Core Viewpoint - Bank of America Securities has adjusted its forecast for Zijin Mining's (02899) net profit after tax for 2025 to 2027, increasing it by 1% to 4%, and raised the target price from HKD 26 to HKD 31, maintaining a "Buy" rating based on positive views on copper and gold prices and the company's robust production growth [1] Group 1: Price Forecasts - The long-term gold price forecast has been raised by 25% to USD 2,500 per ounce, while the long-term silver price forecast has been increased by 30% to USD 35 per ounce [1] Group 2: Market Drivers - Key drivers for the 39% year-to-date increase in gold prices include: 1) structural fiscal deficit in the U.S., 2) expectations of interest rate cuts, 3) concerns over the independence of the U.S. Federal Reserve, and 4) geopolitical tensions and uncertainties [1] Group 3: Company Performance - Zijin Mining's gold mining is expected to contribute 48% to its gross profit by 2025, compared to 41% from copper mining [1] - The company is projected to achieve gold production growth of 17% and 11% in the next two years, demonstrating strong execution capabilities in production growth [1] - Potential international IPO of Zijin's overseas gold assets may serve as a short-term catalyst [1]