TNMG(SZ:000630) Mei Ri Jing Ji Xin Wen·2026-01-04 12:22Core Viewpoint - The delay in the production launch of the Mirador Copper Mine Phase II project is primarily due to the unsigned mining contract, which is affected by political instability in Ecuador [1][3]. Group 1: Project Overview - The Mirador Copper Mine Phase II project was planned in 2022, with an original completion target of June 2025 and production expected to start in early 2026 [2]. - The project has progressed efficiently, with the main construction starting in August 2023 and expected to be completed by May 2025, taking 22 months, which is considered high efficiency for similar overseas projects [2]. Group 2: Contract Signing Issues - The signing of the mining contract has been delayed due to political changes in Ecuador, including early elections and changes in government leadership, which have disrupted the continuity and efficiency of administrative processes [3]. - The main operating entity, ECSA, received the environmental certificate for the project in August 2022 and was in the process of finalizing the contract with the Ecuadorian government [3]. Group 3: Strategic Importance - The Mirador Copper Mine Phase II is crucial for the company to extend upstream and hedge against market risks, especially as copper processing fees have been declining, putting pressure on profitability [4][5]. - The first phase of the Mirador Copper Mine has already become a stable profit pillar for the company, with a designed annual processing capacity of 20 million tons and an annual copper output of approximately 96,000 tons [6]. Group 4: Financial Impact - The first phase of the project has contributed significantly to the company's profits, with net profits of 1.487 billion yuan in 2024 and 1.430 billion yuan from January to November 2025 [7]. - The uncertainty regarding the start of Phase II will impact the company's operating performance in 2026 [8].