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02899
ZIJIN MINING
HKD
42.160-3.980
(-8.63%)
1D
AI Analysis for 02899
AI Analysis
High
45.220
Open
44.520
VWAP
43.00
Vol
115.00M
Mkt Cap
882.00B
Low
41.760
Amount
5.00B
EV/EBITDA(TTM)
20.00
Total Shares
27.00B
EV
1.00T
EV/OCF(TTM)
23.00
P/S(TTM)
4.00
Zijin Mining Group Co Ltd is a China-based company mainly engaged in mining business. The Company operates four segments: The products of the mineral products segment are mine-produced copper, mine-produced gold, mine-produced zinc concentrate, mine-produced lead concentrate, mine-produced silver, iron concentrate, tungsten concentrate, and molybdenum concentrate, involving all production links of the group's mining enterprises, such as mining, mineral processing and smelting. Smelting. The products of the smelting products segment are copper smelting, gold and silver smelting and processing, zinc ingots, and sulfuric acid. The trading segment mainly includes trading income from bulk commodities such as cathode copper. The other segments mainly include environmental protection income, copper tubes, copper strips, gold potassium cyanide, and other sales income.
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News
8.5
00:00 AMaastocksPinnedZIJIN MINING Launches USD1.5 Billion Convertible Bonds
Bond Issuance Announcement: ZIJIN MINING announced the issuance of USD1.5 billion zero coupon guaranteed convertible bonds due 2031, with an initial conversion price of HKD63.3 per share, representing a 37.19% premium over the previous day's closing price.
Use of Proceeds: The net proceeds of approximately USD1.527 billion will be used for capital expenditures related to the La Arena Project in Peru, as well as for working capital and other corporate purposes.
Conversion Shares: The bonds can be fully converted into about 185 million H shares, which accounts for approximately 2.99% of the issued H Shares and 0.69% of the enlarged total shares post-conversion.
Stock Exchange Listings: ZIJIN MINING plans to apply for the listing of the bonds on the Vienna MTF and for the conversion shares on the Hong Kong Stock Exchange.
8.5
01-29aastocksPinnedZIJIN MINING Allegedly Aims to Issue Zero-Coupon Convertible Bonds to Raise USD1.5 Billion
Bond Issuance: Zijin Mining plans to issue zero-coupon convertible bonds maturing in 2031 to raise $1.5 billion, with UBS and CLSA as joint bookrunners.
Use of Funds: The raised funds will be allocated for capital expenditure on the La Arena project in Peru, working capital, and other general corporate purposes.
4.5
02:32 AMaastocksGold Prices Decline from Recent Highs, Falling 4%; ZHAOJIN and ZIJIN Drop Approximately 10% and 9%
Gold Price Decline: Gold prices have retreated from historical peaks, with spot gold down 4% to USD5,159.07 per ounce, and gold futures for February delivery falling 3.45% to USD5,134.8 per ounce.
Impact on Gold Miners: HK-listed gold miners experienced significant declines, with ZHAOJIN MINING down 9.65%, ZIJIN MINING down 8.8% after issuing USD1.5 billion in convertible bonds, and SD GOLD down 12.72%.
Short Selling Activity: There was notable short selling activity among gold stocks, with ratios exceeding 15% for several companies, indicating bearish sentiment among investors.
Market Outlook: Morgan Stanley suggests that gold prices have not peaked, with a potential bull case predicting prices could reach USD5,700 in the second half of the year.
4.5
01:33 AMaastocksHSI Declines by 182 Points; Gold and Resource Stocks Fall; NWD Surges Over 5%
Market Performance: The Nasdaq fell by 0.7% due to a drop in Microsoft shares, while the DJIA rose slightly by 0.1%. Hong Kong's stock market also opened lower, with significant declines in various indices.
New World Development Rumors: There are rumors that New World Development is changing ownership, with Blackstone negotiating to become the largest shareholder, leading to a 5.6% increase in its stock price.
Gold and Resource Sector Declines: Gold prices saw a significant drop, affecting stocks like SD Gold and Zhaojin Mining, which opened lower. Other resource companies, including Jiangxi Copper and CMOC, also experienced declines.
Tech Sector Performance: Major tech stocks such as Tencent, Alibaba, and JD.com opened lower, reflecting a broader trend of declines in the technology sector amidst increased short selling activity.
2.0
01-29aastocksNet Inflow of HKD800.5M in Southbound Trading for TENCENT
Southbound Trading Inflows: TENCENT (00700.HK) and XIAOMI-W (01810.HK) saw significant Southbound Trading net inflows of HKD800.5 million and HKD643.1 million, respectively, while ZIJIN MINING (02899.HK), BABA-W (09988.HK), and SMIC (00981.HK) experienced notable outflows.
Short Selling Activity: TENCENT and XIAOMI had short selling amounts of $789.05 million and $1.09 billion, with respective ratios of 5.535% and 16.245%, indicating active trading interest in these stocks.
Money Flow
Over the past 66 trading days, overall net money flow is 318.00M, with retail investors contributing 115.00M and major investors adding 275.00M.
Net Buy $ Volume
Net Sell $ Volume
Goldman Sachs
Goldman Sachs
Buy
maintain
2026-01-29
New
Reason
The analyst rating from Goldman Sachs is based on the increased forecasts for gold and copper prices, which are expected to rise significantly in 2026-27. Specifically, Goldman Sachs raised its gold price forecasts by 10-16% and its copper price forecast by 7%. This positive outlook has led to an increase in earnings forecasts for Chinese copper and gold miners, with estimates rising by 9-33%. The report highlights that ZIJIN MINING and CMOC are top picks because they will benefit from both the rising commodity prices and growth in production. Consequently, Goldman Sachs has elevated the recurring earnings forecasts for both companies and maintained a Buy rating, reflecting confidence in their performance amid favorable market conditions.
Goldman Sachs
Buy
Price Target
2026-01-29
maintain
New
The analyst rating from Goldman Sachs is based on the increased forecasts for gold and copper prices, which are expected to rise significantly in 2026-27. Specifically, Goldman Sachs raised its gold price forecasts by 10-16% and its copper price forecast by 7%. This positive outlook has led to an increase in earnings forecasts for Chinese copper and gold miners, with estimates rising by 9-33%. The report highlights that ZIJIN MINING and CMOC are top picks because they will benefit from both the rising commodity prices and growth in production. Consequently, Goldman Sachs has elevated the recurring earnings forecasts for both companies and maintained a Buy rating, reflecting confidence in their performance amid favorable market conditions.
Morgan Stanley
Morgan Stanley
maintain
2026-01-29
New
Reason
The analyst rating for ZIJIN MINING was influenced by the company's expected increase in gold and copper production, along with its current attractive valuation level. Morgan Stanley raised its target price for the stock, indicating a positive outlook, and reiterated its Overweight rating.
Morgan Stanley
Price Target
2026-01-29
maintain
New
The analyst rating for ZIJIN MINING was influenced by the company's expected increase in gold and copper production, along with its current attractive valuation level. Morgan Stanley raised its target price for the stock, indicating a positive outlook, and reiterated its Overweight rating.
JPMorgan
Overweight
maintain
$48 / RMB45
2026-01-27
New
Reason
The analyst rating for ZIJIN MINING was influenced by several key factors highlighted in the article. JPMorgan expressed a more positive outlook on the company's output growth, driven by the following reasons:
1. Strong Commodity Prices: There is a favorable trend in commodity prices, which is expected to benefit the company's performance.
2. Mergers and Acquisitions: Anticipated new mergers and acquisitions at reasonable prices are seen as potential positive catalysts for the stock.
3. Output Guidance Updates: Expected updates to output guidance over the next 3-5 years are likely to enhance the company's growth prospects.
As a result of these factors, JPMorgan maintained its target prices for ZIJIN MINING's H-/A-shares and rated them as Overweight, making the company a top pick in the basic materials sector.
JPMorgan
Overweight
Price Target
$48 / RMB45
2026-01-27
maintain
New
The analyst rating for ZIJIN MINING was influenced by several key factors highlighted in the article. JPMorgan expressed a more positive outlook on the company's output growth, driven by the following reasons:
1. Strong Commodity Prices: There is a favorable trend in commodity prices, which is expected to benefit the company's performance.
2. Mergers and Acquisitions: Anticipated new mergers and acquisitions at reasonable prices are seen as potential positive catalysts for the stock.
3. Output Guidance Updates: Expected updates to output guidance over the next 3-5 years are likely to enhance the company's growth prospects.
As a result of these factors, JPMorgan maintained its target prices for ZIJIN MINING's H-/A-shares and rated them as Overweight, making the company a top pick in the basic materials sector.
Morgan Stanley
Morgan Stanley
Overweight
maintain
$46.1
2025-12-31
Reason
The analyst rating for ZIJIN MINING was maintained at Overweight by Morgan Stanley due to the company's 2025 preliminary results being largely in line with expectations. The reported net profit of RMB51-52 billion, which represents a significant year-over-year increase of 59-62%, was close to the broker's forecast of RMB52.4 billion. Despite a lower implied profit for 4Q25 compared to 3Q25, the overall performance met expectations, justifying the positive rating and a target price of $46.1.
Morgan Stanley
Overweight
Price Target
$46.1
2025-12-31
maintain
The analyst rating for ZIJIN MINING was maintained at Overweight by Morgan Stanley due to the company's 2025 preliminary results being largely in line with expectations. The reported net profit of RMB51-52 billion, which represents a significant year-over-year increase of 59-62%, was close to the broker's forecast of RMB52.4 billion. Despite a lower implied profit for 4Q25 compared to 3Q25, the overall performance met expectations, justifying the positive rating and a target price of $46.1.
Macquarie
Macquarie
upgrade
$40
2025-12-22
Reason
The analyst rating for ZIJIN MINING was elevated to "Outperform" by Macquarie due to several key factors:
1. Updated Production Guidance: The company updated its copper output guidance for the Kamoa-Kakula project, alleviating earlier concerns about potential production disruptions. The new guidance for 2026/2027 is set at 380,000-420,000 tonnes and 500,000-540,000 tonnes, respectively.
2. Increased Price Forecasts: Macquarie raised its gold price forecasts for 2025-2027 by 2%, 22%, and 35%, and copper price forecasts by 2%, 13%, and 0% for the same period, indicating a more favorable outlook for commodity prices.
3. Higher Earnings Forecasts: The broker also lifted its earnings forecasts for ZIJIN MINING by 20%, 61%, and 35% for the same period, reflecting improved profitability expectations.
4. Target Price Increase: As a result of these positive developments, Macquarie increased its target price for ZIJIN MINING by 75% to $40, which corresponds to a projected 2026 PE ratio of 9.6x.
These factors combined led to the decision to maintain an "Outperform" rating on the stock.
Macquarie
Price Target
$40
2025-12-22
upgrade
The analyst rating for ZIJIN MINING was elevated to "Outperform" by Macquarie due to several key factors:
1. Updated Production Guidance: The company updated its copper output guidance for the Kamoa-Kakula project, alleviating earlier concerns about potential production disruptions. The new guidance for 2026/2027 is set at 380,000-420,000 tonnes and 500,000-540,000 tonnes, respectively.
2. Increased Price Forecasts: Macquarie raised its gold price forecasts for 2025-2027 by 2%, 22%, and 35%, and copper price forecasts by 2%, 13%, and 0% for the same period, indicating a more favorable outlook for commodity prices.
3. Higher Earnings Forecasts: The broker also lifted its earnings forecasts for ZIJIN MINING by 20%, 61%, and 35% for the same period, reflecting improved profitability expectations.
4. Target Price Increase: As a result of these positive developments, Macquarie increased its target price for ZIJIN MINING by 75% to $40, which corresponds to a projected 2026 PE ratio of 9.6x.
These factors combined led to the decision to maintain an "Outperform" rating on the stock.
Citi Research
NULL
to
Buy
initiated
$39
2025-11-14
Reason
The analyst rating for ZIJIN MINING was upgraded to "Buy" by Citi Research due to the company's strategic focus on increasing gold production, with a target of 100 tons annually by 2030, and its plans for growth through both internal enhancements and acquisitions, particularly in South America and Africa. Additionally, the expectation of continued upside potential in gold prices contributed to the positive outlook. The broker set a target price of $39 for the stock.
Citi Research
NULL
to
Buy
Price Target
$39
2025-11-14
initiated
The analyst rating for ZIJIN MINING was upgraded to "Buy" by Citi Research due to the company's strategic focus on increasing gold production, with a target of 100 tons annually by 2030, and its plans for growth through both internal enhancements and acquisitions, particularly in South America and Africa. Additionally, the expectation of continued upside potential in gold prices contributed to the positive outlook. The broker set a target price of $39 for the stock.
Morgan Stanley
Morgan Stanley
resumed
$46.1
2025-11-06
Reason
The analyst rating for ZIJIN MINING is based on Morgan Stanley's assessment of the copper supply-demand gap, which is expected to widen by 2026 due to recent copper mine accidents. The firm believes that copper prices have significant upward potential. Additionally, Morgan Stanley highlights ZIJIN MINING's operational model that supports sustained growth, projecting a compound annual growth rate (CAGR) of 10.5% in copper production and 7.3% in gold production from 2025 to 2028. This positive outlook has led Morgan Stanley to set a target price of HKD46.1 and assign an Overweight rating to ZIJIN MINING.
Morgan Stanley
Price Target
$46.1
2025-11-06
resumed
The analyst rating for ZIJIN MINING is based on Morgan Stanley's assessment of the copper supply-demand gap, which is expected to widen by 2026 due to recent copper mine accidents. The firm believes that copper prices have significant upward potential. Additionally, Morgan Stanley highlights ZIJIN MINING's operational model that supports sustained growth, projecting a compound annual growth rate (CAGR) of 10.5% in copper production and 7.3% in gold production from 2025 to 2028. This positive outlook has led Morgan Stanley to set a target price of HKD46.1 and assign an Overweight rating to ZIJIN MINING.
CICC
CICC
Outperform
upgrade
$40
2025-10-22
Reason
The analyst rating for ZIJIN MINING was kept at "Outperform" by CICC due to the company's strong performance in the first three quarters of 2025, where revenue and net profit attributable to shareholders rose significantly year-over-year. Additionally, the net profit for the third quarter exceeded market expectations, primarily driven by better-than-expected non-operating income. CICC also raised its target price for the stock by 33% to HKD40, reflecting confidence in the company's future performance.
CICC
Outperform
Price Target
$40
2025-10-22
upgrade
The analyst rating for ZIJIN MINING was kept at "Outperform" by CICC due to the company's strong performance in the first three quarters of 2025, where revenue and net profit attributable to shareholders rose significantly year-over-year. Additionally, the net profit for the third quarter exceeded market expectations, primarily driven by better-than-expected non-operating income. CICC also raised its target price for the stock by 33% to HKD40, reflecting confidence in the company's future performance.
Jefferies
upgrade
2025-10-22
Reason
The analyst rating from Jefferies for ZIJIN MINING is a "Buy" due to several positive factors highlighted in their research report. The company's 3Q25 net profit after tax grew by 11% quarter-over-quarter (QoQ) and 57% year-over-year (YoY), slightly exceeding the broker's expectations. Additionally, ZIJIN MINING's recurring net profit also met expectations with a 6% QoQ and 50% YoY increase. The company's gold production rose significantly, with a 7% QoQ and 26% YoY increase, and the recent acquisition of the Raygorodok gold mine is expected to boost full-year gold production beyond initial guidance. As a result, Jefferies raised its target price for the stock, reflecting confidence in the company's performance and growth prospects.
Jefferies
Price Target
2025-10-22
upgrade
The analyst rating from Jefferies for ZIJIN MINING is a "Buy" due to several positive factors highlighted in their research report. The company's 3Q25 net profit after tax grew by 11% quarter-over-quarter (QoQ) and 57% year-over-year (YoY), slightly exceeding the broker's expectations. Additionally, ZIJIN MINING's recurring net profit also met expectations with a 6% QoQ and 50% YoY increase. The company's gold production rose significantly, with a 7% QoQ and 26% YoY increase, and the recent acquisition of the Raygorodok gold mine is expected to boost full-year gold production beyond initial guidance. As a result, Jefferies raised its target price for the stock, reflecting confidence in the company's performance and growth prospects.
JPMorgan
JPMorgan
upgrade
$28 -> $42
2025-10-21
Reason
The analyst rating for ZIJIN MINING (02899.HK) is positive due to several key factors:
1. Resilient Growth Trajectory: The company's 3Q25 operating performance indicates strong growth.
2. Constructive Outlook for Metal Prices: There are favorable macro and micro conditions expected for gold and copper prices.
3. Successful Spin-off: The spin-off and listing of its overseas business have created new growth opportunities.
4. Increased Profit Contribution from Gold: The gold sector is becoming a significant profit growth engine for the company.
5. Upward Revision of Earnings Forecasts: JPMorgan raised its earnings forecasts for 2025-27 by 9-20% in light of the upward trend in metal prices and ZIJIN MINING's strong production fundamentals.
As a result, JPMorgan raised the target price from HKD28 to HKD42 and maintained an Overweight rating, designating ZIJIN MINING as its top pick in the industry.
JPMorgan
Price Target
$28 -> $42
2025-10-21
upgrade
The analyst rating for ZIJIN MINING (02899.HK) is positive due to several key factors:
1. Resilient Growth Trajectory: The company's 3Q25 operating performance indicates strong growth.
2. Constructive Outlook for Metal Prices: There are favorable macro and micro conditions expected for gold and copper prices.
3. Successful Spin-off: The spin-off and listing of its overseas business have created new growth opportunities.
4. Increased Profit Contribution from Gold: The gold sector is becoming a significant profit growth engine for the company.
5. Upward Revision of Earnings Forecasts: JPMorgan raised its earnings forecasts for 2025-27 by 9-20% in light of the upward trend in metal prices and ZIJIN MINING's strong production fundamentals.
As a result, JPMorgan raised the target price from HKD28 to HKD42 and maintained an Overweight rating, designating ZIJIN MINING as its top pick in the industry.
Valuation Metrics
Forward PE
N/A
5Y Average PE
0.98
Current PE
14.54
Overvalued PE
4.81
Undervalued PE
-2.85
Forward EV/EBITDA
N/A
5Y Average EV/EBITDA
9.01
Current EV/EBITDA
0.00
Overvalued EV/EBITDA
10.11
Undervalued EV/EBITDA
7.92
Forward PS
N/A
5Y Average PS
1.21
Current PS
0.00
Overvalued PS
1.54
Undervalued PS
0.89
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