Sichuan mining general agent

1. Jiangxi copper group company, founded in July 1979, is a large-scale joint enterprise in China's non-ferrous metal instry, integrating copper mining, beneficiation, metallurgy and processing. It is the largest proction base of copper procts and an important source of sulfur chemical raw materials and gold and silver in China. The company is headquartered in Guixi City, Jiangxi Province, and its subordinate units include Jiangxi Copper Co., Ltd., Jiangxi Copper Group Copper Procts Co., Ltd., Jiangxi copper YEZ copper foil Co., Ltd., Jiangxi Copper Taiyi electrical materials Co., Ltd., Jiangxi Copper Longchang precision copper tube Co., Ltd., Jiangxi Copper Group Finance Co., Ltd., Jiangxi Copper Shenzhen South Corporation, Jinrui futures brokerage company, etc. Jiangxi Copper Co., Ltd., which is controlled by Jiangxi copper group company, was listed in Hong Kong and Shanghai in 1997 and 2001 respectively. At present, the total assets of the company are more than 39 billion yuan. It has more than 34000 employees. It has excellent management team and skilled technical personnel who are good at the international operation of the enterprise. Especially in copper mining and copper smelting, it has sent hundreds of experts to guide overseas mines and enterprises. The company is mainly engaged in the exploration, mining, smelting, processing of copper, gold, silver, lead-zinc, molybdenum and other mineral resources, as well as the proction and sales of related non-ferrous metal procts. It is also engaged in the manufacturing and installation of mining and smelting equipment, technical development, technical services, processing of incoming materials, foreign trade and re export trade. The company's main procts are cathode copper, sulfuric acid, gold, silver, platinum, palladium, selenium, tellurium, rhenium, molybdenum, copper sulfate, arsenic oxide, copper concentrate, lead zinc ore, zinc concentrate, sulfur concentrate, copper ingot, copper rod, bare copper wire, enameled wire, high-grade copper foil, precision copper tube, etc. Among them: all grades of cathode copper are registered in the London Metal Exchange (LME)“ Guiye cathode copper is a famous brand proct in China and a national quality inspection free proct; Sulfuric acid is the national gold award proct; Copper rod is famous brand proct of Jiangxi Province. The company's procts are exported to more than 30 countries and regions such as the United States, Japan, Europe and Southeast Asia, and has established technical, economic and trade exchanges. The company has the largest amount of copper and associated and symbiotic mineral resources in the same instry in China. The five major copper mines mined in China are owned by the group, and the self-sufficiency rate of raw materials is among the highest in China's copper instry. In terms of overseas resource development, it acquired the equity of northern Peru copper company, started the development of gold and copper mine project in Kyrgyzstan, and obtained the qualification of preferred bidder for the development of ainak copper mine in Afghanistan. At the same time, the second phase expansion project of Chengmenshan Copper Mine, the 130000 ton capacity expansion project of Dexing Copper Mine, the integration of lead-zinc resources and the construction of lead-zinc instry integrating mining, processing and metallurgy are being implemented. The company has formed the largest copper smelting proction scale in China, with an annual copper proction capacity of 400000 tons in 2003, 700000 tons in 2007 and more than 1 million tons in 2010. The company has built the largest copper processing and proction base in China. In Nanchang, Guixi, Guangdong and Shenzhen, we have built copper processing enterprises including copper rod, copper wire, cable, optical fiber, copper foil, copper tube and other procts, with an annual output of 500000 tons of copper. With the construction of 100000 t / a copper strip project, copper foil phase II project and other projects, Jiangxi Copper Group's copper procts intensive processing capacity will reach 600000 t. Jiangxi Copper Co., Ltd. is a listed company controlled by the group. Its business includes Dexing Copper Mine, Yongping Copper Mine, Guixi Smelter, Wushan Copper Mine, Sichuan Kangxi copper mine, Shanxi Diaoquan silver copper mine and other assets. The company's investment value: resource-based commodity enterprises, in the future, the prices of various resource-based commodities will rise for a long time, which is the main reason for investing in this type of enterprises. Listed companies do not have separate websites, only the websites of group companies. The English version of the website is very simple, and the detailed financial data of common overseas listed companies are not provided. The website is the worst among the listed companies that have been analyzed. In the column of "listed companies" of the website, the organization chart of the company is actually rotten. When you click "company announcement" and "company financial report", it is prompted that "your IP has been restricted by the administrator to visit this website". The column of "investor relations" is actually the test content in March and April 2007. Governance structure and Investor Relations: typical state-owned enterprise organizational structure and corporate culture, if not resource-based enterprises, simply from the perspective of corporate governance structure and investor relations, give negative evaluation. The relationship between a group company and a listed company is the relationship between one organization and two brands. In the future, it is possible to continue to issue additional shares to the group, exchange shares for group assets, and finally take the overall listing route. The 6.8 billion yuan of convertible bonds issued for the A-share market has been approved by the CSRC: the number of convertible corporate bonds planned to be issued for the separation of warrants and bonds shall not exceed 6.8 billion yuan. Each bond can also obtain warrants distributed by the company free of charge, and the exercise ratio of warrants is 4:1. At the same time, the fund raised by warrants is about 6.8 billion yuan. The funds raised will be used to acquire the group's assets and invest in mine projects. Including the copper, gold, molybdenum and other related assets of Jiangxi Copper Group (Yinshan Mine and Dongtong mine), the acquisition of Canada's North Peru copper company and the bidding for the mining right of Aynak copper mine in Afghanistan. The company also plans to expand the mining and dressing proction scale of Dexing Copper Mine to increase the output of copper concentrate by 41000 tons; And 7000 T / a molybdenum concentrate capacity will be added. The acquisition is expected to increase the value of the company by 10%. After the acquisition, the copper metal reserves of Jiangxi copper will be increased by 975000 tons, equivalent to 10.7% of the company's total reserves. And 163 tons of gold and 1614 tons of silver. In 2008, about 5600 tons of self owned copper concentrate was proced, contributing about 600 million yuan of pre tax profit. We predict that by 2011, Jiangxi copper will proce 220000 tons of its own copper concentrate, and its own rate of copper concentrate raw materials will increase from 25% to 37%. After the acquisition, the reasonable value of each share of the company will increase. Value analysis of static reserves: after acquiring the group's assets and mine assets through private placement, the copper resource reserves increased by 153.1 tons, from 7.958 million tons to 9.489 million tons, and the gold resource reserves increased by 62 tons, from 212 tons to 274 tons, increasing by 19% and 29% respectively. According to the current price of copper, gold and other precious metals in the international market, the reserve value can be estimated to be 170 yuan per share, which is about 85 yuan after 50% of the mining cost. Future reserves and resources growth: first, the ainak copper mine project in Afghanistan; Second, the Galileo Project in Peru; Third, Yinshan and Dongtong mines. These projects will make the company's equity reserves reach 15743000 tons of copper, 448 tons of gold, 11239 tons of silver and 349600 tons of molybdenum. After the 300000 tons copper smelting project of Guixi Smelter is completed, the copper smelting capacity of Guixi smelter will reach 700000 tons / year, ranking the top in the world; Copper proction is now 150000 tons; Copper processing capacity has reached 370000 tons / year. Other procts: sulfur and sulfuric acid are important raw materials for the proction of phosphate fertilizer and compound fertilizer. One ton of sulfur is needed for the proction of two tons of sulfur. The phosphate fertilizer instry has become the largest consumption area of sulfuric acid, accounting for about 65%. China's sulfur import accounts for 60-70%. Due to the rise of international grain prices and the expansion of planting area, the price of sulfur has increased five times, which has led to a sharp rise in the price of sulfuric acid. In the first half of 2008, the average price will reach 1400 yuan / ton, the annual average price is expected to be 1600 yuan / ton, and the output of sulfuric acid will reach 2 million tons. The main risk of investing in the stock is the short-term global economic recession and the risk of copper price decreasing in the short term, but in the long run, the copper price is still rising; The impact of resource tax reform on its future development; In the first quarter of 2008, the earnings per share is 0.42 yuan. It is expected that the earnings per share will be 0.85 yuan in the middle of 2008 and 1.8 yuan for the whole year. According to 10 times PE, the reasonable share price is more than 18 yuan, according to 15 times P / E ratio of Hong Kong stock is 27 yuan, according to 20 times P / E ratio is 36 yuan. As of August 19, 2008, the closing price of the stock in a stock market was 15.77 yuan, and that in H stock market was 10.06 yuan, about 9 yuan, which were lower than the reasonable price. Because of the principle of the same share with the same right to take a lower price, if you invest in the company, you should choose the H share with a lower share price to invest.