藏格矿业：巨龙铜矿二期年底投产，将成为最大投产单体铜矿山

Group 1 - The company is advancing the second phase expansion project of the Tibet Julong Copper Mine, which is expected to be completed and put into production by the end of 2025, with an annual ore processing capacity exceeding 100 million tons and copper production of 300,000 to 350,000 tons, making it the largest copper mine in China and the largest single copper mine to be put into production globally this century [2] - The third phase of the Julong Copper Mine project has been planned, with a potential annual production capacity of 600,000 tons if approved, further solidifying its position as a top global copper mine [2] - The company anticipates short-term fluctuations in copper prices due to U.S. trade policies and interest rate cut expectations, while long-term benefits are expected from rigid supply at the mining end and increased demand for copper from energy transition and AI applications [2] Group 2 - In resource development, the company reported smooth progress in the renewal of the mining license for the Qarhan Salt Lake, having completed key approvals such as the "Resource Verification Report," aiming to complete the renewal before the license expires [2] - Regarding the potassium fertilizer business, the company noted that under national supply guarantee policies, the state reserve auction prices remain in the range of 2,800 to 2,900 yuan per ton, with regional prices affected by logistics costs; the increase in potassium fertilizer costs in 2024 is mainly due to investments in green mining construction, but these costs are not expected to be persistent, maintaining stable costs at reasonable levels [2] Group 3 - In the lithium salt sector, the company believes that attention should be paid to the progress of high-cost capacity elimination by 2025, while benefiting from demand driven by electric vehicles, energy storage markets, and solid-state battery technological innovations, maintaining a long-term positive outlook on supply-demand dynamics [3] - The company employs a "full production and full sales" strategy for lithium carbonate sales, with prices adjusted based on real-time market dynamics [3] - The company is actively advancing the mining license approval process for the Tibet Mami Cuo Salt Lake project, having completed construction preparations and process optimization, with plans to collaborate with Longjing Environmental Protection for the construction of a supporting energy station to ensure rapid commencement after approval [3] Group 4 - The company addressed the reason for a 40 million yuan asset impairment provision in the fourth quarter of 2024, which was due to equipment impairment caused by the shutdown of the potassium fertilizer production unit, but emphasized that this impact is not expected to be persistent [4]