CITIC Metal (SH:601061)2023-11-20 02:26Group 1: Company Development and Projects - CITIC Metal supports the development of African Mining, acknowledging recent project achievements and committing to continue backing the Kamoa-Kakula project as one of its offtakers [2] - The Kipushi copper-zinc project is progressing, with 67% completion and expected production start in Q2 2024 [1] - The Kamoa-Kakula project is projected to become the world's third-largest and Africa's largest copper mine, with an annual processing capacity of 450,000 tons [1] Group 2: Market Trends and Price Outlook - Iron ore prices are influenced by various factors, and the company has implemented risk management measures to handle price fluctuations effectively [2] - Long-term demand for iron ore in China is expected to decline due to a shift towards high-quality development and increased use of scrap steel [2] Group 3: Business Expansion and Strategy - The company has expanded its non-ferrous metal trading, focusing on copper products and exploring new varieties such as lead, zinc, and silver [2] - Future plans include enhancing the core businesses of niobium, iron ore, and copper concentrate while expanding into new energy-related products [2] Group 4: Dividend Policy - The company follows a proactive and stable profit distribution policy, aiming for cash dividends to be at least 30% of the average distributable profit over the last three years, provided cash flow allows [3] Group 5: Niobium Business Insights - Niobium is increasingly used in steel production, enhancing strength and ductility, with significant growth potential in China due to lower consumption intensity compared to global averages [3] - The company is the exclusive distributor of CBMM niobium products in China, holding approximately 80% market share [3]