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铅半年报:铅市供需双增旺季价显动能
Tong Guan Jin Yuan Qi Huo· 2025-07-07 05:42
铅半年报 2025 年 7 月 7 日 铅市供需双增 旺季价显动能 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68556855 li.t@jyqh.com.cn 从业资格号:F0297587 投资咨询号:Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号:F0307990 投资咨询号:Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号:F03099478 投资咨询号:Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号:F3084165 投资咨询号:Z0016301 赵凯熙 zhao.kx @jyqh.com.cn 从业资格号:F03112296 投资咨询号:Z0021040 敬请参阅最后一页免责声明 1/19 铅市宽幅震荡 原生端看,铅精矿供需紧平衡格局持续,加工费 维持低位。二次废料及银精矿补充的背景下,下 半年电解铅生产仍以稳为主,叠加河南新凌铅业 投产预期,将推动电解铅供应同比增长。 再生铅端情况较为复杂,废旧电瓶供需矛盾难以 缓解,原料供应紧张叠加行业亏损问题,持续制 约再生铅产量释放,预计 ...
Dundee Precious Metals Announces Proposed Acquisition of Adriatic Metals
Globenewswire· 2025-06-13 06:30
Core Viewpoint - Dundee Precious Metals Inc. has agreed to acquire Adriatic Metals plc for an implied equity value of approximately $1.3 billion, which will enhance DPM's asset portfolio and production capabilities through the acquisition of the Vareš operation in Bosnia and Herzegovina [1][3][6] Strategic Rationale - The acquisition of Vareš is expected to create a premier mining business with a strong growth profile and high-quality development pipeline [2][3] - Vareš will significantly increase DPM's mine life and provide near-term production growth, cash flow diversification, and a prospective land package [4][6] - The transaction is anticipated to unlock further value for shareholders of both companies and benefit local communities [4][6] Vareš Overview - Vareš is a high-grade precious metals underground mine with an initial operating life of 15 years and a prospective land package of 4,400 hectares [5][7] - The mine is expected to ramp up production to 425,000 gold equivalent ounces by 2027 [6] Technical Report Highlights - The independent technical report prepared for Vareš indicates a mineral reserve of 9.5 million tonnes with an average gold equivalent grade of 9.21 grams per tonne [10][11] - The life of mine operating costs are projected at $1,050 million, with an all-in sustaining cost of $893 per gold ounce [10][11] Financial Metrics - The base case NPV5% for Vareš is estimated at $1.6 billion, with projected post-tax cash flow of $2.1 billion over the initial mine life [11][12] - Initial capital expenditures for the project are estimated at $76 million, with sustaining capital of $143 million over the life of the mine [12] Transaction Summary - Under the terms of the transaction, Adriatic shareholders will receive 0.1590 DPM shares and 93 pence in cash for each Adriatic share, valuing each Adriatic share at £2.68 [13][14] - Post-transaction, DPM shareholders are expected to own approximately 75% of the enlarged issued share capital [16][18] Closing Conditions - The transaction is subject to approval from Adriatic shareholders, court approval, and regulatory approvals, including from the Bosnian Competition Council [17][18]