Konkola Copper Mines (KCM), a subsidiary of Vedanta Resources, said on Tuesday that it has initiated a planned 60-day shutdown maintenance of its Nchanga smelter in Zambia. KCM said the maintenance aims to improve operational efficiency, equipment reliability, and long-term production performance. According to data from Zambia's Ministry of Mines, the company's copper production in 2025 was 80,215 mt. The planned shutdown is part of the company's broader modernization strategy, aimed at advancing its capacity toward the target of 300,000 mt per year by 2030. This aligns with Zambia's national goal of increasing total copper production from 890,346 mt in 2025 to 3 million mt by 2031. The Nchanga smelter shutdown means that from June to mid-September, Zambia's three major processing plants — Mopani smelter, Chambishi smelter, and Nchanga smelter — will undergo prolonged shutdown maintenance in succession. Against the backdrop of the Iran war already disrupting global supply of sulphuric acid, a critical raw material for copper and cobalt processing, this could further tighten copper and sulphuric acid output. KCM said that during the shutdown, sulphuric acid supply for the Nchanga tailings leach plant will be secured through external procurement and its own acid plant with a daily capacity of 500 mt. (Wenhua Consolidated)

Zambia banned sulphuric acid exports in September 2025 and subsequently implemented a licensing policy in March this year. Zambia's Minister of Commerce, Trade and Industry Chipoka Mulenga told Reuters on Thursday that the government had authorized Chambishi copper smelter and Mopani copper mine to resume sulphuric acid shipments after local inventory had been replenished. Mulenga also said Zambia could expand export licenses if supply conditions continued to improve. Documents seen by Reuters showed that the Ministry of National Defense also authorized chemical trader Alliswell Investment Limited to ship 5,000 mt of sulphuric acid. An industry source said Mopani had not yet received an export license. Mopani, Chambishi, and Alliswell did not respond to requests for comment.

On April 14, a delegation from SMM Information & Technology Co., Ltd. (SMM), including Ye Jianhua, Director and Supervisor of SMM's Industry Research Department, Feng Chundi, Expert at SMM's Industry Research Institute, and Wu Tao, SMM's Copper and Tin Overseas Marketing Manager, visited Chambishi Copper Smelter Limited (CCS) for exchange and survey. The delegation received warm hospitality from CCS's leadership. During the visit, both parties engaged in pragmatic communication based on their respective core businesses. Leveraging its core strengths in non-ferrous metal price index R&D, industry chain big data monitoring, copper market analysis and forecasting, in-depth industry research, and global non-ferrous resource connectivity, SMM shared insights on international copper market operating logic and price trend analysis with the enterprise, in the context of the current global copper smelting supply-demand pattern, raw material procurement landscape, and TC fluctuation trends. As a core copper smelting producer outside China, CCS provided a detailed introduction to its production and operation status, smelting process advantages, capacity release pace, raw material procurement, and product exports layout, and elaborated on the practical experience of ex-China copper smelters in production management, cost control, green production, and localized operations. Meanwhile, both parties exchanged views on common industry topics including development pain points of the copper smelting industry outside China, raw material supply security, finished product circulation and trade, industry policy changes, and low-carbon smelting development trends. They also reached preliminary consensus on future directions such as industry chain information sharing, market data exchange, joint market analysis, and industry resource coordination, laying a solid foundation for deepening regular exchanges and promoting high-quality collaborative development of the copper smelting industry chain. Introduction to Chambishi Copper Smelter Limited (CCS) Chambishi Copper Smelter Limited (CCS) is the first large-scale modern pyrometallurgy copper smelting enterprise invested by China overseas, entirely self-designed and constructed. Located in the Zambia-China Economic and Trade Cooperation Zone, the company has 170 Chinese staff and 1,600 Zambian employees. The company has always focused on its vision of "building an internationally first-class smelting enterprise with enduring prosperity," upheld the corporate spirit of "self-transcendence, continuous breakthroughs, and pursuit of excellence," benchmarked against first-class standards with meticulous craftsmanship, and continuously strengthened and optimized enterprise management, with its comprehensive competitiveness steadily improving. As of the end of 2024, the company had produced over 3.3 million mt of copper products and 8.7 million mt of sulphuric acid, with cumulative sales revenue of approximately $21 billion, effectively driving local economic development in Zambia and becoming a shining pearl along the Belt and Road! Enterprise History and Development Achievements (Pursuing Excellence, Benchmarking Against the Best and Forging Ahead) To extend the industry chain and retain more added value locally, in 2006, China Nonferrous Metal Mining (Group) Co., Ltd. cooperated with Yunnan Copper to introduce the advanced ISA copper smelting process to Zambia, with shareholding ratios of 60% and 40% respectively. From the design stage, the Company drew on successful experience in China and incorporated the characteristics of Zambian raw materials to re-optimize and re-innovate the key processes and technologies of the ISASMELT process, strengthening system integration. This resulted in multiple innovative achievements, including "Integration Innovation and Application of ISASMELT Furnace" and "Comprehensive Automated Control System," which were awarded the First Prize for Scientific and Technological Progress by China Nonferrous Metals Industry Association (CNIA) in 2010. The ISASMELT furnace campaign life broke world records multiple times, with the second campaign reaching 218 weeks and the third campaign reaching 244 weeks, establishing an international benchmark. In 2021 and 2022, the Company's copper production exceeded the designed capacity of 250,000 mt for two consecutive years, making history. In 2024, production further surpassed 260,000 mt, setting a new historical record. In September 2013, the Company was honored with the title of Advanced Collective of Central State-Owned Enterprises. In July 2021, it was successfully selected as a Benchmarking Enterprise under the administration of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). Process Flow (Dedicated and Professional, Striving for Excellence to Drive Development) The Company adopts the internationally advanced and mature process of "oxygen-enriched top-blown submerged bath smelting, electric furnace settling and separation, PS converter blowing, and anode furnace pyrometallurgy refining" to produce copper anode, and employs the "double-conversion double-absorption" process to produce sulphuric acid. Adhering to the concept of sustainable development, the Company has built a slag flotation recovery system with a daily processing capacity of 1,500 mt of furnace slag, and a bismuth recovery system with a daily processing capacity of 6 mt of flue dust, continuing to recover metals such as copper, cobalt, and bismuth from smelting slag and flue dust. Social Responsibility (Cooperation and Sharing, Giving Back to Society with Strong Responsibility) The Company actively practices its core values of "Dedication, Cooperation, and Sharing," consistently focusing on its core business of copper pyrometallurgy smelting, engaging in extensive cooperation with upstream and downstream clients, and sharing development achievements with employees and local communities. Since its establishment, the Company has cumulatively paid over $300 million in various taxes and fees in Zambia, created over 5,000 employment opportunities, and cooperated with more than 300 local suppliers, contributing to Zambia's green, harmonious, and shared development. The Company actively fulfills its social responsibilities by increasing investment in social welfare programs for local communities in Zambia, covering infrastructure, education, healthcare, and sanitation. These efforts include sponsoring the renovation of clinics in Kalulushi, supporting the Bushifire Orphanage, donating the construction of classrooms at Buyantashi School, Luato Market, Kankuko Bridge, Chibuluma Community Tennis Court, Chimfunshi Chimpanzee Rescue Center, and Modern Stars Football Club, among others. With a cumulative investment of over $4 million, the Company has earned high praise from local government and warm welcome from the public, establishing a strong corporate image. The Company actively promotes employee localization and continuously achieves skills transfer. The company invested over 5 million Kwacha, and externally carried out technical and non-technical training programs in electric welding, electrical power, pneumatics, technical control, management supervision, and equipment maintenance through the China-Zambia Vocational and Technical College, the TEVETA Fund, and other channels. Internally, through mentorship programs and other approaches, the company conducted business training in masonry, fitting, and other skills. The localization rate of the company's employees reached over 92%, the skills of local employees were significantly enhanced, and technical expertise was exported to the DRC. Vision and Outlook (Staying True to Our Original Aspiration, Building Tomorrow with a Shared Destiny) Innovation-driven development knows no bounds. Over the past decade and more, the company has upheld a sense of survival crisis and market competition awareness, adhered to innovation-driven development, and achieved high-quality growth. In 2021, the company's information technology infrastructure was completed and successfully put into use, with a commitment to building an automated, digitalized, and intelligent factory. In August 2023, the company's anode furnace pyrometallurgy refining system technical renovation project was completed and put into operation. In November 2024, the company's three-year action plan for technology-empowered safety and environmental protection was officially finalized, focusing on technology empowerment and fostering new quality productive forces, propelling the company's high-quality development to a new level. Through collaborative development, benchmarking against first-class standards, technological innovation, and increased production and efficiency, the company continues to advance toward its corporate vision of "becoming an evergreen, world-class smelter." The conference is scheduled to be held on September 15–16, 2026 in Lusaka, Zambia. You are cordially invited to participate! Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn

SMM, April 17: On April 14, Ye Jianhua, Director and Supervisor of the Industry Research Department of SMM Information & Technology Co., Ltd. (SMM), Feng Chundi, Expert of the Industry Research Institute of SMM's Industry Research Department, and Wu Tao, SMM Copper and Tin Overseas Marketing Manager, visited NFC Africa Mining PLC. They were warmly received by Wang Jingjun, President of the Zambia Chinese-funded Mining Enterprises Association and Chairman of NFC Africa Mining PLC. During this visit, both parties engaged in in-depth discussions and candid exchanges on core topics including NFC Africa Mining PLC's copper ore resources and production plans, product specifications and pricing rules, mining processes and equipment configuration, human resource allocation, as well as costs, taxes, and asset depreciation. During the exchange, Wang Jingjun provided a detailed introduction to the basic operations of NFC Africa Mining. The Chambishi copper mine of NFC Africa Mining consists of the main ore body, the west ore body, and the southeast ore body. The company is currently striving to build a first-class technology-driven mining company underpinned by "advanced technology, green processes, high-end equipment, and lean management," with a cumulative total investment of $1.55 billion. The company currently produces approximately 74,000 mt of copper metal content annually and employs 5,900 Zambian staff. Wang Jingjun has led the enterprise in deeply cultivating the mining sector, continuously forging ahead in promoting China-Zambia friendly cooperation, mutual development, and high-quality corporate growth. Meanwhile, as President of the Zambia Chinese-funded Mining Enterprises Association, he also discussed the important role of the association: leveraging the association platform to consolidate the strength of Chinese-funded enterprises, advancing compliance-based operational management and compliance training, and communicating and voicing concerns on relevant policies on behalf of Chinese-funded enterprises to the appropriate authorities. This exchange not only enhanced mutual trust and understanding between both parties but also laid a solid foundation for deepening future cooperation and achieving mutual benefits, helping both sides achieve higher-quality collaborative development in the non-ferrous metals sector. About NFC Africa Mining PLC NFC Africa Mining PLC (hereinafter referred to as "NFC Africa Mining") represents the starting point of China's non-ferrous metals industry's "Going Global" strategy in Africa. Approved by the central government, it was established in Zambia in 1998. China Nonferrous Mining Corporation Limited and Zambia Consolidated Copper Mines Investment Holdings PLC hold 85% and 15% of the company's equity respectively, with the Zambian government holding one special share. It currently serves as the president unit of the Zambia Chinese-funded Mining Enterprises Association. The southeast ore body of the Chambishi copper mine is the first kilometer-deep shaft mine built by China in Africa, hailed as a "landmark project of China-Africa cooperation." NFC Africa Mining is the first mining company in Zambia to introduce paste backfill green mining technology and a pioneering mining company in Africa to build a "digital mine" model project. The company was named "Advanced Collective of Central State-Owned Enterprises" twice. The "NFC Africa Mining PLC Outstanding Employee Family Open Day" was recognized as an "Excellent Case of Cross-Cultural Integration in Overseas Image Building of Chinese Enterprises." The NFC Africa Mining PLC Chambishi Copper Mine mining area consists of the main ore body, the west ore body, and the southeast ore body. is scheduled to be held on October 13–14, 2026 in Lusaka, Zambia. Welcome to participate! Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn

On April 20 (Monday), two industry sources said that Zambia's two largest copper smelters and sulphuric acid producers plan to carry out extended maintenance shutdowns later this year, which will further squeeze the country's copper production and the supply of sulphuric acid used to process copper and cobalt. The Iran war has disrupted global supplies of this critical acid and other leaching chemicals, forcing mines in neighboring Congo, the world's largest cobalt producer and second-largest copper producer, to reduce usage or consider production cuts. Zambia's mining ministry said that, as Africa's second-largest producer of critical metals needed for clean energy technologies, the country's copper smelters generate approximately 2 million mt of sulphuric acid annually, mainly as a by-product for use by local mines, with the surplus exported to the DRC. First Quantum Minerals' country head in Zambia said that Zambia's own sulphuric acid inventory had been severely depleted, leaving virtually no export capacity. Meanwhile, miners in neighboring DRC were also struggling to cope with tightening chemical supplies. *Mopani's long-overdue maintenance* A chemicals trader said that although copper smelters typically shut down for about 30 days each year for routine maintenance, Mopani and Chambishi copper mines will face longer shutdowns this year. A mining executive said Mopani copper mine had not undergone maintenance for some time and plans to shut down for three days in June, followed by an extended shutdown of approximately 40-45 days, August-mid-September. The chemicals trader said Chambishi copper mine plans to shut down for approximately two months throughout August, but did not elaborate on the reasons for the planned extended shutdown. Zambia tightened controls on sulphuric acid exports this month, requiring traders to obtain permits. The country said the move was aimed at protecting domestic industries. First Quantum's Zambia country director Anthony Mukutuma said the measures were reasonable but exports were unlikely in the short term. *Global copper supply expected to decline* Global copper supply will tighten this year as years of underinvestment have constrained mine production growth. Zambia produced 890,346 mt of the red metal last year, falling short of the 1 million mt target. Meanwhile, according to shipping data, Congo's copper exports declined in Q1 this year. The mining executive said Mopani copper mine was operating well below its 225,000 mt finished copper capacity due to a shortage of copper concentrates caused by years of underinvestment. The executive said the main owner, UAE-based International Resources Holding, was simultaneously developing and mining the mine, which forced intermittent production stoppages and further constrained output. (Wenhua Consolidated)

China Nonferrous Mining Corporation Limited (01258) announced that on June 16, SM Minerals entered into a subscription agreement with AM shareholders, pursuant to which SM Minerals agreed to issue and allot subscription shares, and the company agreed to subscribe for such shares at the subscription price. The company will pay the subscription price through share subscription, acquiring a 10.5% stake in the issued share capital of SM Minerals. The subscription price will be primarily used for technical exploration and development work at the Benkala Mining Project. This strategy helps to reduce investment risks and effectively utilize the resources and expertise of SM Minerals. The subscription price amounts to US$11,763,850, and the company shall pay the amount to the escrow account or designated bank account of SM Minerals (as confirmed by SM Minerals, the company, and AM shareholders) in immediately available funds on the closing date in accordance with the subscription agreement. According to the subscription agreement, the three parties agree to use their best efforts to cooperate in good faith to negotiate and finalize the definitive agreements, including but not limited to entering into an option agreement for the company to further acquire an aggregate of 65% of the issued shares of SM Minerals from the original shareholders by the final date. The announcement by China Nonferrous Mining Corporation Limited outlined the contents of the preliminary agreement: the company, SM Minerals, and AM shareholders entered into preliminary agreements on November 20, 2024, January 24, 2025, and April 25, 2025, respectively, concerning the transfer of 5,265 shares of SM Minerals (representing 5% of the issued share capital of SM Minerals) for a consideration of US$5,000,000. The closing of the preliminary agreement was completed on May 16, 2025. Regarding the reasons and benefits of the acquisition, China Nonferrous Mining Corporation Limited stated: SM Minerals is registered at the Astana International Financial Centre (AIFC) in Kazakhstan and, through its subsidiaries, owns assets such as the Benkala North mining right (with copper metal reserves of approximately 1.5 million mt) and the Benkala South exploration right, meeting the conditions for large-scale mining. This investment provides an opportunity for the group to expand its business into the copper mining sector in Kazakhstan, optimize its mineral resource portfolio, and enhance its market position and competitiveness. The addition of copper resources will drive the optimization of the group's resource strategy and future growth, marking a crucial step for long-term development. By signing the preliminary agreement, subscription agreement, and option terms, the company hopes to achieve a controlling stake in SM Minerals in the future. China Nonferrous Mining Corporation Limited also announced on June 16 that its subsidiary, CNMC Hong Kong Holdings, signed the 2025 Gecamines Copper Cathode Purchase Agreement with Gecamines on June 16, 2025. The total value of the agreement is approximately US$67.03 million, for the purchase of 7,000 mt of high-grade copper cathode processed through the hydrometallurgical method by CNMC Huaxin. CNMC Hong Kong Holdings is a subsidiary of the company. Gecamines holds a 40% stake in the company's subsidiary, Kampombo Mining, and is a connected person at the subsidiary level of the company under the Listing Rules. Therefore, in accordance with Chapter 14A of the Listing Rules, the transactions proposed under the 2025 Gecamines Copper Cathode Purchase Agreement constitute connected transactions for the company. According to the 2024 annual report previously released by CNMC, the company achieved revenue of $3.817 billion in 2024, up 5.8% from $3.606 billion in 2023. Net profit was $558 million, up 46.2% from $381 million in 2023. Profit attributable to owners of the company was $399 million, up 43.6%. Basic earnings per share were approximately 10.34¢, an increase of approximately 2.91¢ from 7.43¢ in 2023. In the financial review, the cost of sales was $2.767 billion, up 1.4% from $2.729 billion in 2023, primarily due to increased sales of blister copper and copper anodes, as well as rising international copper prices. Gross profit was $1.049 billion, with the gross profit margin increasing from 24.3% to 27.5%. The company effectively controlled distribution and selling expenses, which decreased to $8.7 million. In terms of business segments, the hydrometallurgy and smelting segments performed well, with external sales revenue from the hydrometallurgy segment reaching $1.094 billion and from the smelting segment reaching $2.722 billion. Overall, despite a decline in the production of copper cathode and cobalt hydroxide, the overall revenue growth remained significant, primarily driven by rising copper prices and improved production efficiency. When commenting on CNMC's 2024 annual report and Q1 2025 results, Minsheng Securities stated that the company's net profit attributable to shareholders in 2024 reached a record high, mainly due to rising copper prices. In Q1 2025, the company's net profit attributable to shareholders increased significantly both YoY and QoQ, primarily due to rising copper prices and the normalization of copper production. Key highlights: ① Endogenous growth: CNMC's subsidiaries, including CNMC Africa Mining, CNMC Luanshya, and Chambishi Hydrometallurgy, will research and advance the following projects over the next 3-5 years: expansion of the Chambishi Southeast orebody, the new mine at CNMC Luanshya, the mining and beneficiation project at the Samba mine, and the production resumptions at the Gangpofu West orebody and MSESA orebody, indicating substantial room for endogenous growth. ② Extensive M&A: At the group level, to address horizontal competition, the DRC company and the Deziwa copper mine are expected to be injected into the publicly listed firm. ③ Rare high-dividend copper target. Risk warnings: Continuous decline in smelting and processing fees, decline in copper prices, and geopolitical risks. In its research report commenting on CNMC, Guosen Securities stated: Regarding core mines: In 2024, CNMC Africa Mining produced approximately 68,200 mt of copper anodes, down approximately 11% YoY; CNMC Luanshya produced approximately 44,400 mt of copper cathode, up approximately 2% YoY, and 4,159 mt of copper anodes, down approximately 47% YoY; Gangpofu Mining produced approximately 34,400 mt of copper cathode, up approximately 4% YoY. High Dividend Payout Ratio: The company plans to distribute a dividend of 4.2893¢ per share, with a total dividend amount of approximately $167 million, accounting for 42% of the company's net profit attributable to shareholders in 2024. The company has maintained a dividend payout ratio of over 40% for four consecutive years since 2020, with its dividend payout ratio and dividend yield ranking among the leading levels in the industry. The company's captive mine is expected to gradually increase its annual copper production to approximately 300,000 mt in the medium and long term. Risk Warnings: Risk of mineral product selling prices not meeting expectations, risk of the company's project construction progress not meeting expectations, and risk of changes in policies related to mineral resources in overseas countries.

On June 17, the share price of China Nonferrous Mining Corporation Limited (CNMC) rose. As of 14:29 on June 17, CNMC's shares increased by 2.03%, closing at HK$7.03 per share. On June 16, CNMC (01258) announced that its subsidiary, CNMC (Hong Kong) Holdings Limited, had signed the 2025 Gecamines Copper Cathode Purchase Agreement with Gecamines on June 16, 2025. The total contract value was approximately $67.03 million, involving the purchase of 7,000 metric tons of high-grade copper cathode processed by CNMC Huaxin Hydrometallurgy. CNMC (Hong Kong) Holdings Limited is a subsidiary of the company. Gecamines holds a 40% stake in the company's subsidiary, Kambove Mining, and is considered a connected person at the subsidiary level under the Listing Rules. Therefore, the transactions proposed under the 2025 Gecamines Copper Cathode Purchase Agreement constitute connected transactions of the company under Chapter 14A of the Listing Rules. According to CNMC's announcement, as one or more of the applicable percentage ratios in relation to the transactions proposed under the 2025 Gecamines Copper Cathode Purchase Agreement, when considered on a standalone basis, exceed 0.1% but are all below 5%, these transactions are subject to the reporting, annual review, and announcement requirements under Chapter 14A of the Listing Rules and are exempt from the requirement for independent shareholders' approval. Under Rule 14A.81 of the Listing Rules, if a series of connected transactions are all conducted within the same 12-month period or are interrelated, these transactions must be aggregated and treated as a single transaction. The transactions proposed under the 2025 Gecamines Copper Cathode Purchase Agreement are similar in nature to previous transactions and must be aggregated. When aggregated with previous transactions, all applicable percentage ratios for the transactions proposed under this agreement exceed 0.1% but are below 5%. Therefore, these transactions are subject to the reporting and announcement requirements under Chapter 14A of the Listing Rules and are exempt from the requirement for independent shareholders' approval. The key terms of the agreement include the agreement period from June 16, 2025, to December 31, 2025. Pricing: The price per metric ton for the copper cathode sold under the 2025 Gecamines Copper Cathode Purchase Agreement shall be determined by reference to the average price during the agreed quotation period (i.e., the month following the delivery month, hereinafter referred to as the "Quotation Period"). This price is calculated by deducting a discount of $425 per metric ton from the daily cash seller's quotation for Grade A copper on the London Metal Exchange during the Quotation Period, after fair negotiations between the contracting parties. Therefore, the total market value of the copper cathode is approximately $70,000,000 (before deducting the discount). Payment: The payment for the 2025 Gecamines Copper Cathode Purchase Agreement shall be made by CNMC (Hong Kong) Holdings Limited to Gecamines' designated account via telegraphic transfer within five (5) working days after the delivery of the copper cathode. Delivery Period: CNMC Hong Kong Holdings Limited is required to appoint a carrier to dispatch trucks to Gécamines' plant for cargo loading within ten (10) days from the date Gécamines provides the goods. Regarding the reasons for this transaction, the announcement by China Nonferrous Mining Corporation Limited (CNMC) indicates that the copper cathode purchased under the 2025 agreement will meet the demand for copper cathode from CNMC Hong Kong Holdings Limited and its customers. The Board believes that entering into this agreement is beneficial to the Group and aligns with the Group's business and commercial objectives. The agreement was negotiated on a one-off basis, taking into account the recent demand for copper cathode and the market supply and demand conditions at the time of signing. As of the announcement date, the Group has no plans to purchase copper cathode from Gécamines on an annual basis. If the Company plans to engage in continuous daily transactions with Gécamines in the future, it will comply with all applicable provisions of the Listing Rules. When commenting on CNMC's 2024 annual report and 2025 Q1 results, Minsheng Securities stated: "Historical best annual net profit attributable to shareholders, with expectations for sustained growth in self-produced copper." On April 25, 2025, the Company released its 2024 annual report and 2025 Q1 results. In 2024, the Company achieved revenue of $3.817 billion, up 5.8% YoY, and a net profit attributable to shareholders of $399 million, up 43.6% YoY. On a quarterly basis, the Company achieved a net profit attributable to shareholders of $85 million in 2024Q4, up 273.9% YoY and down 11.1% MoM; in 2025Q1, the Company achieved a net profit attributable to shareholders of $123 million, up 46% YoY and up 46% QoQ. The 2025Q1 results exceeded market expectations. The record-high net profit attributable to shareholders in 2024 was mainly due to the rise in copper prices. ① Production: Affected by the change of service providers and tight power supply in the DRC, the self-produced copper output declined slightly YoY. In 2024, the Company's production of blister copper and copper anode/copper cathode/sulphuric acid was 28.6/12.6/1.056 million mt, with YoY changes of +0.1%, -11.4%, and +10.5%, respectively. Among them, self-produced blister copper and copper anode/copper cathode were 7.77/81,500 mt, down 11.4% and 0.2% YoY, respectively. The total self-produced copper ore was 159,000 mt, down 6% YoY. The decrease in self-produced blister copper and copper anode output was mainly due to a 10.9% YoY decline in CNMC Nonferrous Mining's copper output to 68,000 mt, as the change of underground mining service providers in H1 affected the production of sulphide ore. From a quarterly production perspective, Q2-Q4 had recovered to a level of 17,000-18,000 mt per quarter. In addition, although self-produced copper cathode production remained basically flat, the production of copper cathode from externally purchased oxide ore decreased, leading to a YoY decline in total copper cathode output, mainly due to production losses at Huaxin Hydrometallurgy and Huaxin Mabende caused by power shortages in the DRC. ② Sales: Production and sales were basically balanced. It is worth noting that cobalt production was only 633 mt, down 49.6% YoY, possibly due to the prolonged downturn in cobalt prices. ③ Unit Price: Rising copper prices contributed to profit growth. ④ Cost: Cost control was strong, with overall costs remaining stable. ⑤ Lightly Equipped with Excellent Asset Quality. In Q1 2025, the company's net profit attributable to shareholders increased significantly both YoY and QoQ, mainly due to the rise in copper prices and the normalization of copper production. ① Production: In Q1 2025, the company's production of blister copper and copper anode/copper cathode/sulphuric acid was 10.97/3.50/271,400 mt respectively. Among them, the production of blister copper and copper anode, and sulphuric acid was basically flat YoY, while the production of copper cathode increased by 8% YoY. This was mainly because the production of copper cathode at Huaxin Mabende and Huaxin Hydrometallurgy, two hydrometallurgical smelters in the DRC, increased by 49% and 20% YoY respectively. The increase in production was due to the company's efforts to ensure power supply through multiple measures such as constructing PV power generation and diesel power generation facilities. The self-produced blister copper and copper anode (CNMC Luanshya + CNMC Nonferrous Mine + Chambishi Hydrometallurgy)/copper cathode (CNMC Luanshya + Chambishi Hydrometallurgy + Gambowe Mining) were 21,400/21,700 mt respectively, increasing by 22.4% and decreasing by 3.7% YoY respectively. The total self-produced copper ore was 43,000 mt, up 7.7% YoY. The increase in self-produced blister copper and copper anode production was mainly due to the 26.7% YoY increase in copper production at Chambishi Copper Mine of CNMC Nonferrous Mine, as the low base caused by the replacement of mine service providers in the same period last year affected production, which has now returned to normal this year. ② Unit Price: In Q1 2025, the prices of copper and cobalt were 77,300 yuan/mt and 170,000 yuan/mt respectively, changing by +11.3% and -17.1% YoY, and increasing by 2.4% and 4.6% QoQ respectively. The long-term contract TC for 2025 was $21.25/mt. The vast majority of the company's smelter raw materials come from copper concentrates locked in through long-term contracts. However, due to successful negotiations on freight sharing, the decline in some of the TC was offset, so the impact of the decline in smelting processing fees on the company was less than that on domestic companies. Core Highlights: ① Endogenous Growth: CNMC Africa Mining, CNMC Luanshya, and Chambishi Hydrometallurgy, subsidiaries of the company, will research and promote the following projects in the next 3-5 years: the expansion of the Chambishi Southeast Orebody, the new mine of CNMC Luanshya, the mining and beneficiation project of the Samba Mine, and the production resumptions of the Gambowe West Orebody and MSESA Orebody, indicating significant endogenous growth potential. ② Outward Mergers and Acquisitions: At the group level, to address horizontal competition issues, the DRC company and Deziwa Copper Mine are expected to be injected into the publicly listed firm. ③ Scarcity of High-Dividend Copper Targets. Risk Warnings: Continuous decline in smelting processing fees, decline in copper prices, and geopolitical risks. Guosen Securities commented on CNMC Mining in its research report, stating: Core Mines: In 2024, CNMC Africa Mining produced approximately 68,200 mt of copper anode, down about 11% YoY; CNMC Luanshya produced approximately 44,400 mt of copper cathode, up about 2% YoY, and 4,159 mt of copper anode, down about 47% YoY; Gambowe Mining produced approximately 34,400 mt of copper cathode, up about 4% YoY. High Dividend Payout Ratio: The company plans to distribute a dividend of 4.2893¢ per share, with a total dividend amount of approximately $167 million, accounting for 42% of the company's net profit attributable to shareholders in 2024. The company has maintained a dividend payout ratio of over 40% for four consecutive years since 2020, with its dividend payout ratio and dividend yield ranking among the leading levels in the industry. The company's captive mine is expected to gradually increase its annual copper production to approximately 300,000 mt in the medium and long term. Risk Warnings: Risk of mineral product selling prices not meeting expectations, risk of the company's project construction progress not meeting expectations, and risk of changes in policies related to mineral resources in overseas countries.

Since the beginning of this year, Tongguan Mining Construction Company has been "anchoring high quality and promoting new development," closely focusing on its annual goals, implementing dynamic monitoring of plans, strengthening production organization, intensifying material supply and transportation, safeguarding the safety bottom line, and enhancing Party building, maintaining a steady upward production trend. In Q1, the company achieved 101.5%, 113.5%, 120.2%, and 162.7% of its planned targets for tunneling, mining, support, and backfilling, respectively, achieving a "good start" in the first quarter and injecting strong momentum for achieving the annual production target. Implementing dynamic monitoring of plans to ensure production progress. For key overseas projects such as the Chambishi project in Zambia, the Mirador project in Ecuador, the Ulaan mine and the Ovoot zinc mine in Mongolia, the company implemented point-to-point management by company leaders, strictly enforced the "four-level plan control" measures, efficiently coordinated resources, and enhanced goal orientation. Strengthening production organization and increasing equipment investment to ensure steady project improvement. The company fully utilized modern information technologies such as the internet and big data to establish a global project operation information platform with core functions including resource management, equipment scheduling, personnel management, logistics coordination, production planning, data analysis, and reporting, achieving comprehensive control of the production process; it insisted on increasing investment in high-end, intelligent, and green equipment to ensure production in all aspects. Intensifying material supply and transportation to refine production support. Based on the material needs of project production, the company strengthened ERP procurement system management, established a digital collaboration platform, achieved demand forecasting, order tracking, and refined logistics management, improving the accuracy and efficiency of material supply, and fully ensuring normal production. In Q1, the company shipped 125 mt of materials to overseas projects. Strengthening prevention as the main focus, safeguarding the safety bottom line, and ensuring zero safety and environmental protection targets. The company fully implemented the responsibility system for all employees' safety production, adhered to the dual prevention mechanism of safety risk classification control and hidden danger investigation and management, and strictly enforced the system of leaders taking shifts underground and safety supervision. It improved the "human defense + technical defense + physical defense" system, actively promoted applications such as smart construction sites and visual monitoring, enhanced the use of technological means to ensure safety production, improved intrinsic safety levels, and built a strong steel line of defense for safety production. Emphasizing Party building, focusing on tackling key problems, and empowering high-quality development of the enterprise. For the company's key and difficult projects, in the fields of safety and environmental protection, production and operation, and technological innovation, the company actively carried out Party building project tackling activities, fully leveraging the role of Party branches as strongholds and the vanguard and exemplary role of Party members to solve production problems.

At the 2023 SMM 12th Metal Industry Annual Conference-SMM Metal Mining Forum co-sponsored by SMM, Chongqing Jiangjin District People's Government, and Shanghai Futures Exchange, Yu Hongnan, deputy general manager of PSEI Group, introduced the development of the four major international mining companies, China’s overseas joint venture iron ore projects and the advantages of Australian bauxite.