Hunan Yuneng announced that it is terminating the 500,000-ton-per-year copper smelting and supporting project invested and constructed in the Shuanglong Industrial Park in Fuquan City, Guizhou Province, and is also terminating the originally planned joint investment arrangement with related parties based on this project. The reason is that the project is no longer feasible due to constraints on copper concentrate resources. As of May 31, 2026, the project had incurred an investment of 500 million yuan, most of which can continue to be used for the company's existing or future business development. The termination will have a relatively small impact on the current financial position and operating results.
Hunan Yuneng New Energy Battery Material Co. Ltd. ATermination of 500,000-ton copper smelting project due to copper concentrate resource constraints, indicating supply chain issues.
Project termination reduces future copper smelting capacity, potentially tightening concentrate demand but not directly affecting futures.