价值研究所｜金价飙升，A股矿企掀“淘金热”

Core Viewpoint - The article discusses the ongoing surge in gold prices and how A-share mining companies are rapidly expanding their global gold resource acquisitions, questioning whether this is a strategic move or merely chasing high prices [2][3]. Group 1: Mining Companies' Actions - Luoyang Molybdenum announced a $10.15 billion acquisition of four gold mines in Brazil, significantly boosting its stock price, which has risen nearly 180% this year [5][7]. - Other A-share mining companies, including Zijin Mining and Jiangxi Copper, have also made significant acquisitions, reflecting a broader trend of gold resource competition [3][8]. - Domestic gold resources are also in high demand, with Zhongjin Gold acquiring four companies from its controlling shareholder to strengthen its gold business [9]. Group 2: Gold Price Dynamics - Gold prices have reached record highs, with over 50 historical peaks this year and a cumulative increase of over 60%, surpassing $4,340 per ounce [11]. - The current high gold prices raise questions among investors about the wisdom of large-scale acquisitions by A-share mining companies [12]. Group 3: Strategic Considerations - Mining companies believe that their acquisition decisions are based on long-term strategies rather than short-term price fluctuations, viewing gold as a stable investment in the current global economic and political landscape [12]. - The acquisition of Brazilian gold assets by Luoyang Molybdenum is expected to add approximately 8 tons to its annual gold production, with potential to exceed 20 tons after another project comes online [12]. - Zijin Mining's acquisition of a Kazakhstan gold mine is projected to contribute $202 million in net profit in 2024, indicating immediate benefits from these strategic moves [12]. Group 4: Future Market Scenarios - The World Gold Council has outlined four potential scenarios for the gold market in 2026, with expectations of stable growth and possible fluctuations in gold prices based on economic conditions [14]. - Companies are focusing on resource expansion and production capacity as direct responses to market uncertainties, while also emphasizing the importance of improving production management and investing in project infrastructure [16]. Group 5: Competitive Landscape - Analysts suggest that the global competition for mining resources has entered a new phase, where companies with high-quality resource reserves will have a competitive advantage in the industry transformation [17].