Investment Rating - Industry Rating: Recommended [4] Core Insights - In Q3 2025, copper production decreased by 36.4% quarter-on-quarter to 71,226 tons, and zinc production increased by 26.1% to 52,700 tons [1][3] - The Kamoa-Kakula project is expected to start mining in the high-grade area on the west side in mid-November, with a production guidance of 370,000 to 420,000 tons of copper concentrate for the year [1][2] - The Kipushi concentrator achieved a record zinc production of 52,700 tons in Q3 2025, benefiting from the completion of a bottleneck elimination plan and upgrades to the processing technology [3][6] Production and Operational Summary Copper Production - In Q3 2025, the Kamoa-Kakula project processed 3.46 million tons of ore, producing 71,226 tons of copper, with a year-to-date total of 316,393 tons [1] - The average copper grade for the third phase concentrator was 2.44%, with a recovery rate of 84.2% [2][13] - The mining team plans to increase the ore grade to between 3.5% and 4.5% as they advance into the central area of the Kamoa-Kakula project [2] Zinc Production - The Kipushi concentrator processed 168,862 tons of ore in Q3 2025, with a zinc recovery rate of 89.36% [3][15] - The production increase was attributed to the successful completion of the bottleneck elimination project, which raised the annual processing capacity from 800,000 tons to 960,000 tons [3][6] Project Developments Kamoa-Kakula - The second phase drainage project is progressing as planned, with over 20% completion expected by the end of November 2025 [7] - A direct copper smelting plant is set to begin preheating in early November 2025, with a capacity to produce up to 700,000 tons of high-concentration sulfuric acid annually [8][10] Kipushi - The installation of a 6 MW backup generator is underway to address ongoing power instability, which will enhance operational reliability [6] - The Kipushi project team has completed the capacity expansion plan ahead of schedule and under budget, maintaining a strong safety record throughout the process [6]

Core Insights - Gold futures opened at $3,913.50 per ounce, marking the first time it has opened above $3,900, reflecting a 0.8% increase from the previous close of $3,880.80 [1][4] Price Trends - The current opening price of gold is up 4.2% from the opening price of $3,754.80 one week ago and has increased 9.7% from the opening price of $3,567.80 a month ago [4] - Over the past year, gold prices have surged by 47.3% from the opening price of $2,656 on October 4, 2024 [4] Market Context - Gold's record-high pricing coincides with strong performances in stocks and Bitcoin, with the S&P 500 and Dow Jones Industrial Average reaching new highs and Bitcoin surpassing $125,000 for the first time [2] - Despite the U.S. government shutdown and data reporting pauses, there is a high expectation for an interest rate cut later this month, with a 94.6% probability for a quarter-point reduction [2] Factors Influencing Gold Prices - Gold prices typically rise during periods of economic uncertainty and declining interest rates [3] - Key factors affecting gold prices include geopolitical events, central bank buying trends, inflation, interest rates, and mining production [9][14]