2025-11-18 09:41Investment Rating - The investment rating for Zijin Mining is "Buy" with a target price of HK$39.00, representing an expected total return of 16.7% [6][8]. Core Insights - The report presents a bullish outlook on gold and copper prices, driven by geopolitical tensions, potential FED rate cuts, and increased gold reserves in emerging countries [2][4]. - Zijin Gold aims for an output target of 100 tons per annum (tpa) by 2030, with a projected compound annual growth rate (CAGR) of 15% through 2030, primarily through internal production improvements and acquisitions [3]. - The copper supply-demand dynamic indicates a robust demand forecast, with expectations of reaching 40 million tons per annum (mntpa) by 2035, despite current output challenges faced by Zijin [4]. Summary by Sections Gold Price Outlook - Mr. Lin holds a positive view on gold prices, citing historical increases during previous economic cycles and suggesting further upside potential in the current cycle [2]. Copper Supply-Demand Dynamics - Global top-10 copper miners produced approximately 8 million tons of copper in the first nine months of 2025, with Zijin experiencing a 2% year-over-year decrease in output due to mine disruptions and logistical issues [4]. Acquisition Plans - Zijin Mining is actively seeking acquisition opportunities in copper, gold, and lithium, with specific targets in South America and Africa, aiming for a lithium capacity of 200-250 kilotons per annum by 2028 [5].