铜陵有色米拉多铜矿二期工程延期，厄瓜多尔政局波动致投产推迟

Core Viewpoint - The Mirador Copper Mine Phase II project by Tongling Nonferrous Metals is delayed due to political instability and frequent personnel changes in Ecuador, which will impact the company's operating performance in 2026 [1][7]. Group 1: Project Overview - The Mirador Copper Mine Phase II project was initially planned to be completed by June 2025, with trial production from July to December 2025, and formal production starting in early 2026 [2][5]. - The project construction began in August 2023, with a planned completion time of 22 months, indicating a relatively high construction efficiency compared to similar projects abroad [2][5]. Group 2: Contract Signing Situation - Ecuacorriente S.A. (ECSA), the main operator of the Mirador Copper Mine, obtained the environmental certificate for the project in August 2022 and began negotiations for the mining contract revision in 2023 [3]. - The final negotiation minutes were signed with Ecuador's Ministry of Energy and Mines in July 2023, pending further government approval for the contract [3][4]. Group 3: Political and Administrative Challenges - Ecuador's political situation has been unstable, with frequent changes in leadership affecting the continuity and efficiency of administrative processes, thereby delaying the signing of the mining contract [4]. - The company and ECSA have been actively engaging with the new government to expedite the contract signing process, but the specific timeline remains uncertain due to the differing investment environment and legal stability between Ecuador and China [4][7]. Group 4: Company Financials and Impact - As of December 31, 2024, the total assets of the subsidiary, China Railway Construction Copper Crown, were approximately 1.95 billion yuan, with a net asset of about 1.09 billion yuan, and a revenue of approximately 802.75 million yuan for the year [5][6]. - The delay in the project is expected to have a significant impact on the company's operating performance in 2026, with ongoing monitoring and communication with relevant authorities to facilitate progress [7].