目前,我国有色金属冶炼产能过剩、自有矿山保障能力不足、高附加值产品短缺的“中间大、两头小”的产业链格局在短期内还难以解决,行业内云南锡业、中金岭南、株洲冶炼等大型企业在自给原料不足的情况下,普遍以在国内、外收购精矿原料进行加工的方式解决剩余产能规模的问题。但是,原料收购加工业务面临两大风险:一是最终产品的价格波动风险,二是市场定价的加工费与自身实际的加工费之间存在差异的风险。这是由于,精矿原料在市场上 At present, China’s non-ferrous metal smelting overcapacity, lack of support for its own mines, high value-added products “middle big, two small ” industrial chain structure in the short term is also difficult to solve, the industry tin industry in Yunnan, the gold Lingnan, Zhuzhou Smelting and other large enterprises in the case of lack of self-sufficient raw materials, generally at home and abroad to purchase raw materials for processing of concentrate to solve the problem of the remaining capacity scale. However, raw material acquisition and processing business faces two major risks: one is the risk of price fluctuation of the final product; and the other is the risk of discrepancies between the market-priced processing fee and its own actual processing fee. This is because, concentrate raw materials in the market