9月24日（周三），Rosh Pinah锌业公司（RPZ）已获得标准银行提供的1.5亿美元债务融资，为其在纳 米比亚地下开采矿山的扩建项目提供资金。 该扩项项目将使Rosh Pinah矿基础设施现代化并令其锌产量（精矿含锌量）几乎翻一番，达到1.7亿磅/ 年。 这笔融资将为矿山扩建剩余建设成本提供资金。 该扩建项目包括进一步开发井下开采矿山，以及建设新的地面设施，包括一个新选矿厂、一个水处理厂 以及一个新开发的入口。 目前该扩建项目施工已完成逾80%，仍在预算范围内，预计将于2026年第三季度完工，并迅速开始扩大 该矿产出。 ...

五矿资源2024年财务表现持续改善，总营业额达44.79亿美元，同比增长3.04%。公司股东应占溢利大幅 增长至1.62亿美元，相比2023年的900万美元实现了显著提升。资产负债率从2023年的63.77%降至 58.10%，显示出公司债务结构的持续优化。 核心矿山产能爬坡进展不一 财务指标显示结构性改善 公司财务指标呈现积极变化趋势。毛利率从2023年的21.63%大幅提升至2024年的34.13%，净资产收益 率从0.42%跃升至5.84%。流动比率从0.63改善至0.76，但仍低于1，显示短期偿债能力有待进一步提 升。 现金及现金等价物从2023年的4.47亿美元降至1.93亿美元，主要反映了公司在扩建项目上的资本投入。 每股投资现金流为-0.24美元，表明公司正处于投资扩张期。总资产从2023年的119.01亿美元增至149.86 亿美元，增幅达25.9%。 截至2025年6月30日止六个月，公司通过市场互动和合约内部重新谈判共达成了479份合约，相关年度运 营或资本价值合计为607.8百万美元。这些合约涵盖采矿服务、设备维护、物料供应等多个领域，为矿 山运营的连续性提供了保障。 扩建项目推进时间表 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The approval of the third phase expansion project of the Yulong Copper Mine opens up growth potential for copper production, increasing the production scale from 19.89 million tons per year to 30 million tons per year [5][6] - The Yulong Copper Mine is the company's main source of revenue and profit, with a net profit of 5.41 billion yuan in 2024, contributing 3.14 billion yuan to the parent company [6] - The company expects to produce 18-20 thousand tons of copper metal annually after the completion of the expansion project, further enhancing its profitability [6] Summary by Sections Market Performance - The report includes a comparative performance analysis of the company against the CSI 300 index [3] Investment Highlights - The Yulong Copper Mine expansion project includes the construction of a new 11 million tons per year concentrator and an increase in hydrometallurgical capacity from 300,000 tons per year to 1 million tons per year, with a total estimated investment of 4.794 billion yuan [5] - The mine's service life is projected to extend to 23 years post-expansion [5] Financial Forecast - The company forecasts revenues of 57.472 billion yuan, 60.229 billion yuan, and 63.043 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 3.616 billion yuan, 3.902 billion yuan, and 4.208 billion yuan for the same years [7][10] - The current stock price corresponds to a price-to-earnings ratio (PE) of 11.4, 10.6, and 9.8 for the years 2025, 2026, and 2027 respectively [7][10]