Core Viewpoint - Cangge Mining Co., Ltd. reported significant growth in revenue and net profit for the first three quarters of 2025, driven by reduced operating costs and increased investment income [1] Financial Performance - For the first three quarters of 2025, Cangge Mining achieved operating revenue of 2.4 billion yuan and a net profit attributable to shareholders of 2.75 billion yuan, representing a year-on-year increase of 47.26% [1] - In Q3 2025, the company recorded operating revenue of 723 million yuan, up 28.71% year-on-year, and a net profit of 950 million yuan, reflecting a 66.49% increase [1] - The average selling price of potassium chloride (including tax) increased by 26.88%, while the average selling cost decreased by 19.12%, resulting in a gross margin increase of 20.78 percentage points [2] - The average selling price of lithium carbonate (including tax) decreased by 24.59%, with the average selling cost rising by 2.98%, leading to a gross margin decline of 18.42 percentage points [2] Investment Income - Cangge Mining holds a 30.78% stake in Xizang Julong Copper Co., which produced 142,500 tons of copper and generated operating revenue of 11.821 billion yuan, with a net profit of 6.421 billion yuan [2] - The investment income from Julong Copper amounted to 1.95 billion yuan, accounting for 70.89% of the net profit attributable to shareholders for the year-to-date, with a year-on-year increase of 43.09% [2] Project Developments - Cangge Mining's subsidiary, Geermu Cangge Potash Fertilizer Co., received mining rights and licenses, allowing for the development of potassium, magnesium, lithium, and boron resources, which will enhance the company's competitive edge and support national food security [4] - The second phase of the Julong Copper Mine expansion has made significant progress, with successful trials of the second concentrator, ensuring timely production [2][4] Lithium Resource Recovery - Cangge Mining's lithium resource project has resumed production after a temporary halt, with plans to achieve a lithium carbonate production target of 11,000 tons for 2025 [5][6] - The company estimates that the temporary shutdown will have a minimal impact on its 2025 financial performance, and it will adjust production and sales plans accordingly [6]

Core Viewpoint - The article discusses a significant environmental lawsuit in Zambia, where over 100 residents are suing two Chinese companies for $80 billion, which is equivalent to three years of Zambia's GDP, following a tailings dam collapse that released toxic waste into a major river [4][5][7][8]. Group 1: Lawsuit Details - The lawsuit involves Sino Metals Leach Zambia and NFC Africa Mining, subsidiaries of China Nonferrous Metal Mining Group [5][22]. - Residents demand the establishment of an environmental restoration fund of $80 billion, managed by the Zambian government, along with an additional $200 million for emergency aid and health assessments [6][17]. - The claim of $80 billion is unprecedented, surpassing the highest compensation in global mining history, which was $23 billion for the Brumadinho dam disaster in Brazil [8][9]. Group 2: Incident Background - The tailings dam failure occurred on February 18, releasing millions of tons of toxic waste into the Kafue River, a critical water source for approximately 60% of Zambia's population [11][12]. - Following the incident, China Nonferrous Metal Mining Group took immediate action to contain the spill and began compensating affected residents [14][15]. - By August 7, the Zambian government reported that water quality had returned to normal, and no severe health issues had been linked to the pollution [14]. Group 3: Economic Implications - The $80 billion claim represents an amount that would equate to 20 years of revenue for China Nonferrous Metal Mining Group, highlighting the disproportionate nature of the demand [24]. - The lawsuit is seen as a strategic move to draw international attention to the environmental issues in Zambia, potentially increasing pressure on local authorities and the companies involved [30][28]. Group 4: Industry Context - Zambia is a major copper producer in Africa, and the economy is heavily reliant on the mining sector, particularly copper [19][20]. - Chinese companies have been deeply involved in Zambia's mining industry since the late 1990s, with China Nonferrous Metal Mining Group being a key player [20][22]. - The incident reflects broader challenges faced by Chinese mining companies in Africa, including issues of local governance, environmental management, and community relations [36][39].

Market Overview - U.S. stock futures are lower, with Dow futures dropping over 200 points on Friday [1] Company-Specific Movements - Bitfarms Ltd (NASDAQ:BITF) shares fell 9.5% to $4.78 in pre-market trading after announcing the pricing of upsized $500 million convertible senior notes [1] - American Battery Technology Co (NASDAQ:ABAT) shares tumbled 19.8% to $4.55 in pre-market trading, following a 37% decline on Thursday due to the termination of a Department of Energy grant [3] - HIVE Digital Technologies Ltd (NASDAQ:HIVE) shares dipped 18.2% to $4.78 in pre-market trading after a 14% decline on Thursday [3] - Standard Lithium Ltd (NYSE:SLI) shares declined 17.3% to $4.45 in pre-market trading after pricing a $130 million underwritten public offering [3] - Almonty Industries Inc (NASDAQ:ALM) slipped 16.4% to $7.11 in pre-market trading after a 12% dip on Thursday [3] - Mesoblast Ltd (NASDAQ:MESO) declined 13.7% to $15.63 in pre-market trading [3] - Jumia Technologies AG – ADR (NYSE:JMIA) shares fell 13.2% to $10.31 in pre-market trading [3] - Terawulf Inc (NASDAQ:WULF) shares fell 13.1% to $12.05 after reporting the pricing of $3.2 billion of senior secured notes [3] - Diginex Ltd (NASDAQ:DGNX) shares slipped 13.1% to $14.45 after an 18% decline on Thursday [3] - Aeluma Inc (NASDAQ:ALMU) shares fell 12.1% to $16.46 in pre-market trading [3] - Compass Diversified Holdings (NYSE:CODI) declined 11.7% to $6.60 in pre-market trading after an 8% gain on Thursday [3] - Integra Resources Corp (NYSE:ITRG) fell 11.3% to $2.89 in pre-market trading [3] - Forward Industries Inc (NASDAQ:FORD) fell 10.8% to $22.00 in pre-market trading [3] - Bruker Corp (NASDAQ:BRKR) declined 10.3% to $34.25 in pre-market trading [3] - Inter & Co Inc (NASDAQ:INTR) fell 10% to $8.04 in pre-market trading [3] - Hut 8 Corp (NASDAQ:HUT) fell 8.5% to $44.59 after a 10% dip on Thursday [3] - Bitdeer Technologies Group (NASDAQ:BTDR) fell 8.2% to $23.75 in pre-market trading [3] - CleanSpark Inc (NASDAQ:CLSK) fell 7.5% to $18.49 in pre-market trading [3] - Kratos Defense & Security Solutions Inc (NASDAQ:KTOS) fell 5.3% to $83.96 in pre-market trading [3]

Core Insights - Zijin Mining reported a significant increase in net profit for Q3, reaching 14.57 billion yuan, a year-on-year growth of 57.14% and a quarter-on-quarter increase of 11.02% [1][2] - The company's revenue for Q3 was 86.49 billion yuan, reflecting a year-on-year growth of 8.14% [1][2] - For the first three quarters, the net profit attributable to shareholders was 37.86 billion yuan, up 55.45% year-on-year, with a non-recurring net profit of 34.13 billion yuan, increasing by 43.71% [1][2] Financial Performance - The comprehensive gross margin for Q3 was 27.23%, an increase of 2.71 percentage points quarter-on-quarter, while the mining gross margin was 61.27%, up 0.78 percentage points [1][2] - The average selling price of gold concentrate for the first three quarters was 685.21 yuan per gram, a 41% increase year-on-year, and the average selling price of gold ingots was 746.43 yuan per gram, up 44% year-on-year [2] Production Highlights - The gold production for the first three quarters was 65 tons, a year-on-year increase of 20%, with Q3 production at 24 tons, a 7% increase quarter-on-quarter [1][2] - Copper production for the first three quarters was 830,000 tons, a 5% year-on-year increase, although Q3 production decreased by 6% to 260,000 tons due to flooding at the Kamoa copper mine [1][2] - The company produced 11,000 tons of lithium carbonate in the first three quarters, with the first phase of the lithium project in Argentina commencing production by the end of Q3 [1] Market Developments - Zijin Gold International successfully listed at 71.59 HKD per share, raising 28.7 billion HKD, with the stock price rising to 147.80 HKD, reflecting an increase of over 100% [1]

Core Viewpoint - Jinling Mining (000655) announced the suspension of the public transfer of 100% equity and debt of Tashkurgan Jinding Mining Co., Ltd. due to the lack of qualified interested buyers by the end of the second public listing phase on October 16, 2025 [1] Group 1 - Jinling Mining's announcement was made on October 17, indicating the decision to pause the project after failing to attract suitable buyers [1] - The public listing was conducted through the Shandong Property Rights Exchange Center [1] - The project was initially set to conclude on October 16, 2025, but the company has decided to halt the process earlier due to insufficient interest [1]

Core Viewpoint - The announcement by BHP to allow iron ore transactions with China to be settled in RMB marks a significant shift in the power dynamics of the iron ore market, giving China more control after two decades of being at a disadvantage [2][21][30]. Group 1: Market Dynamics - China accounts for 70% of global iron ore purchases, yet historically, it has been at a disadvantage in negotiations, often paying inflated prices due to a lack of pricing power [5][19]. - The pricing system, primarily based on the Platts index, has been criticized for being manipulated by major financial institutions that also hold stakes in BHP, leading to unfair pricing practices [7][11]. - The reliance on USD for transactions has subjected Chinese companies to currency fluctuations, resulting in additional financial burdens [9][19]. Group 2: Strategic Developments - China has been strategically restructuring its approach to iron ore procurement by consolidating purchasing power through the establishment of the China Mineral Resources Group, which unifies the demands of steel mills [13][19]. - New sources of iron ore, such as the Simandou project in Guinea, are set to significantly reduce dependence on Australian iron ore, with production expected to reach 12 million tons annually [15][19]. - The market share of Australian iron ore in China has decreased from 65% to 52%, indicating a diversification of supply sources [15][19]. Group 3: Future Implications - The shift to RMB settlements is expected to create a closed-loop system where Australian companies can use RMB to purchase Chinese goods, enhancing the international use of the currency [23][25]. - The establishment of a new pricing index based on real transaction prices in China is anticipated to restore pricing power to Chinese buyers [26][30]. - This development could serve as a template for other commodities, potentially leading to a broader shift away from USD dominance in global trade [28][30].

Core Viewpoint - Zangge Mining achieved a net profit attributable to shareholders of 2.751 billion yuan in the first three quarters, representing a year-on-year increase of 47.26% [1] - In Q3 alone, the net profit attributable to shareholders reached 951 million yuan, marking a significant year-on-year growth of 66.49%, exceeding market expectations [1] Financial Performance - The substantial growth in Q3 occurred despite the suspension of lithium carbonate operations for over two months [1] - The company announced the resumption of lithium carbonate production in October after the suspension began in July [1] Project Progress - The second beneficiation plant of the Julong Copper Mine has successfully completed trial operations [1] - The Mami Cuo Salt Lake project is progressing as planned [1] - The first phase of Guoneng Mining's 3,300-ton production line has been successfully connected [1] - The mining rights for the Chaqi Salt Lake have been extended, and new mineral types have been added [1] - Zangge Lithium officially resumed production on October 11 [1] Investment Rating - The company maintains a "Buy" rating [1]

Core Viewpoint - The decision by a Chinese mineral company to suspend iron ore orders in Australian dollars marks a significant shift in the iron ore trade, indicating China's move towards reducing reliance on the US dollar for transactions [1][2][6]. Group 1: Trade Dynamics - China's suspension of dollar-denominated orders reflects its desire for greater control over pricing and settlement methods in the iron ore market [6][12]. - Australia has historically dominated the iron ore trade, but China's changing procurement strategy, including diversifying sources from Africa, South America, and Russia, threatens this dominance [8][10]. - The shift to renminbi settlement is not merely a currency change but a strategic move to mitigate risks associated with dollar-based transactions [6][11]. Group 2: Australian Concerns - Australia's strong reaction stems from fears of losing its leading position in the iron ore market, as China is no longer a "unconditional buyer" [8][10]. - The Australian government is concerned that accepting renminbi could diminish its negotiating power in future transactions [10][12]. - Australia's reliance on iron ore exports makes it vulnerable, as it lacks other significant resources to offer [10][12]. Group 3: Future Implications - The move towards renminbi settlement could extend to other commodities, potentially reshaping global resource market dynamics [11][12]. - China's approach aims to create a more sustainable and controllable trading environment, which could lead to a reconfiguration of global trade rules [12][13]. - Both countries need to adapt to these changes to maintain a cooperative relationship, as resistance may lead to Australia becoming more passive in future negotiations [13].

投资咨询业务资格 沪证监许可[2015]84 号 商品日报 20251017 联系人 李婷、黄蕾、高慧、王工建、赵凯熙、何天 电子邮箱 jytzzx@jyqh.com.cn 主要品种观点 宏观：海外避险情绪发酵，A 股分化扩大 海外方面，市场情绪明显转谨。美国政府持续停摆，参议院第十次否决临时拨款法案， 两家地区银行曝出贷款欺诈与坏账，信贷风险担忧升温，市场警惕更大范围信用危机酝酿。 俄美总统时隔近两月再度通话，特朗普拟于布达佩斯会晤普京。美元指数回落至 98.2，10 年 期美债收益率跌破 4.0%，美股全线走低，金价加速上行站稳 4300 美元，油价跌逾 1%，铜 价小幅收跌。在政府关门导致经济数据缺位背景下，近期关注美联储官员讲话、24 日 CPI 数 据及月末 APEC 中美元首会晤，在局势明朗前预计海外避险情绪或继续发酵。 国内方面，A 股宽幅震荡、分化扩大，高切低迹象继续演绎，煤炭、银行、保险为代表 的红利指数表现占优，而成长、科技板块延续跌势，两市超 4000 只个股收跌、成交额缩量 至 2 万亿下方，在中美博弈尚未明朗、海外避险情绪仍在加速下，短期股市震荡偏弱看待； 中长期看，流动性宽松与基本 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][2][9] Core Insights - The company reported a significant Q3 performance exceeding market expectations, with a revenue of 7.23 billion yuan, a year-on-year increase of 28.71%, and a net profit of 9.51 billion yuan, up 66.49% [1][4] - The growth in Q3 was primarily driven by the performance of Jilong Copper and potassium chloride businesses, despite the suspension of lithium carbonate production for over two months [1][4] - The lithium carbonate business resumed production in early October [1] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 24.01 billion yuan, a 3.35% increase year-on-year, and a net profit of 27.51 billion yuan, up 47.26% [1][4] - The company expects EPS for 2025 to be 2.19 yuan, with projected PE ratios of 26, 18, and 15 for 2025, 2026, and 2027 respectively [2][4] - Key financial metrics for 2025 include a projected revenue of 33.71 billion yuan and a net profit of 34.39 billion yuan, reflecting a growth rate of 33.3% [2][8]