Summary of Cangge Mining Conference Call Company Overview - **Company**: Cangge Mining - **Key Products**: Potassium Chloride, Lithium Carbonate, Copper Industry Insights - **Potassium Chloride**: Stable growth expected, with production target of 1 million tons and sales target of 950,000 tons for the year 2025. The first quarter production was 159,400 tons, a 0.5% increase year-on-year, with sales up nearly 28% to 178,500 tons [2][3] - **Lithium Carbonate**: Annual production and sales target set at 11,000 tons, with first quarter production at 2,165 tons and sales at 1,530 tons. The production cost for lithium carbonate is projected to be around 31,000 yuan per ton, significantly lower than current costs [2][9] - **Copper**: The first quarter production reached 46,000 tons with a net profit of approximately 43,000 yuan per ton, an increase from 38,000 yuan in 2024. The second phase of the project is expected to be operational by the end of 2025, leading to significant capacity release [2][5] Strategic Developments - **Project Expansion**: Cangge Mining plans to gradually release production capacity for potassium chloride, lithium carbonate, and copper over the coming years. The focus will be on stabilizing potassium chloride production, prioritizing lithium project development, and advancing the second and third phases of the Giant Dragon Copper Mine [2][7][8] - **Cost Optimization**: The company is implementing cost-saving measures, particularly in lithium production, which is expected to lower overall costs as new projects come online [2][9] - **Solid-State Battery Technology**: The company is monitoring developments in solid-state battery technology and plans to establish a new team to track advancements in lithium sulfide and related products [2][15] Financial Performance - **Cash Flow**: Cangge Mining reported strong cash flow with no debt, allowing for capital expenditures to be financed through leverage [3][22] - **Dividend Policy**: The company aims to maintain a stable dividend policy, influenced by capital expenditure needs and investor return strategies [3][23][21] Market Outlook - **Copper Prices**: Long-term copper prices are expected to remain strong due to supply constraints and steady demand from sectors such as renewable energy and manufacturing [2][12] - **Potassium Fertilizer Prices**: Potassium fertilizer prices are projected to remain high, with current prices between 2,000 to 2,600 yuan per ton, and first quarter sales prices exceeding 2,700 yuan [2][12][14] Project Updates - **Mami Cuo Salt Lake**: The project is expected to start production in 2026, with a significant reduction in production costs anticipated [2][11] - **Laos Potash Project**: Progress has been made in obtaining necessary permits, with a long-term goal of achieving a production scale of 3 to 5 million tons [2][17] - **Giant Dragon Copper Mine**: The second phase is on track for completion by the end of 2025, with significant increases in production capacity and net profit expected thereafter [2][10][21] Conclusion Cangge Mining is positioned for growth across its key product lines, with strategic expansions and cost optimizations in place. The company is well-prepared to navigate market dynamics and capitalize on favorable pricing trends in the copper and potassium fertilizer markets.

Financial Performance - In 2024, the company achieved operating revenue of approximately 9.942 billion yuan, a year-on-year increase of 34.37% [1] - The net profit attributable to shareholders was 1.584 billion yuan, up 53.59% year-on-year [1] - For Q4 2024, the net profit attributable to shareholders was 491 million yuan, a year-on-year increase of 52.77% and a quarter-on-quarter increase of 2.15% [1] - In Q1 2025, the company reported operating revenue of 2.811 billion yuan, a year-on-year increase of 42.49% but a quarter-on-quarter decrease of 5.41% [1] Resource Development - In 2024, copper production and sales volumes were 48,700 tons and 49,200 tons respectively, with year-on-year increases of 159% and 383% [2] - The average copper price in 2024 was 75,040 yuan per ton, a year-on-year increase of 10.3% [2] - The company plans to produce 79,400 tons of copper in 2025, focusing on the Lubambe and Lonshi mines for production enhancement [2] Mining Operations - The Dikulushi mine produced 14,800 tons of copper concentrate in 2024, while the Lonshi mine produced 26,100 tons of copper [3] - The company is in the process of transferring 5% equity of the Lonshi copper mine project to the Congolese state asset management department [3] - The Lubambe mine is undergoing technical upgrades to improve operational efficiency [3] Phosphate Production - In 2024, phosphate ore production and sales volumes were 356,500 tons and 361,100 tons respectively, with year-on-year increases of 116% and 126% [4] - The Guizhou Two Chas River phosphate mine is expected to increase production to 350,000 tons in 2024 [4] Mining Services - In 2024, the mining services segment achieved a total mining volume of 41.4918 million tons, completing 93.4% of the annual plan [5] - The segment's revenue for 2024 was 6.54 billion yuan, a year-on-year decrease of 1% [5] - The company aims to achieve a mining volume of 44.1729 million tons in 2025 [5] Profitability - The gross margin for the mining services business in 2024 was 26.75%, a decrease of 2.2 percentage points year-on-year [6] - In Q1 2025, the gross margin for mining services was 23.1%, down 3.1 percentage points year-on-year [6] Investment Outlook - The company expects significant growth in copper production capacity, projecting revenues of 12.247 billion yuan, 13.756 billion yuan, and 16.800 billion yuan for 2025 to 2027 [7] - The projected net profits for the same period are 2.071 billion yuan, 2.385 billion yuan, and 2.908 billion yuan respectively [7] - The current stock price corresponds to a PE ratio of 11.2, 9.7, and 8.0 for the years 2025 to 2027 [7]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 53.1 CNY, compared to the current stock price of 37.11 CNY [5]. Core Views - The company has shown robust operational performance in its mining services segment, with significant growth in copper production and sales expected to continue into 2025. The copper average price for 2024 is projected at 75,040 CNY per ton, reflecting a year-on-year increase of 10.3% [2][10]. - The company is expected to achieve substantial revenue growth, with projected revenues of approximately 122.47 billion CNY in 2025, increasing to 168.00 billion CNY by 2027. Corresponding net profits are expected to rise from 20.71 billion CNY in 2025 to 29.08 billion CNY in 2027 [10]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of approximately 99.42 billion CNY, a year-on-year increase of 34.37%, and a net profit of 15.84 billion CNY, up 53.59% year-on-year. The first quarter of 2025 saw revenues of 28.11 billion CNY, a 42.49% increase year-on-year [1][10]. Copper Mining Operations - The company plans to increase copper production in 2025 to 79,400 tons, with sales expected to reach 78,900 tons. The focus will be on the Lubambe and Lonshi copper mines, with significant production upgrades planned [2][3]. Phosphate Mining Operations - Phosphate production is also set to increase, with 2024 production and sales expected to reach 356,500 tons and 361,100 tons, respectively, marking increases of 116% and 126% year-on-year. The 2025 target for phosphate production is set at 300,000 tons [4]. Mining Services Segment - The mining services segment reported a revenue of 65.4 billion CNY in 2024, a slight decrease of 1% year-on-year. The company aims to achieve a mining service volume of 44.17 million tons in 2025 [9].

中国缺铜吗？中国铜储量为3000万吨，全球铜储量为8.3亿吨，我国每年都要大量进口铜矿石，优质的铜精矿数量依然不足，中国因为在电力、电子产品生 产领域，在建筑、机械和很多制造业方面，对一些元器件的制造，都需要用到铜材料，比如电线电缆的铜芯，对铜的需求稳定提升，因此成为世界铜消耗量 大的国家，2024年中国进口铜的总量达到了3604万吨，也是进口铜量可观的国家。 铜被称为红色黄金，是因为它具有特殊的紫红色的金属光泽，全球铜矿资源的供需市场将会出现进一步的变化，很多采购国家也将会争夺铜矿合作资源，变 成明里暗里的对同资源的竞争。 为何说对于红色黄金的争夺战将要打响？我国作为铜资源进口大国，其他国家也要进口铜，比如日韩，德国，印度，也是消耗铜的进口国，而且日韩国家铜 资源匮乏，对进口铜依赖度高，自身甚至没有资源。德国作为欧洲工业强国，进口铜制造电子领域的产品，消耗总量不断增加，在全球市场中占据较为重要 的位置，一旦铜出口国的产能降低，其他国家没有新增铜矿，必然会有竞争出现。不排除有的国家为了获得进口订单，抬高价格或者能接受较高的价格。 我国铜精矿进口第一大国，就是智利，2024年进口将近千万吨的规模，进口总额高达1 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a total operating revenue of 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion yuan, up 53.59% year-on-year [1]. - The mining resource segment significantly contributed to the performance increase, with revenue reaching 3.21 billion yuan in 2024, a staggering 412.9% increase year-on-year [2]. - The Lonshi copper mine reached full production ahead of schedule, producing 48,700 tons of copper metal in 2024, with plans to increase production to 79,400 tons in 2025, a 63% increase compared to 2024 [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported total revenue of 2.972 billion yuan, a 42.35% increase year-on-year, and a net profit of 491 million yuan, up 52.77% year-on-year [1]. - For Q1 2025, the company achieved total revenue of 2.811 billion yuan, a 42.49% increase year-on-year, and a net profit of 422 million yuan, up 54.10% year-on-year [1]. Mining Resource Segment - The mining resource business generated 3.21 billion yuan in revenue in 2024, with a gross profit margin of 42.25%, down 6.12 percentage points year-on-year [2]. - In Q1 2025, the mining resource segment generated 1.3 billion yuan in revenue, a 232.7% increase year-on-year, with a gross profit of 588 million yuan, up 247.3% year-on-year [2]. Profit Forecast and Valuation - The report projects net profits of 2.251 billion yuan and 2.812 billion yuan for 2025 and 2026, respectively, with a 3% and 12% upward revision [4]. - The expected price-to-earnings ratios for 2025-2027 are 10.4X, 8.3X, and 7.0X, respectively [4].

4月20日（周日），俄罗斯政府周六表示，俄罗斯国有开发银行（VEB）将投资逾1.1万亿卢布（134亿美元），开 发该国远东Chukotka的一座铜矿。 政府在一份新闻稿中称，于1972年首次被发现的Baimskaya铜矿资源的开发预计将创造约6,000个工作岗位，并产 生超过3万亿卢布的税收收入。 Chukotka是一个多山的地区，也是俄罗斯最东部的联邦主体，其大约一般位于北极圈内。 俄罗斯总统普京已经将北极列为该国重要的经济利益区域之一。由于受到制裁俄罗斯将贸易从欧洲转向亚洲，并 通过北海航线加速商业联系。 该国政府称，Baimskaya铜矿资源的开发将使北海航线沿线的年度货物运输量增加200万吨。（文华综合） 欲知更多铜产业链动态，欢迎您莅临由上海有色网（SMM）主办于2025年4月22-25日在江西南昌隆重举行的 CCIE 2025 SMM（第二十届）铜业大会暨铜产业博览会~ 超3000位行业精英，铜产业链上下游企业代表、政府部门领导、行业协会、第三方设备、物流仓储以及高校科研 专家汇聚一堂。会议包含矿山、冶炼，铜加工、贸易，再生回收、终端应用，涵盖铜全产业链。 大会现场，100多家展台企业将集中展示最 ...

必和必拓准备投资130亿美元来升级改造智利老化的那些铜矿矿场，但这样的计划受到（智利政府的） 繁文缛节的掣肘。 ...