Amid ongoing geopolitical tensions and monetary easing globally, gold’s roles as a safe-haven and store of value have become increasingly prominent. Since the start of 2025, gold prices have surged by over 40%, repeatedly setting new records. Seizing this up-cycle, Zijin Gold International listed in Hong Kong on September 30, enabling global investors to capitalize on the gold’s strong momentum and creating an international financing platform to drive its quest to become a leading global gold mining company.
Leveraging parent company Zijin’s extensive expertise in management, technological innovation, and global resource integration, Zijin Gold International stands on the shoulders of a giant from inception. It attracted much attention in the market thanks to its core competitive edge and long-term growth potential.
Competitive profile: facts and figures
As Zijin’s overseas gold mining arm, Zijin Gold International focuses on high-potential and undervalued gold mines with low-grade or refractory ores. It has assembled a portfolio of 8 assets across Central Asia, South America, Africa, and Oceania, including:
- Buriticá in Colombia: a large-scale, ultra-high-grade underground gold mine
- Norton Gold Fields in Australia: a large heap-leach operation with more than 5 million tonnes in annual processing capacity
- Jilau and Taror in Tajikistan: the country’s largest gold operation
- Taldybulak Levoberezhny in Kyrgyzstan: the third-largest gold mine in the country
- Rosebel in Suriname: South America’s largest open-pit gold mine
- Aurora in Guyana: the country’s only gold operation producing more than 100,000 ounces in 2024
- Akyem in Ghana: among Ghana’s largest gold mines
- Porgera in Papua New Guinea: a world-class gold mine that the company part-owns
In the face of industry-wide grade decline and rising costs, operational efficiency, technology, and cost management are central to the competitiveness of gold miners. Zijin developed its proprietary “Five-Process Integrated Mining Project Management Model” and industry-leading capabilities in metal recovery from low-grade and refractory ores, supported by a strong global supply chain. Leveraging these capabilities, Zijin Gold International has built an end-to-end, sustainable value creation system covering project acquisition and post-acquisition value enhancement through capacity expansion, debottlenecking and innovation, operational optimization, and exploration. This model has delivered rapid post-acquisition turnarounds: Jilau and Taror (Tajikistan), Aurora (Guyana), and Rosebel (Suriname) all emerged from loss to profit within 1 to 2 years, underscoring the company’s integration speed and operating strength.
Key operating and financial metrics (per prospectus):
- 2024 gold production: 1.3 Moz (~40.4 tonnes), 11th globally
- 2024 revenue: US$2.99 billion, with gold accounting for 94.9%
- 2022–2024 mined-gold output CAGR: 21.4%, No.1 among the world’s top 15 gold producers
- 2022–2024 attributable net profit CAGR: 61.9%
Cost leadership:
- 2019–2024 average M&A cost: US$61.3/oz, 52% lower than the industry average of US$92.9/oz during the same period
- 2024 all-in sustaining cost: US$1,458/oz, 6th-lowest among the world’s top 15 gold producers
Resource base:
- Gold reserves (as of year-end 2024): 27.5 Moz (856 tonnes), 9th globally
- Cumulative reserve additions: >14 Moz (450 tonnes); >50% of total discovered via independent exploration
- Reserve growth CAGR: >20%, providing visibility for sustainable growth
Positive outlook: structural tailwinds and clear growth prospects
Amid persistent geopolitical tensions and inflationary pressure, gold’s role as the “king of safe-haven assets” has become ever more evident, with prices breaking new records. According to Frost & Sullivan, global gold demand is set to grow at a 3.2% CAGR from 2024 to 2030, supporting Zijin Gold International’s value proposition and earnings potential.
Furthermore, the company’s assets are concentrated along world-class mineralization belts with strong resource endowment and exploration potential, as well as M&A opportunities in peripheral areas. These advantages, combined with industry-leading exploration technologies and equipment, create ample room for sustained growth post-listing.
On June 30, Zijin announced its US$1.2 billion acquisition of the Raygorodok Gold Mine in Kazakhstan, a large producing operation with abundant resources, an estimated 16-year mine life, and an average annual production of about 5.5 tonnes. Zijin’s technical team expects that pit optimization and processing technique upgrades will lift the mine’s throughput to around 10 million tonnes per annum. Upon closing, the operation is expected to contribute output and profit in the year of acquisition, further consolidating Zijin Gold International’s position among global peers.
Amid increasing resource scarcity and rising industry concentration, the Hong Kong listing positions Zijin Gold International to compete on five core advantages—pure focus, robust growth, superior returns, high efficiency, and strong potential—offering investors a blend of growth potential and stable returns.
A senior mining analyst commented: “China is the world’s largest gold consumer and producer. Yet over the years, no globally influential listed gold miner emerged from the country. Zijin Gold International’s listing may fill that gap.”
Recent policy signals in Hong Kong are also supportive. In his September 17 Policy Address, John Lee, the territory’s Chief Executive, outlined plans to accelerate the development of an international gold trading market in the city—including building a regional gold reserve hub, establishing or expanding refineries, creating a central clearing system for gold, and expanding gold investment instruments. These measures will further enhance Hong Kong’s gold market ecosystem and provide a superior operating environment for gold companies such as Zijin Gold International.