Key Takeaways from Zijin Mining Group Conference Call Company Overview - **Company**: Zijin Mining Group (Ticker: 2899.HK) - **Industry**: Greater China Materials - **Market Cap**: US$107.861 billion as of November 20, 2025 - **Current Stock Price**: HK$31.12 - **Price Target**: HK$46.10, representing a 48% upside potential [5][5][5] Copper Production Insights - **2025 Copper Output**: Expected to be approximately 1.1 million tons, revised down from earlier guidance of 1.15 million tons, primarily due to reduced output from the KK mine [4][7][7] - **Production Costs**: Anticipated to remain between Rmb21,000-23,000 per ton in the coming years, with a reported cost of Rmb22,100 per ton in Q3 2025 [2][2][2] - **Julong Copper Mine Phase II**: Set to commence production by the end of 2025, with an additional output of 100,000 tons expected in 2026 [1][1][1] - **Serbia Copper Complex Expansion**: Completion expected around 2027, slightly delayed due to the new block caving method requiring longer approval times [1][1][1] Lithium Production Insights - **Lakkor Tso Production**: Started in early 2025, expected to deliver 10,000 tons of Lithium Carbonate Equivalent (LCE) in 2025 and 20,000 tons in 2026, with production costs around Rmb35,000-40,000 per ton LCE [3][3][3] - **3Q Project**: Began production in September 2025, with an estimated output of 20,000-30,000 tons LCE in 2026 and a unit cost of Rmb60,000 per ton LCE [3][3][3] - **Xiangyuan Project**: Expected to start production by the end of 2025, with a capacity of 40,000 tons LCE and an expected output of 30,000 tons in 2026 at a unit cost of Rmb50,000-55,000 per ton LCE [3][3][3] - **Future Plans**: Zijin aims to achieve 250,000-300,000 tons per year of LCE lithium production by 2028 [3][3][3] Financial Performance Metrics - **Revenue Projections**: Expected net revenue for 2025 is Rmb354.239 billion, increasing to Rmb411.130 billion in 2026 [5][5][5] - **Earnings Per Share (EPS)**: Projected EPS for 2025 is Rmb1.97, with further growth expected in subsequent years [5][5][5] - **Return on Equity (ROE)**: Expected to be 37.5% in 2025, indicating strong profitability [5][5][5] Risks and Opportunities - **Upside Risks**: Stronger copper prices due to robust demand or supply disruptions in key copper-producing countries, along with volume increases from project ramp-ups [11][11][11] - **Downside Risks**: Weaker copper prices driven by economic downturns, project execution misses, and geopolitical risks affecting production [11][11][11] Conclusion Zijin Mining Group is positioned for growth in both copper and lithium production, with strategic expansions and cost management in place. However, the company faces potential risks from market fluctuations and geopolitical factors that could impact its operations and profitability.

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the basic materials sector in China, particularly metals, power equipment, and energy storage systems (ESS) [1] - Featured insights from 35 experts and companies, including Zijin, Chalco, Hongqiao, CMOC, and CGN Mining [1] Aluminum Sector - **Demand and Supply Dynamics**: Strong aluminum demand driven by electrification and substitution for copper, with a price ratio of approximately 4x [2][8] - **Market Prices**: Aluminum prices exceeded Hongqiao's previous guidance of RMB 20,600–21,300 per ton, supported by fundamentals and potential global smelter shutdowns [2][9] - **Cost Drivers**: Power tariffs are a significant cost factor, with Hongqiao's average tariff at RMB 0.38/kWh in Q3 [2][10] - **Strategic Initiatives**: Hongqiao plans to increase capacity from 1.96 million tons to 2.16 million tons by year-end and is focusing on overseas bauxite expansion [2][11][12] Copper Sector - **Price Forecast**: SMM forecasts copper prices to average US$10,600–11,200 per ton in 2026, with potential spikes to US$12,000 per ton due to tight supply [3][18] - **Supply and Demand**: Global copper supply expected to rise by ~900kt next year, with demand growth projected at ~3%, primarily from EVs and wind power [3][20] - **Production Challenges**: Zijin's 2025 copper output may fall short due to the suspension of the Kakula mine, but long-term guidance remains intact [3][21] Uranium Sector - **Market Revival**: Uranium demand is rebounding as nuclear power becomes a stable energy source for AI and data centers, with a supply-demand gap of ~60kt vs. ~75kt [4][32] - **Price Stability**: Spot prices hover around USD80/lb, with term contracts limiting downside risk [4][32] - **Future Demand Drivers**: Increased nuclear power station construction and the deployment of small modular reactors (SMRs) are expected to drive future uranium demand [4][30] Tungsten and Molybdenum - **Tungsten Market**: Faces a structural deficit with China producing 83% of global tungsten. Domestic concentrate prices have doubled YoY to RMB 300k/t due to supply constraints [35] - **Molybdenum Trends**: China supplies ~50% of global molybdenum, with demand outpacing supply growth. Prices are expected to remain firm through 2030 [36] Strategic Initiatives and Financial Outlook - **Chalco's Capex**: Projected future capital expenditure of RMB 15-20 billion annually, focusing on resource extension and operational efficiency [2][17] - **Shareholder Returns**: Hongqiao is considering a share buyback exceeding US$3 billion, indicating confidence in cash flow and growth prospects [2][12] - **CMOC's Financial Position**: Strong operational performance with a projected annual capex of USD1 billion for the next few years [24][26] Investment Risks - **Market Risks**: Potential asset impairments and economic shutdowns in alumina operations could pose risks to future performance [17] - **Geopolitical Risks**: Geopolitical tensions may affect supply chains and market stability, particularly in uranium and tungsten sectors [30][35] Conclusion - The conference highlighted robust demand across the metals sector, with strategic initiatives aimed at enhancing production capacity and shareholder value. However, challenges such as supply constraints, geopolitical risks, and fluctuating prices remain critical considerations for investors.

Flash | 16 Nov 2025 18:22:27 ET │ 11 pages Zijin Mining (2899.HK) What's New from Citi 2025 China Conference: Mine Gold and Copper Output Maintain Decent Growth CITI'S TAKE We hosted meetings for Zijin Mining on Nov 13th at our China Conference in Shanghai. Ms. Krystal Chen, IR Manager, attended the meeting. Below are our key takeaways. Mine gold output – Mine gold output is 65t in 9M25, +20% YoY, mainly driven by newly acquired Akyem mine and increasing output from Sawaya'erdun gold mine. Mgmt. expects the ...

Investment Rating - The report maintains a positive outlook on the metals industry, indicating an upward cycle despite liquidity disturbances [2][3]. Core Views - The Federal Reserve's indecisiveness regarding interest rate cuts and changing market sentiment towards AI narratives have led to fluctuations in base metal prices. However, the fundamentals for energy metals remain strong, with prices trending upwards [2][3]. Summary by Sections 1. Precious Metals - Market sentiment is affected by volatility in risk assets and central banks reducing gold reserves. The Federal Reserve's mixed economic assessments and fluctuating expectations for a December rate cut dominate the market [5][7]. - Gold prices as of November 21: SHFE gold decreased by 3.36% to 926.94 CNY/g, while COMEX gold fell by 0.77% to 4062.80 USD/oz [7][25]. - China's gold reserves increased by 30,000 ounces to 7,409 million ounces as of the end of October, marking 12 consecutive months of growth [7]. 2. Copper - Copper prices are under pressure due to fluctuating expectations for interest rate cuts. As of November 21, SHFE copper decreased by 1.43% to 85,660 CNY/ton, and LME copper fell by 0.69% to 10,777.5 USD/ton [10][22]. - The supply side is impacted by an accident in the Democratic Republic of Congo, while demand remains strong, particularly from AI data centers and power grids [10][22]. 3. Aluminum - Aluminum prices are experiencing high volatility due to macroeconomic expectations. As of November 21, SHFE aluminum decreased by 2.29% to 21,340 CNY/ton, and LME aluminum fell by 2.54% to 2,786 USD/ton [9][22]. - Domestic electrolytic aluminum supply remains stable, while overseas supply concerns persist. The processing operating rate is steady at 62% [9][22]. 4. Energy Metals - The lithium sector shows strong demand, with lithium prices trending upwards. As of last week, lithium carbonate production was 22,100 tons, up by 585 tons, while inventory decreased by 2,052 tons [11]. - Cobalt prices remain high due to tight upstream raw material supply, while demand from the downstream sector is cautious [11]. 5. Rare Earths - Prices for praseodymium and neodymium have slightly increased before retreating, with no significant changes in the fundamentals. As of November 21, prices were 549,000 CNY/ton for praseodymium and neodymium, and 1,485,000 CNY/ton for dysprosium [12].

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, despite short-term interest rate cut expectations suppressing market performance [3]. Core Views - The report highlights that the high prosperity trend in the sector remains unchanged, with a focus on the recovery potential of precious metals and stable supply-demand dynamics in industrial metals [4][5]. Weekly Market Review - The Shanghai Composite Index fell by 3.90%, while the Shenzhen Component Index dropped by 5.13%. The non-ferrous metals index decreased by 6.75%, underperforming the CSI 300 Index by 2.98 percentage points [5][6]. - Year-to-date, the non-ferrous metals index has risen by 65.71%, outperforming the CSI 300 Index by 52.53 percentage points [7]. Price Changes - Industrial metals and precious metals saw price fluctuations, with LME copper down by 0.69% and COMEX gold down by 0.53% [4][14]. - Lithium prices increased significantly, with lithium spodumene up by 17.84% and battery-grade lithium carbonate up by 6.90% [4][16]. Precious Metals - The report notes that the U.S. non-farm payrolls exceeded expectations, impacting gold prices. The long-term outlook for gold remains positive due to ongoing central bank purchases and a low current gold reserve in China [4][19]. - The report suggests focusing on companies like Shandong Gold, Zhaojin Mining, and Zijin Mining for potential investment opportunities in the precious metals sector [4][17]. Industrial Metals - Copper demand is expected to remain strong, with supply disruptions anticipated due to a recent landslide at Freeport's Grasberg mine, potentially reducing global copper supply by about 2.2% [4][29]. - The report recommends关注 companies such as Zijin Mining, Luoyang Molybdenum, and Tongling Nonferrous Metals for copper investments [4][17]. Aluminum - The aluminum sector is expected to see a tightening supply-demand balance, with domestic production capacity constraints. The report suggests关注 companies like China Aluminum and Xinjiang Zhonghe for investment [4][42]. - The report indicates that the average profit in the electrolytic aluminum industry is approximately 5,489 yuan per ton, with costs decreasing slightly [4][44]. Steel - The steel production is on the rise, with a decrease in inventory levels. The report highlights the importance of monitoring supply adjustments and export demand [4][18]. - Companies like Baosteel and Shagang Group are identified as stable dividend-paying stocks worth关注 [4][18]. Key Company Valuations - The report provides detailed valuations for key companies in the non-ferrous metals and steel sectors, indicating potential investment opportunities based on their earnings and price-to-earnings ratios [4][17][18].

"在设计阶段我们就考虑到运输限制，图纸提前报送中国船级社（CCS）预审，并邀请客户实地考 察自动化产线。"新能船业总工程师丁明师说，经过三轮技术磋商，紫金矿业最终认可了这一方案。 首艘船舶顺利下水，比合同节点提前9天完成，不仅体现了中国速度，也为解决内陆地区大型船舶 运输难题提供了可复制的样本。据介绍，"金航一号"总长70.08米，型宽15米，续航能力达1000海里。 为保障船舶长期稳定运营，新能船业还在坦桑尼亚设立了海外办事处，构建本地服务网络，并派驻 技术团队长期支援。 在国家"双碳"战略指引下，济宁能源集团依托京杭大运河"黄金水道"和内河航运全产业链优势，抢 抓内河船舶更新换代新机遇，与武汉理工大学、宁德时代等合作，建成投产全国首个集研发设计、智能 制造于一体的新能船业内河新能源船舶示范基地，开启"气化运河""电化运河"新赛道。目前，公司已具 备2000—5000吨级内河新能源船舶大规模批量化建造能力，在手各类订单船舶185艘，成功交付61艘。 （记者 吕光社 通讯员 冯劲舸） "所有单位，准备脱钩放船！"北京时间11月21日21：50，伴随着指挥的号令，由山东新能船业有限 公司（以下简称"新能船业"） ...

Group 1 - The metal cobalt sector experienced a decline of 6.57%, ranking among the top losers in the market, with companies like Ganfeng Lithium and Hainan Mining hitting the daily limit down [1] - Major stocks within the metal cobalt sector saw significant net outflows, totaling 5.546 billion yuan, with Ganfeng Lithium leading the outflow at 1.011 billion yuan [2] - Other companies with notable net outflows include Huayou Cobalt, Zijin Mining, and Greeenme, with outflows of 900 million yuan, 586 million yuan, and 393 million yuan respectively [2] Group 2 - The top gainers and losers in various concept sectors were reported, with the titanium dioxide concept down by 7.12% and the Sora concept slightly up by 0.31% [2] - The trading volume for Ganfeng Lithium was 7.98%, while its stock price dropped by 10% [3] - Other companies in the metal cobalt sector, such as Rongbai Technology and Hanrui Cobalt, also faced significant declines of 11.99% and 10.98% respectively [3]

Group 1 - The Hang Seng Index Company announced the quarterly index review results for the Hang Seng ESG Enhanced Index, Hang Seng ESG Enhanced Select Index, and Hang Seng National Index ESG Enhanced Index, effective from December 8, 2025 [1] - The number of constituents in the Hang Seng ESG Enhanced Index will increase from 76 to 77, with the inclusion of Innovent Biologics (01801) and Zijin Mining (02899), while Cheung Kong (00001) will be removed [1][3] - The Hang Seng ESG Enhanced Select Index will also see the addition of Innovent Biologics (01801) and Zijin Mining (02899), increasing its constituents from 74 to 75, with Cheung Kong (00001) being excluded [3][4] Group 2 - The Hang Seng National Index ESG Enhanced Index will include China National Offshore Oil Corporation (00883), Innovent Biologics (01801), and Yum China (09987), maintaining a total of 45 constituents [5] - The inclusion of these companies reflects a focus on ESG criteria within the indices [1][5]

Group 1 - The Hang Seng Index Company announced the quarterly index review results for the Hang Seng ESG Enhanced Index, Hang Seng ESG Enhanced Select Index, and Hang Seng China Enterprises ESG Enhanced Index, effective from December 8, 2025 [1] - The number of constituents in the Hang Seng ESG Enhanced Index will increase from 76 to 77, with the inclusion of Innovent Biologics (01801) and Zijin Mining Group (02899), while Cheung Kong (00001) will be removed [1][3] - The Hang Seng ESG Enhanced Select Index will also see the addition of Innovent Biologics (01801) and Zijin Mining Group (02899), increasing its constituents from 74 to 75, with Cheung Kong (00001) being removed [1][3] Group 2 - The Hang Seng China Enterprises ESG Enhanced Index will include China National Offshore Oil Corporation (00883), Innovent Biologics (01801), and Yum China Holdings (09987), maintaining a total of 45 constituents [1][5] - The inclusion of these companies reflects a focus on enhancing the ESG profile of the indices [1]

Group 1: Core Insights - The weakening credit of US Treasury bonds highlights the monetary reserve attribute of gold, with the ratio of US debt to GDP rising from 60% in 2008 to 119% in September 2025, leading to increased concerns about the sustainability of US debt and boosting gold's appeal as a safe-haven asset [1][22][19] - The Federal Reserve's ongoing interest rate cuts are expected to benefit gold prices, as a decrease in risk-free returns lowers the opportunity cost of holding gold, encouraging capital inflow into the gold market [2][26] - The trend of de-dollarization is accelerating, with central banks globally increasing their gold purchases, as the dollar's share in global reserves has decreased from 71% in 1999 to 57% by Q4 2024, indicating a shift towards gold as a reserve asset [3][36][39] Group 2: Investment Recommendations - The report suggests focusing on companies with advanced technology and resource advantages, specifically Zijin Mining, Shandong Gold, and Chifeng Jilong Gold Mining [4][45] - Zijin Mining is highlighted as a leading gold producer with a strong global presence, reporting a revenue of 254.2 billion yuan in the first three quarters of 2025, a 10.3% increase year-on-year, and a net profit of 37.86 billion yuan, up 55.5% [45][46] - Shandong Gold has seen a significant increase in revenue, reaching 83.78 billion yuan in the first three quarters of 2025, a 25.0% year-on-year growth, with a net profit of 3.96 billion yuan, up 91.5% [50][52] - Chifeng Jilong Gold reported a revenue of 8.64 billion yuan in the first three quarters of 2025, a 38.9% increase year-on-year, with a net profit of 2.06 billion yuan, up 86.2% [55][56]