《大行報告》大摩:五礦資源(01208.HK)購非洲銅礦山助分散風險 穩定長期銅產量
摩根士丹利發表研究報告指,五礦資源(01208.HK)宣布收購非洲博茨瓦納西北部一處銅礦山Khoemacau,代價逾18億美元,當中包括股東貸款及第三方融資。
大摩認為,Khoemacau是一個品質較高及壽命較長的銅礦,總資源量達到450萬噸,開採限期約27年,預期一旦收購交易完成,將令五礦資源未來兩年總產量提升至5萬至6.5萬噸,至2029年更可增至每年平均14.5萬噸,大幅提升公司產量。
管理層預計該礦的C1成本明年至2028年間會介乎每磅1.75美元至2.4美元不等,至2030年將降至每磅1.55美元。大摩指,秘魯Las Bambas銅礦一直是五礦的主要利潤來源,當地近年一直面對包括原住民抗議不同問題,開發進程受阻,預料今次新收購將有助分散生產風險及帶來長期穩定的銅產量。
大摩對五礦資源給予「減持」評級,目標價為2.2元。
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