Xiamen, China — On October 17, 2025, leading global metals miner Zijin Mining announced robust results for the nine months ended September 30, 2025. Thanks to a structural bull market in gold, copper and other commodities, the company delivered robust production and profit growth, with core operating metrics exceeding expectations.

Financial and Operating Highlights in the First Three Quarters:

- Revenue: RMB 254.2 billion, up 10% year-on-year 

- Net profit attributable to shareholders: RMB 37.9 billion, up 55% year-on-year  

- Operating net cash flow: RMB 52.1 billion, up 44% year-on-year 

- Mined gold: 65 tonnes, up 20% year-on-year; up 7% quarter-on-quarter in Q3 vs. Q2 

- Mined copper: 830,000 tonnes, up 5% year-on-year 

As of market close on October 17, Zijin’s market capitalization was approximately RMB 800 billion, placing it among the world’s top three mining companies and 16th on China’s A-share market.

Chairman Chen Jinghe said: “Zijin has embarked on a new phase of growth, with our business poised for yet another take-off. We remain bullish on the prices of commodities essential in the renewable energy era. And we are well-positioned to maintain a high growth trajectory, creating sustainable value over the long term for our shareholders, employees and society at large.”

Gold Segment: Unlocking Value amid Record Prices

According to data from the World Gold Council, 2025 has seen the strongest gold price appreciation since 1979, as gold’s role as a safe-haven and inflation hedge has become more pronounced due to macroeconomic uncertainty, heightened geopolitical risks, and sustained central-bank purchases.

Zijin Mining captured this cycle through systematic production optimization, accelerated debottlenecking, and enhanced operating efficiencies, achieving rapid capacity expansion and maximizing sales at favorable prices. Mined gold output totaled 65 tonnes in the first nine months (up 20% YoY), with Q3 production up 7% quarter-on-quarter, underscoring agile operational execution.

Key contributors to gold output growth included:

- Akyem Gold Mine in Ghana: contributed 3.2 tonnes in the five months post-acquisition; 

- Sawaya’erdun Gold Mine in Xinjiang: newly commissioned; 

- Yixingzhai in Shanxi, Shuiyindong in Guizhou, and Bor Copper-Gold Mine in Serbia: achieved higher throughput at processing plants.

Zijin’s overseas gold mining arm, Zijin Gold International, completed a successful spin-off and listing on the HKEX Main Board on September 30 as a pure-play global gold miner, raising HK$28.7 billion. Since listing, its share price has doubled versus the issue price, with a latest market capitalization of approximately HK$400 billion, ranking No. 4 globally among listed gold miners. The flotation has improved Zijin’s capital structure and boosted the operational transparency and valuation of its international gold portfolio.

For the first three quarters, Zijin Gold International produced 32 tonnes of mined gold and delivered a net attributable profit of US$0.9 billion (RMB 6.5 billion). In October, it completed the acquisition of a 100% interest in the Raygorodok Gold Mine in Kazakhstan. The mine generated US$470 million in revenue and US$200 million in net profit in 2024. It will contribute to Zijin Gold International’s production and earnings this year, further strengthening growth visibility.

Zijin’s China-based gold operations also performed strongly, delivering 20 tonnes of mined gold and RMB 5 billion in net attributable profit in the first three quarters. Together, operations in China and overseas form a twin-engine gold platform, reinforcing Zijin’s leadership in the global gold industry.

Copper Segment: Positioned for the New Up-Cycle

Since the second half of 2024, copper prices have remained elevated on structurally tight supply (driven by resource depletion at key mine sites and slower-than-expected commissioning of new projects) and surging demand from EVs, solar and wind build-out, AI data centers, and power grid modernization.

After years of counter-cyclical M&A and global asset integration, Zijin has built a first-tier copper resource and capacity base:

- 9-month mined copper output: 830,000 tonnes, up 5% YoY. 

- Phase II at Julong Copper in Xizang: on track for commissioning by year-end 2025, serving as the core source of future copper growth and significantly enhancing the company’s global copper supply capability. 

Zijin continues to step up global exploration, holding multiple world-class copper projects with top-notch resource endowment and mining potential and underpinning sustainable copper growth. This robust pipeline positions Zijin to fully capitalize on the strong, long-term demand driven by the global energy transition and technology revolution.

Operational Excellence: Enhancing the Moat of Low Costs

Alongside top-line and earnings growth, Zijin further strengthened its cost leadership and operating discipline:

- Proactive inventory management: company-wide initiatives to refine inventory management and accelerate turnover. At Bayannur Zijin, a zinc smelter operator, a newly launched intelligent system enables precise inventory storage duration analytics and real-time transparency, shifting decision-making from experience-driven to data-driven. 

- Digital and intelligent operations: This underpins the transformation of Zijin’s global operations management system and innovation-driven growth. For instance, Heilongjiang Zijin Copper is advancing from smart-factory toward “lights-out” operations, significantly improving productivity and safety, and accelerating the transition to low-manpower, autonomous and intelligent production. 

Through continuous technological innovation, management optimization and refined operations, Zijin’s core mines maintain low production costs in the industry, demonstrating strong profitability and risk resilience. In the first three quarters, the company’s consolidated gross margin reached 24.9%, up 5.4 percentage points year-on-year. Mine-site gross margin was 60.6%, up 2.9 percentage points year-on-year.