金川国际2025 年报

Contents目錄 2Geographic Location of JCI Mines金川國際礦區地理位置分佈4Corporate Information公司資料6Chairman’s Statement主席報告10CEO’s Report行政總裁報告14Financial Highlights財務摘要15Mining Operational Review採礦業務回顧29Resources and Reserves資源量及儲量42Management Discussion and Analysis管理層討論及分析65Directors and Senior Management董事及高級管理層74Report of the Directors董事會報告99Corporate Governance Report企業管治報告126Independent Auditor’s Report獨立核數師報告 Consolidated Financial Statements綜合財務報表134Consolidated Statement of Profitor Loss and Other ComprehensiveIncome綜合損益及其他全面收益表135Consolidated Statement of FinancialPosition綜合財務狀況表137Consolidated Statement of Changes inEquity綜合權益變動表139Consolidated Statement of Cash Flows綜合現金流量表142Notes to the Consolidated FinancialStatements綜合財務報表附註242Five-Year Financial Summary五年財務概要243Glossary詞彙 Geographic Location of JCI Mines金川國際礦區地理位置分佈 OPERATING MINES營運礦場 1. Ruashi Mine/Ruashi礦場An open-pit mine located in the DRC, and has been producing copper cathode and cobalt hydroxide since 2009 and started producing sulphidecopper concentrate in 2023. The products are sold to global commoditiestraders. Ruashi Mine produced 26,343 tonnes of copper and 130 tonnes ofcobalt respectively in 2025. 位於剛果（金）的露天礦場，自二零零九年起生產電解銅及氫氧化鈷，並於二零二三年開始生產硫化銅精礦，並將其出售予全球大宗商品貿易商。Ruashi礦場於二零二五年分別生產26,343噸銅及130噸鈷。 2. Kinsenda Mine/Kinsenda礦場An underground mine located in the DRC which produces high grade copper concentrate. Produced 30,483 tonnes of copper content inconcentrates in 2025. Kinsenda Mine is one of the world’s highest gradecopper deposits with an average reserves grade above 5%.位於剛果（金）的地下礦場，生產高品位銅精礦。於二零二五年生產30,483噸含銅精礦。Kinsenda礦場作為全球品位最高的銅礦床之一，銅儲量平均品位高於5%。 3. Musonoi Mine/Musonoi礦場An underground mine located in the DRC with high grade copper-cobalt deposit. Musonoi Mine commenced commercial operations in November2025, its final products are copper cathode and cobalt hydroxide, itproduced 5,041 tonnes of copper and 955 tonnes of cobalt since November2025.位於剛果（金）的地下礦場，具有高品位銅鈷礦床。Musonoi礦場於二零二五 年十一月開始商業營運，其終端產品為電解銅及氫氧化鈷，其自二零二五年十一月起已生產5,041噸銅及955噸鈷。 EXPLORATION PROJECT勘探項目 4. Lubembe Project/Lubembe項目Located in the DRC, 30km to the south of Kinsenda Mine. Further metallurgical testwork is performed in 2021 to optimise processing circuitand LoM copper recoveries. Mineral Resources model was updated inDecember 2021 with majority of Mineral Resources upgraded from inferredcategory to indicated category.位於剛果（金），位於Kinsenda礦場以南30公里。於二零二一年進一步完成冶金測試工作，以優化加工流程及礦場開採期的銅回收率。於二零二一年十二月，礦產資源量模型更新，成功將大部份礦產資源量從推斷級別提升至控制級別。 MINE LEASED OUT UNDER FINANCE LEASE AGREEMENT融資租賃協議下出租之礦場 5. Chibuluma South Mine (including Chifupu Deposit)/Chibuluma南礦場（包括Chifupu礦床）Located in Zambia. In December 2020, Chibuluma entered into a lease agreement with an independent third party to lease out the mining assetsincluding the Chifupu Deposit for a fixed rental fee plus a variable royalty feepayable calculated base on amount of copper extracted and sold.位於贊比亞。於二零二零年十二月，Chibuluma與獨立第三方訂立租賃協議，出租包括Chifupu礦床在內的採礦資產，代價為固定租賃費外加按產出及出售銅礦產計算的浮動礦權使用費。 Geographic Location of JCI Mines金川國際礦區地理位置分佈 Corporate Information公司資料 BOARD OF DIRECTORSExecutive DirectorsMr. CHENG Yonghong(Chairman of the Board)Mr. GAO Tianpeng(Chief Executive Officer) 董事會執行董事程永紅先生（董事會主席）郜天鵬先生（行政總裁） Non-executive DirectorsMr. WANG Qiangzhong 非執行董事王檣忠先生 Independent Non-executive DirectorsMr. YEN Yuen Ho, TonyMr. POON Chiu KwokMr. YU Chi Kit1Ms. HAN Ruixia 獨立非執行董事嚴元浩先生潘昭國先生余志傑先生1韓瑞霞女士 公司秘書黃德銓先生(FCPA, FCA) COMPANY SECRETARYMr. WONG Tak Chuen(FCPA, FCA) 副公司秘書張德誠先生(FCPA) DEPUTY COMPANY SECRETARYMr. CHEUNG Tak Shing(FCPA) AUTHORISED REPRESENTATIVESMr. GAO TianpengMr. WONG Tak Chuen AUDIT COMMITTEEMr. POON Chiu Kwok(Chairman)Mr. YEN Yuen Ho, TonyMr. YU Chi Kit1Ms. HAN Ruixia 薪酬及提名委員會嚴元浩先生（主席）潘昭國先生余志傑先生1韓瑞霞女士2程永紅先生 REMUNERATION AND NOMINATION COMMITTEEMr. YEN Yuen Ho, Tony(Chairman)Mr. POON Chiu KwokMr. YU Chi Kit1Ms. HAN Ruixia2Mr. CHENG Yonghong 風險管理委員會嚴元浩先生（主席）潘昭國先生余志傑先生1程永紅先生郜天鵬先生 RISK MANAGEMENT COMMITTEEMr. YEN Yuen Ho, Tony(Chairman)Mr. POON Chiu KwokMr. YU Chi Kit1Mr. CHENG YonghongMr. GAO Tianpeng 戰略及投資委員會程永紅先生（主席）郜天鵬先生 STRATEGY AND INVESTMENT COMMITTEEMr. CHENG Yonghong(Chairman)Mr. GAO Tianpeng 1退任於二零二五年五月二十八日生效2委任於二零二五年六月三十日生效 1retirement with effect from 28 May 20252appointment with effect from 30 June 2025 註冊辦事處Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111 Cayman Islands REGISTERED OFFICECricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111 Cayman Islands 總辦事處暨香港主要營業地點 HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESSIN HONG KONG15/F, Tower 2, Admiralty Centre18 Harcourt Road, AdmiraltyHong Kong 香港金鐘夏慤道18號海富中心2座15樓 獨立核數師國富浩華（香港）會計師事務所有限公司根據會計及財務匯報局條例註冊的公眾利益實體核數師香港銅鑼灣禮頓道77號禮頓中心9樓 INDEPENDENT AUDITORCrowe (HK) CPA LimitedPublic Interest Entity Auditor registered in accordancewith the Accounting and Financial ReportingCouncil Ordinance9/F Leighton Centre,77 Leighton Road,Causeway Bay, Hong Kong CAYMAN ISLANDS PRINCIPAL SHARE REGISTRARAND TRANSFER OFFICEConyer