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Tongling Nonferrous Metals' Ecuadorian Mine to Suspend Dual Beneficiation System
Tongling Nonferrous Metals Group (000630.SZ): The double system of ore dressing at the Tongguan Mirador copper mine built by China Railway Construction Corporation will be suspended for 15 days.
Glory on November 12th, Tongling Nonferrous Metals Group (000630.SZ) announced that the company recently received a report from its holding subsidiary China Railway Construction Copper Crown Investment Co., Ltd. (referred to as "China Railway Construction Copper Crown") on the limited power reduction production. The core assets of China Railway Construction Copper Crown, the Mirador copper mine, are located in Ecuador in South America. Recently, due to insufficient rainfall and prolonged drought in Ecuador, major hydroelectric plants have experienced a decrease in water levels, causing a tight supply of electrical utilities. In order to ensure the orderly supply of electrical utilities, the country has implemented a large-scale power outage/power reduction policy nationwide. Due to the tight supply of electrical utilities, the ore dressing dual system of the Mirador copper mine has been forced to adjust to the I series production. 2024.
We Think Tongling Nonferrous Metals GroupLtd (SZSE:000630) Is Taking Some Risk With Its Debt
Tongling Nonferrous Metals Group (000630.SZ): It is expected that the second phase project of the Minadador Copper Mine in Ecuador by China Railway Construction Tongguan, a subsidiary, will be completed and put into production in June 2025.
Gelonghui November 6th | Tongling Nonferrous Metals Group (000630.SZ) stated on the investor interaction platform that the domestic copper mining of the company is proceeding normally according to the company's production operation plan. The specific reserves and mining life information shall be subject to the company's announcement. The company's subsidiary Zhongtiejian Tongguan Ecuador Mirador Copper Mine Phase II Project is expected to be completed and put into production in June 2025. The project is currently under construction.
Guosen Securities: Bullish on metal prices strengthening under macroeconomic policy stimulus.
At the end of October, six ministries issued new regulations on the import of recycled copper and aluminum, which made more specific requirements for the import of recycled copper and aluminum, which may slightly increase the import volume.
Tongling Nonferrous Metals Group (000630.SZ): No share repurchase has been implemented at present.
Gelonghui November 4th, tongling nonferrous metals group (000630.SZ) announced that, as of October 31, 2024, the company has not yet implemented share repurchases.
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