Core Viewpoint - Luoyang Molybdenum (603993)(03993) announced plans to invest in the KFM Phase II project in the Democratic Republic of Congo to further develop its rich resources and enhance synergies with existing projects [1] Investment Details - The total investment for the KFM Phase II project is $1.084 billion, funded through the company's own resources and self-raised funds [1] - The construction period for the project is set for 2 years, with an expected completion and production start date in 2027 [1] Production Capacity - Upon completion, the project is expected to add a raw ore processing capacity of 7.26 million tons per year [1] - The annual average production of copper metal is projected to increase by 100,000 tons after reaching full capacity [1]

Core Viewpoint - Zijin Mining's Q3 2025 financial results exceeded market expectations, with a net profit of 37.864 billion yuan for the first three quarters, a year-on-year increase of 55.45%, significantly surpassing last year's total [1][2] Financial Performance - For the first three quarters of 2025, Zijin Mining achieved operating revenue of 254.2 billion yuan, a year-on-year growth of 10.33%, and a net profit of 37.864 billion yuan, reflecting a 55.45% increase [2] - The gross margin for mining companies was 60.62%, up by 2.91 percentage points year-on-year, while the overall gross margin was 24.93%, an increase of 5.40 percentage points [2] - In Q3 alone, the company reported operating revenue of 86.489 billion yuan and a net profit of 14.572 billion yuan, marking a year-on-year increase of 57.14% and a quarter-on-quarter growth of over 10% [2] Production and Sales - Zijin Mining's gold production reached 65 tons from January to September, a 20% increase year-on-year, significantly outpacing the industry average [2] - The average selling price of gold concentrate was 685.21 yuan per gram, up 41% year-on-year, while the average selling price of gold ingots was 746.43 yuan per gram, a 44% increase [2] - The company’s copper production for the first three quarters was 830,000 tons, a 5% year-on-year increase, although Q3 production saw a 6% decrease due to flooding at the Kamoa-Kakula copper mine in the Democratic Republic of Congo [3] New Projects and Investments - Zijin Mining announced an internal project approval for the Shapingou molybdenum mine with an estimated investment of approximately 7.206 billion yuan, targeting an annual production capacity of 10 million tons [4] - The Shapingou molybdenum mine was acquired in October 2022 and has a molybdenum resource of 2.1 million tons, with a design capacity of 10 million tons per year [4][5] - The development of the Shapingou molybdenum mine aligns with the company's strategic planning and positions it to become one of the largest molybdenum producers globally [5]