Las Bambas 矿山上半年产量已跻身全球第五大铜矿。第三季度，矿山生产10.29万吨铜精矿含铜，较 2024年同期增长14%，继续保持第二季度的强劲生产势头。Chalcobamba 与 Ferrobamba 矿坑的开采工作 保持稳定，未受任何外部因素干扰。选矿品位与回收率均保持在较高水平。 智通财经APP讯，五矿资源(01208)发布公告，2025年第三季度，铜总产量(包括铜精矿含铜及电解铜)为 12.7万吨，较去年同期增长11%。锌总产量为5.87万吨，同比增长26%。 本季度，MLB (Minera Las Bambas S.A.) 的股东MMG SAM (MMG South America Management Company Limited) 派发第二次分红，向五矿资源及其他合资股东合计支付6.87亿美元(扣除预扣税及相关税项后净 额)。其中，五矿资源收到4.29亿美元，该笔资金将用于偿还债务，以降低本公司的利息支出。此举有 助于提升五矿资源的财务灵活性，并为未来的资本管理或增长项目提供支持。 2025年10月8日，五矿资源完成了2030年到期的5亿美元零息可换股债券的发行。扣除相关费用、佣金和 ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [5]. Core Insights - The report emphasizes the stable operation of existing mines and the potential for high-quality development through expansion and exploration [12][10]. - The company has significant mineral resources, particularly in copper, which is expected to see a value reassessment due to a long-term supply-demand gap [21][30]. - The company is likely to benefit from an upward cycle in copper prices, with overseas contracts showing strong growth and sufficient impairment provisions reducing risks [36][3]. Summary by Sections 1. Stable Operation and Development of Existing Mines - The company operates three main mines that contributed 28.2 billion yuan in revenue in the first half of 2025, accounting for 1.2% of total revenue and 5.5 billion yuan in profit, representing 17.8% of net profit [12][10]. - The current resource reserves for the three main mines include nickel (2.115 million tons), cobalt (219,000 tons), copper (1.791 million tons), lead (314,000 tons), and zinc (615,000 tons) [17][12]. 2. Copper Resource Value Reassessment - There is a significant long-term gap in copper supply, with global refined copper demand projected to reach 33 million tons by 2035, while supply is expected to fall below 19 million tons [21][30]. - The company has two pending copper mines: the Sia Dyk copper mine in Pakistan with 3.78 million tons of copper resources and the Aynak copper mine in Afghanistan with 12.36 million tons of resources [30][34]. 3. Improvement in Core Business and Overseas Growth - New contracts signed from January to August 2025 totaled 679.57 billion yuan, with a year-on-year decline of 18.2%, but overseas contracts increased by 8.9% [36][3]. - The company has adequately provisioned for asset impairments, with impairment losses accounting for 1.5% of total revenue in the first half of 2025, indicating a potential for gradual improvement in core business performance [36][3]. 4. Financial Data and Projections - The projected net profit for the company from 2025 to 2027 is 6.15 billion yuan, 6.66 billion yuan, and 7.27 billion yuan respectively, with significant contributions expected from the copper mines once operational [42][4]. - The company’s revenue is expected to decline slightly in 2025 but recover in subsequent years, with a projected revenue of 542.24 billion yuan in 2025 and 573.46 billion yuan in 2026 [4][45].