公告称，集团在山东、内蒙古、新疆、澳大利亚等地建立煤炭生产基地，覆盖国内外关键能源区域，形 成强大的资源集聚优势。截至2024年底，煤炭原地资源量464亿吨(JORC标准)，储量规模位居行业前 列。今年上半年，收购西北矿业，新增煤炭资源量增加63.52亿吨、可采储量提升36.52亿吨。公司所产 煤炭涵盖动力煤、喷吹煤、焦煤等多品种，充分满足市场多元化需求。在巩固煤炭资源优势的同时，积 极布局多矿种领域，在加拿大拥有6个钾盐采矿权，已探明优质氯化钾资源量达17亿吨;规划建设内蒙古 曹四夭钼矿，资源量达10.4亿吨，为可持续发展提供支撑保障。 兖矿能源（600188）(01171)发布截至2025年6月30日止六个月的中期业绩，销售收入539.66亿元(人民 币，下同)，同比减少13.17%;股东应占溢利47.31亿元，同比减少38.7%;每股基本收益0.47元。 ...

每经AI快讯，8月29日，金钼股份（601958）(601958.SH)公告称，公司与紫金矿业（601899）签署《合 作意向书》，双方就合作开发安徽金寨沙坪沟钼矿达成初步意向。紫金矿业拟以成本价向金钼股份转让 持有的金沙钼业部分股权，转让完成后，紫金矿业(或其关联企业)持有金沙钼业60%股权，金钼股份合 计持有金沙钼业34%股权。双方还计划共同出资设立冶炼公司，从事钼金属的冶炼及深度加工等业务。 该意向书为框架性约定，后续能否签订正式交易合同存在不确定性。 ...

民生证券研报指出，赤峰黄金2025年上半年实现归母净利润11.07亿元，同比增长55.79%，单季度看， 25Q2归母净利润6.23亿元，同比增长22.25%，环比增长28.97%。业绩略低于预期，产量不及预期以及 成本上行是影响业绩的核心原因。重点项目推进，驱动产能提升。五龙矿业完成选厂改造，处理能力提 升至3000吨/天；吉隆矿业27号箕斗井提升改造完成，其余项目已按计划陆续启动；华泰矿业一采区 （三采分区）复工项目完成可研报告，采矿权延续工作按计划推进，五采区扩建项目基建工程有序开 展；锦泰矿业一期工程顺利推进，预计年底完成回采，二期工程已完成项目勘查和探转采工作；瀚丰矿 业东风钼矿现有选厂改扩建项目已启动设计；金星瓦萨加速推进地采主采区新区开拓，同时在矿区中段 Benso区新增4个露天采坑，充填系统恢复顺利，预计Q3可满负荷运行。另外从矿床类别看，公司老挝 原在产矿体为卡林型金矿，此次新发现矿体为斑岩型金铜矿，体量较大且选矿流程相对容易，回收率更 高，未来计划对该矿体实行进一步勘探工作。维持"推荐"评级。 ...

Core Insights - The newly revised Mineral Resources Law emphasizes national mineral resource security and aims to establish a comprehensive system for mineral resource security [1] - The implementation of the new law is expected to create new development opportunities for high-quality growth in the mining industry, with multiple policy benefits being released [1] - There is a significant increase in investment in mineral exploration, with a 23.9% year-on-year growth in funding for non-oil and gas mineral exploration in the first half of the year [2] Group 1: Policy and Regulatory Changes - The new Mineral Resources Law, effective from July 1, introduces a mineral rights registration system and enhances the protection of mineral rights as a type of property right [1] - The law aims to improve the licensing system for mineral exploration and mining, as well as the management of transfer contracts [1] - The Ministry of Natural Resources has increased the supply of exploration rights, with a record 581 strategic mineral exploration rights to be issued in 2024 [5] Group 2: Investment Trends - In the first half of the year, total investment in mineral exploration reached 6.993 billion yuan, with social funding accounting for 3.359 billion yuan, indicating a growing enthusiasm among enterprises for mineral exploration [2] - Investment in various minerals such as tin, bauxite, tungsten, copper, and phosphate has seen over 50% year-on-year growth [2] - The mining rights market is becoming increasingly active, with significant transactions reported in regions like Gansu and Inner Mongolia, totaling hundreds of billions of yuan [5][6] Group 3: Market Environment - The external environment for mineral resources is currently unstable, while domestic demand for mineral resources is on the rise [4][6] - The mining industry is undergoing a transformation period, balancing development and ecological protection, necessitating a new round of strategic actions for mineral exploration [6][7] - The Ministry of Natural Resources is encouraging policy innovation and social capital involvement in mineral geological surveys to address various local issues [7]

Core Viewpoint - The "Guocheng System" is facing a critical leap as it navigates high leverage and aggressive capital strategies, with significant implications for its future operations and market position [2][5][7]. Group 1: Restructuring and Valuation - On December 18, 2024, Guocheng Mining announced a restructuring plan to acquire at least 60% of Guocheng Industrial, which holds valuable resources like the Dasu Molybdenum Mine, indicating the importance of this transaction for the "Guocheng System" [3]. - Despite the announcement, the restructuring has remained at the "proposal" stage for over six months, raising concerns about execution [4]. - The combined market value of Guocheng Mining and Zhonghe Co. exceeds 300 billion RMB, with Guocheng Industrial valued at over 50 billion RMB, leading to a total asset valuation of over 350 billion RMB for the "Guocheng System" [5]. Group 2: Leverage and Financial Maneuvering - The "Guocheng System" has effectively utilized leveraged financing, initially collaborating closely with banks like Lanzhou Bank, which has led to a high pledge rate of shares in Guocheng Mining [7][9]. - In 2017, Guocheng Holdings injected 5 billion RMB to take control of Guocheng Mining, acquiring a 40.99% stake through a bankruptcy restructuring process [9]. - The funding for this acquisition was largely sourced from external parties, with significant loans from institutions like Zhejiang Merchants Investment [12][13]. Group 3: Strategic Acquisitions and Market Position - The "Guocheng System" has ambitions beyond Guocheng Mining, as evidenced by its acquisition of a controlling stake in Zhonghe Co. and plans for further market consolidation [32][33]. - The acquisition of Jin Xin Mining, which holds significant lithium resources, positions the "Guocheng System" strategically within the high-demand lithium market [36]. - The company has engaged in multiple transactions involving its own subsidiaries, indicating a complex internal asset management strategy [40]. Group 4: Risks and Concerns - The high pledge rates of shares, with Guocheng Holdings and Guocheng Holdings pledging nearly all their stakes in Guocheng Mining, pose significant risks if market conditions deteriorate [44]. - The reliance on external financing and the aggressive use of leverage raise concerns about the sustainability of the "Guocheng System's" growth strategy [42][43].

长按即可参与 陈董是具备投资 、 管理和技术背景的超一流企业家 ， 这个年龄 ， 对投资来说还是黄金阶段 。 以前写过一篇 《 紫金矿业淘金记2022 》 ， 今天又看了一下这几年的紫金的动作 ： 2020年以来的矿产收购 ： 世纪黄金大收购 2020 年以来 紫金矿业 收购的矿山情况如下 ： 2020 年 圭亚那金田 ： 品种为金矿 ， 以 3.23 亿加元 （ 约合人民币 16.99 亿元 ） 收购其 100% 股权 ， 该矿拥 有 Aurora 金矿 ， 资源储量大 ， 总量约 178 吨 ， 平均品位 2.7g/t 。 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 世说新语 来源：雪球 我一直说 ， 目前这个规模 ， 紫金矿业 的投资能力已经成为发展的最重要驱动因素 ， 紫金是技术 、 管理 、 投资能力兼具的公司 ， 民营机制和国企信用使其更能发挥这种优势 。 巨龙铜业 ： 品种为铜矿 ， 以约 38.83 亿元收购巨龙铜业 50.1% 的股权 ， 项目拥有驱龙铜多金属矿 、 荣木错拉铜矿和知不拉铜多金属矿三个矿权 ， 备案的铜金属量 1072 万吨 ...