Core Viewpoint - Luoyang Molybdenum Co., Ltd. is acquiring 100% equity of Leagold LatAm Holdings B.V. and Luna Gold Corp. for $1.015 billion, aiming to enhance its gold mining portfolio in South America [1][2]. Group 1: Acquisition Details - The acquisition involves two companies: Luna Gold Corp. (LGC) holds 100% equity of Aurizona Gold Mine, while Leagold LatAm Holdings B.V. (LatAm) holds 100% equity of RDM Gold Mine and Bahia Complex [2][3]. - The total net assets of LGC and LatAm are approximately 3.814 billion yuan as of September 30, 2025, indicating a significant premium over the acquisition price [1][2]. - The purchase price consists of a base amount of $900 million, with an additional contingent payment of up to $115 million based on sales performance within one year post-acquisition [2][3]. Group 2: Mining Operations and Production - Aurizona Gold Mine is located in Maranhão State, Brazil, with an expected gold production of 70,000 to 90,000 ounces in 2025, and potential peak production exceeding 160,000 ounces [3][4]. - RDM Gold Mine is projected to produce 50,000 to 60,000 ounces of gold in 2025, while the Bahia Complex is expected to yield 125,000 to 145,000 ounces [4]. - The Fazenda Gold Mine has been operational for nearly 40 years, with cumulative gold production exceeding 3.3 million ounces, and its lifespan has been extended to 2033 based on updated geological data [4][5]. Group 3: Strategic Implications - This acquisition aligns with the company's strategy to enhance its resource reserves, focusing on copper and gold [5]. - Following the completion of this transaction, the acquired assets will be consolidated into the company's financial statements, increasing its annual gold production to an estimated 8 tons [5].

Core Viewpoint - The company is optimistic about the long-term market prospects of gold assets and considers the acquisition of Brazilian business assets a significant move to implement its "copper-gold dual-pole" merger and acquisition strategy [1] Group 1: Acquisition Strategy - The acquisition of Brazilian assets is seen as a major step in enhancing the company's resource layout in South America, leveraging Brazil's rich resources and relatively stable geopolitical environment [1] - The project is expected to create synergies with the company's existing niobium-phosphate assets in Brazil, further deepening its resource positioning in the region [1] Group 2: Production and Performance Impact - Upon completion of the asset transfer in the first quarter of 2026, the company's annual gold production is projected to increase by approximately 8 tons, enhancing its gold resource reserves and overall performance [1] - The company anticipates that, with the future production of the Ecuador Odin mine, its annual gold output could exceed 20 tons, creating a robust gold resource package in conjunction with the Ecuadorian gold mine [1]

Core Viewpoint - Luoyang Molybdenum plans to acquire 100% equity of two subsidiaries of EQX for $1.015 billion, gaining full ownership of four gold mines in Brazil, which is expected to significantly enhance the company's performance in the coming years [2][6]. Financial Performance - The two subsidiaries involved in the acquisition reported a combined revenue of over 4.1 billion yuan and a net profit of 1.013 billion yuan in the first nine months of this year, indicating a scale comparable to a medium-sized mining company [2][6]. - The acquisition is projected to contribute an additional revenue of 5.5 billion yuan and a net profit of 1.35 billion yuan to Luoyang Molybdenum in 2026, based on annualized estimates from the subsidiaries' performance [11]. Mining Assets - The acquired gold assets include Aurizona and RDM gold mines, along with Fazenda and Santa Luz mines, totaling 5.013 million ounces of gold resources with an average grade of 1.88 g/t [7][8]. - The average grade of the acquired gold mines is higher than the global average of 1.06 g/t, suggesting a favorable resource quality for long-term mining [8]. Strategic Importance - Brazil is a key area for Luoyang Molybdenum's overseas resource layout, with significant revenue expected from the region, projected to exceed 6.5 billion yuan in 2024 [4]. - The acquisition is expected to create synergies with existing assets in Ecuador and Brazil, enhancing the company's gold segment and regional resource collaboration [2]. Future Growth - The company has several growth projects lined up, including the KFM Phase II project expected to be operational by 2027 and the Cangrejos gold mine in Ecuador anticipated to start production before 2029 [2][12]. - With the completion of the acquisition, Luoyang Molybdenum's annual gold production is expected to reach approximately 20 tons, positioning it among the top domestic gold mining companies [9].

Core Viewpoint - Luoyang Molybdenum plans to acquire 100% equity of two subsidiaries of Canadian company EQX for $1.015 billion, gaining full rights to four gold mines in Brazil, which is expected to significantly enhance the company's performance in 2026 [1][2][14]. Group 1: Acquisition Details - The acquisition includes the Aurizona and RDM gold mines, which have a combined gold resource of 5.013 million ounces and an average grade of 1.88 g/t, higher than the global average of 1.06 g/t [9][10]. - The two subsidiaries, LatAm and LGC, reported combined revenues of 4.145 billion yuan and net profits of 1.013 billion yuan in the first three quarters of 2025 [7][8]. - The acquisition is expected to contribute an estimated revenue increase of 5.5 billion yuan and a net profit increase of 1.35 billion yuan to Luoyang Molybdenum in 2026, assuming successful consolidation [14]. Group 2: Strategic Importance - The acquisition is crucial for filling the performance gap in 2026 and allows the company to benefit from rising gold prices [2][8]. - Luoyang Molybdenum's gold production is projected to reach 20 tons annually, positioning it among the top domestic gold mining companies [11]. - The company has a diversified resource strategy, focusing on multiple commodities and regions, which includes ongoing expansions in copper and gold [13][18]. Group 3: Financial Performance - Luoyang Molybdenum's net profit surged from 2.329 billion yuan in 2020 to 14.28 billion yuan in the first three quarters of this year, with annual profit expectations reaching 20 billion yuan [17]. - The company's cash reserves are approximately 32.5 billion yuan, with a debt-to-asset ratio reduced from 64.89% to 48.57%, indicating significant leverage capacity for future acquisitions [17][18]. - Revenue from Brazil is projected to exceed 6.5 billion yuan in 2024, making it the second-largest revenue source after the Democratic Republic of the Congo [5][6].

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 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].