紫金矿业（601899）(02899)涨超3%，截至发稿，涨2.64%，报35.04港元，成交额7.1亿港元。 消息面上，据紫金矿业官微消息，12月29日，西藏巨龙铜矿二期改扩建工程主体工程建设与核心设备安 装全部完成并成功联动试车，迈出了投产前的关键一步。二期全面达产后，将新增日处理20万吨矿石的 产能。届时，巨龙一、二期合计日处理能力将达35万吨，相当于再造1.3个"巨龙"。另据了解，巨龙铜 矿三期项目规划已同步推进，三期项目建成后，巨龙铜矿将跻身全球采选规模最大的铜矿山行列。 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The report focuses on the copper market, indicating that copper prices are experiencing a correction due to capital liquidation. It also presents various fundamental data and macro - industry news, with a copper trend intensity of - 1, indicating a bearish outlook [1][3]. 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - **Price**: The closing price of the Shanghai copper main - contract was 98,860 with a daily increase of 0.14%, and the night - session closing price was 96,060 with a decrease of 2.83%. The LME copper 3M electronic - disk closing price was 12,188 with a daily increase of 0.45% [1]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai copper index was 974,647, an increase of 424,617 from the previous day, and the open interest was 642,644, a decrease of 12,092. The trading volume of the LME copper 3M electronic - disk was 64,636, an increase of 46,441, and the open interest was 341,000, an increase of 1,268 [1]. - **Inventory**: The Shanghai copper inventory was 65,878, an increase of 7,231, and the LME copper inventory was 154,575, a decrease of 2,450. The LME copper注销仓单 ratio was 28.51%, a decrease of 1.12 percentage points [1]. - **Spreads**: There are multiple spread data, such as the LME copper spot - to - futures spread increased by 6.53, the spot - to - near - month futures spread decreased by 10, etc [1]. 3.2 Macro and Industry News - **Macro**: From January to November, the national large - scale industrial enterprises' total profit was 66268.6 billion yuan, a year - on - year increase of 0.1% (previous value 1.9%); the operating income was 125.34 trillion yuan, a year - on - year increase of 1.6% (previous value 1.8%). The profit in November decreased by 13.1% year - on - year (previous value - 5.5%) [1]. - **Industry**: Peru extended the temporary licenses of small - scale miners until the end of 2026. Kazakhstan's refined copper production from January to November 2025 increased by 2.5% year - on - year to 431,998 tons. China's copper ore and concentrate imports in November 2025 were 2,526,194.63 tons, a month - on - month increase of 3.05% and a year - on - year increase of 13.13%. Chile initiated the preliminary mediation process for the labor - management contract negotiation of the Mantoverde copper - gold mine [3]. 3.3 Trend Intensity The copper trend intensity is - 1, indicating a bearish view, and the value ranges from - 2 (most bearish) to 2 (most bullish) [3].

近期铜价屡创新高。12月29日，亚洲交易时段，伦敦金属交易所三个月期铜价格一度触及每吨12960美 元，刷新历史纪录。 同在12月29日，中国五矿集团旗下上市公司五矿资源（HK01208，股价8.53港元，市值1036亿港元）宣 布了一个大项目。公司博茨瓦纳Khoemacau（科马考）矿山二期扩建项目获得董事会批准，未来铜年产 量将增至13万吨，伴生银年产量超过400万盎司，总资本支出约为9亿美元。 扩建后将大幅提升采矿、选矿能力 五矿资源12月29日公告表示，公司科马考矿山二期扩建项目的可行性研究报告及设计方案已获董事会正 式批准，接下来将全力推动项目建设。 具体来看，项目将建设一座年处理能力达450万吨的选矿厂，使矿山总选矿处理能力突破800万吨/年。 采矿范围也将从一期的5区延伸至5区北部、Mango及Zeta东北部。 本次扩建项目预计于2028年上半年产出首批铜精矿，总资本支出约为9亿美元。在此基础上，科马考矿 山的铜年产量将增至13万吨，伴生银年产量超过400万盎司。 多家公司海外买矿 今年以来，多种有色金属价格涨幅较大。 广发证券2025年12月研报指出，2025年，美联储降息提振需求预期，库存套 ...

作者 | 刘弘婧 巨龙铜矿二期改扩建是世界级矿业工程，自2024年启动以来，克服了一项又一项"世界级"挑战和难题。项目地处海拔5000米以上超高海拔地带，人机减效 极其严重，技术体系异常复杂，悬臂式掘进机硬岩掘进、高海拔复杂冰积层地基处理等多项工艺属于国内首次在类似条件下应用，且全线工期关键节点环 环相扣、缓冲时间极其有限。面对极端环境与各类难题，全体建设者在高寒缺氧的恶劣环境中攻克了一道道技术难关，提前完成各项关键节点建设，保障 了工程整体高质量按期推进。 接下来，巨龙铜矿二期将进入全面调试、正式投产的最后冲刺阶段，全体建设者将以更加饱满的热情和昂扬的斗志推进项目建设，为紫金矿业在西藏的长 远布局开启新的篇章，为中国铜矿资源的高效开发利用树立新的标杆。 另据了解，巨龙铜矿三期项目规划已同步推进，三期项目建成后，巨龙铜矿将跻身全球采选规模最大的铜矿山行列，成为世界级铜矿开发的典范之作。 12月29日，西藏巨龙铜矿二期改扩建工程主体工程建设与核心设备安装全部完成并成功联动试车，迈出了投产前的关键一步。 二期全面达产后，将新增日处理20万吨矿石的产能。届时，巨龙一、二期合计日处理能力将达35万吨，相当于再造1.3 ...

Group 1 - Copper prices are expected to achieve the largest annual increase in over a decade, with prices soaring above $12,000 per ton in December and rising over 30% in 2025, marking the highest annual increase since 2009 [2] - The demand for copper is projected to exceed mineral supply by the 2030s, driven by the transition to renewable energy, electrification of vehicles, and the construction of data centers for artificial intelligence [2] - Aging copper mine productivity is declining, and the high costs and lengthy timelines associated with bringing new mines online are contributing to supply concerns [2] Group 2 - Significant accidents at the world's largest mines since October have raised concerns about shortages, leading to record high copper prices [3] - Major mining companies have lowered production forecasts, and there has been a surge of copper imports into the U.S. as importers rush to acquire metal before potential tariffs [3] - A notable price gap has emerged between London benchmark prices and U.S. Comex copper prices, with traders capitalizing on this difference [3] Group 3 - The current tightness in the copper market is described as regional rather than global, with 85% of LME warehouse copper not qualifying for delivery to U.S. Comex facilities [4] - Despite this, traders are still moving significant amounts of metal to the U.S. due to higher domestic prices, utilizing swaps to manage non-qualifying copper [4] - This situation is expected to persist until 2026, potentially leading to shortages outside the U.S., with copper prices anticipated to remain strong in 2026 [4]

Core Viewpoint - The company has approved the feasibility study for a significant expansion project at the Khoemacau copper mine in Botswana, officially commencing construction to enhance production capacity and optimize costs [1] Group 1: Project Details - The expansion aims to increase annual production capacity to 130,000 tons of copper concentrate and over 4 million ounces of associated silver [1] - The project includes extending the mining area to the northern part of Zone 5, as well as the Mango and Zeta northeast deposits, and constructing a new processing plant with an annual capacity of 4.5 million tons [1] - Total capital expenditure for the project is estimated at approximately $900 million, covering related expenses before 2026 [1] Group 2: Production and Cost Optimization - The expansion is expected to increase the total processing capacity of the mine to over 8 million tons per year [1] - The first batch of copper concentrate is anticipated to be produced in the first half of 2028 [1] - The average C1 cost during the mine's lifespan is projected to be optimized to below $1.60 per pound, a significant reduction from the actual C1 cost of $2.05 per pound recorded for the six months ending June 30, 2025 [1] Group 3: Future Prospects - Ongoing exploration activities at the Khoemacau mining area have identified further expansion potential, with annual production capacity expected to increase to 200,000 tons of copper [1] - The company plans to initiate a pre-feasibility study for the next phase of expansion in 2026 [1]

智通财经APP讯，五矿资源(01208)发布公告，已批准博茨瓦纳Khoemacau铜矿的重大扩建项目的可行性 研究，并正式启动建设。该项目旨在将年产能提升至13万吨铜精矿含铜，并使伴生银的年产量超过400 万盎司。本项目将包括：将采矿区域延伸至5区北部、Mango及Zeta东北部矿床;及新建一座年处理能力 达450万吨的选矿厂。 扩建项目预计将使矿山寿命期内的平均C1成本优化至1.60美元/磅以下，较截至2025年6月30日止六个月 期间取得的实际C1成本2.05美元/磅显著降低。此次扩建是一项重要战略举措，旨在提升公司铜资产组 合的长期盈利能力与产能规模。 此次扩建将使矿山总选矿能力提升至超过800万吨/年。项目的总资本支出预计约为9亿美元(包含2026年 前的相关支出)。该扩建项目预计将于2028年上半年产出首批铜精矿。 展望未来，Khoemacau矿区已通过持续勘探活动，识别出进一步扩产的潜力，年产能有望提升至20万吨 铜。公司计划于2026年启动下一阶段扩建的预可行性研究。 ...

扩建项目预计将使矿山寿命期内的平均C1成本优化至1.60美元/磅以下，较截至2025年6月30日止六个月 期间录得的实际C1成本2.05美元/磅显著降低。此次扩建是一项重要战略举措，旨在提升公司铜资产组 合的长期盈利能力与产能规模。 展望未来，Khoemacau矿区已通过持续勘探活动，识别出进一步扩产的潜力，年产能有望提升至20万吨 铜。公司计划于2026年启动下一阶段扩建的预可行性研究。 格隆汇12月29日丨五矿资源(01208.HK)宣布，已批准博茨瓦纳Khoemacau铜矿的重大扩建项目的可行性 研究，并正式启动建设。该项目旨在将年产能提升至13万吨铜精矿含铜，并使伴生银的年产量超过400 万盎司。本项目将包括：将采矿区域延伸至5区北部、Mango及Zeta东北部矿床；及新建一座年处理能 力达450万吨的选矿厂。 此次扩建将使矿山总选矿能力提升至超过800万吨/年。项目的总资本支出预计约为9亿美元（包含2026 年前的相关支出）。该扩建项目预计将于2028年上半年产出首批铜精矿。 ...

作为墨西哥最大的矿业公司，其控制着墨西哥24个州的矿业资源，旗下拥有南方铜业（SCC）、美洲矿业公司（AMC）、ASARCO、MINERA LOS FRAILES等子公司。2025年1-9月矿山铜产量共计78.94万金属吨。 根据福布斯的数据显示，2025年全球新增340多位亿万富豪，比过去五年平均水平增长50%；3100多位亿万富豪的总财富达到18.7万亿美元（包括创纪录的 19位千亿美元级别的富豪），较年初合计增加3.6万亿美元（约合人民币25.2万亿元），较2020年增加10万亿美元。 其中，十位最大的赢家在过去一年里身家猛增7292亿美元。美国富豪占据6席，贡献超85%的财富增长总额；墨西哥2位，西班牙、日本各有1位。从行业分 布来看，主要是科技界巨擘。 西班牙时装零售集团Inditex（ZARA母公司）创始人阿曼西奥・奥特加，墨西哥矿业巨头格尔曼・拉利阿・莫塔・维拉斯科及家族，日本软银集团创始人、 董事长兼CEO孙正义，墨西哥电信大亨卡洛斯・斯利姆・埃卢榜上有名。 作为全球能源转型的核心刚需品种，让铜成为2025年表现最亮眼的大宗商品，今年以来价格累计飙升35%以上，有望创下2009年以来的最大年度 ...

近年来，厄瓜多尔发现了多个世界级铜矿。 据Mining.com援引路透社报道，金铜矿开发商索尔黄金公司（SolGold）周三宣布，已经同意其最大股 东江西铜业8.67亿英镑（11.7亿美元）的收购要约。 本月初，江西铜业第三次提出收购要约，这家伦敦上市矿企表示同意。 每股28便士的收购价格较11月19日索尔黄金公司的收市价高出43%，当日是江西铜业首次接触该公司提 出收购的前一日。 索尔黄金公司的其他投资者包括必和必拓和纽蒙特。 周三，索尔黄金公司股价收于25.65便士，略微上涨。 此项协议将使江西铜业控制索尔黄金公司在厄瓜多尔因巴布拉省的卡斯卡维尔（Cascabel）项目。在电 动汽车消费和AI基础设施投资推动下，矿业公司都在争取获得铜矿资源。 ...