澳大利亚锌矿（股权比例100%）：杜加尔河锌矿和罗斯伯里矿山贡献成熟稳定的现金流，并且副产品 收益可观。杜加尔河锌矿为世界前十大锌矿山，2017 年投产，矿山寿命长，并且持续优化电力和成本 结构；2024 年受益于量价齐升，实现EBITDA 同比大幅增加401%。罗斯伯里矿山为运营近90 年的多金 属矿山，年产锌精矿含锌约5-6 万吨，2024 年抵扣副产品后的C1 成本仅-0.1美元/磅，盈利能力仍然强 劲。 【投资建议】 机构：东方财富证券 研究员：李淼 【投资要点】 公司作为中国五矿旗下的核心国际矿业平台，目标打造一流的多元化铜生产商。公司全球资源布局立足 澳洲、深耕南美和非洲、拓展至北美，形成以铜、锌为核心，副产金、银贵金属的有色资产组合。公司 作为矿企属于周期性行业，业绩波动较大，2021 年EBITDA 和归母净利分别达到27.3 亿美元和6.7 亿美 元的历史峰值；近两年盈利可观，2024 年收购的科马考铜矿实现并表后EBITDA 达到20.5 亿美元，同 比增加40%。公司控股股东中国五矿为国际化的金属矿产企业集团，规划到2030 年矿产铜产量突破100 万吨，集团体内尚有2008 年收购的北 ...

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [6]. Core Views - The company is positioned as a leading diversified copper producer under China Minmetals, aiming to achieve a copper production target of over 1 million tons by 2030 [6][21]. - The Las Bambas copper mine is identified as a "global resource flagship," with the "Heart of Bambas" strategy expected to stabilize its cash flow [6][5]. - The company is set to benefit from the integration of the Khoemacau copper mine and the expansion of the Kinsevere mine, which are anticipated to enhance copper production and profitability [6][5]. Summary by Sections Company Overview - The company operates as the core international mining platform of China Minmetals, focusing on a diversified portfolio of copper and zinc assets, with operations in Australia, South America, Africa, and North America [5][14]. - The company aims to leverage its expertise in both Chinese and international markets to diversify its resources and products [17]. Las Bambas Copper Mine - The Las Bambas mine, with a 62.5% ownership, is among the top ten copper mines globally, with significant copper reserves [5][18]. - The mine has faced community-related issues affecting production, but the implementation of the "Heart of Bambas" strategy is expected to restore stable cash flow [5][6]. Kinsevere Copper Mine - The Kinsevere mine, fully owned by the company, is transitioning from high-grade oxide ore to sulfide ore, with an expansion project expected to extend its operational life until 2035 [5][6]. Khoemacau Copper Mine - The Khoemacau mine, located in Botswana, is a large, long-life copper mine with significant production potential, aiming to increase its output from 50,000 tons to 130,000 tons by 2028/2029 [5][6]. Australian Zinc Mines - The Dugald River and Rosebery mines provide stable cash flow, with the Dugald River being one of the top ten zinc mines globally, expected to see a 401% increase in EBITDA in 2024 [5][6]. Financial Projections - The company forecasts revenues of $4.48 billion in 2024, growing to $7.91 billion by 2027, with net profits projected to rise from $162 million in 2024 to $1.17 billion in 2027 [7].