Western Mining(SH:601168) Zhong Guo Ji Jin Bao·2025-10-27 13:40Core Viewpoint - Western Mining has successfully acquired the exploration rights for the Chating copper polymetallic mine in Anhui Province for 8.609 billion yuan, which is expected to enhance its resource reserves and industry position in the non-ferrous metals sector [1][3]. Group 1: Acquisition Details - The acquisition was led by the subsidiary Yulong Copper Industry, with preliminary research and subsequent planning conducted by Western Mining [1]. - The exploration rights were publicly auctioned by the Anhui Provincial Natural Resources Department on September 8, 2025, and the contract for the exploration rights is to be signed by November 27, 2025 [2]. - The funding for this acquisition will come from Yulong Copper's own resources, with no plans for issuing convertible bonds or additional stock [2]. Group 2: Resource Potential - The Chating copper polymetallic mine is recognized as a significant discovery with substantial deep exploration potential, classified as a large-scale copper-gold deposit [3]. - The mine has confirmed industrial-grade copper ore reserves of 122 million tons, with a metal content of 656,700 tons and an average grade of 0.54% [3]. - Additionally, there are low-grade copper ore reserves of 449 million tons, with a metal content of 1.0909 million tons and an average grade of 0.24% [3]. Group 3: Financial Performance - In the first three quarters of 2025, Western Mining reported a revenue of 48.4 billion yuan, a year-on-year increase of 31.90%, and a total profit of 5.964 billion yuan, up 12.39%, marking a historical high [3]. - The company experienced a 43% revenue growth due to increased production and sales in copper and lead smelting, although smelting processing fees remained at historical lows, impacting overall profits [4]. Group 4: Market Position - As of October 27, 2025, Western Mining's stock closed at 24.87 yuan per share, with a total market capitalization of 59.265 billion yuan [5].