Core Viewpoint - Zijin Mining is planning to spin off its subsidiary, Zijin Gold International, for an independent listing on the Hong Kong Stock Exchange, marking the company's third IPO since its establishment [1][5]. Spin-off Listing - The spin-off involves Zijin Mining's overseas gold mining assets, which include eight world-class large gold mines located in South America, Central Asia, Africa, and Oceania [3][6]. - The total resource amount of these eight gold mines is 1,799.79 tons, with a total reserve of 696.83 tons and a combined production of 46.22 tons in 2024 [3][4]. Financial Performance - In 2024, Zijin Mining achieved a revenue of 303.64 billion yuan, a year-on-year increase of 3.49%, and a net profit of 39.393 billion yuan, up 48.43% [2]. - Gold sales revenue accounted for 49.64% of Zijin Mining's total revenue in 2024, with gold production from its mines reaching 72,938 kilograms, a 7.70% increase year-on-year [2]. Market Context - The spin-off coincides with an upward trend in gold prices, which is expected to enhance the valuation of the company's gold assets [5]. - The global demand for gold investment reached 1,180 tons in 2024, reflecting a 25% year-on-year increase, driven by geopolitical factors [4]. Strategic Implications - The spin-off is anticipated to improve Zijin Mining's overall value and shareholder value, as well as enhance its market capitalization management and asset securitization levels [5][6]. - The independent listing is expected to accelerate Zijin Mining's internationalization process and strengthen its gold business segment, while also reducing operational risks abroad [6]. Company Expansion - Zijin Mining has a history of strategic expansions, having previously listed on the Hong Kong Stock Exchange in 2003 and the Shanghai Stock Exchange in 2008, raising significant capital in both instances [7]. - As of the end of 2024, Zijin Mining's copper resources reached 110 million tons, ranking second globally, while its gold resources amounted to 3,972.53 tons, placing it fifth worldwide [7].

Core Viewpoint - Zijin Mining Group Co., Ltd. plans to spin off its subsidiary, Zijin Gold International Co., Ltd., for a public listing on the Hong Kong Stock Exchange, aiming to enhance its overseas gold mining operations and maintain a degree of independence from the parent company [2][3]. Group 1: Spin-off Details - The spin-off will involve the issuance of shares not exceeding 15% of the total share capital of Zijin Gold International post-issuance, with the offering comprising both public and international placements [2]. - Prior to the spin-off, Zijin Mining intends to restructure and consolidate several overseas gold mining assets under Zijin Gold International, which is currently in progress [2]. - The spun-off entity will focus on gold exploration, mining, production, and sales in regions such as South America, Central Asia, Africa, and Oceania, leveraging local gold resource advantages [2][3]. Group 2: Business Strategy and Future Plans - Following the spin-off, Zijin Gold International aims to deepen its overseas market presence and continue global gold resource development while maintaining operational independence from Zijin Mining and its other subsidiaries [2]. - Zijin Mining's 2024 report indicates a strategic focus on low-cost operations and optimizing the construction and production schedules of its major lithium projects, with plans to achieve a lithium carbonate equivalent production capacity of 40,000 tons by 2025 [4]. - The company also plans to produce 115,000 tons of copper, 85 tons of gold, 44,000 tons of zinc (lead), 4,000 tons of lithium carbonate equivalent, 450 tons of silver, and 10,000 tons of molybdenum by 2025 [4].

Core Viewpoint - Shandong Gold Mining Co., Ltd. announced the adjustment of guarantee limits among its subsidiaries to enhance financing efficiency and support business development, with a total expected guarantee limit of CNY 45.54 billion [2][4]. Group 1: Guarantee Adjustment Details - The company approved a guarantee limit of CNY 455,400.00 million, with CNY 199,400.00 million allocated for subsidiaries with a debt-to-asset ratio below 70% and CNY 256,000.00 million for those above 70% [2][4]. - The adjustment involves transferring a guarantee limit of CNY 200,000.00 million from Osino Gold Exploration and Mining (Pty) Ltd. to Osino Mining Investments Limited, which has a lower debt-to-asset ratio [4][5]. - The adjusted guarantee limit for Osino Mining Investments Limited increased from CNY 100,000.00 million to CNY 300,000.00 million, while the limit for Osino Gold Exploration and Mining (Pty) Ltd. became zero [5][6]. Group 2: Guarantee Progress - Recently, a new guarantee of CNY 21,562.80 million was added for Sino Gold Tenya (HK) Limited, which falls within the approved guarantee limit [5][7]. - The total guarantee amount provided by Shandong Gold's subsidiaries remains unchanged at CNY 455,400.00 million after the adjustment [5][6]. - As of the announcement date, the total external guarantee amount by Shandong Gold's subsidiaries is CNY 62,962.80 million, accounting for 4.85% of the latest audited net assets of Shandong Gold [7][8].

Core Viewpoint - Zijin Mining is planning to restructure its overseas gold mining assets and apply for the listing of its subsidiary, Zijin Gold International, on the Hong Kong Stock Exchange [1][4] Group 1: Asset Details - The assets to be spun off for the Hong Kong listing include eight large gold mines located in South America, Central Asia, Africa, and Oceania [1] - The eight mines are: 1. Buriticá Gold Mine (Colombia) - 68.8% equity, 333.09 tons of resources, 99.06 tons of reserves, 10.03 tons of expected production in 2024 2. Norton Gold Project (Australia) - 100% equity, 327.91 tons of resources, 125.99 tons of reserves, 8.18 tons of expected production in 2024 3. Rosebel Gold Mine (Suriname) - 95% equity, 195.13 tons of resources, 103.41 tons of reserves, 7.46 tons of expected production in 2024 4. Aurora Gold Mine (Guyana) - 100% equity, 166.40 tons of resources, 76.87 tons of reserves, 4.07 tons of expected production in 2024 5. Jilau/Talco Gold Mine (Tajikistan) - 70% equity, 94.90 tons of resources, 42.47 tons of reserves, 4.95 tons of expected production in 2024 6. Akim Gold Mine (Ghana) - 100% equity, 89.00 tons of resources, 34.60 tons of reserves, 6.40 tons of expected production in 2024 7. Left Bank Gold Mine (Kyrgyzstan) - 60% equity, 39.85 tons of resources, 30.35 tons of reserves, 3.70 tons of expected production in 2024 8. Pogera Gold Mine (Papua New Guinea) - 24.5% equity, 553.51 tons of resources, 184.08 tons of reserves, 1.43 tons of expected production in 2024 [3][4] - The total resource amount of these eight overseas gold mines is 1,799.79 tons, with total reserves of 696.83 tons and expected production of 46.22 tons in 2024 [3] Group 2: Financial and Strategic Implications - Zijin Mining is currently the fourth largest copper producer and the sixth largest gold producer globally [4] - Zijin Gold International, established in 2007, focuses on gold exploration, mining, processing, and sales, with projected revenues of 21.268 billion and net profits of 4.458 billion for 2024 [5] - The restructuring aims to enhance Zijin Gold International's competitiveness in international capital markets, attract quality investors, and support the company's internationalization process [7] - As of May 28, Zijin Mining's stock price was 17.98 yuan per share, with a market capitalization of 477.865 billion, reflecting an 18.92% increase year-to-date [7]

Group 1 - Gold has emerged as a standout asset since 2025, driven by factors such as increased tariffs under the Trump administration, rising inflation, global economic uncertainty, weakened dollar credit, and central banks accumulating gold [1] - Zhaojin Mining (01818) has a strong resource endowment and is actively expanding its gold mining operations both domestically and internationally through mergers and acquisitions [1] - Since 2023, Zhaojin Mining has completed 22 high-grade project acquisitions, increasing its mining rights area by 799%, equivalent to "recreating seven Zhaojin Minings" [1] Group 2 - The Ecuadorian project, King Mining, has discovered an additional 141 tons of gold resources, with a single project valuation exceeding 30 billion RMB, setting a benchmark in global gold mining development [2] - Zhaojin Mining has identified over 1,000 tons of gold resource potential across top global mining belts, with a potential market value exceeding 100 billion RMB [2] - The company is implementing a "gold resource doubling plan" with a special exploration fund of 100 million RMB, focusing on a tripartite growth engine of "expansion + exploration + acquisition" [2] Group 3 - Zhaojin Mining plans to leverage its mining rights across 12 core mineralization belts globally, utilizing advanced technologies like 3D geological modeling and big data targeting to enhance exploration efficiency [3] - The establishment of a special fund aims to create a resource storage fund pool, enabling a counter-cyclical operation strategy of "locking in resources during lows and releasing capacity during highs" [3]

Core Viewpoint - Zijin Mining Group plans to spin off its overseas gold mining assets into a separate entity, Zijin Gold International, for listing on the Hong Kong Stock Exchange, aiming to enhance its international market presence and capitalize on the rising gold prices [1][2]. Group 1: Spin-off Details - The spin-off will involve eight world-class gold mines located in South America, Central Asia, Africa, and Oceania, which will be integrated into Zijin Gold International [1][2]. - The total resource amount of the spun-off assets is 1,799.79 tons, with a total reserve of 696.83 tons, and an expected production of 46.22 tons in 2024 [2]. Group 2: Financial Performance - In Q1 2025, the company reported a revenue of 78.928 billion yuan, a year-on-year increase of 5.55%, and a net profit of approximately 10.167 billion yuan, up 62.39% [1][4]. - The operating cash flow for the same period was 12.53 billion yuan, reflecting a 53.33% increase year-on-year [1][5]. Group 3: Production Growth - The company plans to expand its gold production capacity to 85 tons by 2025, representing a 16% increase, and aims for a further increase to 100-110 tons by 2028 [1][2]. - In Q1 2025, gold production increased by 13.45%, while copper production rose by 9.49% compared to the previous year [5].

Core Viewpoint - The company has successfully transformed into a gold mining and selection company since 2017, with significant growth potential following its strategic acquisition of resources in Gansu and the anticipated strategic investment from Zijin Mining in 2025, allowing it to benefit from high gold prices [1][2]. Group 1: Company Transformation and Strategic Moves - In 2017, the company initiated a strategic transformation by acquiring multiple gold mining companies, officially entering the gold mining sector and rebranding as Tongguan Gold Group Co., Ltd [1]. - From 2017 to 2018, the company acquired four gold mining companies in Tongguan County, and in 2023, it expanded its resource base by acquiring the Hulezhade North East Mining in Gansu [1]. - The company plans to introduce Zijin Mining as a strategic investor in 2025, which is expected to propel its growth into a high-speed development phase [1]. Group 2: Resource Endowment and Exploration Potential - As of the end of 2024, the company's gold resource volume is projected to reach 55 tons, with an average grade of 8.27 g/t, positioning it among the industry leaders [1]. - The company has significant exploration potential in both of its mining sites, with plans to complete approximately 21,000 meters of pit exploration and 63,000 meters of drilling by 2024, with exploration and development expenses amounting to HKD 167 million [1]. - In March 2025, the company intends to fully acquire Rongchang Investment, securing 100% rights to the exploration of the Beidong Gold Mine and 460 Gold Mine in the Su Bei mining area, laying a solid foundation for future expansion [1]. Group 3: Production and Financial Outlook - From 2017 to 2024, the company's self-produced gold output increased from 0.7 tons to 2.5 tons, indicating strong growth momentum [2]. - The Tongguan mining area has four main subsidiaries, with ongoing projects converting exploration rights to mining rights, which are expected to enhance production capacity [2]. - The company forecasts net profits of CNY 560 million, CNY 800 million, and CNY 970 million for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 11.7, 8.3, and 6.8 times, and has initiated coverage with a "strong buy" investment rating [2].

欧美贸易冲突缓和提振市场情绪，美股三大股指高开，纳指盘初涨1.48%，标普500指数涨1.13%，道指 涨0.81%。科技股多数走高，英伟达涨超2%，苹果涨超1%；拼多多盘初跌超17%，公司一季度营收不 及预期。小马智行涨超7%，公司与迪拜道路交通管理局达成战略合作。黄金股普跌，哈莫尼黄金跌超 9%。 ...

Core Insights - Gold prices have reached unprecedented heights, with recent figures surpassing $3500 per ounce, both nominally and in real terms, prompting a lack of urgency among mining companies to hedge their production [1] - The World Gold Council reported that net hedging by producers in Q1 2025 was only 5 tons, continuing a trend of significant reductions in hedging activity [2] - Analysts indicate that the current profit margins for gold mining are at a 50-year high, yet there is little evidence that this will change the industry's approach to hedging [1][2] Group 1: Industry Trends - Mining companies are generally resistant to hedging, preferring to allow shareholders to bet on gold prices rather than locking in prices through hedging [1] - The total amount of hedging in the industry has drastically decreased, with only about 180 tons currently hedged compared to approximately 3000 tons in the early 2000s [2] - Companies are focusing on expanding operations and acquisitions rather than actively increasing hedging to mitigate potential downturns [3] Group 2: Company Perspectives - Regis Resources' CEO noted that the current gold price is favorable, and the company has eliminated hedging positions that previously hindered cash flow [3] - Northern Star Resources, while maintaining some hedging, has not added new positions recently, viewing hedging as a cautious approach to ensure returns on new investments [3] - Westgold Resources' CEO stated that it is a great time for unhedged gold producers in Australia, as the company has cleared its hedging positions [4]

Investment Rating - The report gives a "Strong Buy" investment rating for Tongguan Gold [2][7][47] Core Views - Tongguan Gold has successfully transformed into a gold mining and selection company since 2017, with significant resource endowments and potential for increased reserves and production. The introduction of Zijin Mining as a strategic investor in 2025 is expected to propel the company into a high-growth phase, allowing it to fully benefit from high gold prices [1][7][24]. Summary by Sections Company Overview - Tongguan Gold was established in 1997 and underwent several transformations before focusing on gold mining in 2017. The company has acquired multiple mining companies to enhance its resource base, including significant acquisitions in Gansu province in 2023 [11][15]. Financial Data and Valuation - Total revenue for 2023 is projected at HKD 1.358 billion, with a year-on-year growth of 22%. By 2025, revenue is expected to reach HKD 2.270 billion, reflecting a 53% increase. The net profit for 2025 is estimated at HKD 561 million, corresponding to a PE ratio of 11.7 [6][48]. Resource Endowment and Growth Potential - As of the end of 2024, the company has a total gold resource of 55 tons with an average grade of 8.27 g/t, positioning it among the top in the industry. The company has significant exploration and development activities planned, with a focus on increasing reserves and production capacity [31][38][39]. Production and Sales Performance - Gold production increased from 0.7 tons in 2017 to 2.5 tons in 2024, with a projected increase to 2.8 tons in 2025. The company’s sales revenue from gold mining is expected to grow significantly, driven by rising production and favorable gold prices [43][47]. Strategic Partnerships - The strategic investment from Zijin Mining in 2025 is expected to enhance operational efficiency and market visibility for Tongguan Gold. The partnership includes a metal flow agreement that will provide the company with long-term funding while establishing a collaborative relationship with a leading global mining company [24][26][25]. Future Outlook - The report anticipates continued growth in net profit, projecting HKD 5.6 billion in 2025, HKD 8.0 billion in 2026, and HKD 9.7 billion in 2027, with corresponding PE ratios decreasing over the years, indicating a strong growth trajectory [47][48].