SDR(000603)2025-06-03 09:48Group 1: Company Overview and Mining Operations - The company has several mining subsidiaries, including 6 in Inner Mongolia and 1 in Sichuan, focusing on silver, lead, zinc, and copper-gold mining [1] - The Baierndaba silver polymetallic mine, operated by Yindu Mining, has been in operation for 20 years and achieved a net profit of 3.7 billion yuan in 2024 [1] - The Dongsheng Mining's Bayannaoer silver polymetallic mine has a production capacity of 250,000 tons/year and is expected to commence production in 2026 [2] Group 2: Resource Acquisition and Production Capacity - The company completed the acquisition of the remaining 33% stake in Jingshan Mining in 2024, making it a wholly-owned subsidiary [3] - Jingshan Mining's resource reserves increased by 1.82 million tons of ore and significant amounts of silver, gold, lead, and zinc [3] - The company’s subsidiary, Deyun Mining, has a production capacity of 900,000 tons/year for the Bayannaoer silver polymetallic mine [4] Group 3: Cost Management and Efficiency - The operating costs for non-ferrous metal selection decreased by 13.36% in 2024 compared to 2023, with Yindu Mining and Jingshan Mining seeing cost reductions [5] - The company aims to optimize production processes and improve efficiency through the implementation of a long-term mechanism for cost reduction and efficiency enhancement [6] Group 4: Future Production Expectations - The Dongsheng Mining's Bayannaoer silver polymetallic mine will contribute to increased silver production once operational [8] - Jingshan Mining's production capacity is expected to increase to 480,000 tons/year post-technical upgrades [8] - The company plans to continue acquiring high-quality precious metal resources to enhance profitability [8] Group 5: Current Production Metrics - In 2024, the company produced 29,300 tons of lead concentrate and 51,600 tons of zinc concentrate [10] - The average grades for the copper-gold mine operated by Honglin Mining are 2.82 g/t for gold and 0.48% for copper [9]