Zhi Tong Cai Jing·2025-09-22 08:17Core Viewpoint - Luoyang Molybdenum (603993) (03993) has seen a stock price increase of over 3%, currently trading at 12.85 HKD with a transaction volume of 574 million HKD, driven by strong resource assets and positive market outlook [1] Group 1: Company Assets and Resources - 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 acquisition of the Ecuador Cangrejos gold mine, with a gold resource of 638 tons, is expected to expand the company's resource portfolio and is projected to start production before 2029, with an annual gold output of 11.5 tons [1] Group 2: Market Outlook and Analyst Ratings - Morgan Stanley has issued a report indicating that Luoyang Molybdenum's stock price is expected to rise in the next 30 days, maintaining a buy rating with a target price of 11.7 HKD [1] - The DRC has extended its cobalt export ban until October 15, with subsequent implementation of quotas, which could significantly impact global cobalt supply, as the DRC accounts for 70% of the world's cobalt supply [1] - If Luoyang Molybdenum receives a proportional quota, potential sales for Q4 2025 could be approximately 8,600 tons, and around 43,600 tons for 2026-2027 [1]