Investment Rating - Industry rating: Recommended [5] Core Insights - Kamoa-Kakula's copper production in Q1 2025 reached approximately 133,120 tons, a year-on-year increase of 54.58%, with expectations for accelerated growth in quarterly output [2][3] - The Kipushi concentrator achieved record zinc production of 42,736 tons in Q1 2025, with an average zinc grade of 32.5% [4] Production Performance Copper Production - Kamoa-Kakula's Q1 2025 copper production was 133,120 tons, a 54.58% increase year-on-year, with a record milling of 3.72 million tons of ore [2] - The average daily copper production in March reached 1,509 tons, with a peak of 1,919 tons on March 28, significantly exceeding the 2025 guidance of 520,000 to 580,000 tons [3] Zinc Production - Kipushi concentrator milled 151,403 tons of ore in Q1 2025, producing 42,736 tons of zinc concentrate, with a recovery rate of approximately 88% [4] - The concentrator is expected to maintain its annual production guidance of 180,000 to 240,000 tons of zinc [4] Power Supply - Kamoa-Kakula's average power requirement in March was between 130 to 140 MW, with plans to increase imported hydropower from Zambia [8][9] - A new solar power agreement aims to provide an additional 30 MW of continuous power, with plans to expand capacity to 120 MW [9] Smelting Operations - The commissioning of Kamoa-Kakula's copper smelter, with an annual capacity of 500,000 tons, is underway, with initial production expected in July [10] - As of the end of Q1 2025, Kamoa-Kakula held approximately 48,000 tons of unsold copper inventory [10] Project Developments - The "95 Project" aims to enhance the recovery rate of the Kamoa-Kakula concentrators from 87% to 95%, with a budget of approximately $180 million [11][12]
有色金属海外季报：艾芬豪2025Q1铜产量同比增长54.58%至13.3万吨，锌产量达到4.27万吨
HUAXI Securities·2025-04-09 14:25