Zijin Mining(601899) Chang Jiang Shang Bao·2025-05-06 00:55Core Viewpoint - Zijin Mining Group plans to restructure its overseas gold mining assets into its wholly-owned subsidiary, Zijin Gold International, and apply for a separate listing on the Hong Kong Stock Exchange to accelerate its internationalization process and enhance its gold business [1][2][4]. Group 1: Company Strategy - The restructuring will involve several world-class gold mines located in South America, Central Asia, Africa, and Oceania [2]. - The split listing is intended to maintain the stability of Zijin Mining's equity structure while broadening the international investor base for Zijin Gold International [2]. - The company aims to leverage a more international listing platform to strengthen its gold business and enhance competitiveness in overseas capital markets [2]. Group 2: Market Context - The announcement coincides with a rising gold price cycle, which is expected to facilitate the revaluation of the company's gold assets [4]. - Recent data indicates that global gold demand reached 1,206 tons in Q1 2025, a 1% increase year-on-year, with gold prices surpassing $3,000 per ounce [3]. Group 3: Production and Financial Performance - In Q1 2025, Zijin Mining's gold production increased by 13% year-on-year to 19.07 tons, with a target to produce 85 tons in 2025, up from 73 tons in the previous year [7]. - The company plans to achieve a gold production target of 100 to 110 tons by 2028 [7]. - For the fiscal year 2024, Zijin Mining reported a revenue of 303.64 billion yuan, a 3.49% increase, and a net profit of 32.051 billion yuan, a 51.76% increase [7].