Zhi Tong Cai Jing·2025-09-22 07:45Core Viewpoint - Luoyang Molybdenum (03993) has seen a stock price increase of over 3%, attributed to its ownership of high-quality copper and cobalt mining assets, with expectations for further price appreciation in the next 30 days according to Morgan Stanley [1] Group 1: Company Assets - The company possesses globally scarce high-quality copper and cobalt mining assets, with significant resource reserves and development prospects [1] - The two core mining areas in the Democratic Republic of Congo (DRC), TFM and KFM, have a combined copper resource of 34.44 million tons and cobalt resource of 5.4 million tons [1] - The company is diversifying its portfolio with assets in Brazil (niobium and phosphate) and China (molybdenum and tungsten), creating a counter-cyclical resource combination [1] Group 2: Future Growth Potential - The acquisition of the Ecuador KGH gold mine, with a gold resource of 638 tons, is expected to expand the company's resource base, with production anticipated to start before 2029, yielding an annual output of 11.5 tons of gold [1] - Morgan Stanley's report indicates that the DRC's cobalt export ban has been extended to October 15, with subsequent implementation of quotas, which could significantly impact global cobalt supply [1] - If Luoyang Molybdenum receives a proportional quota, potential sales for Q4 2025 could reach approximately 8,600 tons, and around 43,600 tons for 2026-2027 [1]