片来源：uzdaily 本文是"资源工程资讯排行榜"之中亚产业研究"乌兹别克斯坦生意经"系列第216篇。深度介绍中亚（乌 兹别克斯坦、哈萨克斯坦、吉尔吉斯斯坦、土库曼斯坦、塔吉克斯坦）五国及周边国家（阿富汗、阿塞 拜疆、格鲁吉亚、亚美尼亚、蒙古、巴基斯坦）投资、贸易和工程建设领域的产业政策、法律法规、产 业趋势、市场需求、竞争格局和潜在交易机会。提供中东、非洲、东欧资源、工程和贸易资讯。 协议在泰尔梅兹正式签署 在中亚资源开发持续升温的背景下，乌兹别克斯坦与中国在黄金矿床开发及贵金属加工领域的合作迈出 关键一步。 图 此次协议的签署，不仅聚焦具体项目落地，也折射出双方经贸关系与产业协同的进一步深化。 会谈期间，双方正式签署并交换文件，确认联合开发苏尔坎达里亚地区具备潜力的黄金矿床，并同步推 进贵金属加工项目。 这些文件是在此前框架性共识基础上的实质性推进，标志着合作由意向阶段进入执行层面。 资源禀赋叠加中乌经贸升温 作为工作访问的一部分，中方代表团考察了泰尔梅兹国际贸易中心及国际机场，重点了解该地区连接南 亚、北亚和东亚的地缘经济优势。 中方认为，该贸易中心具备发展为区域物流枢纽的潜力，并表达协助引入香港投资 ...

Core Viewpoint - Teck Resources Limited has reported its fourth quarter 2025 production and sales volumes, reaffirmed production and cost guidance for 2026 to 2028, and anticipates positive settlement pricing adjustments due to increased base metal prices [1][7]. Production Results - Teck's annual copper production for 2025 was 453,500 tonnes, aligning with guidance, supported by strong operational performance, particularly at Quebrada Blanca, which produced 55,400 tonnes in Q4 [3][6]. - Annual zinc in concentrate production reached 565,000 tonnes, at the higher end of guidance, with Q4 sales of 157,200 tonnes [4][6]. - Refined zinc production for 2025 was 229,900 tonnes, also at the high end of guidance, focusing on profitability through residue processing [5][6]. Pricing Adjustments - The company expects to report positive settlement pricing adjustments of $295 million in Q4 2025 due to an increase in base metals prices [7]. Guidance - There are no changes to the previously disclosed annual production guidance for 2026–2028, with a specific decrease in 2026 zinc in concentrate production guidance for Antamina from 55,000–65,000 tonnes to 35,000–45,000 tonnes [8]. - The 2026 annual copper production guidance for Antamina remains unchanged at 95,000–105,000 tonnes [8].

Core Viewpoint - Energy Fuels, a uranium and critical minerals producer, is set to acquire Australian Strategic Materials, a rare earth producer, in a deal that values the Australian firm's equity at A$447 million (approximately $300.88 million) [1] Company Summary - The acquisition will enhance Energy Fuels' portfolio by integrating rare earth production capabilities, which are critical for various high-tech applications and renewable energy technologies [1] - The deal signifies a strategic move for Energy Fuels to diversify its operations beyond uranium and into the rare earth market, which is experiencing increasing demand [1] Industry Summary - The rare earth market is gaining traction due to the growing need for materials used in electric vehicles, wind turbines, and other green technologies [1] - The acquisition aligns with broader industry trends focusing on securing domestic supply chains for critical minerals, particularly in the context of geopolitical tensions and supply chain vulnerabilities [1]

Core Insights - Rio Tinto reported an 11% increase in copper output for 2025, exceeding investor guidance [1] - Iron ore shipments from Australian mines were only slightly lower, following record output [1] Company Performance - The increase in copper output indicates strong operational performance and effective management strategies [1] - The slight decrease in iron ore shipments suggests stability in production levels despite previous records [1]

Strategic Rationale - Energy Fuels aims to create the largest fully integrated producer of rare earth elements (REE) materials outside of China, enhancing U.S. and allied critical mineral supply chains through the acquisition of Australian Strategic Materials (ASM) [3][6] - The transaction implies an equity value of approximately A$447 million (US$299 million) for ASM, with a total implied value of A$1.60 per ASM share, which includes 0.053 Energy Fuels shares and a special dividend of up to A$0.13 per ASM share [2][7] Integration and Growth Opportunities - The acquisition will combine ASM's Korean Metals Plant, which produces REE metals and alloys, with Energy Fuels' existing REE oxide production at the White Mesa Mill in Utah, enhancing vertical integration and market share across the REE value chain [4][6] - The Dubbo Project in New South Wales, Australia, will provide additional long-term REE development opportunities, complementing Energy Fuels' existing projects in Victoria, Madagascar, and Brazil [6][12] Financial and Operational Impact - The transaction is expected to be accretive on net asset value per share (NAVPS) and create significant value through margin uplift, ultimately translating into increased margins, cash flows, and market share for Energy Fuels [5][7] - Post-closing, ASM shareholders will own approximately 5.8% of Energy Fuels' outstanding shares, indicating a strategic alignment of interests between the two companies [8][9] Regulatory and Approval Process - The transaction is subject to various approvals, including ASM shareholder approval, Federal Court of Australia approval, and regulatory approval from Australia's Foreign Investment Review Board [11][12] - ASM plans to hold its scheme meeting in late May or early June 2026, with the transaction expected to close in late June 2026, pending all conditions are satisfied [12]

Core Viewpoint - Rio Tinto reported exceptional production performance, achieving record quarterly iron ore production in the Pilbara region, demonstrating strong recovery from earlier weather disruptions [1] Group 1: Production Performance - The company experienced significant production improvements both on a quarter-on-quarter and full year basis [1] - Record quarterly iron ore production was achieved in the Pilbara, indicating operational excellence [1] Group 2: Project Milestones - At Simandou, the company celebrated a major milestone, reflecting progress in project delivery across its portfolio [1]

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Company Overview - WestWater Resources, Inc. (WWR) is an American company focused on developing a graphite mine and processing plant project in Alabama [1] Industry Focus - The company's goal is to provide graphite that is suitable for use in the domestic electric battery industry, indicating a strategic alignment with the growing demand for electric vehicle batteries and renewable energy storage solutions [1]

Core Viewpoint - Freeport-McMoRan Inc. is highlighted as a stock to watch, particularly due to its involvement in copper and gold production, which are currently in high demand [1][2]. Group 1: Company Overview - Freeport-McMoRan Inc. (NYSE:FCX) is a mining company that produces copper, gold, molybdenum, silver, and other metals [2]. - The company is recognized as a global copper producer and has been a top contributor for investors in the recent quarter [2]. Group 2: Market Performance and Investor Sentiment - Jim Cramer noted that Freeport-McMoRan's stock tends to decline after earnings reports, despite the strong performance of copper and gold [1]. - ClearBridge Investments expressed confidence in Freeport-McMoRan's management, particularly in handling operational incidents, which reinforces the long-term value of high-quality assets [2]. Group 3: Comparative Investment Insights - While Freeport-McMoRan is seen as a potential investment, certain AI stocks are considered to offer greater upside potential and less downside risk [2].

Group 1: HudBay Minerals - HudBay Minerals is a mining company focused on the discovery, production, and marketing of base metals in North and Central America, holding a Zacks Rank 1 (Strong Buy) [1] - The Zacks Consensus Estimate for HudBay's current year earnings has increased by 1.3% over the last 60 days [1] - HudBay's shares have gained 36.9% over the last three months, significantly outperforming the S&P 500's gain of 2.9%, and the company has a Momentum Score of A [2] Group 2: The Goldman Sachs Group - The Goldman Sachs Group is a leading global financial holding company providing investment banking, securities, investment management, and consumer banking services, also holding a Zacks Rank 1 [2] - The Zacks Consensus Estimate for Goldman Sachs' current year earnings has increased by 4.8% over the last 60 days [2] - Goldman Sachs' shares have gained 26.6% over the last three months, again outperforming the S&P 500's gain of 2.9%, and the company possesses a Momentum Score of A [3] Group 3: Alps Electric - Alps Electric is a Japan-based company engaged in the manufacture and sale of electronic components and audio equipment, with a Zacks Rank 1 [3] - The Zacks Consensus Estimate for Alps Electric's current year earnings has increased by 6.9% over the last 60 days [3] - Alps Electric's shares have gained 11.4% over the last three months, also outperforming the S&P 500's gain of 2.9%, and the company has a Momentum Score of A [4]