a payment structure comprising $900 million upfront and up to $115 million contingent on gold sales in the first operational year post-acquisition [3]. - The transaction is expected to be completed by Q1 2026, pending approval from Brazilian antitrust authorities and relevant Chinese regulatory bodies [3]. - Following the acquisition, the annual gold production of the company is projected to reach 8 tons, further solidifying its presence in the South American gold market [3]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenues of 145.485 billion yuan, a year-on-year decrease of 5.99%, while net profit attributable to shareholders was 14.280 billion yuan, an increase of 72.61% [4]. - The third quarter saw revenues of 50.713 billion yuan, a year-on-year decline of 2.36%, but a quarter-on-quarter increase of 3.99%, with net profit rising by 96.40% year-on-year [4]. - The profit growth is attributed to increased product prices and higher copper production and sales [4]. Group 3: Market Analysis - Industry experts suggest that while gold prices may still have room for growth, the significant price increases in copper and gold this year pose a risk of "buying at a high point" if market conditions reverse [5][6]. - The acquisition is viewed as a strategic move to diversify the company's asset portfolio and mitigate the volatility of metal prices, with a focus on long-term value enhancement [5]. - Concerns have been raised regarding the timing of the acquisition, as frequent financing and mergers in the mining sector may indicate that the industry is at a peak, reminiscent of past cycles where high prices led to subsequent declines [6].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. announced a $1 billion acquisition of four gold mines in Brazil, aligning with its strategy focused on copper and gold, while benefiting from rising global metal prices [3][4][5]. Group 1: Acquisition Details - The acquisition involves a total consideration of $1.015 billion for 100% equity of four gold mines, including Aurizona, RDM, and Bahia, with $900 million as an upfront payment and up to $115 million contingent on gold sales in the first operational year [5]. - The transaction is expected to increase the company's annual gold production to 8 tons and is anticipated to be completed in Q1 2026, pending regulatory approvals [5][6]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenues of 145.485 billion yuan, a year-on-year decrease of 5.99%, while net profit attributable to shareholders was 14.280 billion yuan, an increase of 72.61% [6]. - The third quarter saw revenues of 50.713 billion yuan, a year-on-year decline of 2.36%, but a quarter-on-quarter increase of 3.99%, with net profit rising 96.40% year-on-year [6]. Group 3: Market Context and Risks - Industry experts suggest that while gold prices may still have room to rise, the significant increases in copper and gold prices this year pose a risk of "buying at a high point" if market conditions reverse [3][9]. - The acquisition is viewed as a strategic move to diversify the company's asset portfolio, but concerns exist regarding the timing of such investments in a potentially peaking market [10][11].

Core Viewpoint - Luoyang Molybdenum plans to acquire four gold mines in Brazil for a total consideration of $1.015 billion, which aligns with its strategy focused on copper and gold investments, potentially enhancing its resource reserves [1][2]. Group 1: Acquisition Details - The acquisition includes 100% equity of four gold mines from Equinox Gold, comprising Aurizona, RDM, and Bahia integrated mining areas, with a payment structure of $900 million upfront and up to $115 million contingent on gold sales in the first operational year [2]. - The transaction is expected to increase the company's annual gold production to approximately 8 tons and is anticipated to be completed by Q1 2026, pending regulatory approvals [2]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenues of 145.485 billion yuan, a year-on-year decrease of 5.99%, while net profit attributable to shareholders rose by 72.61% to 14.280 billion yuan [3]. - The third quarter saw revenues of 50.713 billion yuan, a year-on-year decline of 2.36%, but a quarter-on-quarter increase of 3.99%, with net profit increasing by 96.40% year-on-year [3]. Group 3: Market Context and Strategic Implications - The mining industry is characterized as cyclical, and the company emphasizes the importance of accurately grasping market cycles for expansion [4]. - Some industry experts express concerns about the timing of the acquisition, suggesting that high prices for copper and gold may pose a risk of "buying at a peak" [5][6]. - The acquisition is viewed as a strategic move to diversify the company's asset portfolio, potentially mitigating the impact of metal price fluctuations [6].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. (603993) (03993) experienced a stock price increase of over 3%, currently trading at 18.7 HKD with a transaction volume of 220 million HKD, following the announcement of a significant acquisition deal [1] Group 1: Acquisition Details - On December 15, Luoyang Molybdenum announced that its subsidiary CMOC Limited signed an agreement with Equinox Gold Corp. and its wholly-owned subsidiary Leagold Mining Corporation [1] - The acquisition involves CMOC Limited purchasing 100% equity of Leagold LatAm Holdings B.V. and Luna Gold Corp. for a total of 1.015 billion USD, which includes an upfront payment of 900 million USD and a contingent cash payment of up to 115 million USD linked to sales, payable one year after closing [1] - The deal grants CMOC Limited 100% ownership of the Aurizona Gold Mine, RDM Gold Mine, and Bahia integrated mining area [1]