2025年前九个月，销售收入同比增加100%至9.254亿美元。净溢利为3.446亿美元，较2024年同期的净亏 损300万美元增加3.476亿美元。黄金总产量由2024年同期的102,245盎司增加27%至129,350盎司。铜总 产量为1.193亿磅(约54,127吨)，较2024年同期的6150万磅(约27,909吨)增加。 中国黄金（600916）国际(02099)发布公告，2025年第三季度，销售收入同比增加36%至3.45亿美元。净 溢利为1.423亿美元，同比增长410.0%，连续两个季度创单季度历史新高。黄金总产量由2024年同期的 50,160盎司减少18%至41,150盎司。铜总产量为4230万磅(约19,204吨)，较2024年同期的3830万磅(约 17,361吨)增加。 公司董事长兼首席执行官侯晨光先生评论说："我们连续两个季度创下单季净利润新高，这不仅印证了 我们战略决策的前瞻性，也反映出公司运营效率的显著提升。在全体员工的共同努力和不懈追求下，中 国黄金国际将把握机遇，持续提升行业地位和市场价值。" ...

公司董事长兼首席执行官侯晨光先生评论说："我们连续两个季度创下单季净利润新高，这不仅印证了 我们战略决策的前瞻性，也反映出公司运营效率的显着提升。在全体员工的共同努力和不懈追求下，中 国黄金国际将把握机遇，持续提升行业地位和市场价值。" 2025年前九个月，销售收入同比增加100%至9.254亿美元；矿山经营盈利为4.741亿美元，较2024年同期 的6480万美元增加4.093亿美元；净溢利为3.446亿美元，较2024年同期的净亏损300万美元增加3.476亿 美元。黄金总产量由2024年同期的102,245盎司增加27%至129,350盎司。铜总产量为1.193亿磅(约54,127 吨)，较2024年同期的6150万磅(约27,909吨)增加。 格隆汇11月14日丨中国黄金国际(02099.HK)发布公告，2025年第三季度，销售收入同比增加36%至3.45 亿美元；矿山经营盈利为1.97亿美元，较2024年同期的矿山经营盈利4680万美元增加1.502亿美元；净溢 利为1.423亿美元，较2024年同期的2790万美元相比增加1.144亿美元，连续两个季度创单季度历史新 高。黄金总产量由2024年同期 ...

专家们说，AI的尽头是能源。另一句话似乎也成立：AI的尽头是铜。 高盛在近期一份研究报告中称，铜将成为AI时代的"新石油"。其逻辑是，AI发展依赖数据中心算力，数 据中心需要海量稳定电力，而电力传输的稳定性离不开铜。 而新兴产业也在加速铜的消化。中国金属矿业经济研究院高级研究员郑宏军在接受《环球时报》记者采 访时表示，AI发展、新能源转型以及电网升级等推动了全球对铜需求的爆发式增长。他举例说，在新 能源领域，每辆电动汽车的用铜量约80千克，是传统燃油车的4—5倍。 联合国贸易和发展会议今年5月表示，铜已成为清洁能源和数字技术领域的新型战略原材料。多种因素 推动下，一场抢铜大战在全球范围爆发。 铜价也在不断刷新人们认知。 21世纪经济报道记者注意到，当前市场对于铜矿基本面的认知保持一致：中长期供需缺口较大、短期供 给下滑。但宏观方面的因素使得铜价短期继续创造奇迹的动能减弱：国内外宏观政策11月进入真空期。 当前期利好因素逐步消化后，市场情绪回归理性是必然结果。不过，在全球铜矿供应延续偏紧的判断 下，铜价下探空间或有限。 10月铜价载入历史 先看一组数据。10月，伦铜期货（LME）持续冲高，并在10月29日盘中触 ...

高盛在近期一份研究报告中称，铜将成为AI时代的"新石油"。其逻辑是， AI发展依赖数据中心算力，数据中心需要海量稳定电力，而电力传 输的稳定性离不开铜。 而新兴产业也在加速铜的消化。中国金属矿业经济研究院高级研究员郑宏军在接受《环球时报》记者采访时表示，AI发展、新能源转型以及电 网升级等推动了全球对铜需求的爆发式增长。他举例说，在新能源领域，每辆电动汽车的用铜量约80千克，是传统燃油车的4—5倍。 联合国贸易和发展会议今年5月表示，铜已成为清洁能源和数字技术领域的新型战略原材料。多种因素推动下，一场抢铜大战在全球范围爆 发。 铜价也在不断刷新人们认知。 专家们说，AI的尽头是能源。另一句话似乎也成立：AI的尽头是铜。 21世纪经济报道记者注意到，当前市场对于铜矿基本面的认知保持一致： 中长期供需缺口较大、短期供给下滑。 但宏观方面的因素使得铜价 短期继续创造奇迹的动能减弱：国内外宏观政策11月进入真空期。 当前期利好因素逐步消化后，市场情绪回归理性是必然结果。不过，在全球铜矿供应延续偏紧的判断下，铜价下探空间或有限。 1 0月铜价载入历史 先看一组数据。10月，伦铜期货（LME）持续冲高，并 在10月29日 ...

Core Points - The U.S. government has made its largest adjustment to the critical minerals list since its inception, directly impacting the Section 232 investigation announced by the Trump administration in April, which may lead to tariffs and trade restrictions on related products [1] - The updated list now includes copper, uranium, silver, metallurgical coal, potash, rhenium, silicon, and lead, marking a significant change from the 2022 version [1] - This adjustment aims to reduce U.S. reliance on imports and expand domestic production, as stated by U.S. Secretary of the Interior Doug Burgum [1] Group 1 - The inclusion of copper and potash addresses supply chain risks, with copper being crucial for electrification, defense, and clean energy [4][5] - The U.S. imports nearly half of its copper consumption, primarily from Chile, Peru, and Canada, while most global copper refining capacity is concentrated in China [5] - Potash, used mainly for fertilizer production, is largely imported from Canada, with 80% of U.S. usage coming from there [5] Group 2 - The addition of silver has raised concerns among precious metal traders and manufacturers reliant on the material, as the U.S. heavily depends on imports to meet domestic silver demand [6] - Silver's inclusion is a response to potential supply disruptions from Mexico, with the U.S. Geological Survey (USGS) categorizing minerals by risk levels for the first time [6] - The new assessment method considers economic consequences of supply shocks and highlights vulnerabilities from reliance on single domestic producers [6] Group 3 - Metallurgical coal and uranium were added to the final list despite not being included in the draft published in August, indicating a comprehensive evaluation process [7] - Metallurgical coal is essential for steel production, while uranium serves as fuel for nuclear power plants [7] - The USGS removed arsenic and tellurium from the critical minerals list due to decreased supply disruption risks and increased domestic production [7]

Core Viewpoint - Tanzania has reopened its border with Zambia, restoring the flow of goods between the two major copper-exporting countries in Africa after a period of disruption due to post-election unrest [1] Group 1: Trade and Economic Impact - The border reopening allows for the resumption of trade, with authorities managing to release an average of 250 trucks in each direction daily to reduce cargo backlogs [1] - The port of Dar es Salaam in Tanzania serves as a crucial hub for transporting copper and cobalt from the Democratic Republic of Congo and Zambia to China, as well as being a significant fuel import terminal for the region [1] Group 2: Political Context - The situation has improved since President Samia Suluhu Hassan took office, following a controversial election that was marred by violence [1] - Neighboring Malawi, an uranium exporter, has attributed its fuel shortages to the regional trade disruptions caused by the unrest in Tanzania, highlighting the interconnectedness of regional economies [1]

Group 1 - Chile's copper production in September was 456,663 tons, showing a month-on-month increase of 7.79% but a year-on-year decrease of 4.5% [1] - The increase in copper production in September is attributed to disruptions in mining operations that have affected output since the second half of the year [1] Group 2 - China, as the largest copper consumer globally, faces three major challenges: rising dependence on foreign upstream resources, excess capacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [3] - To assist the industry in navigating these challenges, Shanghai Nonferrous Metals Network has collaborated with copper industry enterprises to compile a bilingual distribution map of the Chinese copper industry chain for 2026 [3]

Core Viewpoint - The Indonesian copper mining company, Amman Mineral Internasional, has received approval from the Ministry of Energy to export 480,000 tons of copper concentrate for a six-month period starting from October 31 [1] Group 1: Export Approval and Operations - The approval for export is crucial for Amman Mineral to avoid exceeding the capacity limits of its concentrate storage facilities [1] - The company has not yet submitted the necessary application for the export license to the Ministry of Trade [1] - The resumption of copper concentrate exports will help ensure ongoing mining operations [1] Group 2: Regulatory Context - Indonesia has imposed a ban on the export of copper concentrate and other raw minerals since mid-2023 to encourage domestic processing [1] - Amman Mineral is allowed to export concentrates until December 2024, provided it constructs a smelter to process the concentrates into cathode copper [1] Group 3: Smelter Operations - The company’s smelter faced temporary shutdowns in July and August due to damage to the flash smelting furnace and sulfuric acid plant [1] - Repairs to the smelter are expected to be completed by the first half of 2026, and the facility is currently operating at partial capacity [1]

Core Insights - Chile, the world's largest copper producer, experienced a 4.5% year-on-year decline in copper production in September due to mine operational disruptions and declining ore grades [1] Group 1: Production Challenges - The production recovery from August, following a fatal collapse at Codelco's largest mine, remains below last year's levels [1] - Several domestic mines underperformed, exacerbating the supply shortage that drove copper prices to new highs this week [1] Group 2: Specific Mine Issues - Codelco's El Teniente mine has been operating at low capacity since a deadly accident in late July that resulted in six fatalities [1] - Teck Resources' Quebrada Blanca mine is facing tailings management challenges [1] - The nearby Collahuasi mine is extracting from low-grade ore zones, with production losses exceeding expectations [1] Group 3: Global Production Impact - The world's largest copper mine, Escondida, saw a slight increase in production, which only partially offset the reductions from other mines [1]

Core Insights - A historic surge in global copper demand is anticipated, with mining giant BHP warning of a potential shortfall of up to 10 million tons in supply over the next decade, nearly half of the expected global copper production in 2024 [4] - By 2040, China's copper demand alone could approach 20 million tons, indicating a significant increase in consumption that may match or exceed the total copper mined since the Bronze Age [4] Demand Drivers - The rise of electric vehicles (EVs) is a major contributor to the increased copper demand, with a Tesla Model 3 consuming 83 kg of copper, over four times that of traditional gasoline vehicles [8] - The construction of AI data centers is also driving copper demand, with estimates suggesting that a 1 GW data center requires approximately 65,800 tons of copper, and Nvidia's GB200 server contains 1.36 tons of copper [10] - The green energy sector, including wind and solar power, is consuming copper at unprecedented rates, with onshore wind turbines using about 4 tons and offshore turbines requiring 12 to 16 tons of copper [11] Supply Challenges - The average grade of copper ore is declining, with projections indicating it will fall below 0.45% by 2025, leading to increased extraction costs [14] - New copper mine development is becoming increasingly difficult, often requiring 16 to 20 years from exploration to production [15] - Recent incidents, such as the landslide at Indonesia's Grasberg mine, have resulted in immediate supply reductions, highlighting the instability in global copper production [15] China's Strategic Position - China is the world's largest refined copper producer, with a projected output of 15 million tons in 2024, representing nearly half of global production [17] - The country has a significant consumer market, with the household appliance sector expected to demand 4.2 million tons of copper in 2024, reflecting an 8% year-on-year increase [18] Resource Dependency and Strategic Initiatives - Despite its strengths, China faces challenges due to its heavy reliance on imported copper, with a dependency rate nearing 90% for copper concentrate [19] - The Chinese government has initiated a development plan to enhance copper resource exploration, increase recycling rates, and diversify import sources to mitigate risks [20][22] Technological Innovations - Innovations in technology are crucial for addressing the challenges of low-grade ore extraction and improving recycling efficiency, with advancements such as optical sorting and high-efficiency recovery methods being developed [23][24][25] Market Implications - Rising copper prices pose a challenge to the green transition, with forecasts suggesting prices may stabilize above $10,000 per ton by 2026, impacting the cost structures of electric vehicles and renewable energy projects [26] - Emerging markets are expected to continue increasing their copper consumption, necessitating the establishment of new large-scale copper mines to meet future demand [26] Conclusion - The future of copper resources is critical for the green economy, with China positioned as a key player, yet it must navigate the complexities of resource development, technological advancement, and cost management to maintain its competitive edge [27][28]