Chang Jiang Shang Bao·2026-01-19 00:23Core Viewpoint - Zijin Mining is advancing the efficient development of the world's largest single molybdenum mine through a strategic partnership with Jintong Co., focusing on integrated development and smelting cooperation [1][2]. Group 1: Partnership and Development - Zijin Mining signed a cooperation agreement with Jintong Co. for the integrated development of the Shapinggou molybdenum mine, involving smelting cooperation and equity transactions [1][2]. - Jintong Co. will establish a smelting company with a 51% stake, while Zijin Mining will transfer 24% equity of Jinsan Molybdenum for 1.731 billion yuan, retaining a 60% stake [1][2]. - The Shapinggou molybdenum mine is noted for its significant resource reserves and high-grade ore, marking a new phase in the collaboration between the two companies [2]. Group 2: Financial Performance - Zijin Mining's net profit for 2025 is projected to be between 51 billion to 52 billion yuan, representing a year-on-year increase of approximately 59% to 62% [1][4]. - The company anticipates earning about 1.4 million yuan daily based on the projected annual profit [4]. - The stock price of Zijin Mining doubled in 2025, with a market capitalization exceeding 1 trillion yuan in early January 2026 [1][4]. Group 3: Strategic Expansion - In 2025, Zijin Mining continued to pursue acquisitions, including a 137.29 billion yuan investment in Zangge Mining and a 12 billion USD acquisition of the Raygorodok gold mine in Kazakhstan [3]. - The company aims to enhance its production capacity, with a target of 120,000 tons of lithium equivalent in 2026, reflecting a significant increase in lithium business [5]. - Zijin Mining's market position is strengthened by its substantial copper and gold reserves, with over 30 million tons of copper and 2,300 tons of gold [5]. Group 4: Market Recognition - Major financial institutions, including JPMorgan, CICC, and CITIC Securities, have raised their target prices for Zijin Mining, with CITIC Securities setting a target price of 52 yuan per share for 2026 [6].