Core Viewpoint - Sichuan Hongda Co., Ltd. announced a supplementary announcement regarding the phased investment and related transactions with its associate company, Tibet Hongda Duolong Mining, fulfilling prior agreement commitments [1] Group 1: Investment Details - The investment is a joint effort with the related party Hongda Group, and the equity structure of Duolong Mining remains unchanged [1] - Duolong Mining was established in 2014, with an equity structure of 40% held by Hongda Group, 30% by Hongda Co., and 30% by Shengyuan Mining [1] Group 2: Mining Operations - Duolong Mining holds two exploration rights, with the Duolong Copper Mine designed for an annual copper production capacity of approximately 300,000 tons [1] - Currently, the Duolong Copper Mine is advancing the application for exploration to mining transition, with multiple preliminary tasks progressing steadily [1] - The Duolong West Copper Mine plans to increase exploration investment in 2025, aiming to complete the detailed investigation report compilation and review filing by the end of the year [1] Group 3: Investment Progress - Hongda Co. and Hongda Group will invest in batches according to the progress of the projects [1]

Core Viewpoint - The formal development of the world-class Duolong copper mine in Tibet is approaching, with Hongda Co., Ltd. planning to increase investment in its subsidiary Duolong Mining Co., Ltd. alongside its controlling shareholder, Sichuan Hongda Group [1][4]. Investment and Financials - Hongda Co., Ltd. will contribute 159 million yuan to the investment in Duolong Mining, maintaining the shareholding ratios of 30%, 40%, and 30% among Hongda, Hongda Group, and Xizang Shengyuan Mining Group respectively [3][4]. - As of June 30, 2025, Duolong Mining's total assets are valued at 755 million yuan, with net assets of 535 million yuan and a debt-to-asset ratio of 29.18% [4]. Resource and Production Capacity - The Duolong copper mine is recognized as "China's only undeveloped world-class copper mine," with proven copper reserves of 20 million tons and ore resources of 1.44 billion tons, averaging a copper grade of 0.48% [4][5]. - The designed mining scale for the Duolong copper mine is 75 million tons per year, with an estimated annual copper production capacity of approximately 360,000 tons [4][5]. Development Challenges - The delay in the development of the Duolong copper mine has been attributed to challenging high-altitude conditions, significant upfront investment, and previous legal issues that led to the freezing of Hongda's shares in Duolong Mining [5][6]. - The judicial freeze on Hongda's 30% stake in Duolong Mining has been lifted, allowing for progress in the mining project [5]. Future Plans - Hongda Co., Ltd. has indicated that due to the large scale and high investment of the Duolong copper mine project, funding will be sourced through shareholder investments and external financing as development progresses [6].

（央视财经《正点财经》）据路透社报道，英国矿业巨头英美资源集团和加拿大特克资源公司9日宣布将合并。若获得监管机构批准，这将成为全球矿业十 多年来最大规模的合并案。受这一消息推动，英美资源股价当天在伦敦股市收涨超9%，特克资源美股股价收涨超11%。 根据合并协议，合并后的企业拟命名为盎格鲁特克公司，总部设在加拿大，主要上市地点在英国伦敦。这两家企业的市值合计超过530亿美元。新公司 62.4%的股份将由英美资源集团原股东持有，其余37.6%由特克资源公司原股东持有。英美资源集团现任首席执行官万德昆将担任新公司首席执行官。英美 资源称，按照预期目标，合并后第四年可实现年节省成本8亿美元。 路透社报道称，这一合并意味着两家企业在铜矿领域下了"大赌注"。在全球电动汽车产业发展和建设数据中心的需求驱动下，业内预期对铜的需求将迅速增 长。 英美资源和特克资源在智利经营的铜矿区紧邻彼此。受外部收购尝试和行业战略转变驱动，英美资源与特克资源近年均经历了重大重组。近年来，不时有大 买家"看中"这两家矿企的消息传出。英美资源去年拒绝了澳大利亚必和必拓公司390亿英镑的收购要约。特克资源于2023年拒绝了瑞士嘉能可公司225亿美元 ...

中新社厦门9月10日电 (记者龙敏)在距离中国数千公里的塞尔维亚，一度濒临破产的博尔铜矿，如今正 焕发勃勃生机，成为塞尔维亚规模最大和效益最好的企业之一。 正是在中国国际投资贸易洽谈会(简称"投洽会")上的结缘，紫金矿业集团2018年与塞尔维亚博尔铜矿达 成协议，接手这座百年老矿。仅仅用了半年时间，博尔铜矿就扭亏为盈，不仅促进了当地经济发展，还 提供了数千个就业岗位，有力提升了当地居民的收入和生活水平。 9月8日，主宾国英国国家馆吸引许多民众参观。当日，第二十五届中国国际投资贸易洽谈会在福建厦门 开幕。中新社记者王东明摄 连日来，正在福建厦门举办的第二十五届投洽会上，全球多国政要向中国企业伸出"橄榄枝"，共享"中 国机遇"成为共识。 尽管全球直接投资持续下降，但中国对外直接投资连续13年列全球前三，连续九年占全球份额超过一 成。《2024年度中国对外直接投资统计公报》显示，2024年中国对外直接投资流量达1922亿美元，同比 增长8.4%；占全球份额的11.9%，较上年提升0.5个百分点。 （文章来源：中国新闻网） 英国作为本届投洽会主宾国，派出史上规模最大的代表团。英国驻华大使魏磊说，在这个充满不确定性 的 ...

Core Points - The development of the Far East region is a national priority for Russia in the 21st century, with a focus on infrastructure, industry layout, business environment, and improving the quality of life [5][32]. - President Putin announced plans to create a "future economy" in the Far East by 2036, aiming to surpass national averages in economic and social indicators [5][32]. Infrastructure and Investment - Significant investments have been made in the Far East, with fixed asset investments reaching 20 trillion rubles over the past decade, with 25% directed towards state-supported projects [7][8]. - The region's GDP has increased by over 2.5 times in the last ten years, from 4 trillion rubles to 11 trillion rubles [7]. - The investment growth in the Far East is twice that of the national average, with per capita investment being double the national average [8]. Economic Development and Industry - The Far East has seen the emergence of thousands of economic growth points, including world-class enterprises in mining, gas processing, and shipbuilding [9][10]. - The mining sector has expanded significantly, with coal and gold production increasing by nearly 1.7 times over the past decade [9][10]. - The region is focusing on rare and rare earth metals, which are crucial for high-tech industries, and plans to develop a long-term strategy for the rare earth industry [10][12]. Energy and Logistics - The demand for electricity in the Far East is expected to grow, necessitating the development of power generation capacity, including hydropower [12][13]. - The modernization of transportation infrastructure, including railways and ports, is underway to enhance logistics capabilities, with a goal to increase port throughput by 115 million tons annually by 2030 [14][19]. Social Development and Quality of Life - The average salary in the Far East has increased by 2.5 times over the past decade, with a significant reduction in unemployment rates [32][33]. - The region has seen a net inflow of young people, indicating improved job opportunities and living conditions [33][34]. - Plans are in place to enhance housing accessibility and urban environments, with over 600 projects expected to be completed by 2030 [35][38]. Policy and Regulatory Framework - The "Advanced Development Zones" initiative has been established to create a competitive business environment, offering various tax incentives and support for investors [21][22]. - A unified system of business incentives across the Far East and Arctic regions is proposed to streamline support for investors starting in 2027 [24][25]. - The government aims to create a transparent and efficient financial ecosystem to support local industries and attract private investment [30].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - The US labor market is cooling, increasing the probability of a Fed rate cut in September. The domestic stock market is in a short - term shock adjustment phase, and the stock - bond seesaw effect continues to fail [2]. - For precious metals, short - term chasing of gold and silver is not recommended, but the medium - to - long - term outlook is positive. The market is focused on the US non - farm payrolls report [3][4][5]. - Copper prices are expected to enter a high - level shock in the short term due to the hawkish stance of some officials and the potential for a tight balance in supply and demand [6][7]. - Aluminum prices are oscillating as the market awaits the non - farm payrolls report to confirm the Fed's rate - cut decision, and the supply and demand situation is also in a state of change [8][9]. - Alumina prices are expected to continue to oscillate weakly due to a bearish supply - demand outlook [10][11]. - Zinc prices are testing integer support as inventory accumulation continues to suppress prices, but there is also some support from downstream point - pricing [12]. - Lead prices are in a narrow - range oscillation as the supply - demand weakness remains unbroken [13]. - Tin prices are in a technical adjustment, but there is strong support on the supply side and potential for consumption improvement [14][15]. - Lithium carbonate prices are oscillating, and the market is watching the support strength of the 60 - day moving average [16]. - Nickel prices are oscillating as the market awaits non - farm data, and there are potential disturbances in Indonesia [17][18]. - Crude oil prices are oscillating due to a combination of bullish and bearish factors [19][20]. - Steel prices are in an oscillating trend as supply and demand data both decline, and the market is concerned about the resumption of supply after the blast furnace restarts [21]. - Iron ore prices are expected to oscillate and rebound in the short term as the supply - demand situation improves marginally, but there is strong resistance in the medium term [22]. - Soybean and rapeseed meal prices are mainly oscillating. The drought area of US soybeans is expanding, and the market is waiting for further reports [23][24]. - Palm oil prices are expected to oscillate and adjust as the August production in Malaysia increased slightly and the market is waiting for the MPOB report [25]. 3. Summary by Related Catalogs Macro - Overseas: The US 8 - month ISM services PMI reached a six - month high, but employment contracted for three consecutive months. The ADP employment increase was only 54,000 in August, and the probability of a rate cut in September rose to 99%. The US 8 - month non - farm payrolls report is to be released [2]. - Domestic: The A - share market continued to decline, and the stock market is expected to enter a short - term shock adjustment phase. The stock - bond seesaw effect failed, and the bond market was still cautious [2]. Precious Metals - COMEX gold futures fell 0.91% to $3602.40 per ounce, and COMEX silver futures fell 1.77% to $41.32 per ounce on Thursday. The decline was due to some investors taking profits. The weak US employment data strengthened the Fed's rate - cut expectation [3]. Copper - On Thursday, the Shanghai copper main contract fell slightly from a high, and the London copper faced resistance at the $10,000 mark. The spot market trading was cold. An eagle - eyed official opposed a rate cut this month. The overseas mine supply shortage persists, and domestic refined copper production may decline in September, with supply - demand potentially turning to a tight balance [6][7]. Aluminum - On Thursday, the Shanghai aluminum main contract closed at 20,605 yuan per ton, down 0.77%. The LME aluminum closed at $2590 per ton, down 0.92%. The electrolytic aluminum inventory increased slightly, and the market is waiting for the non - farm payrolls report to confirm the Fed's rate - cut decision [8]. Alumina - On Thursday, the alumina futures main contract closed at 2980 yuan per ton, down 1.46%. The supply is abundant, and the demand is stable, with the market having a weak expectation for future supply - demand balance [11]. Zinc - On Thursday, the Shanghai zinc main contract ZN2510 had a bottom - fishing rebound during the day and a low - level oscillation at night. The inventory continued to increase, suppressing zinc prices, but there was also support from downstream point - pricing [12]. Lead - On Thursday, the Shanghai lead main contract PB2510 oscillated in a narrow range during the day and opened high and closed low at night. The supply - demand weakness remained, and lead prices oscillated in a narrow range [13]. Tin - On Thursday, the Shanghai tin main contract SN2510 dived during the day and the center of gravity moved down slightly at night. There is strong support on the supply side, and tin prices are in a technical adjustment with limited downside space [14][15]. Lithium Carbonate - On Thursday, lithium carbonate oscillated slightly stronger, but the spot price weakened. The supply of lithium ore is still abundant, and the market is watching the support strength of the 60 - day moving average [16]. Nickel - On Thursday, nickel prices oscillated weakly. The labor market data in the US declined significantly, and the Fed's third - in - command reiterated the rate - cut expectation in September. The supply expectation is rising, and the market is waiting for non - farm data [17][18]. Crude Oil - On Thursday, crude oil prices oscillated. The EIA crude oil inventory increased significantly, and the market is waiting for the OPEC+ meeting. Geopolitical events may still cause disturbances [19][20]. Steel (Screw and Coil) - On Thursday, steel futures oscillated. Affected by the parade, supply and demand data both declined, and inventory increased. The market is concerned about the supply recovery pressure after the blast furnace restarts [21]. Iron Ore - On Thursday, iron ore futures oscillated and rebounded. The spot trading volume increased, and the supply - demand situation improved marginally in the short term, but there is strong resistance in the medium term due to weak terminal demand [22]. Bean and Rapeseed Meal - On Thursday, the soybean meal 01 contract fell 0.29%, and the rapeseed meal 01 contract rose 0.2%. The drought area of US soybeans expanded, and the StoneX institution lowered the US soybean yield forecast. The market is waiting for further reports [23][24]. Palm Oil - On Thursday, the palm oil 01 contract fell 0.21%. The MPOA data showed that the palm oil production in Malaysia increased slightly in August. The market is waiting for the MPOB report, and palm oil prices are expected to oscillate and adjust [25].

Core Viewpoint - Bank of America Securities has adjusted its forecast for Zijin Mining's (02899) net profit after tax for 2025 to 2027, increasing it by 1% to 4%, and raised the target price from HKD 26 to HKD 31, maintaining a "Buy" rating based on positive views on copper and gold prices and the company's robust production growth [1] Group 1: Price Forecasts - The long-term gold price forecast has been raised by 25% to USD 2,500 per ounce, while the long-term silver price forecast has been increased by 30% to USD 35 per ounce [1] Group 2: Market Drivers - Key drivers for the 39% year-to-date increase in gold prices include: 1) structural fiscal deficit in the U.S., 2) expectations of interest rate cuts, 3) concerns over the independence of the U.S. Federal Reserve, and 4) geopolitical tensions and uncertainties [1] Group 3: Company Performance - Zijin Mining's gold mining is expected to contribute 48% to its gross profit by 2025, compared to 41% from copper mining [1] - The company is projected to achieve gold production growth of 17% and 11% in the next two years, demonstrating strong execution capabilities in production growth [1] - Potential international IPO of Zijin's overseas gold assets may serve as a short-term catalyst [1]

格隆汇9月3日｜泰克资源表示，将推迟批准大型增长项目，直到其位于智利的qubrada Blanca第二阶段 (QB2)铜矿实现稳定运营和目标产量，这是公司整体运营评估的一部分。 ...

如果后续程序进展顺利，哈莫尼公司有望于10月底完成收购。 哈莫尼公司首席执行官拜尔斯·内尔对媒体表示，收购MAC铜矿公司可加速哈莫尼"扩大高利润、长寿命 矿体组合的战略"。按照他的说法，CSA铜矿将发挥战略杠杆作用，使哈莫尼公司资产组合更具弹性。 据南非媒体报道，MAC铜矿公司多数股东9月1日投票支持向哈莫尼司出售。不过，收购还需获得南非 储备银行和澳大利亚外国投资审查委员会批准，并且还需在指定法院接受听证并批准。 在获得澳大利亚MAC铜矿公司股东批准后，南非哈莫尼黄金开采公司收购这家澳大利亚矿企取得重要 进展。 今年5月以来，哈莫尼黄金开采公司便一直推动以10.8亿美元价格收购MAC铜矿公司。后者在澳大利亚 新南威尔士州科巴尔地区拥有一座高品质的CSA地下铜矿。 预计CSA铜矿每年可为哈莫尼公司带来约4万吨的铜产量。南非媒体认为，尽管哈莫尼公司近来受益于 金价飙升，但铜可以作为"对冲金价波动的天然杠杆"。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 哈莫尼公司是南非最大的黄金生产商，业务涉及南非、澳大利亚和巴布亚新几内亚 ...

哈莫尼公司是南非最大的黄金生产商，业务涉及南非、澳大利亚和巴布亚新几内亚。 （文章来源：新华财经） 如果后续程序进展顺利，哈莫尼公司有望于10月底完成收购。 哈莫尼公司首席执行官拜尔斯·内尔对媒体表示，收购MAC铜矿公司可加速哈莫尼"扩大高利润、长寿命 矿体组合的战略"。按照他的说法，CSA铜矿将发挥战略杠杆作用，使哈莫尼公司资产组合更具弹性。 预计CSA铜矿每年可为哈莫尼公司带来约4万吨的铜产量。南非媒体认为，尽管哈莫尼公司近来受益于 金价飙升，但铜可以作为"对冲金价波动的天然杠杆"。 新华财经约翰内斯堡9月1日电（记者蒋国鹏白舸）在获得澳大利亚MAC铜矿公司股东批准后，南非哈 莫尼黄金开采公司收购这家澳大利亚矿企取得重要进展。 今年5月以来，哈莫尼黄金开采公司便一直推动以10.8亿美元价格收购MAC铜矿公司。后者在澳大利亚 新南威尔士州科巴尔地区拥有一座高品质的CSA地下铜矿。 据南非媒体报道，MAC铜矿公司多数股东9月1日投票支持向哈莫尼司出售。不过，收购还需获得南非 储备银行和澳大利亚外国投资审查委员会批准，并且还需在指定法院接受听证并批准。 ...