南财智讯10月15日电，盛达资源在投资者关系活动中表示，子公司鸿林矿业已收到木里县应急管理局同 意菜园子铜金矿矿山试生产的批复，目前正按相关规定进行为期3个月的试运行。菜园子铜金矿为中大 型待产铜金矿，采矿许可证证载生产规模为39.60万吨/年，矿区面积0.68平方公里。公司于2023年12月 通过增资方式取得鸿林矿业53%股权，成为其控股股东。鸿林矿业预计2026年实现达产，2027年至2029 年进入稳产期，并已开展深部探矿增储工作，同时争取外围探矿权整合机会。 ...

Core Viewpoint - China Metallurgical Group Corporation (China MCC) experienced a stock price increase of over 8% following the release of its interim results, despite a decline in revenue and profit [1] Financial Performance - The company reported a revenue of 237.53 billion RMB, a year-on-year decrease of 20.52% [1] - Shareholder profit was 3.10 billion RMB, down 25.31% year-on-year [1] - Quarterly analysis shows Q1 and Q2 revenues decreased by 18% and 23% respectively, while net profit attributable to shareholders saw a decline of 40% in Q1 but a slight increase of 1% in Q2 [1] Operational Highlights - In the first half of the year, three operational mines generated a total revenue of 2.8 billion RMB, an increase of 3% year-on-year [1] - The attributable profit from these mines was 550 million RMB, up 29% year-on-year, accounting for 18% of the company's net profit [1] - Specific contributions from individual mines include 230 million RMB from Ruimu Nickel-Cobalt Mine, 150 million RMB from Shandake Copper-Gold Mine, and 170 million RMB from Duda Lead-Zinc Mine [1] Future Prospects - The approval process for the Sia Dike Copper Mine project in Pakistan has been fully applied for and is largely approved [1] - The Aynak Copper Mine in Afghanistan is accelerating preliminary preparations, including feasibility studies and access road construction [1] - The commencement of production at these two mines is expected to significantly enhance the performance contribution from the resource sector, indicating considerable potential for value reassessment [1]

Core Viewpoint - China Metallurgical Group Corporation (China MCC) has shown a significant year-on-year growth in its Q2 performance, with a non-recurring profit increase of 31%, leading to a "Buy" rating from Tianfeng Securities [1] Financial Performance - In H1 2025, China MCC reported a revenue of 237.53 billion, a decrease of 20.52% year-on-year, with net profit attributable to shareholders at 3.10 billion, down 25.31% [1] - Q2 alone saw a revenue of 115.26 billion, a decline of 22.59%, but a slight increase in net profit attributable to shareholders by 1.43% [1] - The company adjusted its net profit forecasts for 2025-2027 to 6.15 billion, 6.66 billion, and 7.27 billion respectively [1] Business Segments - In H1 2025, revenue from engineering contracting, specialty businesses, and comprehensive real estate was 216.91 billion, 18.31 billion, and 4.80 billion respectively, with declines of 21.79%, 5.23%, and 4.63% [2] - The mining resources segment showed potential with profits from various projects, including 230 million from the Papua New Guinea nickel-cobalt project and 150 million from the Pakistan copper-gold project [2] - The company is advancing the feasibility studies and road construction for the Afghanistan Aynak copper mine, with 8.9 kilometers of the access road completed [2] Contracting and Orders - In H1 2025, new contracts signed totaled 548.2 billion, a decrease of 19.1%, but the core business segments of metallurgy and non-ferrous mining saw an increase in their share of new contracts [3] - The company achieved a significant milestone with the signing of the first overseas low-carbon ironmaking project in Brazil [3] - New contracts in overseas markets reached 57.69 billion, reflecting a year-on-year increase of 32.5% [3] Profitability and Cash Flow - The overall gross margin for H1 2025 was 10.09%, an increase of 1.04 percentage points year-on-year, with a net profit margin of 1.71% [4] - Operating cash flow showed improvement with a net outflow of 21.99 billion, a reduction of 6.42 billion compared to the previous year, attributed to enhanced collection efforts and cost-cutting measures [4] Earnings Forecast - Recent earnings forecasts from various institutions indicate a range of net profit predictions for 2025, with estimates varying from 6.09 billion to 8.16 billion [6]

Core Viewpoint - China Metallurgical Group Corporation (China MCC) experienced a stock price increase of over 6% during trading, with a current price of HKD 2.17 and a trading volume of HKD 144 million [1] Group 1: Contract Signing Performance - In the period from January to July 2025, China MCC signed new contracts worth RMB 611.34 billion, representing a decrease of 18.5% compared to the same period last year [1] - The new overseas contracts amounted to RMB 61.26 billion, showing an increase of 38.0% year-on-year [1] Group 2: Company Profile - China MCC is recognized as a key resource enterprise by the state, with significant reserves in its operating mines, including the Rui Mu nickel-cobalt mine, Du Da lead-zinc mine, and Shan Da copper-gold mine [1]

Core Viewpoint - Pakistan has awarded the development rights of the Reko Diq copper-gold mine to Barrick Gold of Canada, raising questions about its preference for Western partnerships over Chinese companies amid China's urgent need for copper resources [1][2]. Group 1: Historical Context and Bilateral Relations - Since establishing diplomatic relations in 1951, China and Pakistan have maintained a strong friendship, with China providing support in various sectors including aerospace, healthcare, and energy [3]. - China has also offered significant military assistance to Pakistan, enhancing its defense capabilities against threats from India [3]. Group 2: Economic Considerations - Pakistan possesses abundant natural resources, including coal, oil, and copper, but has faced challenges in resource development due to technical limitations and geopolitical conflicts [3]. - Canada has committed to investing $7 billion, along with an additional $1 billion for railway construction connecting the mine to Gwadar Port, which helps alleviate Pakistan's cash flow crisis and positions its copper production among the top five globally [2][3]. Group 3: Geopolitical Factors - Pakistan's ties with Canada are strengthened by shared language and legal systems as both are part of the Commonwealth, and their relationship with the West has been improving [5]. - The collaboration with Canada allows Pakistan to access European markets for its resources, a goal that is currently difficult for China to achieve [5]. Group 4: Strategic Positioning - Pakistan maintains a neutral stance in great power competition, balancing support from China while also engaging with Western partners to mitigate sanctions pressure [7]. - The decision to partner with Canada reflects Pakistan's focus on immediate economic benefits, risk diversification, and the need to repair international relations, emphasizing that national interests remain paramount in international friendships [7].

Core Insights - Jacob Stausholm has taken over as CEO of Rio Tinto, focusing on repairing relationships and exploring new investment areas, particularly in battery materials like lithium [1] - The board has requested Stausholm's resignation and is seeking a successor who can maximize the potential of Rio Tinto's key growth assets, including the Oyu Tolgoi copper-gold mine in Mongolia and the Simandou iron ore project in Guinea [1] - The future direction of the company will prioritize operational expertise and performance records, potentially positioning Simon Trott, head of iron ore, and Jerome Pacheco, an aluminum executive, as candidates to succeed Stausholm later this year [1]

Group 1 - The core point of the news is the acquisition of Baiyin Nonferrous Metals Group Co., Ltd. by CITIC Group, which has resulted in a significant change in the company's ownership structure, with CITIC Group becoming the actual controller of the company through its subsidiary, CITIC Guoan Industrial Group Co., Ltd. [1][5][28] - CITIC Group holds a total of 2,445,671,272 shares in Baiyin Nonferrous, accounting for 33.03% of the total share capital, following the completion of the acquisition process [1][5][6]. - The acquisition was facilitated by a court-approved restructuring plan for CITIC Guoan Group and other related companies, which allowed for the transfer of shares and the establishment of CITIC Guoan as the largest shareholder of Baiyin Nonferrous [1][5][6]. Group 2 - The acquisition process complied with the relevant regulations, allowing CITIC Group to avoid making a public tender offer for additional shares, as it was deemed beneficial for market stability and the protection of minority shareholders [2][5]. - Throughout the acquisition process, CITIC Group and Baiyin Nonferrous have fulfilled their reporting and announcement obligations as required by law [6][28]. - The financial advisor confirmed that the transfer of shares was completed on June 6, 2023, and the actual control of the first major shareholder was officially changed to CITIC Group on November 1, 2023 [6][28]. Group 3 - The acquisition does not involve any adjustments to Baiyin Nonferrous's main business operations, and there are no plans for significant changes in the company's business strategy within the next 12 months [8][21]. - Baiyin Nonferrous is planning to invest in a copper-gold mining project in Brazil to enhance its international operations and resource security, which has been approved by the board [8][9]. - The company is also in the process of publicly transferring 100% of its subsidiary, Tangjisa (Barbados) Ltd., through an open bidding process, which is expected to improve operational efficiency [9][10][12]. Group 4 - The company has reported internal control deficiencies, including one significant financial reporting deficiency related to employee collusion leading to inventory shortages, which has been addressed through corrective measures [23][27]. - Baiyin Nonferrous has implemented an SAP information system to enhance its internal control and risk management capabilities, with ongoing evaluations planned for the system's reliability [27][28]. - The company has maintained compliance with corporate governance and internal control regulations throughout the acquisition process, with no violations reported [28][29].