Core Viewpoint - The company, Luoping Zinc & Electricity (002114.SZ), has announced the resumption of production at its wholly-owned subsidiary, Puding County Derong Mining Co., Ltd.'s Jinpo Lead-Zinc Mine, following approval from local authorities [1] Group 1 - The Puding County Emergency Management Bureau issued a notice on November 15, 2025, granting approval for the resumption of production at the Jinpo Lead-Zinc Mine [1] - The notice confirmed that the mine has obtained an extension for its safety production license and has developed a work plan for resuming operations, ensuring that all safety measures are in place [1] - The mine has met the necessary conditions to restart production [1]

Core Viewpoint - The Wa State is pushing for the resumption of operations at the Manxiang mine, with a full return to normal mining expected to take at least two months [1] Group 1: Licensing and Cost Implications - The recent document on the licensing process for mining, processing plants, and exploration in the Manxiang area has significantly increased the fee standards compared to the previous document issued in December 2023 [1] - The increased costs will have a limited impact on high-altitude mines, but will raise cost pressures for low-altitude mines and small to medium-sized processing plants, potentially making it difficult for financially weaker plants to restart operations [1] - Larger companies with strong financial backing are expected to have a competitive advantage in this new cost environment [1] Group 2: Market Outlook and Supply Dynamics - After a 20-month mining ban, the market is closely monitoring the Wa State's return to operations, with a full recovery expected to take around two months [1] - The resumption of operations in Wa State, alongside the gradual recovery of the Bisie mine in eastern Congo by Alphamin, is anticipated to alleviate supply pressures in the coming months [1]