Santa Cruz是该公司最先进的项目，将有助于满足绿色能源转型对铜日益增长的需求。铜是制造电线的 一种关键必需矿物。 6月23日（周一），对艾芬豪电气（Ivanhoe Electric）在亚利桑那州Santa Cruz铜矿项目的一项新的初步 可行性研究（PFS）显示，该项目的初始成本为12.4亿美元，税后净现值（NPV）为14亿美元。 这座地下矿场在23年的寿命中，前15年期间每年可生产7.2万吨铜阴极，在每磅4.25美元的基本情况下， 内部收益率（IRR）为20%，艾芬豪周一表示。按照目前Comex高品位铜价每磅4.83美元计算，NPV升 至19亿美元，IRR升至24%。 艾芬豪电气执行主席Robert Friedland在一份新闻稿中表示："Santa Cruz将开采美国最大的高品位氧化铜 矿体……这些矿体将由新一代熟练的高薪美国工人现场加工。" "Santa Cruz将生产纯度为99.99%的LME A级铜阴极产品，从我们的矿门口就可以立即销售给美国工业 界。" 该公司表示，矿山建设可能在明年上半年开始，2028年开始生产第一批铜阴极，2029年全面投产。PFS 设想该矿将采用堆浸处理。 每吨铜的生 ...

据知情人士透露，第一量子在巴拿马矿场漫长的重启道路上迈出一小步，准备发货巴拿马铜矿。（彭 博） ...

秘鲁能源与矿业部：秘鲁铜产量在今年四月同比增长7.91%，达到220,261公吨。 ...

Core Viewpoint - Zijin Mining's Kamoa-Kakula copper mine in the Democratic Republic of Congo has suspended some underground operations due to multiple seismic events, which may significantly impact the company's copper production and net profit in the coming years [1][2][7]. Group 1: Production Impact - The Kamoa-Kakula copper mine is expected to see a production reduction of 44,000 to 93,000 tons in 2025, representing a year-on-year decline of approximately 22.6% to 47.8% compared to last year's output [1][7]. - The mine's production guidance for 2025 has been revised down from 520,000 to 580,000 tons to a new range of 370,000 to 420,000 tons due to the flooding incident [7]. Group 2: Financial Implications - The Kamoa-Kakula mine is projected to contribute approximately 1.72 billion RMB to Zijin Mining's net profit in 2024, accounting for about 5.37% of the company's total net profit for that year [3]. - The anticipated reduction in production will likely affect Zijin Mining's net profit for 2025, although the company maintains that the mine has strong internal adjustment capabilities due to its significant resource base [7]. Group 3: Operational Response - Following the flooding, Kamoa Copper has established an emergency response team and is working with international experts to assess and manage the situation [2][3]. - The company is in the process of procuring and installing high-capacity pumps and a permanent drainage system, with full drainage operations expected to commence by August 2025 [3][7]. Group 4: Future Outlook - Despite the current challenges, Zijin Mining remains optimistic about the Kamoa-Kakula mine's long-term potential, with expectations of reaching an annual production capacity of 600,000 tons once fully operational [7][8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Overseas, the weakening of US high - frequency employment data and the intensification of the Middle - East geopolitical situation have increased market risk - aversion and expectations of interest rate cuts. Domestically, the A - share market is in a sideways shock, and attention should be paid to the release of May financial and economic data [2][3]. - Precious metals are boosted by factors such as the decline in US inflation and geopolitical risks. Gold is expected to maintain a high - volatility trend, while silver may have short - term profit - taking pressure but its catch - up rally is still worth expecting [4][5]. - The copper price is expected to fall from a high and enter an adjustment phase due to trade policy disturbances, although supply - side tightness can support the medium - term price [6][7]. - The aluminum price is in a favorable pattern due to factors such as the slowdown of inflation, the decline of inventory to a low level, and the weakening of the US dollar index [8][9]. - The alumina price is in a short - term stalemate and shows an oscillating trend. Attention should be paid to the realization of supply increments and cost support [10][11]. - The zinc price is in a weak operation, with the decline trend slowed down due to inventory reduction, but the fundamental weak pattern remains unchanged [12]. - The lead price is oscillating strongly in the short term, with support from supply restrictions and pressure from inventory accumulation and weak consumption [13]. - The tin price is expected to maintain an oscillating and convergent trend, and attention should be paid to inventory data [14]. - The industrial silicon price is expected to continue its low - level weak oscillation as the industry enters the off - season and social inventory rises slightly [15][16]. - The lithium carbonate price may reach a new low in the near future, but the movement of in - market funds needs to be observed [17][18]. - The nickel price is oscillating at a low level, with no significant new drivers in the short term [19][20]. - The oil price is oscillating, and if the sixth round of US - Iran talks releases a mild signal, the oil price may fall from a high [21]. - The steel price is expected to oscillate weakly due to the weak supply - demand situation [22]. - The iron ore price is expected to be under pressure as the spot market is weak and port inventory increases [23][24]. - The soybean meal and rapeseed meal prices may oscillate strongly in the short term, but attention should be paid to stage adjustments [25][26]. - The palm oil price may oscillate in the short term, supported by factors such as the increase in India's import volume [27][28]. 3. Summary According to Relevant Catalogs 3.1 Metal Main Variety Trading Data - The closing prices, price changes, price change percentages, trading volumes, and open interests of various metal futures contracts such as copper, aluminum, zinc, etc. are presented, including both domestic (SHFE) and international (LME) markets [29]. 3.2 Industrial Data Perspective - For copper, data such as the closing prices of SHFE and LME copper, warehouse receipts, inventory, spot quotes, and price spreads are provided and compared between June 12 and June 11 [30]. - Similar data for nickel, zinc, lead, aluminum, alumina, tin, precious metals, steel, iron ore, coke, coking coal, lithium carbonate, industrial silicon, and soybean and rapeseed meal are also presented and compared for different time points [30][31][32][33][34][35][36][37].

所长 早读 国泰君安期货 2025-06-13 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 | 板块 | 关注指数 | | --- | --- | | 纯碱 | ★★★★ | 纯碱：趋势仍偏弱。近期纯碱供应端 5 月减产的装置逐步复产，在需求端玻璃行业持续弱势 导致采购积极性较差，纯碱库存逐步攀升。纯碱库存开始小幅攀升，市场压力加大，部分厂 2025-06-13 所长 早读 请务必阅读正文之后的免责条款部分 2 今 日 发 现 美国 5 月 PPI 环比温和上涨，核心通胀降至近一年新低， 年内两次降息预期恢复 观点分享： 6 月 12 日，美国劳工统计局公布，美国 5 月 PPI 同比 2.6%，预期 2.6%，前值 2.4%； 美国 5 月核心 PPI 同比 3.0%，创下 2024 年 8 月以来的最低水平，预期 3.1%，前值 3.1%； 环比来看，5 月 PPI 环比仅上涨 0.1%，低于经济学家预期的 0.2%。核心 PPI 同样仅上涨 0.1%，其中商品价格(不含食品和能源)上涨 0.2%，服务价格上涨 0.1%。同日，美国劳工部 公布的数据显示，美国 6 月 7 日当周首次申请 ...

Core Viewpoint - The announcement details the suspension of underground mining operations at the Kakula mine due to a seismic event, with updates on recovery efforts and production guidance adjustments from Ivanhoe Mines, in which the company holds a stake [1][2][3] Group 1: Mining Operations Update - The Kakula underground mining operations were suspended due to a seismic event, but the pumping capacity has stabilized the underground water level [1] - Mining activities in the western section of Kakula are expected to resume on June 7, 2025, while the eastern section will restart as soon as possible, focusing on developing access to new mining areas [1] - The new mining area development in the far eastern section is expected to be completed by the second quarter of 2026, with pumping operations in the eastern section starting in August 2025 and concluding in the fourth quarter [1] Group 2: Production Capacity and Guidance - The first and second phase concentrators at the Kamoa-Kakula mine are operating at approximately 50% capacity, processing ore from surface stockpiles [2] - As mining operations in the western section resume, the concentrators will see an increase in ore supply, with production ramping up for the remainder of 2025 [2] - The production guidance for 2025 has been adjusted to 370,000 to 420,000 tons of copper metal in concentrate, reflecting known and unknown risks and uncertainties [3] - The target for approximately 600,000 tons of copper production in 2026 has been withdrawn by Ivanhoe Mines [3]

Group 1 - CITIC Metal's affiliate, Ivanhoe Mines, reported progress on the Kamoa-Kakula copper mine in the Democratic Republic of Congo, where underground operations were paused due to a seismic event [1] - The Kakula underground mine's dewatering capacity has stabilized, with work in the western section resuming on June 7, 2025, while the eastern section will restart mining operations soon [1][2] - New mining areas in the far eastern section are expected to be developed by the second quarter of 2026, with dewatering operations in the eastern section anticipated to begin in August 2025 and complete by the fourth quarter [1] Group 2 - The first and second concentrators at the Kamoa-Kakula copper mine are operating at approximately 50% capacity, processing ore from surface stockpiles [2] - As mining operations in the western section resume, the concentrators will see an increase in ore supply, with production ramping up for the remainder of 2025 [2] - The smelter on-site is expected to begin operations in September 2025, with the first batch of anode copper produced in October [2] Group 3 - Preliminary investigations indicated that the seismic event originated from a high rock extraction rate area in the eastern section of the Kakula mine, leading to stress redistribution and yielding deformation in the mining pillars [3] - The production guidance for 2025 has been updated to 370,000 to 420,000 tons of copper concentrate, reflecting known and unknown risks and uncertainties [3] - Ivanhoe Mines has withdrawn its target of approximately 600,000 tons of copper production for 2026 due to the seismic event [3]

Core Viewpoint - Zijin Mining's strategic investment in the Kamoa-Kakula copper project in the Democratic Republic of Congo has transformed into a significant asset, leading to substantial increases in copper resources and production capacity, positioning the company as a major player in the global copper market [3][30]. Group 1: Investment and Acquisition - In 2015, during a downturn in the global commodities market, Zijin Mining invested 25.2 billion RMB to acquire a 49.5% stake in the Kamoa-Kakula copper project, which initially had a copper resource of 24 million tons [3][8]. - The project is located in the Democratic Republic of Congo, known for its high copper reserves, contributing significantly to the country's foreign exchange income [5][6]. Group 2: Exploration and Resource Expansion - Following the acquisition, Zijin Mining increased exploration efforts, leading to the discovery of an additional 9.4 million tons of copper resources, raising the total to 33.4 million tons, making it the largest copper mine in Africa and among the top ten globally [12][14]. - By 2021, the total copper resource at the Kamoa-Kakula project had exceeded 43 million tons, more than doubling since Zijin's initial investment [14]. Group 3: Production and Operational Efficiency - The first phase of the project commenced in 2016, with the processing plant achieving production a year ahead of schedule, processing 3.8 million tons of copper ore annually [20][22]. - By 2022, the project's annual copper production capacity reached over 450,000 tons, making it the largest copper mine operated by a Chinese company overseas and the fourth largest globally [22][24]. Group 4: Future Prospects and Strategic Goals - Zijin Mining aims to enhance the Kamoa-Kakula project's processing capacity to 19 million tons per year by 2029, potentially increasing annual copper output to over 800,000 tons [34]. - This expansion is expected to solidify Zijin Mining's position in the global copper market and provide a reliable overseas resource base to meet China's growing copper demand [34][36].

智通财经6月11日电，智利国家铜业委员会称，智利Collahuasi矿4月份铜产量同比下降13.5%至36,600 吨。 ...