公开资料显示，公司自2020年11月起为索尔黄金股东，现为索尔黄金最大单一股东，持有索尔黄金已发 行股本约12.2%。索尔黄金股份于伦敦证券交易所主板市场公开交易。索尔黄金的旗舰项目Cascabel位 于厄瓜多尔北部因巴布拉省，为全球最重要的未开发斑岩型铜金矿床之一，并有望成为南美洲的标志性 矿业项目。 智通财经获悉，江西铜业股份(00358)高开近10%，截至发稿，涨9.99%，报40.96港元，成交额7823.36 万港元。 消息面上，江西铜业股份宣布，其全资附属江铜香港投资将以全现金收购索尔黄金(SolGold plc)全部已 发行及将要发行之普通股股本，基于公告日期已发行之索尔黄金股份总数及已授出之购股权(惟江铜香 港投资已持有的索尔黄金股份除外)计算，江铜香港投资根据收购事项将可能支付之最高总对价将不超 过7.64亿英镑。收购事项的完成仍须待索尔黄金股东批准，并须满足或豁免其他条件。 本文源自：智通财经网 ...

工会在一份声明中表示，该公司"没有提出可以推进谈判的新建议。" Capstone Copper公司拥有曼托韦德铜金矿70%的股份，三菱矿业（Mitsubishi Minerals）拥有另外30%股 份。预计2025年该矿将生产2.9-3.2万吨阴极铜。 （文华综合） 12月24日（周三），加拿大Capstone Copper公司位于智利的曼托韦德(Mantoverde)铜金矿工人工会表 示，如果新的劳资合同谈判调解失败，工人们将准备罢工。 这个由645名成员组成的工会在12月中旬拒绝了一项合同提议。 目前政府已启动为期五天的初步调解程序，若双方同意可再延长五天。 ...

智通财经获悉，江西铜业股份(00358)现涨超3%，截至发稿，涨3.6%，报35.1港元，成交额3.14亿港 元。 本文源自：智通财经网 消息面上，江西铜业再次提高对英国上市公司SolGold的收购报价至每股28便士，总价值约8.42亿英镑 (11.3亿美元)，这是江西铜业三周内第三次出价收购拥有厄瓜多尔顶级铜金矿项目的SolGold。据悉，江 西铜业已获得SolGold其他主要股东的支持，收购后铜产量有望大增。 花旗发布研报称，虽然预期江西铜业股份的铜冶炼业务毛利明年将同比下降，且长期冶炼及精炼业务有 下行压力，但预料铜、金及硫酸价格提高，将推动公司明年的整体毛利上升。该行认为目前估值具吸引 力，A股及H股均维持"买入"评级。 ...

上周五（12月12日），中国江西铜业再次提高对英国上市公司SolGold的收购报价至每股28便士，总价值约8.42亿英镑（11.3亿美元）。11月23日，江西铜 业首次提出非约束性收购提议遭到拒绝后，于11月28日再次出价每股26便士，同样被董事会否决。最新的28便士报价是这家中国铜业巨头三周内第三次出 价。 SolGold Plc于2005年在澳大利亚布里斯班创立，现总部位于英国伦敦，其核心资产就是南美洲的顶级铜金矿项目-Cascabel项目，这也是江西铜业锲而不舍 的原因之所在。 Cascabel项目位于厄瓜多尔因巴布拉省，是近十年南美发现的规模最大、品位最优的未开发铜金矿之一。SolGold 将其定位为 "可支撑 50 年以上开采的多 代人资产"，目标是建成南美洲前二十大铜金一体化矿山 Cascabel项目主要的Alpala矿床拥有探明、控制及推断资源量，包括铜1220万吨、金3050万盎司、银10230万盎司。据公开资料显示，其铜矿平均品位达到 0.78%，而当前全球铜矿的平均开采品位已降至0.5%左右，部分老矿的品位甚至低于0.3%。高品位意味着更低的开采成本、更高的生产效率，在铜价波动 的周期中， ...

三次报价逐步提升 SolGold态度转变 江西铜业以持有SolGold 12.2%的股份，是最大股东，首次在11月23日提出非约束性收购提议遭到拒绝后，于11月28日再次出价每股26便士，同样被 董事会否决。最新的28便士报价是江西铜业的第三次尝试。 据媒体本周五报道，SolGold董事会此次表示"倾向于推荐"江西铜业的改进报价，条件是江西铜业按此条件提出正式要约。这一态度转变显示收购谈 判取得实质性进展。 根据英国《城市收购及合并守则》规定，江西铜业须在12月27日凌晨1点前发布正式要约公告，或就放弃收购发布明确声明。 瞄准南美顶级铜金矿项目 江西铜业本周五再次提高对英国上市公司SolGold的收购报价至每股28便士，总价值约8.42亿英镑（11.3亿美元），这是这家中国铜业巨头三周内第三 次出价收购拥有厄瓜多尔顶级铜金矿项目的SolGold。 最新报价较江西铜业上月被拒绝的26便士报价提高7.7%。在拒绝江西铜业前两次的非约束性收购提议后，本次SolGold董事会表示，如果江西铜业按 此条件提出正式收购要约，将建议股东接受。 尽管收购报价提高，SolGold股价周五仍大跌，早盘刷新日低至25.1便士，日内 ...

Core Viewpoint - Jiangxi Copper is pursuing a non-binding cash offer to acquire all shares of SolGold Plc at a price of 26 pence per share, aiming to enhance its resource base and address profitability issues in copper production [1][2][11]. Group 1: Acquisition Details - Jiangxi Copper has already acquired a 12.19% stake in SolGold, becoming its largest single shareholder, with other significant shareholders including BHP and Newcrest [1][9]. - The two non-binding cash offers submitted by Jiangxi Copper on November 23 and 28 were rejected by SolGold's board [1][11]. - According to UK regulations, Jiangxi Copper must issue a formal offer or abandon the acquisition by December 27 [2][11]. Group 2: SolGold's Assets - SolGold's core asset is the Cascabel project in Ecuador, which is considered one of the largest undeveloped copper-gold mines discovered in South America in the past decade [6][7]. - The Alpala deposit within the Cascabel project has proven, controlled, and inferred resources of 12.2 million tons of copper, 30.5 million ounces of gold, and 10,230 million ounces of silver [7]. Group 3: Production and Financial Outlook - Jiangxi Copper's copper smelting capacity is substantial, with a projected output of 2.3 million tons of cathode copper in 2024, which is significantly higher than its current copper concentrate production [13][14]. - The company has faced challenges with low profit margins in its primary product, cathode copper, which have fluctuated between 3% and 4% over the past five years [15]. - The acquisition of SolGold could potentially double Jiangxi Copper's copper production capacity, significantly improving its self-sufficiency and profitability [18]. Group 4: Strategic Importance - The acquisition is part of Jiangxi Copper's broader strategy to seek resource breakthroughs, including both internal exploration and external strategic investments [17][18]. - Jiangxi Copper also holds an 18.47% stake in First Quantum, a major global copper producer, indicating its interest in expanding its resource base further [19].

考虑到江西铜业当前可观的铜冶炼产能，如若上述要约收购能够落地，后续随着Cascabel项目的开发启动、运营，有望为公司带来较大的资源 增量，从而缓解公司阴极铜产品盈利不足的问题。 作者丨董鹏 编辑丨巫燕玲 12月1日早盘，市值超过千亿的江西铜业触及涨停。 前一日晚间公告显示，11月23日、28日，公司两次向伦交所上市公司SolGold Plc（下称"索尔黄金"）提交非约束性现金要约。最新一项非约束 性现金要约拟以每股26便士的价格，收购目标公司全部股份。 索尔黄金的核心资产，为厄瓜多尔Cascabel项目的100%股权，其矿山被认为有潜力成为南美顶级的铜金矿。 此前，江西铜业已经收购索尔黄金12.19%股权，并成为其单一持股第一大股东，其他重要股东还包括必和必拓、纽克雷斯特等海外巨头。而截 至公告披露日，上述两项非约束性现金要约已经被索尔黄金董事会拒绝。 不过，21世纪经济报道记者从江西铜业人士处了解到，类似情况在海外市场较为普遍，并不会对潜在的要约收购构成实质影响，目前公 司仍在与索尔黄金董事会及相关重要股东进行沟通。 根据英国《城市收购及合并守则》，江西铜业应不晚于12月27日凌晨1点就上述收购发布正式要 ...

Core Viewpoint - Jiangxi Copper is pursuing a non-binding cash offer to acquire all shares of SolGold Plc at a price of 26 pence per share, aiming to enhance its resource base and address profitability issues in its copper production [1][2][5] Group 1: Acquisition Details - Jiangxi Copper has already acquired a 12.19% stake in SolGold, becoming its largest single shareholder, with other significant shareholders including BHP and Newcrest [1][3] - The two non-binding cash offers submitted by Jiangxi Copper on November 23 and 28 have been rejected by SolGold's board, but discussions are ongoing [1][5] - According to UK regulations, Jiangxi Copper must issue a formal offer or abandon the acquisition by December 27 [1][5] Group 2: SolGold's Assets - SolGold's core asset is the Cascabel project in Ecuador, which is considered one of the largest undeveloped copper-gold mines discovered in South America in the past decade, with significant resources including 12.2 million tons of copper and 30.5 million ounces of gold [3][4] - The Cascabel project is expected to start early engineering in 2026 and achieve first production by 2028, with an average annual copper production of 123,000 tons [8] Group 3: Jiangxi Copper's Production Capacity - Jiangxi Copper's copper smelting capacity is substantial, with a projected capacity of 2.3 million tons per year in 2024, necessitating significant copper concentrate procurement to meet this demand [6][8] - The company has faced profitability challenges, with copper cathode gross margins fluctuating between 3% and 4% over the past five years [6][8] Group 4: Strategic Importance - The acquisition of SolGold is a strategic move for Jiangxi Copper to enhance its resource base and improve its overall industry position, potentially doubling its copper production capacity if the acquisition is successful [8][9] - Jiangxi Copper also holds an 18.47% stake in First Quantum, a major global copper producer, indicating its strategy to expand its influence in the copper mining sector [9][10]

Group 1 - The Indonesian Ministry of Energy and Mineral Resources is evaluating the fatal accident at Freeport Indonesia's Grasberg copper-gold mine to determine the cause and any negligence involved [1] - The assessment aims to establish whether operations can resume safely once the evaluation is completed [1] Group 2 - China, as the world's largest copper consumer, faces three major challenges: increasing dependence on foreign upstream resources, excess capacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [1] - 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 [1]

Core Viewpoint - The significant drop in gold and silver prices on October 21, with London gold experiencing its largest single-day decline since April 2013, is attributed to trading factors rather than changes in market expectations [1][2]. Price Analysis - Gold prices are expected to find support at the $4000 level, with a historical context provided by previous price movements in April, where gold saw a high of $3500 and subsequent declines [2][3]. - The current high for gold was noted at $4381 on October 20, and the ongoing U.S. fiscal deficit and declining fiat currency credibility are projected to sustain mid-term upward pressure on gold prices [2]. Volatility Insights - The implied volatility of gold has decreased following the significant price drop, with the CBOE gold ETF volatility peaking at 32.78% on October 16 and then falling to 29.82% on October 22 [3]. - The expectation is for gold prices to stabilize once implied volatility returns to around 20%, indicating a potential period of sideways movement in the market [3].