Group 1 - The core point of the article is that Zijin Mining has applied for the spin-off of its wholly-owned subsidiary, Zijin Gold International, to be listed on the main board of the Hong Kong Stock Exchange [1] - Zijin Mining has submitted the application to the Hong Kong Stock Exchange in accordance with Listing Rule 15 [1] - The Hong Kong Stock Exchange has confirmed that Zijin Mining can proceed with the proposed spin-off listing [1] Group 2 - Zijin Gold International is expected to submit its listing application to the Hong Kong Stock Exchange through its joint sponsors by June 30, 2025 [1]

Core Viewpoint - Zijin Mining is actively pursuing acquisitions in the gold sector, with a recent announcement of a $1.2 billion acquisition of the Raygorodok gold mine in Kazakhstan, following a similar acquisition in Ghana earlier this year [1][2][3]. Group 1: Acquisition Strategy - The acquisition of the RG gold mine is expected to yield 6 tons of gold in 2024, with a cash cost of $796 per ounce, indicating strong profitability potential [1][3]. - The company has already completed or announced external acquisitions exceeding 22 billion yuan in the first half of the year, including the acquisition of controlling interest in Zangge Mining [5]. - The ongoing strategy of "acquisition—profit—re-acquisition" is likely to continue, with potential for further resource acquisitions even before the RG mine acquisition is finalized [5]. Group 2: Financial Performance - Zijin Mining's operating cash flow has significantly increased, from 28.68 billion yuan in 2022 to an expected 48.86 billion yuan in 2024, allowing for high capital expenditure and leverage [5]. - The company's stock price has risen by 30.85% year-to-date, surpassing the performance of South American copper companies, which have seen increases of 14.19% and 15.68% [7]. Group 3: Market Position and Growth Potential - The company is positioned for a "volume and price increase" growth phase, benefiting from high historical prices for copper and gold, which may further enhance profit margins [8]. - Forecasts suggest that by 2025, Zijin Mining's revenue and net profit could reach 353.8 billion yuan and 40.7 billion yuan, respectively, indicating significant growth potential [8]. - The company's valuation may have considerable room for improvement when compared to peers like Southern Copper, which has a valuation close to 25 times its earnings [8].

Core Viewpoint - Zijin Mining plans to acquire 100% equity of RG Gold LLP and RG Processing LLP, which own the Raygorodok gold mine project in Kazakhstan, for a total consideration of $1.2 billion, based on a "cash-free, debt-free" principle as of September 30, 2025 [1][4] Group 1: Acquisition Details - The acquisition agreement was signed on June 29, 2025, between Zijin's subsidiary and Cantech S.à.r.l [1] - The RG gold mine project is located in the Akmola region of northern Kazakhstan and has a core mining right valid until December 31, 2040, with the possibility of extension [2] - The project has a total resource amount of 241,000 kilograms of gold at an average grade of 1.01 grams per ton, based on a gold price of $2,000 per ounce [2] Group 2: Project Characteristics - The RG gold mine consists of two open-pit mines and has stable production operations with detailed stripping plans [3] - The project has produced 2 tons, 5.9 tons, and 6.0 tons of gold from 2022 to 2024, with a projected average annual production of approximately 5.5 tons over the remaining service life of 16 years [3] - The cash cost of gold production for the project in 2024 is estimated at $796 per ounce [3] Group 3: Strategic Importance - The acquisition aligns with Zijin Mining's strategy to increase resource project acquisitions in neighboring countries, enhancing its presence in the resource-rich Central Asian region [4] - The RG gold mine is expected to contribute to Zijin's production and profit in the acquisition year, with a short expected investment return period [4] - The transaction is anticipated to significantly enhance the asset scale, profitability, and global industry position of Zijin Gold International, facilitating its future listing in international capital markets [4]

Core Viewpoint - Zijin Mining is expanding its overseas resource portfolio by acquiring 100% equity of RG Gold LLP and RG Processing LLP in Kazakhstan for a total consideration of $1.2 billion, aiming to enhance its asset scale and profitability in the international market [2][5][10]. Acquisition Details - The acquisition involves Zijin's wholly-owned subsidiary, Zijin Gold International, and its Singapore subsidiary, Jin Ha Mining, which signed an agreement with Cantech S.a.r.l on June 29, 2025 [1][5]. - The purchase price is based on a "cash-free, debt-free" principle as of September 30, 2025, with adjustments based on the financial statements of the target companies [1][5]. - The target companies, RGG and RGP, have a combined asset total of $566 million and a net asset value of $291 million as of the end of 2024 [7]. Project Overview - The RG Gold project is located in Akmola region, Kazakhstan, with a valid mining license until December 31, 2040, and includes six exploration rights [7][8]. - Projected gold production from 2022 to 2024 is 2.0 tons, 5.9 tons, and 6.0 tons respectively, with an estimated average annual production of 5.5 tons over the remaining service life of 16 years [8][10]. - The cash cost of gold production for 2024 is estimated at $796 per ounce [7]. Strategic Implications - The acquisition is expected to significantly enhance Zijin Gold International's asset scale and profitability, supporting its upcoming listing on the Hong Kong Stock Exchange [5][11]. - The RG Gold project is anticipated to create synergies with Zijin's existing operations in Tajikistan and Kyrgyzstan, facilitating deeper penetration into the resource-rich Central Asian market [10][11]. Financial Performance - Zijin Mining reported a revenue of 303.64 billion yuan for 2024, a year-on-year increase of 3.49%, and a net profit of 32.051 billion yuan, up 51.76% [11]. - In Q1 2025, the company achieved a revenue of 78.928 billion yuan, reflecting a 5.55% year-on-year growth, with a net profit of 10.167 billion yuan, up 62.39% [11].

Investment Rating - The investment rating for Zijin Mining Group is Overweight [4][78]. Core Views - The report highlights that Zijin Mining Group generates over 50% of its gross profit from copper, with a forecasted compound annual growth rate (CAGR) of approximately 7% in copper production volume from 2025 to 2027, driven by projects such as Kamoa, Timok, Julong, and Ashele [13][14]. - The price target for Zijin Mining Group has been raised to HK$25.10, reflecting an implied 2025 estimated price-to-earnings (P/E) ratio of 15x [3][4]. - The report indicates a positive risk-reward scenario, with a bull case price target of HK$31.80 and a bear case price target of HK$9.60 [10][11]. Summary by Sections Price Target and Scenarios - The price target has been updated from HK$23.40 to HK$25.10, with the bull case increasing from HK$31.00 to HK$31.80 and the bear case from HK$9.40 to HK$9.60 [2][3]. - The updated earnings per share (EPS) estimates for 2025, 2026, and 2027 are Rmb1.56, Rmb1.70, and Rmb1.65, respectively, reflecting increases of 1%, 4%, and 5% [3][4]. Production and Pricing - The report adjusts the Kamoa production volume to 400kt for 2025-26 and raises the realized average selling price (ASP) to gold price ratio based on first-quarter 2025 actual numbers [3]. - In the bull case scenario, gold and copper prices are projected at US$3,945/oz and US$5.03/lb, respectively, with gold production of 84.9 tons and copper production of 938.9kt in 2025 [11]. - The base case scenario estimates gold and copper prices at US$3,289/oz and US$4.19/lb, with gold production of 78.6 tons and copper production of 853.5kt [12]. Investment Drivers - Recent mergers and acquisitions, including four gold, three lithium, and one molybdenum project, are expected to enhance gold output growth and diversify into new products [14]. - The report emphasizes the strong demand for copper in China, which is a significant driver for Zijin's growth [13].

证券代码：601899 股票简称：紫金矿业 编号：临 2025-060 紫金矿业集团股份有限公司 关于收购哈萨克斯坦Raygorodok金矿项目的公告 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"）全资子公司紫金黄金国际 有限公司（公司拟分拆至香港联合交易所上市的主体，以下简称"紫金黄金国际"）、 紫金黄金国际在新加坡的全资子公司金哈(新加坡)矿业有限公司（以下简称"金哈 矿业"）于北京时间 2025 年 6 月 29 日与 Cantech S.à.r.l（以下简称"Cantech"）签 署协议，金哈矿业拟通过收购 Cantech 持有的 RG Gold LLP（以下简称"RGG"） 和 RG Processing LLP（以下简称"RGP"）100%权益（RGG 和 RGP 以下合称"目 标公司"），获得哈萨克斯坦 Raygorodok 金矿（以下简称"RG 金矿"）项目 100% 权益。本次交易以 2025 年 9 月 30 日为基准日，收购对价按目标公司于基准 ...

Group 1 - The core point of the article is that Zijin Mining plans to acquire the Raygorodok gold mine project in Kazakhstan for a consideration of $1.2 billion [1] Group 2 - The acquisition reflects Zijin Mining's strategy to expand its gold mining portfolio internationally [1] - The deal is expected to enhance Zijin Mining's production capacity and resource base in the gold sector [1] - This move aligns with the growing demand for gold and the company's commitment to increasing its market presence [1]

Core Viewpoint - Zijin Mining Group Co., Ltd. has shown significant stock performance with a recent increase in share price and important corporate announcements regarding employee stock plans and project developments [1][2][3][4]. Group 1: Stock Performance - As of June 27, 2025, Zijin Mining's stock closed at 19.78 CNY, up 7.44% from the previous week [1]. - The stock reached a one-year high of 20.06 CNY during intraday trading on June 27, 2025, with a low of 18.28 CNY on June 23, 2025 [1]. - The company's current total market capitalization is 525.704 billion CNY, ranking 1st in the industrial metals sector and 22nd among all A-shares [1]. Group 2: Corporate Announcements - The company announced an adjustment to the employee stock ownership plan, reducing the purchase price from 10.89 CNY to 10.61 CNY per share, following the completion of the 2024 profit distribution plan [2][4]. - The board approved the internal project initiation for the deep development of the Duobao Mountain Copper Mine, with an estimated total investment of approximately 3.81 billion CNY. The project aims for a maximum mining capacity of 60,000 tons per day and is expected to produce an average of 74,000 tons of copper, 1,550 tons of molybdenum, 0.9 tons of gold, and 18.5 tons of silver annually after reaching full production [3][4]. - The proposal for the spin-off of Zijin Gold International Co., Ltd. for listing on the Hong Kong Stock Exchange received high approval from shareholders, with over two-thirds of valid votes in favor [4].

Group 1 - Zijin Gold International is advancing its Hong Kong IPO process, with expected fundraising between $1 billion to $2 billion [1] - The company, a subsidiary of Zijin Mining Group, focuses on the complete gold industry chain, including exploration, mining, and sales [1] - The IPO is a key part of Zijin Mining Group's internationalization strategy, with plans to submit listing application documents in the coming weeks [1] Group 2 - The IPO will involve a public offering in Hong Kong and international placement, with a maximum issuance of 15% of the post-issue total share capital [1] - Zijin Mining Group will maintain control over Zijin Gold International post-separation, which will still be included in the consolidated financial statements [1] - The company is in the process of restructuring and integrating several overseas gold mining assets into Zijin Gold International, including eight large gold mines located in South America, Central Asia, Africa, and Oceania [1] Group 3 - The total resource amount of the mines to be injected is 1,799.79 tons, with reserves of 696.83 tons, and a projected total production of 46.22 tons in 2024 [1] - Recent government initiatives in Hong Kong, such as the Digital Asset Development Policy Declaration 2.0, support the development of the gold market [2] - Zijin Mining reported a revenue of 78.928 billion yuan and a net profit of 10.167 billion yuan in Q1 2025, with its stock price reaching a historical high [2]

关于紫金矿业集团股份有限公司 2025 年员工持股计划调整受让价格的 法 律 意 见 书 福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 电话：（0591）8806 5558 传真：（0591）8806 8008 网址：http://www.zenithlawyer.com 福建至理律师事务所 关于紫金矿业集团股份有限公司 2025 年员工持股计划调整受让价格的法律意见书 闽理非诉字[2025]第 106-02 号 致：紫金矿业集团股份有限公司 根据紫金矿业集团股份有限公司（以下简称紫金矿业或公司）与福建至理律 师事务所（以下简称本所）签订的《证券法律业务委托协议书》，本所接受紫金 矿业的委托，指派蒋慧、韩叙律师（以下简称本所律师）担任紫金矿业 2025 年 员工持股计划（以下简称本次员工持股计划）的专项法律顾问。根据《中华人民 共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证 券法》）、中国证券监督管理委员会（以下简称中国证监会）发布的《关于上市公 司实施员工持股计划试点的指导意见》（以下简称《指导意见》）、《上海证券交易 所上市公司自律监管 ...