Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for investment [5]. Core Insights - The company has evolved from a small local mining enterprise to a multinational mining group with over 30 large-scale mining resource development bases globally, ranking among the top ten in the world for copper and gold resources [2][13]. - The company is expected to benefit from strong copper and gold price forecasts, driven by supply constraints and increasing demand from emerging sectors such as electric vehicles [3]. - The company's growth is supported by technological innovation, efficient management, and strategic acquisitions, with projected annual production growth rates for copper, gold, zinc/lead, silver, lithium, and molybdenum expected to reach 8.94%, 9.08%, 4.12%, 9.55%, 146.86%, and 30.26% respectively from 2024 to 2028 [4]. Summary by Sections Company Overview - The company has a significant resource base, with proven and probable reserves of copper at 33.4 million tons, gold at 1,148.49 tons, zinc/lead at 469.92 million tons, silver at 1,863.89 tons, and lithium at 442.65 million tons as of December 31, 2023 [15][16]. Financial Performance - In Q1 2024, the company reported revenues of 74.78 billion yuan and a net profit attributable to shareholders of 6.26 billion yuan, reflecting a year-on-year change of -0.22% and +15.05% respectively [2]. Production and Growth Projections - The company is projected to achieve a net profit of 25.78 billion yuan in 2024, with earnings per share (EPS) expected to reach 0.97 yuan, corresponding to a price-to-earnings (PE) ratio of 17.42X [5]. Market Position and Competitive Advantage - The company is positioned as a leading player in the non-ferrous metals industry, with a strong focus on innovation and management practices that enhance its competitive edge in resource acquisition and production efficiency [4][5].

证券代码：601899 证券简称：紫金矿业 编号：临2024-046 紫金矿业集团股份有限公司 关于巨龙铜矿和铜山铜矿找矿增储取得重大突破的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 矿产资源是经济社会发展的重要物质基础，矿产资源勘查开发事关国计民生和国 家安全。近年来，紫金矿业集团股份有限公司（以下简称"公司"）围绕深部找矿技 术、低成本高效快速评价技术等地勘科技创新发展主线，运用"矿石流五环归一"矿 业工程管理模式，加大了对权属企业的资源勘查和评价，公司一批重大地质找矿勘查 成果显著。 近期，根据自然资源主管部门出具的矿产资源储量评审意见，公司旗下的西藏巨 龙铜矿和黑龙江铜山铜矿合计新增备案铜金属资源量1,837.7万吨，新增备案的铜金属 储量577.7万吨，约占中国2022年末铜储量的14.2%（根据自然资源部披露的《中国矿 产资源报告2023》，2022年中国铜储量为4,077.18万吨），标志着公司在我国新一轮 找矿突破战略行动中取得重大成果。 一、西藏巨龙铜矿 公司于2020年收购西藏巨龙铜业有限公司（" ...

Summary of the Conference Call on Zijin Mining Company Overview - **Company**: Zijin Mining - **Industry**: Mining, specifically focusing on copper and gold production Key Points and Arguments 1. **Copper and Gold Price Trends**: The prices of gold and copper have shown significant fluctuations, with gold prices experiencing a major upward trend in March 2024, while copper prices began to rise around mid-March 2024. Historical data indicates that copper prices rose from approximately $3 to nearly $14 during a previous cycle from 2020 to 2021, highlighting the strong correlation between commodity prices and the company's performance [1][2][3]. 2. **Production Growth**: Zijin Mining has transitioned from producing 300,000 to 400,000 tons of copper annually before 2019 to a projected output of 1.1 million tons in 2024. This growth reflects the company's rapid expansion and development over the past few years [2][5]. 3. **Debt Levels**: The company's debt-to-asset ratio is approximately 60% as of Q1 2024, which is considered relatively high compared to peers in the copper mining sector. This high leverage may limit the company's ability to distribute dividends in the near term [4][7]. 4. **Future Production Targets**: Zijin Mining has set ambitious production targets for the next five years, aiming for copper production to reach between 1.5 million to 1.6 million tons by 2028, and gold production to increase from 73.5 tons in 2024 to between 100 and 110 tons by 2028 [6][20]. 5. **Capital Expenditure**: The company is currently in an expansion phase, which necessitates significant capital expenditures. This financial commitment may hinder the potential for substantial dividend increases in the short term [7][9]. 6. **Market Positioning**: Zijin Mining is positioned as a leading player in the global copper mining industry, with production growth rates significantly exceeding the industry average. The company's profitability is also reported to be higher than that of international competitors [19]. 7. **Strategic Acquisitions**: The company is exploring potential acquisitions to enhance its gold production capabilities, with a focus on leveraging its strong mining expertise to capitalize on undervalued assets in the market [21][23]. 8. **Regional Production Insights**: Key production increases are expected from regions such as Tibet and Kamala, with significant contributions anticipated from ongoing projects. For instance, the Tibet project is expected to yield around 300,000 tons of copper by 2028 [11][14]. 9. **Commodity Price Sensitivity**: The company's stock price is highly sensitive to fluctuations in copper and gold prices, which are expected to influence its market performance in the coming years. The anticipated profit for 2025 is projected to exceed 40 billion yuan, assuming stable commodity prices [8][29]. 10. **Long-term Growth Outlook**: The overall growth trajectory for Zijin Mining remains positive, with expectations of continued expansion and profitability driven by strategic investments and market conditions. The company is viewed as a valuable asset in the mining sector, with significant potential for future growth [28][29]. Additional Important Insights - **Market Conditions**: The current market is characterized as being in a consolidation phase after a major price surge, suggesting that investors should remain cautious but optimistic about future opportunities [9][25]. - **Diversification of Products**: Besides copper and gold, Zijin Mining is also focusing on silver and lithium production, which are expected to contribute to overall revenue growth [24][26][27]. This summary encapsulates the critical insights from the conference call regarding Zijin Mining's operational performance, market positioning, and future growth strategies.

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之內容概不負責， 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之任何損失承擔任何責任。 本公告及當中所述的上市文件僅按香港聯合交易所有限公司證券上市規則（「上市規 則」）規定刊發以供參考，且並不構成任何證券的出售要約或招攬購買要約。本公告 或當中所述任何事宜（包括上市文件）一概並不組成任何合約或承諾的基準。為免生 疑，刊發本公告及當中所述的上市文件不應被視為根據發行人（定義見下文）或其代 表就香港法例第32章《公司（清盤及雜項條文）條例》而言刊發章程作出證券發售，亦 並不構成就香港法例第571章《證券及期貨條例》而言包含邀請公眾人士訂立或要約 訂立協議以收購、處置、認購或包銷證券的廣告、邀請或文件。 本公告並非在美國發售發行人證券的要約，或招攬購買發行人證券的要約。本公告 所述的證券並無亦將不會根據1933年《美國證券法》（經修訂）（「證券法」）或美國任何 州的證券法登記，且未必會在美國境內發售或出售，惟根據《美國證券法》豁免或在 毋須遵守有關規定的交易則除外。本公告及其所載資料不得直接或間 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Views - The company has established a strong international presence in the mining sector, with a diversified portfolio across three major regions: domestic, Congo (DRC), and Serbia. This strategic positioning enhances its competitiveness in the global market [2][3]. - The company has a robust revenue structure, with copper and gold contributing significantly to its income and profitability. In 2023, copper and gold accounted for 25% and 42% of total revenue, respectively, with gross profit contributions of 47% and 25% [2][29]. - The company is well-positioned to benefit from rising copper and gold prices, driven by supply constraints and increasing demand, particularly in the renewable energy sector [35][47]. Summary by Sections 1. International Resource Layout - The company has successfully completed a global resource layout, acquiring high-quality assets during market downturns, which has led to steady revenue growth. The average acquisition cost for copper and gold is significantly lower than industry peers [18][20]. - As of the end of 2023, the company operates 30 mines across 16 countries, ranking as the fifth-largest copper producer and seventh-largest gold producer globally [23][25]. 2. Long-term Outlook for Copper and Gold - The long-term outlook for copper is positive due to supply constraints and stable demand growth driven by the renewable energy sector. The company anticipates a compound annual growth rate (CAGR) of 9% for copper production from 2023 to 2028 [35][44]. - Gold prices are expected to rise as the Federal Reserve is anticipated to lower interest rates, which will enhance the investment appeal of gold [47]. 3. Competitive Advantages - The company employs a "Five Rings Unified" management model that enhances operational efficiency and cost control, positioning it favorably against international competitors [3][29]. - The company has maintained a high return on equity (ROE) of 21% in 2023, reflecting its strong profitability and effective management strategies [34]. 4. Financial Projections and Valuation - The report projects earnings per share (EPS) of 1.04, 1.34, and 1.55 for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 16.73, 13.03, and 11.29 [1][4]. - The company's current P/E ratio is lower than that of comparable companies, indicating potential for valuation expansion [4].

关于 20 亿美元可转换公司债券发行完成 以及 39 亿港元新 H 股配售完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 在本公告中，除非文义另有所指（如有），所有释义均与紫金矿业集团股份有限 公司（以下简称"紫金矿业"、"公司"或"本公司"）2024年6月18日于上海证券交 易所网站（www.sse.com.cn）披露的《紫金矿业集团股份有限公司关于根据一般性授 权拟发行20亿美元可转换公司债券以及配售39亿港元新H股的公告》（编号：临2024- 042）中的释义一致。 一、公司可转换公司债券发行完成 证券代码：601899 证券简称：紫金矿业 编号：临2024-043 紫金矿业集团股份有限公司 本次配售的募集资金净额（扣除配售佣金和其他相关费用后）预计约为38.71亿港 元，将用于海外市场的业务营运及发展(其中包括并购、营运资金及一般企业用途)。 后续公司将根据中国证监会的相关规定及时履行本次配售新H股的相关备案程序。 三、本次配售对公司股权结构的影响 本公司已发行股本总额在配售完成后由26,325,988,9 ...

证券代码：601899 证券简称：紫金矿业 编号：临2024-044 紫金矿业集团股份有限公司 关于 20 亿美元可转换公司债券 在香港联合交易所有限公司上市的公告 紫金矿业集团股份有限公司 董 事 会 二〇二四年六月二十六日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 紫金矿业集团股份有限公司（以下简称"本公司"）已向香港联合交易所有限公 司申请本公司全资子公司金极资本有限公司发行由本公司无条件且不可撤销地担保的 于2029年到期之20亿美元年利率1%可转换公司债券（港交所上市债券代码：5034） （以下简称"可转换公司债券"）的上市及交易。本次可转换公司债券将仅向根据 《香港联合交易所有限公司证券上市规则》第37章所规定的专业投资者发行。本次可 转换公司债券预计将于2024年6月26日在香港联合交易所有限公司上市及交易。 特此公告。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 紫金礦業集團股份有限公司 呈交日期： 2024年6月25日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) 02899 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | | | 每股發行/出售價 (註4) | | 已發行股份總數 | | | 已發行股份（不包括庫存股份）數 目 | 佔 ...

有色金属/工业金属 公 司 研 紫金矿业（601899.SH） 矿业巨舰乘风远航，优质资源增储远景可期 究 2024年06月19日 ——公司首次覆盖报告 投资评级：买入（首次） 李怡然（分析师） liyiran@kysec.cn 日期 2024/6/19 证 书编号：S0790523050002 当前股价(元) 17.32  铜金龙头地位稳固, 面向全球配置矿产资源 公 一年最高最低(元) 19.79/11.21 紫金矿业是大型跨国矿业集团及中国有色金属行业龙头之一，主要在全球范围内 司 从事金、铜、锌、锂等矿产资源的勘探与开发，并适度延伸至冶炼加工和贸易业 首 总市值(亿元) 4,559.66 次 流通市值(亿元) 3,560.35 务，拥有较完整的产业链。目前公司已在全球15个国家及中国17个省市拥有投 覆 总股本(亿股) 263.26 资项目，是国内金属矿产资源量最多的企业之一，其中，铜、金、锌（铅）产量 盖 报 流通股本(亿股) 205.56 均居国内领先地位。随着公司旗下铜、金项目持续放量，并积极布局锂矿资源， 告 近3个月换手率(%) 56.71 我们看好公司后续的业绩成长性，预计 2024-2 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][6][25]. Core Views - The company is experiencing continuous expansion in its copper and gold sectors, with strategic investments in lithium and molybdenum to create a second growth engine. The projected growth in copper and gold production, alongside favorable market conditions, suggests a strong performance outlook [5][6][8][25]. Summary by Sections 1. Copper Sector: Continuous Capacity Release and Project Advancement - In 2023, the company produced 1.01 million tons of copper, a 15% increase year-on-year. Key projects include the Kamoa-Kakula project in the Democratic Republic of Congo, which is expected to reach an annual capacity of over 600,000 tons by 2024 [15][16]. - The Timok and Bor copper mines in Serbia are progressing towards full production, with expected capacities of 300,000 tons per year by 2025 [15][16]. - The company anticipates copper production to exceed 1.22 million tons by 2025, driven by ongoing capacity expansions and new projects [15][16]. 2. Gold and Silver Sector: Resumption of Four Major Mines - The company achieved a gold production of 67.73 tons in 2023, marking a 20.17% increase. Future growth is expected from the resumption of operations at four major mines, including the Suriname Rosebel and the Haiyu gold mines, which are projected to contribute significantly to production by 2025 [18][19]. - The company aims for a total gold production of 85 tons by 2025, supported by the revival of these key mining operations [19][20]. 3. Strategic Layout of Lithium and Molybdenum Sectors - The company is developing its lithium sector with over 10 million tons of lithium resources, targeting a production of 120,000 to 150,000 tons of lithium carbonate by 2025 [22][24]. - The molybdenum sector is projected to achieve an annual production of 27,200 tons, contributing an average profit of 1 billion yuan [24]. 4. Profit Forecast and Valuation - The company forecasts net profits of 28.7 billion, 33.9 billion, and 40.3 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 16X, 13X, and 11X [5][6][25]. - Compared to peer companies, which have average P/E ratios of 19X, 16X, and 14X for the same period, the company demonstrates a strong growth outlook and profitability [6][25].