Xin Lang Cai Jing·2026-02-09 08:22Core Viewpoint - Citigroup's report indicates that Zijin Mining has announced its production plan for the years 2026 to 2028 and its targets up to 2035, highlighting significant growth in various minerals [1] Production Guidance - The production guidance for 2026 includes copper at 1.2 million tons, gold at 105 tons, lithium at 120,000 tons, zinc at 400,000 tons, silver at 520,000 tons, and molybdenum at 15,000 tons, with year-on-year growth rates of 10%, 17%, 380%, flat, 19%, and 36% respectively [1] - The production targets for 2028 are set at copper between 1.5 to 1.6 million tons, gold between 130 to 140 tons, lithium between 270,000 to 320,000 tons, zinc between 400,000 to 450,000 tons, silver between 600 to 700 tons, and molybdenum between 25,000 to 35,000 tons, showing changes of flat, an increase of 30 tons, an increase of 20,000 tons, a decrease of 150,000 tons, flat, and flat compared to previous guidance [1] Growth Rates - The compound annual growth rates (CAGR) for gold and copper from 2025 to 2028 are projected to be between 13% to 16% and 11% to 14% respectively, while lithium's CAGR is expected to be between 121% to 134% [1] Investment Recommendation - The report expresses confidence that Zijin's production will continue to grow steadily in the coming years through existing mine expansion plans and acquisitions, maintaining a preferred recommendation with a target price of HKD 39 and a "buy" rating [1]