来源：资管网 一笔精明的跨国收购背后，一家中国矿业巨头正悄然调整资源布局的权重。 中国矿业巨头洛阳钼业最新宣布，拟以10.15亿美元收购加拿大Equinox Gold公司在巴西的三大金矿资 产。这笔交易不仅将为公司带来约8吨的年度黄金产量，更透露出其向贵金属领域加速扩张的战略意 图。 作为全球领先的铜、钴、钼生产商，洛阳钼业此次将目光投向黄金，标志着公司多元化战略进入新阶 段。通过本次收购，洛阳钼业在巴西的资源版图得到进一步扩展，与其现有的铌、磷资产形成协同效 应。 01 10亿美元收购巴西金矿，资源版图再扩张 洛阳钼业此次收购可谓出手迅猛。交易标的是Equinox Gold位于巴西的三大金矿资产，包括Aurizona金 矿、RDM金矿以及Bahia综合体，收购金额高达10.15亿美元。 收购对价结构合理，其中9亿美元现金在交割时支付，剩余1.15亿美元为与销量挂钩的或有对价，在交 割一年后支付。这种支付安排降低了洛阳钼业的初始资金压力，也体现出交易设计的灵活性。 本次收购的资产含金量十足。数据显示，这些金矿资产合计持有黄金资源量501.3万盎司，平均品位1.88 克/吨；黄金储量为387.3万盎司，平均品位 ...

"此次收购的黄金资产，品位上高于全球在产金矿平均水平，同时也是正在运营的资产，后续通过相关 审查、完成交割，可以直接实现资产并表。同时，将与厄瓜多尔金矿、巴西铌磷资产形成黄金板块与区 域资源的协同效应。"洛阳钼业人士15日回应称。 对于公司未来几年的业绩增长，上述收购同样至关重要。 综合多方信息来看，洛阳钼业的其他增量项目中，KFM二期项目预计2027年建成投产，TFM项目因为 矿区面积太大，暂未明确进一步扩产规划，厄瓜多尔Cangrejos金矿则预计在2029年以前投产。 未来，随着对Aurizona金矿等资产的合并报表，一方面可以有效填补公司2026年增量项目上的不足，另 一方面还可以帮助公司尽快享受到金价上涨的"顺周期"红利。 截至15日午间，伦敦金现货已经重返4330美元/盎司一线，距前期高点咫尺之遥。 洛阳钼业2026年的业绩增量，得以补齐。 12月15日一早，洛阳钼业发布公告，公司计划以10.15亿美元收购加拿大上市公司EQX旗下两家子公司 100%股权，由此获得位于巴西的Aurizona金矿、RDM金矿等四个金矿100%权益。 根据公告，今年前9个月，上述交易标的涉及的两家公司营收合计超过41亿 ...

洛阳钼业（603993）2026年的业绩增量，得以补齐。 12月15日一早，洛阳钼业发布公告，公司计划以10.15亿美元收购加拿大上市公司EQX旗下两家子公司 100%股权，由此获得位于巴西的Aurizona金矿、RDM金矿等四个金矿100%权益。 根据公告，今年前9个月，上述交易标的涉及的两家公司营收合计超过41亿元，净利润则达到10.13亿 元，体量已经与一家中等矿业公司基本相当。 "此次收购的黄金资产，品位上高于全球在产金矿平均水平，同时也是正在运营的资产，后续通过相关 审查、完成交割，可以直接实现资产并表。同时，将与厄瓜多尔金矿、巴西铌磷资产形成黄金板块与区 域资源的协同效应。"洛阳钼业人士15日回应称。 对于公司未来几年的业绩增长，上述收购同样至关重要。 综合多方信息来看，洛阳钼业的其他增量项目中，KFM二期项目预计2027年建成投产，TFM项目因为 矿区面积太大，暂未明确进一步扩产规划，厄瓜多尔Cangrejos金矿则预计在2029年以前投产。 未来，随着对Aurizona金矿等资产的合并报表，一方面可以有效填补公司2026年增量项目上的不足，另 一方面还可以帮助公司尽快享受到金价上涨的"顺周期" ...

Core Viewpoint - The company, Baiyin Nonferrous Metals (601212.SH), is significantly expanding its copper resource portfolio through a major overseas acquisition in Brazil, which has been approved by its board and the Gansu Provincial State-owned Assets Supervision and Administration Commission [1][2][3]. Acquisition Details - Baiyin Nonferrous Metals plans to acquire a copper project in Brazil for a total consideration of $420 million through its wholly-owned subsidiary [2][3]. - The acquisition will increase the company's copper metal resource from 221,700 tons to approximately 930,000 tons, enhancing its resource reserves significantly [2][5]. - The deal involves acquiring 100% equity of Serrote Participações S.A. and AMH 2 (Jersey) Limited, with the estimated price for Serrote at $316 million and AMH 2 at $100 million, plus a net debt repayment of approximately $104 million [3][4]. Financial Performance - Despite the expansion through acquisitions, the company's profitability has not improved significantly, reporting a loss of 311 million yuan in the first three quarters of the year [2][6]. - As of September 30, the company had interest-bearing liabilities of approximately 21 billion yuan, with financial expenses reaching 621 million yuan in the same period [2][7]. - The company's revenue for the first three quarters was 69.046 billion yuan, a slight decrease of 0.74% year-on-year, while the net profit saw a dramatic decline of 506.33% compared to the previous year [7]. Historical Context - Since its IPO in 2017, Baiyin Nonferrous Metals has made several significant acquisitions, including a $2.83 billion purchase of a U.S. mining company and a 1.173 billion yuan acquisition of a mining company in China [5][6]. - The company's revenue has increased by 30.34 billion yuan from 2017 to 2023, but net profit has decreased by 156 million yuan in the same period, indicating a trend of revenue growth without corresponding profit increases [6].

本报（chinatimes.net.cn）记者张蓓 见习记者 黄指南 深圳报道 8年净利扩7.6倍、7年股价飙涨971％，周期风口催生金诚信戴维斯双击，回款压力与项目进展模糊性已 成为其突破增长瓶颈的隐形变量。 11月27日，金诚信（603979.SH）2025年第三季度业绩说明会召开，董事长王青海、财务总监孟竹宏等 管理层出席，就海外拓展、回款压力、融资动作等核心问题回应投资者关切。 受益于全球铜价中枢上移，这家兼具矿山服务与资源开发的企业，不仅完成从"矿工"到"矿主"的业务转 型，利润与股价更持续刷新历史新高。 但三季报显示，金诚信收入利润高增背后，应收账款回款隐忧同步凸显；资本市场层面，股价震荡与转 债决策保守，亦让投资者对其长期价值产生分歧。 资源引擎下的业绩爆发 金诚信的业绩高增，是一场由铜周期与资源布局共同驱动的增长故事。 据天眼查工商信息，1997年金诚信成立，作为早期混合所有制企业，1999年转为民营企业后，逐步积累 矿服经验与资质。其于2000年承接国内首个海外大型有色金属矿山项目，2010年将矿服相关资产注入子 公司，2015年实现挂牌上市。 2015年至今，金诚信向"矿服+资产"双轮驱动 ...

Core Viewpoint - Tianshan Aluminum Industry has strategically positioned itself in the bauxite mining sector across China, Guinea, and Indonesia, with significant progress in its mining projects [1] Group 1: Project Developments - The company has obtained mining rights for its bauxite project in Guangxi, which is set to enter the substantial mining phase [1] - The bauxite project in Guinea has commenced production, with mined ore continuously being shipped back to China [1] - In Indonesia, the bauxite project is in the preliminary exploration stage, with mining activities gradually unfolding, and the scale of extraction will be planned according to project progress [1] Group 2: Supply Assurance - The ongoing developments in these regions are aimed at ensuring a sufficient supply of raw materials for the company's alumina projects [1]

Core Viewpoint - Tianshan Aluminum Industry has made significant progress in its bauxite mining projects in Guangxi, Guinea, and Indonesia, indicating a strategic expansion in raw material supply for alumina production [1] Group 1: Project Developments - The bauxite mining project in Guangxi has obtained mining rights and is about to enter the substantial mining phase [1] - The bauxite mining project in Guinea has entered the production phase, with ore continuously being shipped back to China [1] - The bauxite mining project in Indonesia is in the preliminary exploration stage, with plans for gradual expansion of mining activities based on project progress [1] Group 2: Supply Chain Implications - The mining activities in these regions are aimed at ensuring a sufficient supply of raw materials for the company's alumina projects [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's profitability is pressured by declining lithium prices, with a focus on the potential growth of small metals and copper resources [4][9]. - In Q2 2025, the company reported a net profit attributable to shareholders of -0.46 billion yuan, a year-on-year decrease of 121% and a quarter-on-quarter decrease of 134% [2][4]. - The company is diversifying its metal resources, with steady development in lithium and rubidium-cesium segments, while accelerating the expansion into gallium, germanium, and copper [9]. Financial Performance - In H1 2025, the company achieved lithium salt sales of 17,900 tons, a year-on-year increase of 6.37%, and began direct sales of self-produced lithium concentrate, with sales of 34,800 tons [9]. - The rubidium-cesium segment generated revenue of 708 million yuan in H1 2025, a year-on-year increase of 50.43%, with a gross profit of approximately 511 million yuan, also up by 50.15% [9]. - The copper smelting business faced a net profit loss of approximately 200 million yuan due to a significant decline in industry processing fees [9]. Future Outlook - The company is advancing its lithium sulfate project in Africa and enhancing resource utilization efficiency at the Tanco mine in Canada [9]. - A lithium salt technical transformation project commenced in June 2025, expected to increase smelting capacity by 5,000 tons while reducing costs [9]. - The copper segment is progressing with the Kitumba copper mine project, with initial design work completed and construction underway [9].

Core Viewpoint - The company reported strong financial performance for the first half of 2025, exceeding expectations with significant year-on-year growth in revenue and net profit [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 21.09 billion yuan, a year-on-year increase of 12.35%, and a net profit attributable to shareholders of 1.06 billion yuan, up 32.76% year-on-year [1]. - For Q2 2025, the company reported revenue of 11.37 billion yuan, a year-on-year increase of 9.53% and a quarter-on-quarter increase of 16.82%. The net profit attributable to shareholders was 562 million yuan, reflecting an 18.76% year-on-year increase and a 12.61% quarter-on-quarter increase [1]. Production Volume - In H1 2025, the company maintained stable production levels, producing a total of 181,300 tons of non-ferrous metals, including 48,100 tons of tin, 69,800 tons of zinc, 62,500 tons of copper, and 937 tons of lead [1][2]. Resource Development - The company has received a quota of 688 tons for tungsten mining in 2025 and plans to enhance resource exploration and utilization, particularly in the Karafang mining area [2][3]. Price Trends - In Q2 2025, tin prices remained stable, while zinc and copper processing fees decreased. The average closing price for tin futures was 263,300 yuan per ton, a slight increase of 250 yuan per ton [2]. - The average processing fee for tin concentrate was 12,237 yuan per ton, down 947 yuan per ton, while the average processing fee for domestic zinc concentrate increased by 801 yuan per ton to 3,535 yuan per ton [2]. Market Outlook - The slow recovery of production in Myanmar is exacerbating the tight supply situation for tin, while the demand for consumer electronics is expected to increase, potentially leading to a rise in tin prices [3]. - The company is positioned to benefit from the anticipated increase in tin prices due to supply-demand imbalances [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6]. Core Views - The company has significantly exceeded expectations in its non-recurring performance, with a net profit of approximately 1.062 billion yuan for the first half of 2025, representing a year-on-year growth of 32.76% [1]. - The company is a global leader in the tin and indium industries, benefiting from favorable resource endowments and expected increases in tin prices due to supply-demand imbalances [4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 21.093 billion yuan, a year-on-year increase of 12.35%, and a net profit attributable to shareholders of 1.062 billion yuan, up 32.76% year-on-year [1]. - For Q2 2025, the company reported a revenue of 11.365 billion yuan, a year-on-year increase of 9.53% and a quarter-on-quarter increase of 16.82% [1]. Production and Resource Management - The company maintained stable production levels, with a total output of non-ferrous metals reaching 181,300 tons in the first half of 2025, including 48,100 tons of tin and 69,800 tons of zinc [2]. - The company plans to enhance resource exploration and utilization, particularly in the Kafang mining area, to improve its resource security and sustainable development [2]. Market Conditions - Tin prices remained stable in Q2 2025, with the average closing price for tin futures at 263,300 yuan per ton, reflecting a slight increase [3]. - The report highlights a potential strengthening of tin prices due to slow recovery in Myanmar's production and increasing demand from the consumer electronics sector [4]. Profit Forecast - The company is projected to achieve net profits of 2.317 billion yuan, 2.645 billion yuan, and 2.754 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 14X, 12X, and 12X [5].