Zijin Mining(SH:601899) Sou Hu Cai Jing·2025-09-05 08:54Core Viewpoint - Zijin Mining Group plans to spin off its subsidiary Zijin Mining International Limited for an independent listing on the Hong Kong Stock Exchange, with the IPO process potentially starting in mid-September 2023 [1][3]. Group 1: Company Overview - Zijin Mining has improved its global ranking, moving from 267th to 251st in the Forbes 2025 Global 2000 list, and has maintained its position as the world's leading gold mining company [3]. - The company reported a total revenue of 167.71 billion yuan (approximately 24.1 billion USD) for the first half of 2025, representing a year-on-year growth of 11.5%, and a net profit of 23.29 billion yuan (approximately 3.4 billion USD), which is a significant increase of 54.41% year-on-year [3]. Group 2: Asset and Production Details - Zijin Mining International will consolidate eight top-tier gold mines globally, including assets in Colombia, Suriname, Australia, Tajikistan, Kyrgyzstan, Guyana, Ghana, and Papua New Guinea, establishing a strong operational capacity and stable cash flow [3][4]. - The total gold resource of Zijin Mining International is projected to be 1,796.5 tons (57.73 million ounces) with reserves of 856 tons (27.53 million ounces), ranking among the top globally [4]. Group 3: IPO Details - The IPO is backed by leading investment banks Morgan Stanley and CITIC Securities, with the fundraising target increased from 2 billion USD to at least 3 billion USD (approximately 23.4 billion HKD), a 50% increase [5][6]. - The proceeds from the IPO will be used for repaying transitional loans for the acquisition of the Raygorodok gold mine in Kazakhstan, upgrading existing mines, exploration activities over the next five years, and general corporate purposes [6]. Group 4: Market Context - The current market environment is favorable for gold asset IPOs, with COMEX gold futures prices reaching new highs, surpassing 3,600 USD per ounce, and a year-to-date increase of over 30% [6]. - The financial performance of Zijin Mining International shows a revenue growth from 1.82 billion USD in 2022 to 2.99 billion USD in 2024, with a compound annual growth rate of 28.2%, and net profit growth from 180 million USD to 480 million USD, with a compound annual growth rate of 61.9% [7].