YCC(SZ:000878) Zheng Quan Shi Bao Wang·2025-05-26 02:38Core Viewpoint - Yunnan Copper Industry plans to acquire a 40% stake in Liangshan Mining from its controlling shareholder, Yunnan Copper Group, through a share issuance, aiming to enhance its resource base and resolve industry competition issues [1][2]. Group 1: Acquisition Details - The acquisition will be financed by issuing shares to Chalco Group and China Copper, with Chalco Group subscribing for up to 1 billion yuan and China Copper for up to 500 million yuan [1]. - The controlling shareholder, Yunnan Copper Group, will voluntarily extend the lock-up period for the newly issued shares to 60 months from the issuance completion date [1]. Group 2: Liangshan Mining Overview - Liangshan Mining operates in copper mining, selection, and smelting, with annual production capacities of approximately 213,000 tons of copper concentrate, 119,000 tons of anode copper, and 400,000 tons of industrial sulfuric acid [2]. - The company has a competitive edge due to its low-cost mining operations and favorable sulfuric acid sales prices in the southwestern region [2]. Group 3: Resource and Financial Impact - Liangshan Mining holds significant copper resources, with a total copper metal amount of 779,700 tons and an average copper grade of 1.16%, which is higher than Yunnan Copper's current average of 0.38% [3]. - The construction of the Hongnippo Copper Mine is expected to enhance the self-sufficiency of the smelting segment and improve the overall asset and profit scale of Yunnan Copper [3]. - The acquisition aligns with the State-owned Assets Supervision and Administration Commission's guidelines on enhancing the market value management of central enterprises [3].