仅供机构投资者使用 证券研究报告发送给杭州同花顺数据开发有限公司。版权归华西证券所有，请勿转发。 p1 证券研究报告|行业研究报告 [Table_Title] 嘉能可 2025Q1 公司自有铜产量同比减少 30%至 16.79 万吨，自有金产量同比减少 28%至 4.51 吨 [Table_Title2] 有色金属-海外季报 [Table_Date] 2025 年 6 月 11 日 2025Q1 自有锌产量为 21.36 万吨，同比增加 4%，环比减少 18%。主要反映出 Antamina（7,000 吨）的锌品位较高，以及 澳大利亚产量较高（7,700 吨）。 2025Q1 自有铅产量为 4.99 万吨，同比增加 14%。 2025Q1 自有镍产量为 1.88 万吨，同比减少 21%，环比减少 6%。 2025Q1 自有金产量为 14.5 万盎司（4.51 吨），同比减少 28%，环比减少 26%。 2025Q1 自有银产量为 423.0 万盎司（131.57 吨），同比减少 6%，环比减少 21%。 2025Q1 铬铁权益产量为 27.7 万吨，同比减少 7%，环比增加 2%。减少的原因是根据市场情况进行 ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 6 月 11 日 [Table_Title] 嘉能可 2025Q1 公司自有铜产量同比减少 30%至 16.79 万吨，自有金产量同比减少 28%至 4.51 吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 2025Q1 自有铜产量 16.79 万吨，同比减少 30%，环比减少 32%。主要是由于 Collahuasi（29,400 吨）、Antapaccay （20,800 吨）和 KCC（16,700 吨）的矿石开采率、原品位和总 体回收率降低。 2025Q1 自有钴产量为 9500 吨，同比增加 44%，环比减少 19%。主要反映了 Mutanda 钴品位和产量的提高。 2025Q1 自有锌产量为 21.36 万吨，同比增加 4%，环比减少 18%。主要反映出 Antamina（7,000 吨）的锌品位较高，以及 澳大利亚产量较高（7,700 吨）。 2025Q1 自有铅产量为 4.99 万吨，同比增加 14%。 2025Q1 自有镍产量为 1.88 万吨，同比减少 ...

锌精矿系列专题 2025 年 6 月 6 日 海外锌精矿季度追踪报告六：2025Q1 报告摘要： 锌作为国民经济中重要的金属元素，广泛应用于冶金、机械、化 工、军事、航天航空等领域，锌矿是锌工业生产的主要原料，随着经济 的发展和技术的进步，锌的需求量不断增加，而锌矿资源的日益枯竭使 得锌精矿资源变得更加珍贵，本系列报告通过对海外主要锌精矿季度产 量进行定期追踪、分析，以期为产业和市场投资提供一定的参考。 矿端趋势预期基本兑现，TC 持续回升。 随着海外 OZ 矿、Kipushi 矿、Tara 矿等矿山陆续步入正轨，以及国 内火山云、银珠山等矿山正常出产，矿端趋松预期基本兑现，2025 年一 季度全球锌精矿产量 290.21 万吨，环比减少 9.75%（-31.37 万吨），同 比增加 2.99%（+8.42 万吨），从本报告统计样本来看，海外主要锌精矿 全年生产指引基本没有变动，仅 South 32 和 Grupo mexico 小幅下调，全 年锌精矿产量增量趋势不变。加工费来看，截至 5 月 30 日，国产锌精矿 平均加工费 3,600 元/吨，较去年年底提升 1,750 元/金属吨，进口锌精矿 平均加工费 ...

©据外媒报道，Glancore=直在JMB购买俄钢并计划运往中国。根据LEW数据显示，在过去的几个交易目中，LINE廣特丹交割仓库收到了约1.6万吨的俄钢交付清求。此举将加盟加庭库存 的进一步去化,令LME Back结构持续深化。 【車安贷讯】 沪铜日评20250603: 国内铜冶炼厂6月检修产能或环减,国内电解铜社会库存量环比减少 | | 变量名称 | 2025-05-30 | 2025-05-29 | 2025-05-22 | 较昨日变动 | 近期走势 | | --- | --- | --- | --- | --- | --- | --- | | 沪铜期货活跃合约 | 收盘价 | 77600 | 78130 | 77920 | -530.00 | www | | | 成交重(手) | 87403 | 80153 | 61455 | 7, 250. 00 | | | | 持仓量(手) | 172994 | 174757 | 153061 | -1, 763. 00 | | | | 库存(吨) | 34128 | 32165 | 31754 | 1,963.00 | | | | SMM 1#电解铜平均价 | ...

嘉能可在伦敦金属交易所购买俄罗斯铜，用于满足供应吃紧的中国市场 在目前贸易政策多变，经济预期不稳的背景下，短期内铜需求预期亦转为非线性波动，导致价格波动变大。 尽管短期供需节奏面临不确定性，但我们认为长期的供给约束叙事依然有效，换言之铜矿供应只有路径问题，而没有总量的问题。 5月27日据报道，过去三个交易日内，伦敦金属交易所鹿特丹仓库已收到约1.5万吨铜的交割请求，导致交易所库存降至一年来的最低水平。报道 援引知情人士指出，嘉能可是这些提货申请背后的主要交易商，正计划将这些俄罗斯铜运至中国。 这笔交易格外引人注目，因为涉及大量俄罗斯铜。自俄乌冲突全面爆发以来，众多消费者和金融机构一直试图避开俄罗斯供应。结果是俄罗斯铜 在伦敦金属交易所大量堆积，特别是在欧洲。报道称，几乎所有位于欧洲的伦敦金属交易所铜库存都来自俄罗斯。 报道指出，中国市场的供应开始吃紧。中国某些等级铜材的溢价已达到五年多来最高水平，而上海期货交易所铜市场一直处于陡峭的现货升水状 态——即期交割合约价格高于远期合约，这是市场紧张的典型特征。 尽管近几周随着价格反弹库存已趋稳定，但4月份价格跌破每吨8,500美元后，中国铜库存出现创纪录的下降。 铜 ...

嘉能可在伦敦金属交易所(LME)购买俄罗斯铜，并计划运往中国，这一交易凸显中国这个全球最大铜消 费国供应吃紧。根据交易所数据，过去三个交易日，LME鹿特丹仓库收到约1.5万吨铜的提货要求，导 致交易所库存降至一年来最低。知情人士称，嘉能可是这些提货要求背后的关键交易商，其计划将这些 原产于俄罗斯的铜运往中国。（彭博） ...

嘉能可位于智利的铜矿冶炼厂恢复运营。 ...

Financial Data and Key Metrics - Adjusted EBITDA for H1 2024 was $6.3 billion, with industrial EBITDA at $4.5 billion, down from the previous year due to lower coal prices and reduced realizations in cobalt and nickel [5][6] - Marketing EBIT was $1.5 billion, annualizing to $3 billion, which is at the top end of the guidance range of $2.2 to $3.2 billion [7] - Net debt decreased to $3.6 billion, with net funding reduced by $1.7 billion to $29.4 billion [15] - Free cash flow generation was strong, with $4 billion from operations and $2.9 billion in net CapEx cash flow [34] Business Line Performance - Coal earnings were significantly impacted by lower pricing, particularly in thermal coal, contributing to a $2.6 billion reduction in energy and steelmaking coal EBITDA [16] - Copper and zinc custom smelting businesses saw lower contributions due to historically low TCRCs, with copper down $180M and zinc down $107M [17] - Zinc production saw positive volume growth, particularly from the Zhairem ramp-up, while coal volumes were modestly negative due to infrastructure challenges [20] Market Performance - Newcastle coal prices have normalized but remain strong, with prices picking up post-H1 2024 [5] - Cobalt and nickel markets are oversupplied, leading to lower realizations and netbacks, with nickel prices down 28% [19] - Copper prices were up period-on-period, but cobalt and zinc prices were down, impacting overall earnings [19] Strategic Direction and Industry Competition - The company decided to retain its coal and carbon steel materials business, citing shareholder support and ESG considerations [8] - Significant investments are being made in copper projects, particularly in Argentina, with plans to bring an additional 1 million tonnes of copper to market as needed [9][47] - The acquisition of EVR adds a Tier 1, low-cost, high-quality asset, contributing to growth in copper equivalents and steelmaking coal [11][47] Management Commentary on Operating Environment and Future Outlook - Management highlighted the strong performance of the marketing business, particularly in metals, despite energy price normalization [7] - The company remains committed to its climate action transition plan, with over 90% shareholder support [8] - Management expressed confidence in the copper market's long-term demand, driven by decarbonization and infrastructure needs [77][78] Other Important Information - The company reported three fatalities in H1 2024 and is doubling down on safety efforts [10] - The resolution of government investigations and the completion of one year with independent compliance monitors were noted as positive developments [10] - The company is spending $400 million on copper development projects in Argentina and North America, with additional CapEx expected for EVR integration [42][43] Q&A Session Summary Question: Marketing EBIT Guidance and EVR Integration - The company expects marketing synergies from EVR integration, with potential upside to the $2.2 to $3.2 billion guidance range [55][56] Question: Net Debt Target and Capital Returns - The $10 billion net debt target remains firm, with potential for upward revision as copper units and cash flow capacity increase [57][58] Question: M&A vs Capital Returns - The company remains open to M&A but will prioritize capital discipline and shareholder returns, including buybacks and dividends [61][62] Question: Viterra Disposal and Equity Treatment - The equity portion of the Viterra disposal may be treated differently, with potential for offsetting against acquisitions or distributions [63][64] Question: Marketing CapEx and Leases - Marketing CapEx in H1 2024 was $600 million, primarily related to leases [65] Question: Argentina Projects and Battery Metals Theme - The company is optimistic about Argentina's political and economic stability, with significant investments in MARA and El Pachon copper projects [71][72] - The battery metals theme remains under pressure, but the company sees long-term demand for copper, cobalt, and nickel, despite current oversupply [74][75][76] Question: South African Thermal Coal Assets - Logistical constraints in South Africa are improving, with Transnet performance showing green shoots [81] Question: MARA and El Pachon Syndication - The company is unlikely to syndicate MARA but remains open to partnerships for El Pachon [83][84] Question: EVR Capitalization and Production Outlook - EVR assets are sufficiently capitalized, with ongoing investments in waste stripping and new mining areas [95][96] Question: Operational Performance and Koniambo Care and Maintenance - Operational performance in H1 2024 was impacted by abnormal events, but recovery is expected in H2, particularly in Africa and Kazakhstan [99][100] - Koniambo care and maintenance expenses are expected to decrease, with ongoing costs in the low double digits [101] Question: Copper Market Tightness and Price Outlook - Copper supply remains constrained, with demand in China holding up, particularly in grid spending and renewables [104][105] Question: Primary Listing and Smelting Business - The company remains committed to its London listing but will continually assess the best exchange for its shareholders [109][110] - The custom smelting business may face challenges if low TC/RCs persist, with potential for smelter shutdowns [108]

2024 Half-year results Glencore Energising today Advancing tomorrow Important notice This material does not purport to contain all of the information you may wish to consider. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities. Cautionary statement regarding forward-looking information Certain descriptions in this document are oriented towards future events and therefore contains statements ...

Glencore PLC (OTCPK:GLCNF) Q4 2023 Earnings Conference Call February 21, 2024 5:00 AM ET Company Participants Gary Nagle - CEO & Director Steven Kalmin - CFO Martin Fewings - Head, IR & Communications Conference Call Participants Myles Allsop - UBS Liam Fitzpatrick - Deutsche Bank Jason Fairclough - Bank of America Merrill Lynch Anthony Robson - Global Mining Research Robert Brackett - Sanford C. Bernstein & Co. Dominic O'Kane - JPMorgan Chase & Co. Srivathsan Manoharan - RBC Capital Markets Matthew Greene ...