研報掘金丨華鑫證券:維持西部礦業“買入”評級,玉龍銅礦三期擴建工程覈準
華鑫證券研報指出,西部礦業玉龍銅礦三期擴建工程覈準,銅礦產量增長空間打開。該項目爲改擴建礦山項目,生產規模由1989萬噸/年增加至3000萬噸/年。建設內容包括新建1100萬噸/年選礦廠,溼法冶煉規模由30萬噸/年增加至100萬噸/年,配套建設色公弄溝尾礦庫、150兆瓦源網荷儲一體化供電設施等生產輔助設施,三期工程建成後,玉龍銅礦原礦處理規模爲3000萬噸/年,擴建後礦山服務年限爲23年。項目估算總投資47.94億元,全部爲企業投資。隨着玉龍銅礦三期項目獲批,後期建成投產後,預計生產規模將達到3000萬噸/年,銅金屬量將達到18-20萬噸/年,公司整體礦產銅規模進一步增加,有望提升公司盈利水平。考慮到玉龍銅礦三期擴建項目將開始推進,當前銅價中樞有所擡升,預計公司業績維持增長,因此維持“買入”投資評級。
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