Investment Rating - The report maintains a "Recommended" rating for the company [10][11]. Core Views - The acquisition of the La Arena gold mine in Peru is significant for the company, with a total consideration of $245 million and additional contingent payments [9]. - The La Arena project has substantial resource reserves, with confirmed and probable ore reserves of 22.6 million tons containing approximately 8 tons of gold and significant copper resources [9]. - The project is expected to enhance the company's resource base and support its production targets of 100-110 tons of gold and 1.5-1.6 million tons of copper by 2028 [10]. Financial Projections - The company forecasts net profits of 32.853 billion, 37.543 billion, and 42.566 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.24, 1.41, and 1.60 yuan [10][15]. - The projected revenue growth rates are 6.63% for 2024, 17.76% for 2025, and 7.26% for 2026, indicating a robust growth trajectory [15][19]. - The company's gross margin is expected to improve, with projections of 19.94% in 2024 and 19.28% in 2025 [15][19]. Cost Management - The cash cost of gold production is projected to rise to $1,362 per ounce in Q2 2024, primarily due to declining gold grades and increased mining costs [3][5]. - The company maintains a competitive cost control capability, with an estimated unit sales cost of approximately $1,034 per ounce for gold [6][10]. - The La Arena project is expected to further reduce production costs, enhancing profitability [7][10].

Investment Rating - The report maintains a "Buy" rating for Zijin Mining (601899) [3] Core Views - Zijin Mining is a global mining giant with world-class resources and production capacity, which will help the company achieve rapid production growth [2] - The acquisition of the La Arena gold and copper mine in Peru will further enhance the company's gold and copper resource reserves [5] - The La Arena project is expected to significantly contribute to Zijin Mining's 2028 production targets [5] - The company's net profit is forecasted to be 32.265 billion yuan, 38.451 billion yuan, and 45.119 billion yuan for 2024-2026, with EPS of 1.21 yuan, 1.45 yuan, and 1.70 yuan respectively [2][5] Acquisition Details - Zijin Mining's subsidiary, Jin Shan (Singapore) Mining, plans to acquire 100% equity in the La Arena gold mine and its Phase II project from Pan American Silver Corp for $245 million, with additional contingent payments of $50 million and a 1.5% royalty on net smelter returns from gold production [5][9] - The La Arena project has a total asset value of $320 million, with net assets of $165 million and a net profit of $10 million in 2023 [10] - The Phase II project has proven and controlled resources of 740 million tons, containing approximately 175.3 tons of gold and 2.627 million tons of copper [5][17] Production and Development - The La Arena Phase I project, operational since 2011, produces approximately 3 tons of gold annually, with a remaining service life of 3 years [20] - The Phase II project, still in the research phase, is expected to produce 100,000 tons of copper and 3.8 tons of gold annually once operational [20] - The project is located in a world-renowned metallogenic belt, with significant potential for further resource discovery [17] Financial Projections - Zijin Mining's revenue is expected to grow from 270.329 billion yuan in 2022 to 378.865 billion yuan in 2026, with a CAGR of 14.91% from 2024 to 2026 [6] - The company's EBITDA is projected to increase from 42.026 billion yuan in 2022 to 85.052 billion yuan in 2026 [6] - The P/E ratio is expected to decrease from 14.3x in 2024 to 10.2x in 2026, indicating potential undervaluation [6] Industry and Market Position - Zijin Mining operates in the non-ferrous metals/industrial metals sector and is positioned as a global leader with significant resource and production capabilities [3][5] - The company's strategic acquisitions and development projects are expected to strengthen its market position and resource base [5][17]

Core Viewpoint - Zijin Mining (601899) announced the acquisition of 100% equity in La Arena gold mine and its phase two project from Pan American Silver Corp. for a total consideration of $245 million, with additional contingent payments of $50 million after commercial production and a 1.5% net smelter return on gold [1] Group 1 - The acquisition price is set at $245 million [1] - There will be an additional contingent payment of $50 million after the phase two project reaches commercial production [1] - The company will also receive a 1.5% net smelter return on gold from the acquired assets [1]

证券代码：601899 股票简称：紫金矿业 编号：临 2024-061 紫金矿业集团股份有限公司 关于收购秘鲁La Arena金矿和二期项目的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 紫金矿业集团股份有限公司（以下简称"公司"）境外全资子公司金誊（新加 坡）矿业有限公司（以下简称"金誊矿业"）拟以 2.45 亿美元，以及二期项目商业化生 产后 5,000 万美元的或有付款和 1.5%黄金净冶炼收益的权益金为对价收购 Pan American Silver Corp.（"泛美白银"）旗下秘鲁 La Arena 金矿和二期项目（以下简称 "La Arena 项目"）100%权益。 本次交易已获得中国和加拿大相关政府部门的批准。本次交易的交割仍有待一 系列程序性条件的最终完成，敬请广大投资者注意投资风险。 （一）目标公司概况 一、交易概述 根据公司、金誊矿业与泛美白银及其 2 家子公司 Aquiline Resources Inc.和 0799714 B.C. Ltd.（以下合称"转让方"）签署的《股权收 ...

Investment Rating - The report maintains a "Buy" rating for Zijin Mining (2899) with a target price of HKD 22.34, representing a potential upside of 32% from the current price of HKD 16.92 [2]. Core Views - The report highlights that rising gold and copper prices, driven by economic uncertainties and demand for safe-haven assets, are expected to support the company's profitability [1]. - The company has shown significant growth in production volumes, particularly in gold and silver, while maintaining stable cost levels [1]. - New projects, such as the acquisition of the Akyem gold mine in Ghana, are anticipated to enhance gold production in the future [1]. Financial Performance Summary - For the first three quarters of 2024, Zijin Mining reported revenue of CNY 230.396 billion, a year-on-year increase of 2.39%, and a net profit attributable to shareholders of CNY 24.357 billion, up 50.68% [1]. - In Q3 alone, the company achieved revenue of CNY 79.98 billion, a 7.11% increase year-on-year, and a net profit of CNY 9.273 billion, reflecting a 63.64% increase [1]. - The average price of gold reached USD 2,648.8 per ounce, a 13.64% increase since the end of June, while copper prices also remained at historical highs [1]. Production and Cost Analysis - The production volumes for key products in the first three quarters were as follows: gold at 54.3 tons (up 8.33%), silver at 331.1 tons (up 6.69%), and copper at 789,459 tons (up 4.67%) [1]. - The unit sales costs for copper concentrate, electrolytic copper, and refined copper were CNY 18,800, CNY 32,700, and CNY 35,700 per ton, with year-on-year changes of -4.16%, +5.49%, and -13.05% respectively [1]. - The report anticipates further cost reductions as production continues to ramp up in Q4 [1]. Future Projections - Revenue forecasts for 2024-2026 have been adjusted to CNY 325.8 billion, CNY 362.5 billion, and CNY 379.2 billion respectively, with net profit projections of CNY 30 billion, CNY 38.6 billion, and CNY 41.9 billion [1][3]. - The report indicates that the company is expected to maintain a high level of profitability, with a projected PE ratio of 18 times for 2024 [1].

致：香港交易及結算所有限公司 公司名稱: 紫金礦業集團股份有限公司 呈交日期: 2024年11月1日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601889 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 20,589,048,940 | | 0 | | 20,589,048,940 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 20,589,048,940 | | 0 | | 20,589,048,940 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Investment Rating - The investment rating for Zijin Mining (601899.SH) is "Buy" (maintained) [3] Core Views - The company reported a revenue of 230.396 billion yuan for Q3 2024, a year-on-year increase of 2.39%, and a net profit attributable to shareholders of 24.357 billion yuan, up 50.68% year-on-year [3] - The company is expanding its gold mining operations, with a significant acquisition of a gold mine in Ghana for 1 billion USD, expected to yield an average annual gold production of approximately 5.8 tons [4] - The company aims to accelerate its expansion plan, targeting to achieve its main economic indicators by 2028, two years ahead of the original 2030 timeline [4] Financial Performance Summary - Q3 2024 revenue reached 79.980 billion yuan, a year-on-year increase of 7.11% and a quarter-on-quarter increase of 5.74% [3] - Q3 2024 net profit attributable to shareholders was 9.273 billion yuan, reflecting a year-on-year increase of 58.17% and a quarter-on-quarter increase of 5.09% [3] - The company’s gross profit margin for Q3 2024 was 15.81%, with a projected increase to 19.81% in 2024E [6] Production and Cost Metrics - Q3 2024 production volumes included gold at 17.34 tons (down 1.50% QoQ), silver at 117 tons (up 5.90% QoQ), copper at 205.8 thousand tons (up 2.46% QoQ), and zinc at 110.9 thousand tons (up 4.27% QoQ) [1] - The production costs for Q3 2024 were gold at 233 yuan/gram (up 1.18% QoQ), silver at 1.81 yuan/gram (down 1.63% QoQ), copper at 22,900 yuan/ton (up 2.06% QoQ), and zinc at 790 yuan/ton (down 13.54% QoQ) [1] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 has been raised to 33.2 billion, 40.4 billion, and 44.9 billion yuan respectively, with growth rates of 57.06%, 21.95%, and 10.99% [5] - The projected P/E ratios for 2024-2026 are 14X, 11X, and 10X respectively [5]

Investment Rating - The report maintains a "Buy" rating for Zijin Mining (601899) [1][3]. Core Insights - The company has shown significant growth in copper and gold production, with effective cost control and management leading to improved financial metrics [3][9]. - The acquisition of the Akyem gold mine in Ghana is expected to enhance the company's gold resource base [3][5]. - The company's financial leverage has decreased while return on equity (ROE) has increased, indicating a trend towards high-quality growth [2][3]. Summary by Sections Performance Overview - In the first three quarters of 2024, the company achieved revenue of 230.4 billion yuan, a year-on-year increase of 2%. The net profit attributable to shareholders was 24.4 billion yuan, up 51% year-on-year [9][10]. - For Q3 2024, the company reported revenue of 80 billion yuan, a 7% increase year-on-year, and a net profit of 9.3 billion yuan, reflecting a 58% year-on-year growth [9][10]. Production Growth - The company reported a copper production of 789,000 tons in the first three quarters of 2024, a 4.7% increase year-on-year, achieving 71% of its annual target [9][19]. - Gold production reached 54.3 tons, an 8.3% increase year-on-year, completing 74% of the annual target [9][19]. - The company’s silver production was 331.1 tons, up 6.7% year-on-year, while zinc production decreased by 4.2% to 310,000 tons [9][19]. Cost and Margin Analysis - The report highlights significant improvements in cost control, with production costs for gold and copper decreasing due to scale effects and lean management practices [2][3]. - The gross margin for the company improved, supported by rising prices and optimized costs [5][9]. Financial Metrics - As of Q3 2024, the company's asset-liability ratio was 55.4%, down 3.64 percentage points year-on-year, indicating a reduction in financial leverage [2][3]. - The operating cash flow for Q3 2024 was 15.7 billion yuan, a 61.5% increase year-on-year [2][3]. - The forecast for net profit attributable to shareholders for 2024-2026 is 31.4 billion, 36 billion, and 41 billion yuan, respectively [3][4].

Investment Rating - The report assigns a "Buy" rating for Zijin Mining, indicating an expected price increase of over 15% relative to the industry index within the next six months [17]. Core Views - The company's performance is driven by both volume and price increases, with significant contributions expected from new projects [1][10]. - The report highlights the company's robust resource reserves and excellent mining exploration capabilities, which are anticipated to support long-term stable development [10][11]. - The ongoing projects are expected to enhance metal production, further boosting the company's performance [9][10]. Financial Summary - For 2022A, the company reported revenue of 270,329 million yuan, with a year-on-year growth rate of 20.1%. The projected revenue for 2024E is 326,496 million yuan, reflecting an 11.3% growth [1]. - The net profit attributable to shareholders for 2022A was 20,042 million yuan, with a year-on-year growth of 27.9%. The forecast for 2024E is 32,734 million yuan, indicating a substantial growth of 55.0% [1]. - The company's return on equity (ROE) for 2024E is projected to be 23.0%, up from 19.2% in 2023A [1]. Production and Cost Metrics - In the first three quarters of 2024, the company produced 54,265 kg of gold and 789,459 tons of copper, marking increases of 8.33% and 4.67% year-on-year, respectively [2]. - The gross profit margin for the mining segment was 57.71% in the first three quarters of 2024, an increase of 7.42 percentage points year-on-year [3]. Cash Flow and Expenses - The net cash flow from operating activities increased by 40.38% year-on-year to 36,109 million yuan in the first three quarters of 2024 [4]. - The company's cash and cash equivalents at the end of the period were 25,424 million yuan, up 54.81% year-on-year [4]. Resource Reserves and Exploration - The company has significant copper and gold resources, with total copper resources amounting to 10,467 million tons and gold resources of 3,528 tons as of mid-2024 [8]. - Recent exploration successes include the discovery of additional copper and molybdenum resources at the Jilong Copper Mine, which is expected to enhance future production capabilities [6][8]. Project Development - Key ongoing projects include the Jilong Copper Mine expansion, which is expected to increase annual copper production significantly by 2026 [6][9]. - The acquisition of the Akyem Gold Mine in Ghana for $1 billion is anticipated to add substantial gold resources to the company's portfolio [7].

Investment Rating - The investment rating for Zijin Mining Group is "Overweight" [3] - The industry view is considered "Attractive" [3] Core Insights - Zijin Mining Group reported a net profit of Rmb24.357 billion for the first nine months of 2024, representing a 51% year-over-year increase. The net profit for Q3 2024 was Rmb9.27 billion, a 5% quarter-over-quarter growth, marking the highest quarterly profit since 2007 [1][2] - The strong performance in Q3 2024 was attributed to an all-time high gold price and the reversal of fair value loss, despite a 6% quarter-over-quarter correction in copper prices [1] - Gross profit for Q3 2024 was Rmb14.7 billion, with a gross margin of 18.4%, down from 19.7% in Q2 2024, primarily due to the impact of copper profitability [2] Financial Metrics - Revenue projections for Zijin Mining Group are as follows: Rmb288.553 billion for FY 2023, Rmb348.224 billion for FY 2024e, Rmb367.022 billion for FY 2025e, and Rmb348.463 billion for FY 2026e [3] - EBITDA is projected to be Rmb40.958 billion for FY 2023, Rmb51.671 billion for FY 2024e, Rmb55.116 billion for FY 2025e, and Rmb54.940 billion for FY 2026e [3] - The expected EPS for FY 2024e is Rmb1.16, with a P/E ratio of 13.6 [3] Production and Cost Metrics - Copper and gold output increased by 5.7% and 1.4% quarter-over-quarter, respectively, with year-to-date volumes reaching 790,000 tons of copper and 54.3 tons of gold [2] - The unit cost for copper decreased by 4.2% year-over-year to Rmb19,564 per ton, while the unit cost for gold increased by 1.3% year-over-year to Rmb286 per gram [2]