此外，在业绩方面，中邮证券指出，公司和紫金矿业分别持有海域金矿70%/30%的股权，预计投产后年 产金达到15-20吨，由于海域金矿品位较高，达产后年均单位矿石采选总成本为340元/吨，且矿山开发 早期开采高品位矿体(约6克/吨)，综合成本有望进一步下降。考虑到公司海域金矿有望在27年后逐步投 产释放产量，其低成本与高产量有望在未来显著增厚公司业绩。 智通财经APP获悉，招金矿业(01818)盘中拉升逾7%，截至发稿，涨7.08%，报20.86港元，成交额1.75亿 港元。 消息面上，7月美国非农数据远低于预期，美联储降息预期升温。黄金市场在上周的强劲表现，充分反 映了美国经济放缓、美元走弱以及全球避险需求的共振效应。市场普遍认为，8月就业数据(将于9月5日 公布)将成为美联储9月16-17日会议的关键参考。如果数据继续显示劳动力市场疲软，降息的可能性将 进一步巩固，从而为黄金市场提供更多上涨动力。 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q2 2025, Kinross reported a gold production of 512,574 ounces (15.94 tons), a year-on-year decrease of 4.3% but a quarter-on-quarter increase of 0.1% [2] - The average realized gold price in Q2 2025 was $3,285 per ounce, reflecting a year-on-year increase of 40.3% and a quarter-on-quarter increase of 15.0% [2] - Net profit attributable to common shareholders reached $530.7 million in Q2 2025, a year-on-year increase of 151.6% and a quarter-on-quarter increase of 44.2% [4] Production and Sales Performance - Gold sales in Q2 2025 were 508,300 ounces (15.81 tons), a year-on-year decrease of 2.4% but a quarter-on-quarter increase of 0.3% [2] - The unit sales profit for gold in Q2 2025 was $2,204 per ounce, a 68% increase compared to $1,313 per ounce in Q2 2024 [3] - The total cost per ounce sold in Q2 2025 was $1,936, which is a 9.1% increase year-on-year and a 15.4% increase quarter-on-quarter [3] Financial Performance - Sales revenue for Q2 2025 increased to $1.7285 billion, a year-on-year growth of 41.7% and a quarter-on-quarter growth of 15.4% [4] - Operating profit for Q2 2025 was $774.8 million, reflecting a year-on-year increase of 159.7% and a quarter-on-quarter increase of 35.8% [4] - The net cash flow from operating activities was $992.4 million in Q2 2025, a year-on-year increase of 64.3% and a quarter-on-quarter increase of 66.2% [6] Capital Expenditures and Cash Management - Capital expenditures in Q2 2025 were $306.1 million, a year-on-year increase of 11.6% [6] - As of June 30, 2025, Kinross had cash and cash equivalents of $1.1365 billion, up from $694.6 million on March 31, 2025 [6] - The company has an additional available credit line of $1.6 billion, with total liquidity of approximately $2.8 billion [6] Development Projects - Kinross is advancing the AEX project at the Great Bear mine, with construction expected to start in Q4 2024 [8] - The Redbird mine expansion project is progressing as planned, with ongoing studies and engineering work [9] - Baseline studies for the Lobo-Marte project are being conducted to support the environmental impact assessment [11]

Group 1 - The core viewpoint of the news is that the company, 万国黄金集团, expects a significant increase in profit for the first half of the year, projecting a year-on-year growth of 121% to 136%, reaching between 560 million to 600 million RMB, compared to 254 million RMB in the same period last year [1] - The expected increase in profit is primarily attributed to the rise in both sales volume and prices of gold products [1] - In May, the company announced that its subsidiary, 金岭矿业, signed a mineral processing technical service contract with 紫金矿冶 and a feasibility study contract for expansion with 紫金工程 [1] Group 2 - The stock price of 万国黄金集团 has seen a notable increase, rising nearly 7%, with a current price of 30.2 HKD and a trading volume of 129 million HKD [2] - The stock performance reflects a 6.9% increase at the time of reporting, indicating positive market sentiment towards the company's recent announcements [2]

Core Viewpoint - The company is conducting a valuation adjustment for a 40% stake in Asia Pacific Mining and plans to further acquire an additional 11% stake, aiming to enhance its control over valuable gold resources and improve its core competitiveness [1][6]. Group 1: Investor Meeting Overview - The investor meeting was held on August 1, 2025, to discuss the valuation adjustment and further acquisition of Asia Pacific Mining [1]. - Key executives, including the chairman and financial director, participated in the meeting to engage with investors [1]. Group 2: Responses to Investor Questions - The company confirmed that the new mineral resources law positively impacts the transition from exploration to mining rights, and it will adhere to national policies [2]. - The company is actively evaluating further acquisition opportunities that align with its long-term development goals [2]. - Asia Pacific Mining's project has been included in a list of key mining projects by local authorities, which will facilitate project financing [2]. Group 3: Valuation Adjustment and Acquisition Details - The valuation adjustment is based on a 40% increase in value, and the company will negotiate the re-evaluated value with the transaction counterpart [4][5]. - The company aims to enhance its precious metal resource reserves and improve profitability through this acquisition [6]. - The previous valuation report indicated a significant increase in asset value from 2.595 billion to 3.478 billion and 4.38 billion, reflecting a substantial appreciation [7][10]. Group 4: Changes in Mining Operations - The mining operation has shifted to include oxidized ore, which has improved economic feasibility due to rising gold prices [8]. - The production process has been optimized to align with current environmental standards, reducing costs and improving efficiency [8]. Group 5: Financial Management and Debt - Asia Pacific Mining is expected to manage its debts through operational cash flows and financial institution loans, without relying on the parent company's funds [10]. - The company clarified that the higher interest rates on loans from non-financial institutions were due to the limited financing options available during the initial stages of operation [10].

Core Viewpoint - Zijin Mining Group has successfully acquired the Akyem gold mine in Ghana, enhancing its gold production capacity and resource base, with significant potential for future growth in production and reserves [2][3][4][5]. Group 1: Acquisition Details - Zijin Mining announced the acquisition of Akyem gold mine, with a total transaction value of $1 billion, structured in two payments: $900 million at closing and $100 million upon parliamentary approval of the mining lease [3][4]. - The acquisition was completed on April 16, 2025, with Zijin Mining paying $888 million initially after adjustments [4]. - The Akyem gold mine has a resource of 54.4 tons of gold and a reserve of approximately 34.6 tons, with an average grade of 3.36 g/t and 1.35 g/t respectively [4][5]. Group 2: Production and Future Potential - The Akyem mine has been in commercial production since 2013, currently operating as an open-pit mine with a processing capacity of 8.5 million tons per year [5]. - Gold production from 2021 to 2024 was 11.9 tons, 13.1 tons, 9.2 tons, and 6.4 tons respectively, with a transition to underground mining expected by 2028 [5]. - Zijin Mining anticipates that further exploration and technological evaluations could significantly increase the mine's resource reserves and production lifespan, contributing positively to the company's gold production targets [5]. Group 3: Strategic Expansion - The acquisition of Akyem marks Zijin Mining's seventh gold mine acquisition since 2020, indicating a strategic focus on expanding its gold mining portfolio [6]. - Following the Akyem acquisition, Zijin Mining is also pursuing the acquisition of RG Gold LLP in Kazakhstan for $1.2 billion, further diversifying its gold assets [6]. - The company is planning to restructure its overseas gold mining assets and aims to list its subsidiary, Zijin Gold International, on the Hong Kong Stock Exchange, which includes eight major gold mines across various regions [7].

8月1日，紫金矿业发布公告，加纳议会已审议并追认，阿基姆金矿于2024年9月获加纳国土与自然资源 部批准的东部、西部的采矿租约，有效期分别至2037年1月18日、2030年1月18日。阿基姆金矿全部资 源、储量及生产设施均在东部采矿租约范围内。 去年10月9日，公司公告出资10亿美元，收购纽蒙特持有的加纳阿基姆金矿（Akyem）项目100%权益， 今年4月16日，项目完成交割。根据协议，10亿美元分两期支付，9亿美元在交割时支付，剩余1亿美元 在东部采矿租约获得加纳议会批准后支付。经对现金、运营资金等调整后，首期款实际支付8.88亿美 元，7月31日，公司向纽蒙特付清剩余1亿美元。 ...

Core Viewpoint - Zijin Mining has successfully acquired the Akyem gold mine in Ghana, with significant economic benefits expected from the operation and production of the mine [1][2]. Group 1: Acquisition Details - The Ghanaian Parliament has approved the mining leases for the eastern and western regions of the Akyem gold mine, valid until January 18, 2037, and January 18, 2030, respectively [1]. - The total transaction price for the acquisition from Newmont Corporation is $1 billion, with an initial payment of $900 million at closing and a remaining $100 million due after parliamentary approval of the eastern lease [1]. - The actual initial payment made was $888 million after adjustments for cash and operating funds, and the remaining $100 million was paid on July 31, 2025 [1]. Group 2: Operational Performance - The Akyem gold mine has been operating smoothly since the acquisition, with equipment in good condition and production metrics meeting expectations [2]. - The mine is expected to contribute to the company's output and profits in the year of acquisition, with significant economic benefits anticipated [2]. - The company plans to enhance resource reserves, service life, and gold production through further exploration, economic and technical evaluations, and technological upgrades [2].

格隆汇8月1日丨紫金矿业(601899.SH)公布，公司旗下加纳Akyem金矿（以下简称"阿基姆金矿"）近日 获悉，加纳议会已审议并追认其于2024年9月获得加纳国土与自然资源部批准的东部、西部的采矿租 约，有效期分别至2037年1月18日、2030年1月18日。阿基姆金矿全部资源、储量及生产设施均在东部采 矿租约范围内。 阿基姆金矿为在产项目，自交割以来运行平稳，设备状态良好，各项生产运营指标符合预期，并购当年 即可为公司贡献产量和利润，预期经济效益显著；项目成矿条件好，找矿增储潜力大，在金价已实现大 幅上涨的背景下，公司将积极通过深化资源勘查、经济技术重新评价及技术改造等方式，进一步提升项 目可利用的资源储量、服务年限和黄金产量，为公司黄金板块业务的持续增长提供有力支撑。 据公司与原业主Newmont Corporation签署的《股份收购协议》，本次交易总价10亿美元，分两期支 付：首期9亿美元在交割时支付，剩余1亿美元在东部采矿租约获得加纳议会批准后支付。2025年4月16 日，本次交易完成交割，经对现金、运营资金等调整后，实际支付首期款8.88亿美元；鉴于余款支付条 件已成就，公司已于2025年7月 ...

机构：中邮证券 研究员：李帅华/杨丰源 国际领先的黄金矿石提供商：公司是集勘探、开采、选矿、冶炼于一体的综合性矿业集团，前身为1974 年成立的招远县黄金矿山局。 海外拓展，收购阿布贾金矿和科马洪金矿：公司2024年完成铁拓矿业和西金矿业收购，铁托矿业旗下的 阿布贾金矿年产黄金超过4吨，科马洪金矿属于近产大型矿山，短期内有望取得盈利。 盈利预测：预计2025-2027年，公司营业收入分别为162/177/194亿元人民币，归母净利润分别为 39.18/47.90/56.07亿元人民币，增速为170%/22%/17% 。PE分别为16.72/13.68/11.68 。考虑到公司海域金 矿有望在27年后逐步投产释放产量，其低成本与高产量有望在未来显著增厚公司业绩，因此给予"买 入"评级。 风险提示：金价大幅下跌；海域金矿投产时间不及预期；海域金矿投产后成本高于预期。 成本控制一贯优异：公司成本控制能力经历了时间考验。2015年，公司矿产金生产成本为135元/g， 2024年，矿产金生产成本提升至231元/g，成本年化提升5.5%。同期沪金年化涨幅超过9%，因此公司矿 产金毛利率不断提升，从2015年的44%提升至 ...

重要内容提示： ● 已披露增持计划情况：山东黄金矿业股份有限公司（以下简称"公司" 或"山东黄金"）于2025年4月10 日披露了《关于控股股东及其一致行动人增持公司股份计划的公告》（公告编号：临2025-019），公司 控股股东山东黄金集团有限公司（以下简称"黄金集团"）及其一致行动人基于对公司未来持续稳定发展 的信心和长期投资价值的认可，计划自2025年4月9日起12个月内拟通过上海证券交易所系统以集中竞价 或者大宗交易的方式择机增持山东黄金A股股份，拟增持金额不低于人民币5亿元（含本数），不超过 人民币10亿元（含本数）（以下简称"本次增持计划"）。增持主体将基于对公司股票价格的合理判断， 择机实施增持计划。 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 ● 增持计划无法实施风险：本次增持计划可能存在因资本市场情况发生变化等因素，导致增持计划延迟 实施或无法完成实施的风险。 一、增持主体的基本情况 ■ 本次增持计划实施前，黄金集团直接持有公司股份1,620,4 ...