Zhi Tong Cai Jing·2026-02-09 09:32Core Viewpoint - Citi's report indicates that Zijin Mining (601899)(02899) is expected to achieve steady production growth in the coming years through existing mine expansion plans and acquisitions, maintaining a "Buy" rating with a target price of HKD 39 [1] Production Guidance - Zijin Mining has outlined its production plan for 2026 to 2028 and targets up to 2035, with 2026 production guidance set at 1.2 million tons of copper, 105 tons of gold, 120,000 tons of lithium, 400,000 tons of zinc, 520,000 tons of silver, and 15,000 tons of molybdenum, reflecting year-on-year growth rates of 10%, 17%, 380%, flat, 19%, and 36% respectively [1] - The production targets for 2028 include 1.5 to 1.6 million tons of copper, 130 to 140 tons of gold, 270,000 to 320,000 tons of lithium, 400,000 to 450,000 tons of zinc, 600 to 700 tons of silver, and 25,000 to 35,000 tons of molybdenum, with changes compared to previous guidance showing flat growth for copper and zinc, an increase of 30 tons for gold, an increase of 20,000 tons for lithium, and flat growth for silver and molybdenum [1] Compound Annual Growth Rate (CAGR) - From 2025 to 2028, the compound annual growth rate (CAGR) for gold and copper is projected to be between 13% to 16% and 11% to 14% respectively, while lithium is expected to see a CAGR of 121% to 134% [1]