所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 证券代码：000603 证券简称：盛达资源 公告编号：2025-046 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 扣除股份支付影响后的净利润 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 4、控股股东或实际控制人变更情况 控股股东报告期内变更 □适用 √不适用 公司报告期控股股东未发生变更。 实际控制人报告期内变更 ...

今年上半年，四川集中推介优势矿产区块，印发矿业权招标出让工作规程及网上交易规则，出让区 块55宗，相较同期维持在较高水平，油气矿业权出让收益历史欠费征收实现零的突破。下半年，四川将 进一步高质量开展"快速选区"项目，多渠道拓展区块来源，实现区块来源和投放可持续；精准对接产业 链供需，加快全省锂矿、油气矿业权出让，加大省级战略性矿产矿业权出让力度，努力实现出让数量再 创新高、出让收益连续三年超百亿元。 四川是矿产资源大省和国家重要的能源资源安全保障基地。目前，全省已发现矿产136种，查明资 源储量矿产100种，钛矿等8个矿种查明资源量居全国第一，稀土矿等6个矿种查明资源量居全国第二， 钽矿等4个矿种查明资源量位居全国第三。 近日，自然资源厅公开挂牌出让5宗优质矿产资源探矿权，包括1宗铜矿、2宗金矿、1宗银矿和1宗 铅锌矿，旨在全力推进实施新一轮找矿突破战略行动，加强重要矿产资源勘探开发和增储上产。 此次出让的5宗探矿权均位于凉山州，包括会理市红铜山铜矿勘查、冕宁县棉沙镇金矿勘查、木里 县金子沟金矿勘查、盐源县牦牛山银铅锌矿勘查和甘洛县坪坝铅锌矿勘查。5宗探矿权已在自然资源 部、自然资源厅以及省政府政务服务和公共 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction sector is expected to benefit from rising resource prices, particularly in the "construction + mining" sector, with a focus on the revaluation of mineral resources [2][13] - Recent inflation data in the US is favorable for the Federal Reserve's interest rate cuts, which has elevated the valuation of the non-ferrous metals sector, indicating a potentially strong copper price trend [2][13] - The construction companies with rich mineral resources, such as China Metallurgical Group and China Railway Group, are highlighted for their growth potential in the mining sector [2][13] Summary by Sections Resource Price Expectations - There is an ongoing expectation of rising prices for resource commodities, which is likely to enhance the performance of construction companies involved in resource business [2][13] - The report emphasizes the importance of companies like Northern International and Shanghai Construction in the coal and gold sectors, respectively, as they are positioned to benefit from price elasticity and profit improvements [2][13] Market Performance Review - The construction index fell by 0.44% during the week, underperforming the CSI 300 index, which rose by 1.69%, resulting in a 2.12 percentage point lag [4][22] - Notable stock performances included Meichen Technology (+27%), Hongrun Construction (+23%), and Sentai Co. (+23%) [4][22] Investment Recommendations - The report suggests focusing on the recovery of infrastructure investments and the "anti-involution" investment theme, particularly in regions with high demand such as Sichuan, Zhejiang, Anhui, and Jiangsu [28][29] - Key recommendations include companies like Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Group, which are expected to benefit from strategic projects in the western regions [28][29] - The report also highlights the importance of nuclear power investments and emerging business directions in the construction sector, recommending companies like Libat and China Nuclear Engineering [30][31]

每经AI快讯，有投资者在投资者互动平台提问：龙头山金矿勘探进展如何？如果金矿矿脉品位较高， 开足产能可以为公司创造多少价值？ 恒星科技（002132.SZ）8月13日在投资者互动平台表示，公司已委托第三方对龙头山金矿进行详查，目 前该工作正在推进中，请关注公司在指定媒体披露的该事项的后续公告。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company, Long Resources (01712.HK), has announced the results of its initial underground diamond core drilling activities at the Jokisivu gold mine in southern Finland, which will provide valuable data for future mining studies [1] Group 1: Drilling Activities - The company has conducted three initial underground diamond core drilling activities at the Jokisivu gold mine, specifically in the Arpola main area and the Basin area [1] - A total of 23 diamond core drill holes were completed at depths ranging from 295 meters to 375 meters in the Arpola main area, along with 7 additional holes at depths from 225 meters to 355 meters [1] - In the Basin area, 10 diamond core drill holes were executed at depths between 165 meters and 185 meters [1] Group 2: Findings and Implications - Several high-quality samples have been discovered, providing the company with additional information regarding the extent and geometry of the mineralization in the Arpola and Basin areas [1] - These findings lay a solid foundation for future mining research and development [1]

巴基斯坦的能源策略：在中美之间巧妙平衡，最终中国或成最大赢家 近期，巴基斯坦与美国能源巨头签署合作协议，共同开发巴基斯坦储量最丰富的油田，引发全球关注。这一举动被解读为巴基斯坦外交策略的转变，但深入 分析表明，中国或将成为这一策略的最大受益者。 巴基斯坦，拥有超过2.5亿人口的南亚重要国家，人均GDP仅为中国的11%左右。能源产业的突破性发展，被视为其经济腾飞的关键。然而，由于基础设施 落后和技术人才短缺，巴基斯坦本土企业无力独自承担大型油气田的开发。因此，引入国际资本和技术成为其能源战略的必然选择。 AFGHANISTAN PAKI TAN S Ne : [] Abu Dhabi Muscal Ongoing Mapping E Licensed blocks LT Bidding blocks ■ Tentative sites 19 器@ 能 巴基斯坦向国际投资者开放能源和矿产资源领域，并非偶然。此前，巴基斯坦已向沙特阿拉伯出售部分国有油气公司股权，并将境内最丰富的金矿开采权授 予加拿大矿业巨头，展现其在国际合作中的开放包容态度。与美国合作开发油田，只是其国际合作立体化战略的最新体现。 哈萨克斯坦的能源 ...

Group 1 - Company Chifeng Jilong Gold Mining Co., Ltd. announced that its subsidiary, Liaoning Wulong Gold Mining Co., Ltd., obtained a mining license through exploration and mining conversion, and extended and modified two mineral resource exploration licenses [1] - The new mining rights have a validity period of 9 years and 1 month, with a production scale of 60,000 tons per year for gold mining [1]

Core Points - The company is holding its second extraordinary general meeting of shareholders for the year 2025 on August 8, 2025, to discuss key proposals [1][2] - The meeting will include the election of monitors and vote counting personnel, as well as the reading of meeting proposals and resolutions [1][2][3] Proposal Summaries - Proposal 1: The company plans to sign a valuation adjustment agreement with Guangxi Dilun Mining Investment Co., Ltd. regarding the transfer of 40% equity in Guizhou Yatai Mining Co., Ltd. The agreed transfer price is 50 million yuan, with a valuation adjustment clause based on future assessments [4][5][8] - The valuation of Yatai Mining's total equity was assessed at 184,342.45 million yuan as of September 30, 2019, but the transfer was agreed at a lower value of 125 million yuan due to uncertainties in project approvals [5][6] - Following the completion of necessary project approvals, the valuation was reassessed at 252,297.39 million yuan, leading to a cash compensation of 50,918.956 million yuan to Guangxi Dilun [7][8] - Proposal 2: The company intends to acquire an additional 11% equity in Yatai Mining, which will increase its total ownership to 51%, allowing it to consolidate financial reporting [10][12] - The acquisition price for the 11% equity is set at 30 million yuan, representing a significant premium over the assessed value of 37,551.42 million yuan, with a premium rate of 1,703.34% [11][12]

Summary of Western Mining's Conference Call Company Overview - **Company**: Western Mining - **Date**: July 28, 2025 Key Industry and Company Insights Production and Financial Performance - In the first half of 2025, Western Mining produced: - Copper: 91,700 tons, up 7.6% YoY [2][3] - Zinc: 62,900 tons, up 18.61% YoY [2][3] - Lead: 35,100 tons, up 24.63% YoY [2][3] - Molybdenum: 2,525 tons, up 31.1% YoY [2][3] - Iron concentrate: 719,000 tons, up 11.93% YoY [2][3] - Revenue reached 31.6 billion yuan, a 27% increase YoY [3] - Total profit was 3.88 billion yuan, up 23% YoY [3] - Net profit attributable to shareholders was 1.87 billion yuan, up 15% YoY [3] Raw Material Sourcing and Costs - Copper smelting relies heavily on purchased anode plates and copper concentrates, with some sourced from Yulong Copper Mine [2][5] - The cost of processing anode plates is approximately 500 to 600 yuan per ton, leading to losses in this segment [6] - The complete cost of copper concentrate is around 4,800 to 4,900 yuan per ton [9] Project Developments - The Yulong Project Phase III is expected to be completed by the end of 2026, with an estimated investment of 4.8 billion yuan [2][10] - The project will increase copper concentrate production to 180,000 to 200,000 tons, but costs will rise to 35,000 to 36,000 yuan per ton [10] Profitability and Challenges - The company reported a profit of 5.8 million yuan from Xianghe Nonferrous, while Xigu Precious Metals incurred a loss of 140 million yuan [2][12] - Zinc smelting is profitable, but lead smelting in Qinghai is currently unprofitable due to high processing costs [13] Asset Impairment and Future Risks - An asset impairment of over 100 million yuan was recorded due to significant price declines in vanadium and hydrofluoric acid [14] - Future impairments may occur if product prices continue to fluctuate [14] Research and Development - R&D expenses increased by nearly 300 million yuan due to initial production challenges at new smelting plants and investments in the Xigui project [20] - The company plans to invest 2.9 billion yuan in equipment upgrades, with over 600 million yuan allocated for modernization [23] Strategic Initiatives - A new resource expansion department was established in Tibet and Qinghai to enhance exploration and acquisition efforts [4][16] - The company aims to improve recovery rates through technological advancements, although there are limits based on ore quality [22] Debt Management and Shareholder Returns - The company has a significant debt load but maintains a low cost of debt, with long-term borrowing rates between 1.1% and 3% [32] - The dividend policy for 2025 remains under consideration, with a focus on balancing shareholder returns and investment needs [26][27] Market Outlook - Western Mining does not plan to reduce production despite market pressures, as it has social responsibilities as a state-owned enterprise [31] - Future production increases are expected, but growth will be limited post-Phase III completion [19] Conclusion - Western Mining is positioned for growth with ongoing projects and strategic initiatives, but faces challenges in raw material costs and market fluctuations. The focus on R&D and resource expansion indicates a proactive approach to maintaining competitiveness in the mining sector.

Core Insights - Jiangsu Province has reported significant mineral exploration achievements in the first half of this year, including the discovery of various strategic minerals such as titanium (rutile), copper, gold, crystalline graphite, phosphorus, and zirconium [1][2] Group 1: Mineral Discoveries - In Donghai County and Xinyi City, over 700,000 tons of rutile resources have been estimated from new discoveries [1] - In Lianyungang, two new high-purity quartz raw material mining targets were identified, with an estimated resource increase of approximately 1,000,000 tons [1] - The exploration of five phosphate mine drilling holes revealed industrial mineral bodies, with an estimated increase of over 5,000,000 tons of phosphate rock resources [1] - In Xinyi City, 20 new crystalline graphite anomalies were identified, including a 32.18-meter thick crystalline graphite body, estimated to add 200,000 tons of resources [1] - In Jurong City, two drilling holes revealed eight layers of gold ore bodies, with two layers reaching industrial standards, indicating promising exploration prospects [1] Group 2: Strategic Mineral Focus - Since the 14th Five-Year Plan, Jiangsu has prioritized the exploration of strategic minerals, including titanium (rutile), copper, gold, crystalline graphite, phosphorus, and zirconium, while also focusing on high-purity quartz and other local minerals [1] - By the end of 2024, the province aims to discover 16 new mineral sites and 28 exploration targets, with estimated increases in various mineral resources, including 12,915,000 tons of iron ore and 1,224,100 tons of rutile [1] Group 3: High-Purity Quartz and Zircon Exploration - Jiangsu has increased investment in high-purity quartz raw material exploration, discovering ten new high-purity quartz points with purity levels above 4N5, with the potential to submit one new mining site estimated to add around 1,000,000 tons of resources [2] - The province is exploring ancient coastal sedimentary zircon (hafnium) mining models, with a new discovery in Xuzhou estimated to add 140,000 tons of resources [2] - Breakthroughs in deep metal mineral exploration techniques have been achieved, with new multi-metal ore bodies discovered in Nanjing Gaochun, potentially leading to the submission of a medium to large multi-metal mining site [2]