Group 1 - The core point of the article is that Zijin Mining has revised down its copper production guidance for the Kamoa-Kakula copper mine due to flooding incidents [1] - The copper production target for 2025 has been adjusted from 520,000-580,000 tons to 370,000-420,000 tons [1] - As a result of this reduction, the company's copper equity production for 2025 is expected to decrease by 44,000-93,000 tons [1] Group 2 - The anticipated impact on the company's net profit attributable to shareholders for 2025 is due to the reduced production at the Kamoa-Kakula copper mine [1]

Core Viewpoint - Zijin Mining's strategic investment in the Kamoa-Kakula copper project in the Democratic Republic of Congo has transformed into a significant asset, leading to substantial increases in copper resources and production capacity, positioning the company as a major player in the global copper market [3][30]. Group 1: Investment and Acquisition - In 2015, during a downturn in the global commodities market, Zijin Mining invested 25.2 billion RMB to acquire a 49.5% stake in the Kamoa-Kakula copper project, which initially had a copper resource of 24 million tons [3][8]. - The project is located in the Democratic Republic of Congo, known for its high copper reserves, contributing significantly to the country's foreign exchange income [5][6]. Group 2: Exploration and Resource Expansion - Following the acquisition, Zijin Mining increased exploration efforts, leading to the discovery of an additional 9.4 million tons of copper resources, raising the total to 33.4 million tons, making it the largest copper mine in Africa and among the top ten globally [12][14]. - By 2021, the total copper resource at the Kamoa-Kakula project had exceeded 43 million tons, more than doubling since Zijin's initial investment [14]. Group 3: Production and Operational Efficiency - The first phase of the project commenced in 2016, with the processing plant achieving production a year ahead of schedule, processing 3.8 million tons of copper ore annually [20][22]. - By 2022, the project's annual copper production capacity reached over 450,000 tons, making it the largest copper mine operated by a Chinese company overseas and the fourth largest globally [22][24]. Group 4: Future Prospects and Strategic Goals - Zijin Mining aims to enhance the Kamoa-Kakula project's processing capacity to 19 million tons per year by 2029, potentially increasing annual copper output to over 800,000 tons [34]. - This expansion is expected to solidify Zijin Mining's position in the global copper market and provide a reliable overseas resource base to meet China's growing copper demand [34][36].

Core Viewpoint - Zijin Mining announced its first extraordinary general meeting of shareholders to be held on June 26, 2025, with a record date for shareholders on June 18, 2025, allowing eligible investors to participate in voting [1] Group 1: Shareholder Meeting Details - The meeting will take place at the Zhonghang Zijin Plaza, 41st Floor, 1811 Huan Dao East Road, Siming District, Xiamen, Fujian Province [1] - A total of 14 resolutions will be audited during the meeting [1] Group 2: Key Resolutions - Proposal for the spin-off of subsidiary Zijin Gold International Co., Ltd. for listing on the Hong Kong Stock Exchange [1] - Proposal regarding the compliance of the spin-off with relevant laws and regulations [1] - Proposal for the feasibility analysis of the spin-off's purpose, commercial rationale, and necessity [1] - Proposal to ensure the company's independence and ongoing viability post-spin-off [1] - Proposal to confirm Zijin Gold International's capability for standardized operations [1] - Proposal to protect the legal rights of shareholders and creditors through the spin-off [1] - Proposal to authorize the board of directors to handle matters related to the spin-off [1] - Proposal for the 2025 Employee Stock Ownership Plan and its management measures [1]

Meeting Announcement - The company will hold its first extraordinary shareholders' meeting on June 26, 2025 [1] - The meeting will utilize a combination of on-site and online voting methods [1][2] - The location for the on-site meeting is at the Zhonghang Zijin Plaza, Xiamen, Fujian Province [1] Voting Procedures - Online voting will be conducted through the Shanghai Stock Exchange's shareholder meeting voting system, available from 9:15 AM to 3:00 PM on the meeting day [1][2] - Shareholders with multiple accounts can aggregate their voting rights across all accounts [3][4] Agenda Items - Key agenda items include the proposal for the spin-off of the subsidiary Zijin Gold International Co., Ltd. to be listed on the Hong Kong Stock Exchange [1][2] - The meeting will also discuss the feasibility and legality of the spin-off, as well as the authorization for the board to handle related matters [1][2] Shareholder Participation - Shareholders registered by the close of trading on the record date are entitled to attend the meeting [4][5] - The company will provide reminders to shareholders via SMS to ensure participation [3] Additional Information - Shareholders are responsible for their own travel and accommodation expenses [5] - The meeting is expected to last half a day [5]

(一) 股东会类型和届次 2025年第一次临时股东会、2025 年第二次 A 股类别股东会、2025 年第二次 H 股 类别股东会 证券代码：601899 证券简称：紫金矿业 公告编号：临 2025-053 紫金矿业集团股份有限公司 关于召开2025年第一次临时股东会、2025 年第二次 A 股 类别股东会、2025 年第二次 H 股类别股东会的通知 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。 重要内容提示： 一、召开会议的基本情况 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的 方式 (四) 现场会议召开的日期、时间和地点 2025 年第一次临时股东会召开的日期时间：2025 年 6 月 26 日 9 点 00 分 2025 年第二次 A 股类别股东会召开的日期时间：2025 年 6 月 26 日 10 点 00 分 2025 年第二次 H 股类别股东会召开的日期时间：2025 年 6 月 26 日 10 点 30 分 召开地点：福建省厦门市思明区环岛东路 1811 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5][8]. Core Views - The company is characterized as a growth-oriented and stable operator in the copper mining sector, with recent discussions on key events such as the spin-off listing in Hong Kong, acquisition of Zangge Mining, and the suspension of operations at the Kamoa Copper Mine [1]. - The spin-off of Zijin Gold International aims to create an independent financing platform and enhance the valuation of gold assets, with a planned issuance of up to 15% of the total share capital [2]. - The completion of the acquisition of control over Zangge Mining (increased stake to 26.18%) is expected to facilitate further control over the Jilong Copper Mine and improve operational synergies in the salt lake sector [3]. - The Kamoa-Kakula Copper Mine has experienced temporary production suspension due to seismic activity, but the impact on the company's overall production and profits is considered limited [4]. Financial Projections - The company forecasts net profits for the years 2025 to 2027 to be RMB 44 billion, RMB 46.5 billion, and RMB 51.8 billion respectively, with a projected revenue increase of 13.73% in 2025 [5][7]. - The expected earnings per share (EPS) for 2025 is RMB 1.52, with a return on equity (ROE) projected at 26.1% [7][8]. - The report provides a valuation based on a price-to-earnings (PE) ratio of 10/20/13 for 2025, with target prices set at RMB 22.49 and HKD 21.73 for A/H shares [5][8].

Investment Rating - The report maintains a "Buy" rating for the company [1][5][8]. Core Views - The company is characterized as a growth-oriented and stable operator in the copper mining sector, with recent discussions on key events such as the spin-off listing in Hong Kong, acquisition of藏格矿业, and the temporary shutdown of卡莫阿铜矿 [1]. - The spin-off of the subsidiary, 紫金黄金国际, aims to create an independent financing platform and enhance the valuation of its gold assets, although the completion of this spin-off remains uncertain [2]. - The acquisition of control over藏格矿业 has been completed, increasing the company's stake to 26.18%, which is expected to facilitate better management and integration of operations [3]. - The卡莫阿-卡库拉铜矿 has experienced a temporary shutdown due to seismic activity, but the impact on production for 2025 is expected to be limited, with a projected copper output of 520,000 to 580,000 tons [4]. Financial Projections - The report forecasts net profits for the company to be RMB 44 billion, RMB 46.5 billion, and RMB 51.8 billion for the years 2025, 2026, and 2027 respectively [5][7]. - Revenue projections for the company are set at RMB 345.3 billion, RMB 368.3 billion, and RMB 390.6 billion for the years 2025, 2026, and 2027 respectively, indicating a growth rate of 13.73%, 6.67%, and 6.04% [7][18]. - The report provides a detailed breakdown of financial ratios, including an expected EPS of RMB 1.52 for 2025 and a projected ROE of 26.1% [7][18]. Valuation Metrics - The report maintains a target price of RMB 22.49 and HKD 21.73 for the company's A/H shares, based on a cautious valuation approach [5][8]. - The report notes that the average PE ratios for comparable companies in the copper, gold, and zinc sectors are 11, 20, and 14 respectively for 2025 [5][13].

根据公司《2024 年度利润分配方案公告》以及公司 2024 年年度股东会审议 通过的《公司 2024 年度利润分配方案》，公司 2024 年度利润分配方案为：以利 润分配实施公告前确定的股权登记日的公司 A 股总股本 20,588,733,940 股，扣 除 A 股回购专用账户中的回购股份 64,316,000 股以及公司待回购注销的 30,600 股后，即以 20,524,387,340 股为基数，每股派发现金红利 0.28 元（含税），共 计派发现金红利 5,746,828,455.20 元（含税），不送红股，不以公积金转增股 本。 二、本次差异化分红方案 关于紫金矿业集团股份有限公司 差异化分红事项的 法 律 意 见 书 福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 电话： （86591）88065558 传真： （86591）88068008 网址：www.zenithlawyer.com 福建至理律师事务所 关于紫金矿业集团股份有限公司 差异化分红事项的法律意见书 闽理非诉字〔2025〕第 101 号 致：紫金矿业集团股份有限公司 福建至理律师事务所（以下简 ...

关于紫金矿业集团股份有限公司 差异化分红事项的法律意见书 闽理非诉字〔2025〕第 101 号 致：紫金矿业集团股份有限公司 法 律 意 见 书 福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 电话：（86591）88065558 传真：（86591）88068008 网址：www.zenithlawyer.com 福建至理律师事务所 关于紫金矿业集团股份有限公司 差异化分红事项的 3.公司及相关方已保证：其已经向本所律师提供了为出具本法律意见书所必 需的真实、完整、有效的原始书面材料、副本材料或者口头证言，并且有关书面 材料及证言均是真实有效的，无任何重大遗漏及误导性陈述，其所提供的复印件 与原件具有一致性。 1 4.本所律师仅就本次差异化分红所涉及相关中国法律问题发表意见，并不对 有关会计、审计等专业事项和报告发表意见。本所律师在法律意见书中引用有关 会计报表、审计报告中的数据或结论时，并不意味着本所律师对这些数据或结论 的真实性和准确性作出任何明示或默示的保证。对于该等数据、报告的内容，本 所及本所律师并不具备核查和做出评价的适当资格。 5.本所律师同意公司按中国证 ...

证券代码：601899 证券简称：紫金矿业 公告编号：临 2025-052 紫金矿业集团股份有限公司2024年年度权益分派实施公告 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。 重要内容提示： 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司 A 股股东。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购 股份》的有关规定，公司存放于 A 股回购专用证券账户的股份不参与利润分配。 3. 差异化分红送转方案： （1）本次差异化分红方案 每股分配比例 A 股每股现金红利0.28元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/12 | － | 2025/6/13 | 2025/6/13 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公 ...