【环球网财经综合报道】铜生产商江西铜业股份有限公司本周五宣布，将其对英国上市矿业公司SolGold的收购报价进一步提高至每股28便士，总交 易价值约为8.42亿英镑（合11.3亿美元）。这是江西铜业在三周内发起的第三次报价，显示出其志在必得的决心。 尽管收购条件改善且获得董事会初步认可，但市场对此类大型矿业交易仍显谨慎。周五消息公布后，SolGold股价不升反跌，早盘一度重挫约11%至 25.1便士，随后跌幅收窄至9%以内，股价始终低于江西铜业28便士的报价水平。这反映出投资者对交易能否最终完成，以及全球宏观经济环境不确 定性的担忧。 此次收购仍需满足多项条件方能完成，其中最关键的是获得中国监管部门对境外投资的批准。江西铜业方面确认，已正式启动相关的国内审批程 序。全球铜矿资源的战略争夺日益激烈，此次收购能否成功，将成为观察中国矿业企业海外布局及国际资源并购动向的重要案例。（水手） 最新报价较其上一次（上月）提出的每股26便士报价高出7.7%。值得关注的是，在连续拒绝了前两次非约束性提议后，SolGold董事会此次立场出现 关键转变。董事会正式声明，若江西铜业依据此28便士的条款提出正式收购要约，其"倾向于推 ...

Core Insights - Jiangxi Tungsten Holding Group has established a mining fund with a scale of 5 billion yuan, focusing on overseas resource acquisitions and domestic mine integration [1] - The fund aims to prioritize resource-rich areas in Africa and Central Asia, facilitating a collaborative development model from resources to raw materials to materials [1] - Strategic cooperation agreements were signed with major financial institutions, marking a shift from "single-point cooperation" to "full-dimensional collaboration" [1] Group 1 - The mining fund is jointly funded by national financial institutions such as the Development Bank of China, Agricultural Bank of China, and Transportation Bank, along with provincial state-owned enterprises [1] - The Development Bank of China will leverage its developmental finance advantages to support Jiangxi Tungsten's overseas resource development and cross-border operations [1] - Agricultural Bank of China will enhance collaboration in fund cooperation, industrial park financing, cross-border settlement, and supply chain finance [1] Group 2 - Transportation Bank will provide customized financial services in supply chain finance, technology finance, and capital operations to empower Jiangxi Tungsten's high-quality development [1]

Core Viewpoint - Shandong Gold's half-year performance meeting highlighted significant growth in overseas business revenue, with a year-on-year increase of 126.22%, indicating a new growth driver for the company [2]. Group 1: Cost and Production - The increase in self-produced gold costs is attributed to deeper mining operations, targeted extraction of lower-grade ores during high gold prices, and increased investments in safety and environmental regulations [2]. - The average cost of gold mining for the first half of 2025 was approximately 345 RMB per gram [3]. - The company plans to adjust production arrangements in response to fluctuations in gold prices, which may lead to variations in self-produced gold costs [2]. Group 2: Overseas Business Strategy - The company is focusing on high-quality development and strategic leadership, aiming to balance domestic and international market layouts while leveraging resource integration advantages [2]. - Shandong Gold is actively pursuing mergers and acquisitions of overseas quality resources, particularly in politically stable regions along the "Belt and Road" initiative [2]. - The company emphasizes a combination of internal growth and external development, with ongoing exploration and resource acquisition to support sustainable mining operations [3]. Group 3: Financial Performance - The profit growth in the first half of 2025 significantly outpaced revenue growth, primarily due to the higher gross margin from self-produced gold compared to lower-margin external purchases and small gold bars [3]. - The company reported a self-produced gold output of 24.71 tons and sales of 23.60 tons in the first half of 2025, with a slight increase in inventory compared to the beginning of the year [2]. Group 4: Shareholder Confidence - The controlling shareholder plans to increase their stake in Shandong Gold, with a proposed investment of no less than 500 million RMB and up to 1 billion RMB over the next 12 months, reflecting confidence in the company's long-term value [2].