Shengda Resources (000603.SZ) held a conference call on October 31, 2024, regarding the construction and production progress of Honglin Mine, as well as the production volume and cost expectations for the next 2-3 years. The company stated that the Honglin Mine at Caiyuanzi has entered the phase of tunnel construction and concentrator plant construction for the copper-gold mine. As of now, the mine construction work has been fully initiated, with production trials expected to start from July to September 2025. The industrial ore body at the Caiyuanzi copper-gold mine has an average grade of 2.82 grams/ton for gold metal and 0.48% for copper metal. The documented production scale is 0.396 million tons per year, with specific production volumes to be confirmed after production commences. The comprehensive recovery rate of the Caiyuanzi copper-gold mine is 90.28%, indicating it is an easy-to-select ore, with a simple ore dressing process, low carbon content, and minimal arsenic content, enabling good control over extraction costs.