On October 22, Zijin, a leading global metals miner, announced that it had completed the acquisition of a 25.85% interest in Chifeng Jilong Gold Mining Group Limited (“Chifeng Gold”) through its wholly owned subsidiaries, giving it control of the gold producer. The transaction further expands Zijin’s gold resource base and boosts its production volumes.

Listed on both Shanghai and Hong Kong stock exchanges, Chifeng Gold is a fast-growing gold producer with six gold mines and one polymetallic mine spread across China, Southeast Asia and West Africa. It holds 583 tonnes of gold resources at an average grade of 1.54 grams per tonne. With gold at the core of its strategy, the company has expanded mined gold production at a compound annual growth rate of 26% over the past five years, reflecting significant gains in profitability and overall operational performance. In 2025, it produced 14.5 tonnes of mined gold and generated net profit attributable to shareholders of approximately RMB 3.1 billion, up 75% year-on-year.

Against the backdrop of rising geopolitical uncertainty, growing resource nationalism and high debt levels in certain major economies, high-quality, producing gold assets are becoming increasingly scarce and attractive. The acquisition of control over Chifeng Gold adds to Zijin’s gold business a portfolio of operating mines with favorable ore-forming conditions and excellent resource endowment. The deal also expands Zijin’s footprint across major gold mineralization belts, boosting its gold resource base, increasing production and reinforcing its position in the global gold mining industry.

Following completion of the transaction, Zijin will move quickly to reconstitute Chifeng Gold’s board of directors, drive business synergy and strengthen its operations. Drawing on its expertise in geological exploration, including deep-level exploration, Zijin will support systematic exploration across Chifeng Gold’s assets to increase resources and reserves and to identify new opportunities to do so.

Zijin will also apply its integrated mining operations management model across Chifeng Gold’s portfolio to optimize operations and cost performance. Specifically, it will take steps to help improve quality, increase volumes, control costs and boost profitability, to support Chifeng Gold’s sustainable growth and enhance the investment value of both companies.