Core Viewpoint - Luoyang Molybdenum (603993.SH) has solidified its position among the top ten global mining companies, with a market capitalization reaching 530 billion yuan, following a recent ranking by mining.com that placed it at the 10th position with a total market value of 487.4 billion yuan [1][2]. Financial Performance - The company expects its net profit attributable to shareholders to reach between 20 billion to 20.8 billion yuan in 2025, representing a year-on-year growth of 47.8% to 53.7% [2]. - Luoyang Molybdenum is the fourth mining company in A-share history to achieve an annual profit exceeding 20 billion yuan [3]. Production and Revenue Drivers - The rise in market value is closely linked to the company's stable growth in performance, primarily driven by the large-scale output from the KFM and TFM mines, which are significant sources of copper and cobalt profits [4]. - In the first half of 2025, copper and cobalt products are expected to contribute approximately 67.8% of the company's gross profit [5]. Production Forecasts - For 2025, the company forecasts copper production of 741,100 tons, with a growth rate dropping to around 14% from the previous year's 65% [7]. - The cobalt production is projected to be 117,500 tons, with a growth rate of 2.9% [7]. Price Dynamics - Price increases for copper and cobalt are anticipated to be the main drivers of profit growth, with copper prices expected to rise by 42.3% in 2025 and cobalt prices by 36.6% [9][10]. - The company benefits from stable production costs due to its position at the upstream of the supply chain, allowing it to convert price increases into profits effectively [10]. Strategic Development - Luoyang Molybdenum's growth strategy involves a diversified approach, focusing on multiple metal resources rather than a single commodity, similar to other leading global mining companies [3][18]. - The company plans to enhance its production capacity, targeting an increase in copper output to between 760,000 and 820,000 tons in 2026, along with the introduction of gold production following a recent acquisition [12][13]. Competitive Positioning - The company is narrowing the production gap with Zijin Mining, with copper production differences expected to decrease to around 350,000 tons by 2025 [22]. - Luoyang Molybdenum's gold production is currently lower than Zijin Mining, but the company is likely to pursue further acquisitions to enhance its gold resource base [23][24].

Core Viewpoint - Zijin Mining has signed a project cooperation and equity transfer agreement with Jintong Co., focusing on the integrated development and deep processing of the Shapinggou molybdenum mine in Jinzhai County, Anhui Province [1] Group 1: Project Details - Zijin Mining acquired 84% of the equity in Jinsan Molybdenum, which holds 100% rights to the Shapinggou molybdenum mine, for 5.91 billion yuan in October 2022 [1] - The Shapinggou molybdenum mine is the largest single molybdenum deposit globally, with a metal resource of 2.1 million tons, and is expected to produce an average of 22,100 tons of molybdenum annually after reaching full production [1] - The total investment for the project is approximately 30 billion yuan, with production expected to commence in 2029, increasing Zijin Mining's equity molybdenum resources to 2.9 million tons, accounting for one-third of the national total [1] Group 2: Equity Transfer and Cooperation - Zijin Mining will transfer 24% of Jinsan Molybdenum's equity to Jintong Co. for 1.731 billion yuan, resulting in a new ownership structure of 60% for Zijin Mining, 34% for Jintong Co., and 6% for Jinzhai County Urban Development Investment Co. [1] - Jintong Co. will lead the establishment of a new smelting company in the county, holding 51% of the shares, while Jinsan Molybdenum will hold 49%, ensuring collaboration in smelting and deep processing [2] - Jintong Co. is required to initiate the establishment and funding of the smelting company promptly, with a deadline for completion by December 2026; failure to meet obligations allows Zijin Mining to reclaim the 24% equity at a price determined by a third-party assessment or the original transfer price [2] Group 3: Company Performance - Zijin Mining is a leading global mining company with operations in gold, copper, zinc, and molybdenum, showing steady growth in financial performance [3] - Revenue projections for 2022-2024 are 270.33 billion yuan, 293.40 billion yuan, and 303.64 billion yuan, reflecting year-on-year growth rates of 20.09%, 8.54%, and 3.49% respectively; net profit for the same period is expected to be 20.04 billion yuan, 21.12 billion yuan, and 32.05 billion yuan, with growth rates of 27.88%, 5.38%, and 51.76% [3] - In the first three quarters of 2025, Zijin Mining achieved a revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 37.86 billion yuan, surpassing the total for 2024 with a growth of 55.45% [3]

Core Viewpoint - Zijin Mining Group Co., Ltd. has signed a cooperation and equity transfer agreement with Jinduicheng Molybdenum Co., Ltd. for the integrated development and deep processing of the Shapinggou Molybdenum Mine in Anhui Province, marking a significant step in enhancing resource utilization and economic benefits [1][9]. Group 1: Cooperation Plan - The cooperation includes two main components: smelting cooperation and equity transaction [2]. - A smelting company will be established in the county where Jinsan Molybdenum Co., Ltd. operates, with a capital structure aligned with the development scale of the Shapinggou Molybdenum Mine [2]. - Jinduicheng Molybdenum Co., Ltd. will hold 51% and Jinsan Molybdenum Co., Ltd. will hold 49% of the smelting company's shares, with Jinduicheng Molybdenum leading the construction and operation [2]. Group 2: Equity Transaction - Zijin Mining will transfer 24% of Jinsan Molybdenum Co., Ltd. to Jinduicheng Molybdenum for a consideration of RMB 173.087 million [3]. - Post-transfer, Zijin Mining will hold 60%, Jinduicheng Molybdenum will hold 34%, and the remaining 6% will be held by Jinzhai County Urban Development Investment Co., Ltd. [3]. Group 3: Preconditions for Cooperation - Jinduicheng Molybdenum is required to initiate the establishment and funding of the smelting company promptly after signing the agreement, with a deadline for completion by December 2026 [4]. - If Jinduicheng Molybdenum fails to meet investment and operational commitments, Zijin Mining has the right to reclaim the transferred equity [4]. Group 4: Payment Terms - The payment for the equity transfer will be made in two installments: 50% within 20 working days of the agreement's effectiveness and the remaining 50% within 10 working days after the completion of the business registration changes for Jinsan Molybdenum [5]. Group 5: Corporate Governance of Jinsan Molybdenum - Jinsan Molybdenum will revise its articles of association to establish a modern corporate governance structure, including a shareholders' meeting, board of directors, and supervisory board [6][7][8]. Group 6: Purpose and Impact of the Transaction - The Shapinggou Molybdenum Mine is a rare, large undeveloped porphyry-type molybdenum mine with significant resource reserves and high-grade ore [9]. - This cooperation aims to create a complementary advantage between Zijin Mining's mining development and Jinduicheng Molybdenum's smelting processing, promoting efficient development and extending the industrial chain [9].

Core Viewpoint - Zijin Mining experienced a stock price correction after four consecutive days of increase, closing at 38.25 yuan on January 15, down 0.65% from the previous day, while maintaining a market capitalization above 1 trillion yuan [2][3]. Group 1: Stock Performance and Institutional Holdings - Zijin Mining's stock rose 6.06% over the previous four trading days, leading to significant paper profits for institutional investors, particularly for Oriental Red Asset Management [3]. - Oriental Red Asset Management holds a total of 49.41 million shares of Zijin Mining across 15 funds, with a daily floating profit of approximately 12.84 million yuan on January 14, and a cumulative floating profit of 109 million yuan during the four-day increase [3]. - Different fund managers within Oriental Red Asset Management exhibited varied strategies regarding Zijin Mining, with some reducing their holdings while others increased them significantly [4][5]. Group 2: Fund Manager Strategies - Zhang Weifeng, managing the Oriental Red Ruixi three-year holding mixed fund, reduced his holdings in Zijin Mining by 30.79%, indicating a strategy to realize profits and manage risk [4]. - In contrast, Wang Zhuo and Miao Yu, managing the Oriental Red Industry Upgrade mixed fund, increased their holdings by 84.30%, reflecting a positive outlook on the company's short-term performance and long-term value [5]. - Other funds managed by Kong Lingchao also included Zijin Mining among their top holdings, with varying degrees of increases [5]. Group 3: Market Dynamics and Metal Demand - The divergence in institutional strategies is attributed to evolving perceptions of non-ferrous metals, with copper being viewed as a strategic resource akin to oil in previous decades [8]. - The demand for metals is expected to be driven by global inflation expectations and the transition to green energy, although macroeconomic uncertainties, such as U.S. Federal Reserve policies, may create volatility [7][8]. - Analysts predict that Zijin Mining will maintain strong profit growth through 2025-2026, supported by rising copper and gold prices, despite facing cost pressures from mining operations [9]. Group 4: Company Growth and Production Capacity - Zijin Mining is actively expanding its production capacity, with the domestic Jilong copper mine's second phase expected to contribute significant copper output by the end of 2025 [10]. - The company's gold segment is also projected to grow, with Zijin Gold International expected to contribute approximately 46.5 tons of gold, representing over 50% of the company's total gold production [10].

Group 1: Hedging Business Overview - The purpose of the hedging business is to mitigate the adverse effects of commodity price fluctuations on the company's operations and to enhance risk management capabilities [2][3] - The hedging scale includes a maximum exposure limit for smelting and trading enterprises, with specific percentages for copper and zinc at 25%, and gold and silver at 50% [2] - The company will utilize its own funds for hedging activities, without involving raised funds [4] Group 2: Transaction Details - The types of hedging transactions include commodity hedging and foreign exchange hedging, utilizing various financial instruments such as forwards, swaps, options, and interest rate swaps [5] - Transactions will occur on domestic exchanges like the Shanghai Stock Exchange and Shenzhen Stock Exchange, as well as through reputable financial institutions for over-the-counter transactions [6] Group 3: Implementation and Authorization - The implementation of the hedging business will be managed by the company and its subsidiaries, with a validity period of 12 months from the board's approval [7][8] - The board approved the hedging business at a meeting on January 14, 2026, authorizing the financial committee to manage the hedging activities [9] Group 4: Impact on the Company - The hedging activities are deemed necessary and feasible to effectively avoid the impact of price fluctuations on the company's performance, aligning with the interests of the company and its shareholders [16]

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、 ...