Company name: Yunnan Copper Co., Ltd.
English name: Yunnan Copper Co., Ltd.
Once known as: Yunnan Copper->G Yunnan Copper
A-share code: 000878
A-share short name: Yunnan Copper
Security type: A-share of the main board of the Shenzhen Stock Exchange
Industry: non-ferrous metals Key points a: the plate Participating in the futures plate, the Shenzhen 40 plate, the pre-loss and reduction plate, the Yunnan plate. /p>
Industry: non-ferrous metals Key points: the plate Participating in the futures plate, Shenzhen into 40 plate, pre-loss and reduction plate, Yunnan plate, base metal plate, non-ferrous metal plate, HS300 _ plate, the whole listed plate, scarce resources plate, brokerage firms long position plate, financing and securities plate.
Point 2: Scope of business.
Key point three: industry status The company is the first Chinese enterprise to join the International Copper Association, and is one of the largest enterprises in China's copper smelting and copper processing, the production and sales rate has been maintained at 100%, with a domestic market share of 12%. 2010 year, the company (including the holding company) produced 321,700 tons of high-purity copper cathode, self-produced copper concentrates containing 58,400 tons of copper, 596,600 tons of sulfuric acid, 88,200 tons of gold, and 882,000 tons of gold. In 2010, the company (including the holding company) produced 321,700 tons of high-purity copper cathode, 58,400 tons of copper in self-produced copper concentrate, 596,600 tons of sulfuric acid, 82,200 tons of gold, 350 tons of silver, and 566,200 tons of iron ore concentrate. 2011 is expected to produce 351,000 tons of high-purity copper cathode, 54,300 tons of copper in self-produced copper concentrate, 901,400 tons of sulfuric acid, 6,353,000 tons of gold, 271 tons of silver, and 651,500 tons of iron ore concentrate.
Highlights 4: new directional issue 1 In November 2010 after the revision of the issuance program for the proposed not less than 18.54 yuan / share directional issue of no more than 300 million shares, is expected to raise net proceeds of not more than 4.45 billion yuan. The shares subscribed by the issuer shall not be listed and traded or transferred within twelve months from the date of closing of the issue (approved by the Securities and Futures Commission (SFC) in May 2011, and 159.71 million shares of the directional issue were listed in July 2011). July 2011 adjusted the investment of the fund-raising to: an additional capital of RMB1.25 billion to the wholly-owned subsidiary, Yuxi Mining, which was mainly used for investing in the Dahongshan Copper Mine's 30,000tpa copper in concentrates and the western section of the mining project. Construction project. The total investment of the project is 1.293 billion yuan, with 1.042 billion yuan of fund-raising investment (the original proposed fund-raising of 1.25 billion yuan). After the completion of the project, it is expected that the total investment payback period after tax is 11.56 years (including the construction period of 5 years), the funds can be recovered in the production period, the after-tax financial internal rate of return of 10.15%, the project investment profit margin of 11.60%.
Essentials 5: new directional issue 2 The fund-raising at the same time invested in the purchase of yunnan yuncong group held 100% equity in yunnan Daya nonferrous metals company, yunnan star flame nonferrous metals company 100% equity, yunnan jinggu mining and metallurgy company 71.27% equity, kunming west science and technology industry and trade company 100% equity, the transfer price of 1,903,000,000 yuan appraisal value to determine the transfer price. 2011 July the company adjustment Fund-raising investment to add the following statement: the company should deduct 28.36 million yuan in the payment of the subject company equity transfer price (during the period of the price of mining rights, mineral resources compensation fees and other costs), after deduction of the equity transfer price payable is 1.874 billion yuan. In addition, the repayment of 1.3 billion yuan bank loans (adjusted program is not listed).
Points six: Chinalco became the company's de facto controller In 2007, Aluminum Corporation of China spent 7.5 billion yuan to take a 49% stake in Yunnan Copper Group Co. through a capital increase, the rest of the shares of Yunnan Copper Group by the Yunnan Provincial State-owned Assets Supervision and Administration Commission (47%) and Yunnan Provincial State-owned Assets Supervision and Administration Company (4%) **** the same holdings, Aluminum Corporation of China formed a relative holding of the Yunnan Copper Group. 2011 January SASAC of the State Council agreed that Chalco would receive 2% of the state-owned equity of YCG held by SASAC of Yunnan Province without compensation, and Chalco became the actual controller of the Company after the transfer was completed. 2011 Yunnan Provincial Government agreed that SASAC of the province would transfer 7% of the equity of YCG to Chalco at RMB 1.247 billion. After the completion of this equity transfer, Chinalco holds 58% of the equity of Yuntong Group.
Points seven: directional issue + four mines and a plant The company issued 458 million shares in a private offering (Yuncong Group subscribed 249 million shares), the issue price of 9.50 yuan / share. Controlling shareholder yuncong group injected assets for: yuxi mining company limited 100% equity (10 years net profit of 178 million yuan), yunnan chuxiong mining and metallurgy company limited 100% equity (10 years net profit of 71.93 million yuan), yunnan diqing mining development limited liability company 75% equity (10 years net profit of 46.85 million yuan), 51% equity of jinsha mining co. (FY10 net profit of RMB 68.55 million), and 100% of Chuxiong Dianzhong Non-Ferrous Metals Company Limited (FY10 net profit of RMB 11.05 million). The four copper concentrate companies acquired by the Company from Yunnan Copper Group have a combined annual production capacity of 125,000 tons and resource reserves of 2.94 million tons, while Dianzhong Nonferrous has an annual crude copper smelting capacity of 50,000 tons. The company plans to use raised funds for seven specific projects amounting to RMB 1.173 billion, and as of December 31, 2010, the company actually invested RMB 114,300,000 in investment projects*** with the raised funds.
Highlights 8: Directional issue + Chifeng project The company used the proceeds of 304 million yuan to invest in the formation of Chifeng Yuntong Nonferrous Metals Co. (registered capital of 468 million, accounting for 65.00%). The project adopts a large number of new technologies, new techniques, new equipment and new materials in the design and construction. The project adopts the traditional electrolytic production process of small pole plate, which has formed the technical and management advantages with the characteristics of Yuntong through the company's continuous research and exploration over the years and the output of copper cathode is of excellent quality. The completion and commissioning of the project will enable the company to add 100,000 tons of high-purity copper cathode production capacity annually. 2010 earnings were not disclosed.
Points nine: asset injection is expected to Yunnan Province has rich copper resources, the company's controlling shareholder yuncong group has a large amount of copper resources, the most interesting is the Bolang copper mine and Liangshan mining equity. Liangshan Mining's Lala copper reserves of 800,000 tons, copper concentrate production of about 30,000 tons, joint stock company equity accounted for about 20%, the group's equity about 40%. In addition, the group's shareholding in the Pulang copper mine is 70%, Pulang mine proven copper economic resources of more than 920,000 tons, of which 760,000 tons of high-level reserves, predicted that the prospective resources can reach more than 3 million tons, while there are nearly 300 tons of gold and silver associated with the mine.
Highlights 10: Sale of equity interest in Lamping Yunnan Mine In June 2012, the company signed a Property Rights Transaction Contract with Yunnan Wanlong Investment Co., Ltd. to sell 51% of its equity interest in Lamping Yunnan Mining and Silver Co. Lanping cloud mine for the state-controlled limited liability company, founded in May 2004, registered capital of 1 million yuan, with the district of Wu silver ore mining rights and Lanping Hangdeng copper-silver polymetallic prospecting rights, the main business for the silver ore mining and processing. The main reason for this sale is that the resources of Lanping cloud mine need to be further explored, there is uncertainty, at the same time, the district of the silver mine using the traditional cyanide leaching process, and Yunnan Copper has limited mastery of this process technology, it is difficult to meet the production requirements. After the completion of the equity transfer, the cash flow generated will be approximately RMB152 million, which will be conducive to the Company's reduction of financial costs and improvement of its financial position, and at the same time, it will be able to obtain a gain of approximately RMB80 million from the equity transfer. In short, the equity transfer will have a positive impact on the company's financial position and operating results, which is conducive to the company's long-term development.
Points 11: participation in futures 2010 annual report disclosed that the initial investment of 20 million yuan to participate in the cloud morning futures brokerage company limited (registered capital of 50 million yuan, accounting for 40%), the company in 2010 to achieve net profit of 12.74 million yuan.
Points 12: non-ferrous revitalization plan February 09 "non-ferrous metal industry revitalization plan" draft that encourages the strength of large-scale enterprises to restructuring in a variety of ways, so that the production of copper, aluminum, lead, zinc backbone enterprises accounted for the proportion of the country by 2009, 70%, 55% and 40%, respectively, to 2011, 90%, 70% and 60%. In copper metal, the restructuring among major copper enterprises such as Chalco, Jiangxi Copper, Tongling Nonferrous, Daye Nonferrous, Jinchuan Group, etc. will be pushed forward urgently; in aluminum metal, Chalco will be taken as the core to enhance the concentration through further restructuring; in lead and zinc, Zhongjin Lingnan, Guangxi Nonferrous Metals Group, Yunnan Metallurgical Group, Hunan Nonferrous Holding Group, Baiyin Company, and Zhongcai Mining, etc. are supported to integrate respectively the lead and zinc enterprises in the region. On this basis, the further formation of larger enterprise groups.
Highlight 13: Shareholder return plan In July 2012, the company formulated a shareholder return plan (2012-2014). In the next three years, the company's profit distribution can take cash, stock, a combination of cash and stock or other methods permitted by laws and regulations to distribute profits; medium-term dividends can be distributed according to the company's actual profitability and capital requirements. After making up losses, withdrawing legal reserve and arbitrary reserve, the Company's cumulative distributable profit is positive, and under the premise of making profits in the current year and having sufficient cash, a certain percentage of cash dividends shall be distributed to shareholders in principle in the current year. Whenever the Company distributes profits, the amount of cash dividends shall not be less than 10% of the distributable profits realized in the current year. If the company is in good operating condition, and the board of directors believes that the structure of the company's assets and capital does not match, and the issuance of stock dividends is beneficial to the interests of all shareholders of the company as a whole, the company may, in addition to meeting the cash dividends, put forward a proposal for the distribution of stock dividends, which shall be implemented after consideration and approval by the general meeting of shareholders.