摩根士丹利发布研报称，相信洛阳钼业（603993）(03993)未来30日内股价将绝对上涨，估计此情境有 约70%至80%(或非常可能)的概率，维持"增持"评级及目标价11.7港元，此按现金流折现率作估值。 该行指，刚果民主共和国宣布将钴出口禁令延长至10月15日，随后将实施出口配额，2026至2027年配额 将为正常产量的40%。大摩表示，假设洛阳钼业能获得与国家层面相似的配额比例，其潜在销售量可能 在2025年第四季为约8,600吨，在2026至2027年为约4.36万吨，预期钴供应将受到重大影响，因为刚果民 主共和国占全球供应的70%。 ...

Group 1 - The core viewpoint of the report indicates that Zijin Mining achieved a net profit attributable to shareholders of 23.29 billion yuan in H1 2025, representing a year-on-year increase of 54.41%, with Q2 alone contributing 13.125 billion yuan, a quarter-on-quarter increase of 29.1% [1] - The company's copper and gold business has seen both volume and price increases, serving as a key driver for performance growth [1] - The report anticipates that Zijin Mining will continue to ramp up production in H2 2025, particularly in gold output, which is expected to sustain performance growth [1] Group 2 - Concerns regarding the U.S. economic downturn have been raised due to declining employment data, leading to a 25 basis point reduction in the federal funds rate target range announced by the Federal Reserve in September 2025 [1] - The initiation of a rate-cutting cycle is expected to benefit metals such as gold and copper, potentially leading to price increases [1] - The report has adjusted the pricing and sales volume forecasts for gold and copper, as well as increased the expense ratio, resulting in a target price of 31.79 yuan based on a 17X PE valuation for comparable companies, maintaining a "buy" rating [1]

Group 1 - On September 19, 2023, Baiyin Nonferrous reported a financing buy of 21.74 million yuan and a financing repayment of 35.72 million yuan, resulting in a net financing repayment of 13.98 million yuan [2] - On September 10, 2023, Baiyin Nonferrous announced that it received a notice from the China Securities Regulatory Commission (CSRC) regarding a case of suspected information disclosure violations, leading to an official investigation [2] - Investors who suffered losses due to the company's delayed or inaccurate information disclosure can file for compensation if they purchased shares between April 30, 2020, and April 29, 2025, or between the company's listing and September 10, 2025 [2] Group 2 - On April 2, 2024, Baiyin Nonferrous announced progress on the acquisition of mining company equity, specifically the 100% stake in Serrote Participações S.A. and AMH 2 (Jersey) Limited [3] - The acquisition was completed on April 1, 2025, after obtaining necessary regulatory approvals, with the target companies becoming wholly-owned subsidiaries of Baiyin Nonferrous [4] - Following the acquisition, the company's copper metal resource volume is expected to increase from 221,700 tons to approximately 930,000 tons, significantly enhancing its resource reserves and profitability [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a net profit attributable to shareholders of 1.053 billion yuan in Q2 2025, representing a quarter-on-quarter increase of 40.91%. The net profit excluding non-recurring items was 1.058 billion yuan, also up 41.12% quarter-on-quarter. The interim dividend was approximately 1.569 billion yuan, accounting for 87% of the net profit for the first half of 2025 [2][4] Summary by Sections Copper Segment - In the first half of 2025, the company achieved a copper production of 92,800 tons and sales of 92,700 tons, generating revenue of 7.562 billion yuan and a net profit of 4.166 billion yuan. The company’s investment income from its 30.78% stake in Giant Dragon Copper was 1.264 billion yuan, contributing 70.22% to the net profit attributable to shareholders, with a year-on-year increase of 4.09 billion yuan, or 47.82% [5] Lithium Segment - The company produced 5,170 tons of lithium carbonate in the first half of 2025, a year-on-year decrease of 11%, with sales of 4,470 tons, down 41% year-on-year. The average selling price (including tax) was 67,470 yuan per ton, while the average sales cost was 41,478 yuan per ton. The revenue from lithium carbonate was 267 million yuan, a year-on-year decrease of 57.90%, with a gross margin of 30.53%, down 19.75 percentage points year-on-year [5] Potassium Segment - The company produced 485,200 tons of potassium chloride in the first half of 2025, a year-on-year decrease of 7%, with sales of 535,900 tons, down 1% year-on-year. The average selling price (including tax) was 2,845 yuan per ton, an increase of 25.57% year-on-year. The average sales cost was 996 yuan per ton, a decrease of 7.36% year-on-year. Consequently, the revenue from potassium chloride was 1.399 billion yuan, a year-on-year increase of 24.60%, with a gross margin of 61.84%, up 13.56 percentage points year-on-year [6] Future Outlook - Looking ahead, the development potential of the three major business segments—copper, lithium, and potassium—remains promising. The second phase of the Giant Dragon project is expected to commence production by the end of 2025, with projected copper production reaching 92,000 to 108,000 tons. The long-term plan for the Giant Dragon project aims for a capacity of 600,000 tons, significantly enhancing profitability. Additionally, the accelerated development of the Tibet salt lake project is anticipated to inject potential lithium resources into the company’s future growth [7]

证券代码：002716 证券简称：湖南白银 公告编号：2025-066 关于全资子公司宝山矿业为母公司湖南白银 融资事项提供担保的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 为满足湖南白银股份有限公司（以下简称"公司"或"母公司"）经营发展资金需求，公司近日拟向恒丰银 行股份有限公司（具体支行以实际签署协议为准，以下简称"恒丰银行"）申请人民币10,000万元银行贷 款。公司全资子公司湖南宝山有色金属矿业有限责任公司（以下简称"宝山矿业"）同意为上述贷款提供 5,000万元连带责任保证担保。 根据《深圳证券交易所上市公司自律监管指引第1号一一主板上市公司规范运作》的相关规定，本次担 保事项属于上市公司控股子公司对上市公司提供的担保，无需提交公司董事会、股东大会审议。 本次担保相关协议尚未签署，公司将在完成内部流程后与恒丰银行、宝山矿业正式签署相关协议等文 件。 二、被担保人基本情况 湖南白银股份有限公司 1.基本情况 公司名称：湖南白银股份有限公司 成立日期：2004年11月8日 注册地址：郴州市苏仙区白露塘镇福城大道1号（湖南郴州高新技 ...

Core Viewpoint - China Nonferrous Mining's recent tailings dam collapse incident in Zambia has drawn renewed attention, with the company clarifying allegations made by the media regarding the incident [1][5]. Group 1: Incident Overview - The tailings dam collapse at the Zambia Chambishi Hydrometallurgical Company occurred on February 18, 2025, due to a combination of factors including theft of the impermeable membrane and heavy rainfall, which was the highest in nearly 20 years for that period [5]. - The company has stated that the breach was effectively controlled by February 19, and it has complied with local government directives for remediation and compensation to affected farmers [5][6]. - A recent media report indicated that over 100 local residents filed a petition demanding the establishment of an environmental restoration fund of $80 billion (approximately 624 billion HKD) managed by the Zambian government [5]. Group 2: Production Impact - The company is currently not in production due to the incident, but the overall impact on annual production is considered limited as the affected project has a small output [3][7]. - In the first half of 2025, the company produced 11.13 million tons of crude copper and anode copper, a decrease of 30.4% year-on-year, while cathode copper production increased by 15.6% to 7.22 million tons [8]. Group 3: Government Response and Environmental Assessment - The Zambian government has stated that the situation has largely returned to normal, with no significant health issues or deaths reported related to the pollution incident [8]. - The local government has been actively responding to the incident, and laboratory tests have shown that water quality has returned to normal levels [7][8]. Group 4: Risk Management and ESG Practices - The company had previously established risk management protocols for tailings dam safety and environmental management, as noted in its 2024 ESG report [9][10]. - The company is facing climate risks such as extreme flooding and has implemented measures like drainage systems to mitigate these risks [10]. Group 5: Expert Analysis - Experts have pointed out that the company's handling of the incident reflects a need for improved risk awareness among Chinese enterprises operating overseas, emphasizing the importance of proactive risk management rather than reactive measures [11][12].

9月18日晚间，中国有色矿业发布公告称，近期有媒体文章就公司旗下赞比亚谦比希湿法冶炼有限公司 （以下简称谦比希湿法公司）尾矿坝溃坝事件作出指控，并对事件进行说明。 9月19日，有接近上市公司的人士向《每日经济新闻》记者表示，发生事故的公司目前仍停产，由于项 目产量不大，事件对中国有色矿业年产量影响有限。目前，复产需等待当地政府聘请环评机构出具环评 报告，但各方对选聘环评机构存在一定争议。 《每日经济新闻》记者注意到，截至9月19日，中国有色矿业今年以来股价涨幅超150%。 中国有色矿业： 800亿美元索赔缺乏依据 中国有色矿业表示，2月18日，谦比希湿法公司一座尾矿坝因防渗膜被盗割以及持续强降雨（2025年1月 至2月赞比亚当地降雨量接近20年来同期降雨量最大值）等原因溃坝，导致部分尾矿泄漏。溃口于19日 凌晨3点半完成封堵，事故源头得到有效控制。 对于尾矿坝事件，谦比希湿法公司已依据政府指令全面履行修复和治理义务，并按照赞比亚政府出具的 损害赔偿报告完成了对个体农户的赔偿工作。未来，公司将继续与赞比亚政府紧密协作，全力推进环境 影响评估和修复治理工作。 中国有色矿业（HK01258，股价12.85港元，市值 ...

《每日经济新闻》记者注意到，截至9月19日，中国有色矿业今年以来股价涨幅超150%。 中国有色矿业： 中国有色矿业旗下公司今年2月发生的一起事故，在9月中旬再次成为热点。 9月18日晚间，中国有色矿业发布公告称，近期有媒体文章就公司旗下赞比亚谦比希湿法冶炼有限公司 （以下简称谦比希湿法公司）尾矿坝溃坝事件作出指控，并对事件进行说明。 9月19日，有接近上市公司的人士向《每日经济新闻》记者表示，发生事故的公司目前仍停产，由于项 目产量不大，事件对中国有色矿业年产量影响有限。目前，复产需等待当地政府聘请环评机构出具环评 报告，但各方对选聘环评机构存在一定争议。 800亿美元索赔缺乏依据 中国有色矿业表示，2月18日，谦比希湿法公司一座尾矿坝因防渗膜被盗割以及持续强降雨（2025年1月 至2月赞比亚当地降雨量接近20年来同期降雨量最大值）等原因溃坝，导致部分尾矿泄漏。溃口于19日 凌晨3点半完成封堵，事故源头得到有效控制。 对于尾矿坝事件，谦比希湿法公司已依据政府指令全面履行修复和治理义务，并按照赞比亚政府出具的 损害赔偿报告完成了对个体农户的赔偿工作。未来，公司将继续与赞比亚政府紧密协作，全力推进环境 影响评估和 ...

Core Viewpoint - China Nonferrous Mining's recent tailings dam incident in Zambia has raised concerns, but the company asserts that the impact on its annual production is limited and it is actively managing the situation [1][3][4]. Group 1: Incident Overview - The tailings dam collapse at Zambia's Chambishi Hydrometallurgical Company was attributed to theft of a waterproof membrane and heavy rainfall, with the dam breach being sealed by February 19 [3][4]. - The company has complied with government directives for remediation and compensation to affected farmers, while disputing a claim for $80 billion in damages as unfounded [3][4]. Group 2: Production Impact - The Chambishi Hydrometallurgical Company remains offline, with production significantly affected; copper production in the first half of 2025 saw a 30.4% decline for crude and anode copper, while cathode copper production increased by 15.6% [4][5]. - The company’s overall production for cathode copper was 7,220 tons, while crude and anode copper totaled 11,130 tons [4]. Group 3: Regulatory and Environmental Response - The Zambian government has stated that the environmental impact of the incident is minimal, with water quality returning to normal and no significant health issues reported [4]. - The company is awaiting the completion of an environmental assessment by the local government before resuming operations, amid some disputes regarding the selection of the assessment agency [1][6]. Group 4: Risk Management and ESG Considerations - The company had previously established risk management protocols for tailings dam safety and environmental governance, indicating a proactive approach to potential risks [7]. - Experts suggest that the company’s response reflects a need for improved preemptive risk management rather than reactive measures after incidents occur [8].

每日经济新闻消息，中国有色矿业（HK01258，股价12.85港元，市值501.41亿港元）旗下公司今年2月 发生的一起事故，在9月中旬再次成为热点。 《每日经济新闻》记者注意到，截至9月19日，中国有色矿业今年以来股价涨幅超150%。 中国有色矿业：800亿美元索赔缺乏依据 中国有色矿业表示，2月18日，谦比希湿法公司一座尾矿坝因防渗膜被盗割以及持续强降雨（2025年1月 至2月赞比亚当地降雨量接近20年来同期降雨量最大值）等原因溃坝，导致部分尾矿泄漏。溃口于19日 凌晨3点半完成封堵，事故源头得到有效控制。 对于尾矿坝事件，谦比希湿法公司已依据政府指令全面履行修复和治理义务，并按照赞比亚政府出具的 损害赔偿报告完成了对个体农户的赔偿工作。未来，公司将继续与赞比亚政府紧密协作，全力推进环境 影响评估和修复治理工作。 近日，据称当地一百余名民众（据了解实际授权仅有11人）向法院提起请愿，在当地法院登记（但未受 理）的请愿书中要求中方涉事企业设立环境修复托管账户并存入800亿美元（约合6240亿港元），由赞 比亚政府管理，用于环境修复及全额赔偿，并要求额外2亿美元作为紧急救助及健康/环境评估基金。 中国有色矿业 ...