On 30 December 2025, Zijin Mining, a leading global metals miner, announced estimated results for the year 2025, projecting a net profit attributable to shareholders of approximately RMB 51 billion to 52 billion. This represents a record growth rate of 59% to 62% year-on-year, driven by strong production expansion, operational efficiency, and favorable commodity prices.
In 2025, the company’s valuation was re-rated by the capital markets, crossing several milestones to surpass RMB 880 billion. This revaluation places Zijin among the world’s top three listed metals and mining companies, alongside BHP and Rio Tinto.
In the announcement, the company also provided production guidance for 2026, including 105 tonnes of mined gold, 1.2 million tonnes of mined copper, 120,000 tonnes of lithium carbonate equivalent (LCE), and 520 tonnes of mined silver. Achieving these goals would mark another year of robust growth. Notably, reaching the guidance for gold would see Zijin pass the 100-tonne production milestone two years ahead of schedule.
Higher Volumes and Efficiency amid Rising Prices
Zijin’s record performance in 2025 is attributed to increased production volumes and favorable prices for its main commodities, alongside continuous improvements in operational efficiency. The company capitalized on a structural bull market for commodities such as gold and copper in 2025. Its mined gold output for the year was 90 tonnes, a year-on-year growth of 23.5%. Just as prices surged for the market’s most coveted metal, Zijin delivered significant growth in gold volumes, exceeding its annual production target. Mined copper production also grew, rising 2% year-on-year to reach 1.09 million tonnes.
Meanwhile, with acquisition deals closed and growth projects having reached critical milestones, the company’s foundation for sustained growth has been solidified:
l Gold: Production was boosted by the completion of the acquisition of the producing Akyem Gold Mine in Ghana (100% ownership; 5.8 tonnes in average annual output), and the Raygorodok Gold Mine in Kazakhstan in October (5.5 tonnes in average annual output).
l Copper: The Phase II expansion of the Julong Copper Mine began integrated commissioning on December 29. At full capacity, Julong’s Phase I and Phase II will have a combined daily processing capacity of 350,000 tonnes, producing 300,000 to 350,000 tonnes of mined copper per annum. Furthermore, Kamoa Copper’s smelter, an operation led by Zijin, successfully produced its first anode plates, marking the start of trial production at Africa’s largest smelter. At nameplate capacity, the smelter will enable Kamoa Copper to shift from selling copper concentrate to anode plates, saving more than US$300 million in freight costs every year and generating significant returns from the sales of sulfuric acid, a byproduct.
l Lithium: Two lithium brine projects—Lakkor Tso and Tres Quebradas, along with the Xiangyuan hard-rock lithium mine in Hunan, were put into operation within the year. Lithium is expected to become a new growth driver for Zijin.
Capital Market Initiatives Unlock Significant Value
Zijin also made historic breakthroughs in the capital markets in 2025. As the value of gold was redefined by the market, the company successfully spun off and listed Zijin Gold International, its overseas gold arm, on the main board of the Hong Kong Stock Exchange in September. The flotation established a separate platform for its gold assets outside China and raised HK$28.7 billion. With assets that generate 20% of its profits, Zijin created the world’s fourth-largest gold miner, with a market cap of nearly HK$400 billion. The IPO also significantly increased Zijin’s overall valuation and shareholder returns.
Meanwhile, the company closed the acquisition of a controlling stake in A-share listed Zangge Mining, securing absolute control of the Julong Copper Mine. The acquisition also boosted its copper and lithium resources and added potash to its portfolio. Thanks to the strong operational support provided by Zijin, Zangge’s share price has surged by 137% since Zijin became its controlling shareholder, bringing its market cap to over RMB 130 billion.
These moves have established a 1 plus 3 structure in the capital markets, with Zijin Mining as the parent company, overseeing a portfolio of three other listed firms: Zijin Gold International, Zangge Mining, and Fujian Longking Environmental Protection. The four companies’ combined market value exceeds RMB 1.3 trillion.