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云南铜业获准注册100亿元债务融资工具，优化债务结构助力业务发展

2025-06-24 09:35:56 来源：北方有色网责任编辑：韩泽楷

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云南铜业股份有限公司（证券代码：000878）今日发布公告，宣布收到中国银行间市场交易商协会（以下简称“交易商协会”）下发的《接受注册通知书》，获准注册发行总额100亿元的债务融资工具。其中，中期票据注册金额50亿元（注册编号：中市协注〔2025〕MTN555号），短期融资券注册金额50亿元（注册编号：中市协注〔2025〕CP64号）。注册额度自通知书落款之日起2年内有效，公司可分期发行。

核心发行条款与安排

分期发行与备案要求：
- 中期票据与短期融资券均可在2年有效期内分期发行，每期发行前需向交易商协会备案，发行完成后需通过认可渠道披露结果。
- 2025年度计划发行规模不超过40亿元（中期票据短期融资券各不超过20亿元），具体规模将根据资金需求及市场情况动态调整。
资金用途：募集资金将用于补充流动资金置换银行借款调整融资结构项目建设等，以优化债务成本保障生产经营及项目推进。
决策程序：本次融资计划已于2025年3月24日经董事会及监事会审议通过，并于4月15日获股东大会批准。

财务战略与行业背景

债务结构优化：截至2025年一季度，云南铜业净亏损7200万元。此次融资有助于缓解现金流压力，降低综合融资成本，提升偿债能力（如与江西铜业的5亿美元预付款协议）。
行业需求支撑：全球铜供应趋紧（如First Quantum旗下Cobre Panama铜矿关停影响全球1.5%供应），云南铜业作为国内主要铜企，融资落地有望强化其产能布局及市场竞争力。

风险管控与后续计划

风控措施：公司将严格遵守《非金融企业债务融资工具信息披露规则》等规定，确保发行合规及资金安全。
关联交易动态：同日公告披露，子公司中铜国贸向云铜香港提供6500万美元借款（年利率5.02%），用于境外业务运营，占公司最近一期净资产3.15%，风险可控。

前瞻视角：本次债务融资工具的获批，标志着云南铜业在资本运作层面的关键突破。结合其在ESG领域的持续投入（2024年ESG报告披露环保及治理改进），中长期或吸引绿色金融资源倾斜。下一步需关注铜价波动项目投产效率及债务杠杆平衡，以评估融资的实际效益。

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