对于投资者关注的玉龙铜业三期扩能项目进展情况，蔡曙光表示，玉龙铜业今年主要是办理相关前期手续，目前已完成《三期工程开发利用方案》等12项报告编制并取得评审意见，待全部手续办结后即可开工建设。The investment of about 2 billion yuan western mining metal transformation project will be put into trial production at the end of September. This year, Yulong Copper Industry mainly handles relevant preliminary procedures, and has completed 12 reports, such as the development and utilization plan of the third phase of the project, and obtained the review opinions.
On August 8th, Caixin reported (Reporter Liang Xiangcai) Western Mining (601168.SH) did another move for the 2 billion yuan western Yuyue metal transformation project. At the company's performance briefing today, Cai Shuguang, vice chairman and president of the company, said that the environmental protection upgrade and multiple metal integration and recycling transformation project of western Yuyue Metal has entered the final stage and will be put into trial production at the end of September. Some smelting raw materials come from their own mines and some from external purchases.
In July 2021, Western Mining announced that it plans to fully borrow 1.904 billion yuan from banks for the Qinghai Western Yuyue Nonferrous Environmental Protection and Multiple Metal Comprehensive Recycling and Utilization Transformation Project. The designed scale of the project is to produce 200,000 tons of lead, 6 tons of gold, and 413 tons of silver. Fully utilizing the advantages of multi-process and multi-metal resource comprehensive utilization technology of heat slag without falling, it realizes the upgrading and transformation target of design standards of 'green, low-carbon, energy-saving, eco-friendly and efficient'. Afterwards, the investment in the project was increased to 2.14 billion yuan.
Regarding the progress of the Yulong Copper Industry's third-phase capacity expansion project that investors are concerned about, Cai Shuguang said that Yulong Copper Industry is mainly handling relevant preliminary procedures this year, and has completed the preparation of 12 reports such as the development and utilization plan of the third-phase project and received review comments, and can start construction after all procedures are completed.
According to the announcement, after the completion of the third phase of Yulong Copper Industry's project, the scale of mining and selection will reach 30 million tons per year. The average grade of Yulong copper mine is 0.66%, which is higher than the average grade and longer remaining recoverable reserves in the same type of copper mine in China. As of the end of 2023, Yulong Copper Mine has copper resources of 840 million tons of ore. The company said that deep exploration and prospecting will continue in the production process.
It is reported that Yulong Copper Industry is the largest mine of Western Mining. In the first half of 2024, the mine achieved a net profit of 2.548 billion yuan, calculated based on the company's 58% shareholding ratio, achieving a net profit of 1.478 billion yuan for the mother. Compared with the company's profit of 1.621 billion yuan in the first half of the year, the proportion reached 91%; the second largest shareholder of Yulong Copper Industry is Tibet Zijin, a wholly-owned subsidiary of Zijin Mining Group (601899.SH), with a shareholding ratio of 22%.
Recently, the company announced its performance for the first half of the year. In H1 of 2024, it achieved revenue of 24.977 billion yuan, a year-on-year increase of 10.11%; the net profit attributable to the mother was 1.621 billion yuan, a year-on-year increase of 7.55%.
In terms of mineral product output, in the first half of 2024, Western Mining's copper concentrate, molybdenum concentrate, iron concentrate, and silver concentrate production increased by 42%, 39%, 17%, and 14%, respectively, compared with the same period last year.