On August 26, 2025, Zijin Mining, a major global metals miner, released its 2025 interim results, reporting a net profit attributable to shareholders of RMB 23.3 billion (US$3.25 billion) for the first half of 2025, surging by 54.4% year-on-year. Revenue for the period grew by 11.5% to RMB 167.7 billion. Driven by robust metal prices and higher commodity production, the company has emerged as one of the world’s fastest-growing leading miners.
Zijin’s value has been well recognized in the capital market. As of the end of the reporting period, the company’s A-share and H-share prices had risen by approximately 31% and 44% since the end of 2024. Notably, its A-share performance ranked first among all constituents of the Shanghai Stock Exchange (SSE) 50 Index, while its H-share price has now surpassed its A-share price. As of the trading day when the interim report was disclosed, Zijin’s total market capitalization had reached RMB 596.2 billion, ranking 21st among all A-share listed companies.
Rising Output and Strong Operational Resilience
Zijin’s sustained rapid growth is underpinned by higher production and prices, as well as continuous improvements in operational efficiency, unlocking long-term value for investors.
In the copper segment, the rapid commissioning of three world-class mines in recent years has propelled Zijin into the top tier of global copper producers, with the company’s mine copper output breaking the one-million-tonne mark. In the first half of 2025, the company produced 570,000 tonnes of mined copper, a year-on-year increase of over 9%. Key growth projects are advancing on schedule: the Phase II expansion of the Julong Copper Mine in Xizang is expected to be commissioned by year-end; the copper smelter at Kamoa-Kakula – set to be Africa’s largest – is nearing construction completion and will produce 500,000 tonnes of anode copper per annum at design capacity; and other major mine construction projects, including the Lower Zone of the Čukaru Peki Copper Mine in Serbia and the Tongshan Copper Mine in Heilongjiang, are also accelerating.
The company’s gold segment capitalized on high prices to boost mined gold output, which rose 16% year-on-year to 41 tonnes in the first half of 2025. In the second half, the Akyem Gold Mine in Ghana is improving mining efficiency and the supply of high-grade ore; operations in South America, including Rosebel Gold Mines in Suriname and the Buriticá Gold Mine in Colombia, are expanding mining and processing capacity to meet annual output targets; and development of the company’s part-owned Haiyu Gold Mine in Shandong—China’s single largest gold deposit— is also picking up pace.
Driven by higher volumes and prices, and cost optimization, Zijin’s overall gross profit margin for mineral products increased by 3 percentage points year-on-year to 60.23%. A breakdown by commodity shows that mined gold now contributes 38.6% of the company’s gross profit, up from 30% in 2024, matching the 38.5% contribution from copper.
Optimizing Portfolio and Unlocking Synergies
In a time of unprecedented global uncertainty, the scarcity of quality mining assets has become increasingly evident. Maximizing synergy from asset and commodity portfolios is a common strategic focus among global mining giants.
Against this backdrop, Zijin is building on its defining innovation capabilities to develop a replicable framework, generating strong momentum for its asset acquisition and integration activities.
During the first half, Zijin continued to seek cost-effective opportunities to bolster its core gold and copper segments. The company acquired world-class, producing gold mines overseas at reasonable prices: it completed the acquisition of the Akyem Gold Mine in Ghana and signed an agreement to acquire the Raygorodok Gold Mine in Kazakhstan, securing strategic footholds in West Africa and Central Asia. The seamless close of the Akyem deal—from announcement to completion and subsequent parliamentary ratification of the operation’s mining leases—stands as another classic case study in Zijin’s global expansion.
The company also completed its largest-ever acquisition by taking the controlling interest in Zangge Mining, an A-share listed miner, achieving a smooth transition following the announcement of the deal. Soon after the acquisition, Zangge Mining initiated corporate governance reforms, establishing a structured, efficient governance framework with well-defined roles and responsibilities. Zijin will further empower Zangge to enhance the overall investment value of both companies.
To build a more specialized, world-class international gold miner, Zijin is establishing Zijin Gold International as a separate, listed platform for its overseas gold mines amid the gold upcycle. This is being executed at a remarkable pace – on June 30, within 100 days of initiation, the company submitted a spin-off and listing application to the Hong Kong Stock Exchange. The move is set to enhance the valuations of both its gold business and Zijin Mining as a whole.
Commitment to Shareholder Returns
While focused on driving long-term value, the company remains committed to rewarding shareholders by sharing the fruits of its growth. In 2024, its total dividend payout exceeded RMB 10 billion for the first time, ranking 38th among A-Share listed companies. As authorized by its shareholders’ meeting, the company’s Board of Directors has approved an interim dividend for 2025 of RMB 0.22 per share (tax inclusive), totaling RMB 5.85 billion. This represents a significant increase in its dividend yield, even following substantial increases in its share price in recent years.
Translator: Li Yuanxing Reviser: Jian Editor-in-Chief: Fa Yuan