On 20 March, leading global metals miner Zijin released its 2025 annual report. The company delivered strong operational performance and significant profitability gains, achieving revenue of US$49.7 billion, up 15% year on year, and net profit attributable to shareholders of the parent company of US$7.4 billion, up 62%.
While creating value for shareholders, Zijin continued to generate benefits for society, with its total social contribution reaching approximately US$16 billion, a year‑on‑year increase of 45%. The creation of social value has become a defining feature of the company as it drives robust, sustainable growth.
Green, low‑carbon portfolio taking shape
In recent years, the global energy transition and computing‑power revolution have reshaped demand patterns for various metals. By optimizing production execution, accelerating technological upgrades, and improving operational efficiency, Zijin has achieved rapid growth in the output of its core commodities, supporting the global shift towards green, low‑carbon production and lifestyles.
In 2025, the company produced 90 tonnes of mined gold, representing a 23% year‑on‑year increase—one of the highest growth rates among major global miners. This growth was driven in part by two world‑class operations acquired during the year: the Akyem Gold Mine in Ghana and the Raygorodok Gold Mine in Kazakhstan.
Mined copper output reached 1.09 million tonnes, growing from an already high base. Three lithium projects—the Lakkor Tso Salar in Xizang, the Tres Quebradas Salar in Argentina, and the Xiangyuan Hard-Rock Lithium Mine in Hunan—were all put into production, bringing the company’s production of lithium carbonate equivalent (LCE) to 25,500 tonnes and marking a step change from limited output to large‑scale production.
According to the company’s guidance for 2026, it plans to produce 105 tonnes of mined gold, 1.2 million tonnes of mined copper, 120,000 tonnes of LCE, and 520 tonnes of mined silver. In line with its Three‑Year Guidance and 2035 Long‑term Targets, Zijin aims to rank among the world’s top three producers of copper and gold by 2028, and to rank as the world’s top miner in certain metrics by 2035. In addition, it is also expected to become one of the world’s largest producers of lithium and molybdenum.
The company has strong capabilities in turning around struggling mines and unlocking their underlying value. Leveraging Zijin’s distinct Integrated Five‑Process Mining Operations Management Model, several world‑class mines and newly acquired assets are rapidly achieving green and efficient operations.
Zijin’s gold segment is further ramping up capacity. Several world‑class operations held by Zijin Gold International are expected to increase their annual output to more than 10 tonnes of gold each. The Akyem Gold Mine and the Raygorodok Gold Mine are advancing feasibility studies for expansions, targeting annual gold production of approximately 15 tonnes and 10 tonnes, respectively. Upon completion of its expansion projects, Rosebel Gold Mines is expected to produce about 12 tonnes of gold per annum.
Zijin’s copper business is also driving production ramp-ups. Phase II of Julong Copper in Xizang has been completed and commissioned, targeting annual copper production of 300,000–350,000 tonnes. In Serbia, the Čukaru Peki Copper‑Gold Mine and the Bor Copper Mine are expediting expansions that will bring their combined annual output to around 450,000 tonnes of copper. In the Democratic Republic of the Congo (DRC), Kamoa Copper is advancing production recovery, and its 500,000‑tonne‑per‑annum copper smelter has been built, creating a new growth engine.
Lithium operations are also set to deliver further growth. Lakkor Tso, Tres Quebradas, and Xiangyuan will generate significantly more output compared to last year. Moreover, the Manono Northeast Lithium Project in the DRC is scheduled for commissioning in 2026, with planned annual production of 30,000 tonnes of LCE.
Several listed affiliates of Zijin have created significant additional value by leveraging the company’s management and technological capabilities.
Through multi-faceted support and corporate governance improvements, Zangge Mining, in which Zijin acquired a controlling stake during the year, has undergone a substantial re‑rate. Its dual core businesses in potash and lithium have grown steadily, with key projects and operations hitting important milestones. By the end of the reporting period, its share price had risen to 241% of the price paid for the acquisition.
In renewable energy and materials, Zijin has made strides by leveraging its strengths across resources (upstream), processing (midstream), and applications (downstream). Longking has delivered strong results under its “environmental protection plus new energy” dual‑engine strategy. Its green power business has built a number of solar projects for mine sites to meet their own power demand; its energy storage business has achieved industry‑leading product yields and is running at full capacity with all output sold; and its first independently developed all‑electric dump truck has been deployed at a mine site.
At the same time, Zijin continued to build wind and solar projects at its mines, shifting its mine-site equipment from diesel to electricity and gas-based power, increasing the use of renewable energy, and supporting the world’s net‑zero goals. In 2025, the company used 6.34 billion kWh of clean energy, representing 54.4% of its total power consumption. FZU Zijin Hydrogen Power is accelerating the commercialization of ammonia‑based hydrogen energy. It has completed a successful trial voyage of China’s first 20 kW hybrid vessel powered by an ammonia-to-hydrogen internal combustion engine. Zijin Lithium is advancing product R&D and technology upgrades, with its 314 Ah and 230 Ah cathode materials now qualified by leading battery cell manufacturers.
Strengthening capabilities to create value and shared benefits
Throughout its journey, Zijin has stayed true to its founding mission. Guided by the principle of “Value Creation and Development for All”, the company aims to ensure that as many people as possible benefit from its presence and growth.
To enhance shareholder returns, Zijin capitalized on the market’s revaluation of gold and successfully spun off its overseas gold assets for a separate listing on the Hong Kong Stock Exchange. The move unlocked significant value, and boosted the company’s overall valuation and shareholder returns. In 2025, its A‑share and H‑share prices rose by approximately 128% and 152% year on year, respectively. In early 2026, its market capitalization exceeded RMB 1 trillion, placing the company among the world’s top three listed metals miners.
Zijin Gold International, which contributes around 20% of the parent company’s attributable net profit, reached a peak market cap of more than HK$600 billion, ranking as the world’s fourth‑largest listed gold producer, with valuation metrics much higher than its peers.
As its performance grows stronger, Zijin’s dividend payments have increased steadily. It has proposed a 2025 final dividend totaling RMB 10.1 billion; combined with the interim dividend paid, total dividends for the year will reach RMB 16 billion, up 58% year on year.
The company is actively shaping its ESG framework, aiming to align with international standards while reflecting its own characteristics. ESG is now embedded in the company’s strategy and day‑to‑day operations, underpinning its industry-leading ESG performance. Zijin’s community development model, one based on collaboration with host communities and partners to develop local industrial projects, has been adopted more widely.
In its host communities, the company follows an approach of open communication and direct engagement. Over the year, Zijin held 1,021 community meetings and welcomed 16,786 stakeholder visits, resulting in the initiation of many social responsibility initiatives tailored to local needs.
Fostering local industries is central to the company’s sustainable growth. Zijin’s China-based operations have helped build eco‑agriculture brands for local communities and procure agri-products for distribution as employee benefits, providing a sales market for their products. In its overseas segment, Continental Gold in Colombia supports coffee‑growing and beekeeping projects, while at the same time providing community members with training of relevant skills needed. In Suriname, Rosebel Gold Mines has helped host communities set up transportation service companies. Together, these efforts nurture a sustainability ecosystem in which Zijin and its stakeholders grow together and share in the value created.
About Zijin Mining
Zijin Mining is a leading global metals and mining company and one of the world’s largest producers of gold, copper, and zinc. The company has more than 30 large-scale mining operations and projects across 19 countries on 5 continents. Leveraging strong in-house research, engineering, and development capabilities, Zijin maintains high operational efficiency and low costs in both acquisitions and operations. This enables the company to be an industry leader in value creation, underpinned by its philosophy of pursuing development for all and sustained by superior environmental, social, and governance performance. Zijin’s shares trade on the Hong Kong Stock Exchange (HKEX: 2899) and the Shanghai Stock Exchange (SSE: 601899).