In Q1 2025, Zijin Mining demonstrated exceptional growth, posting a net profit attributable to shareholders of RMB 10.2 billion, a 62% year-on-year increase. For the first time, Zijin surpassed the RMB 10 billion profit milestone in a single quarter. Benefiting from rising gold prices, the company’s profitability has shown increasing sensitivity to market trends, with the gold segment contributing over 35% of total gross profit, solidifying its role as a key driver of growth.

The addition of the Akyem mine complements other key assets, such as the Rosebel and Aurora gold mines, which are undergoing technical upgrades, and the ongoing development of the Haiyu project. Together, these projects will strengthen Zijin’s capacity and support its strategic target of producing over 100 tonnes of mined gold annually by 2028, positioning the company for a stronger global ranking in the gold sector.

Analysts note that ongoing U.S. tariff changes and heightened global economic uncertainty have amplified gold’s appeal as a safe-haven asset, driving prices to historic highs. By acquiring this gold asset, Zijin strengthens its gold business and overall competitiveness and positions itself to better withstand global economic ups and downs.

Zijin began as a gold miner, and gold has remained a cornerstone of its business. Over the past decade, the company has risen to prominence through the successful acquisition, construction, and commissioning of three world-class copper mines, achieving the fastest copper production growth among leading global mining companies.

While the market has long focused on Zijin Mining's outstanding performance in its copper sector, the company’s gold sector has quietly achieved a strategic breakthrough. In 2019, Zijin Mining ranked 13th in global gold production. However, following the release of 2024 performance data from major gold companies, Zijin’s gold resources and production have now risen to 6th place globally. Over the past five years, the company has achieved a 12% compound annual growth rate in gold production.

What sets Zijin apart in a global industry facing rising costs and slowing growth?

A key driver has been its ability to acquire high-quality gold assets through strategic M&A. Since 2020, Zijin has acquired the Buriticá Gold Mine in Colombia, the Aurora Gold Mine in Guyana, the Sawayaerdun Gold Mine in Xinjiang, and the Rosebel Gold Mine in Suriname. It has also acquired shares in the Haiyu Gold Mine and Zhaojin Mining. The acquisition of Akyem is Zijin’s seventh gold-related transaction since 2020.

Another major advantage is Zijin’s ability to rapidly replicate its world-class engineering, construction, and operations expertise across multiple geographies.

Formerly Western-run mines such as Buriticá and Rosebel have been quickly brought into production or turned profitable under Zijin’s management. At the same time, rising gold prices—crossing the $2,000/oz and even $3,000/oz thresholds—have provided additional tailwinds.

This combination of rapid production growth and favorable market conditions continues to drive Zijin’s strong performance.

On October 9, 2024, Zijin proposed to acquire 100% ownership of the Akyem Gold Mine from Newmont for US$1 billion. Located on one of the world’s most productive gold belts, Akyem has thick, continuous ore bodies and is currently operated as an open-pit mine. The mine and processing plantoperateg steadily, using a conventional carbon-in-leach (CIL) process with a design capacity of 8.5 million tonnes per year. Gold production from 2021 to 2024 totaled 11.9 tonnes, 13.1 tonnes, 9.2 tonnes, and 6.4 tonnes, respectively.

Akyem sits on a well-mineralized belt with a substantial upside for resource growth. Previous estimates were based on gold price assumptions of US$1,400–1,600 per ounce—far below current market prices. Zijin’s technical team plans to apply advanced exploration technologies and economic geology theories to redefine the cut-off grade. This could lead to a considerable increase in the project’s resource and reserve base, extending the mine’s life and boosting future gold output.

Translator:Jian   Reviser: Lin Xinjing   Editor-in-Chief: Fa Yuan