消息面上，中国罕王发布公告，于2025年9月30日，罕王黄金(本公司的非全资附属公司，作为发行人) 与六名认购方(包括本公司)订立六份认购协议，按认购价每股认购股份2.62港元认购合共4.3655亿股认 购股份。由于建议分拆将以介绍方式进行，罕王黄金不会就建议分拆募集资金。因此，诚如本公司日期 为2025年9月22日的公告所述，紫金矿业集团战略投资所筹集的资金，连同本公司自有资本注资(包括认 购事项)将构成罕王黄金首次公开发售前集资的一部分。 智通财经APP获悉，中国罕王(03788)涨超5%，截至发稿，涨5.5%，报4.41港元，成交额1488.33万港 元。 于本公告日期，罕王黄金为一间投资控股公司，本公司拥有其94.0%的权益。完成后，罕王黄金将由本 公司持有91.2%的权益，并于建议分拆完成前继续作为本公司的非全资附属公司，建议分拆完成后，本 公司将其持有罕王黄金的股份分派予各股东，从而构建本公司与罕王黄金的平行上市架构。 首次公开发售前集资的完成(包括认购事项)将令本公司(包括罕王黄金)能够展示其有能力满足罕王黄金 未来开发澳大利亚Cygnet及Mt Bundy金矿项目(统称为"澳大利亚金矿项目") ...

Core Viewpoint - Zijin Mining International has completed the acquisition of 100% equity in the Raygorodok gold mine in Kazakhstan, which is expected to enhance its production capacity and profitability in the coming years [1][2] Group 1: Acquisition Details - The acquisition was finalized on October 10, 2025, after all conditions precedent were met or waived [1] - The Raygorodok gold mine has a resource reserve of 208 million tons with an average gold grade of 1.0 grams per ton, amounting to 197.4 tons of gold [1] - The mine's total reserves include 97 million tons of ore with an average gold grade of 0.9 grams per ton, equating to 87 tons of gold [1] Group 2: Economic and Operational Outlook - The Raygorodok gold mine is located in a significant gold-producing region in Kazakhstan, characterized by large resource volumes and a long service life [2] - The mine features mature processing technology and lower overall costs, indicating strong profitability potential [2] - It is projected to contribute approximately 6 tons of gold annually from 2023 to 2024, supporting Zijin Mining's goal of producing 100-110 tons of gold by 2028 [2]

Investment Rating - The report maintains a "Recommended" rating for the company, with expected price-to-earnings (PE) ratios of 32, 24, and 19 for the years 2025, 2026, and 2027 respectively [4][6]. Core Insights - The company reported a revenue of 12.052 billion yuan for the first three quarters of 2025, a year-on-year increase of 54.10%, and a net profit of 2.117 billion yuan, up 140.43% year-on-year. However, the Q3 performance was below expectations [1][2]. - The average gold price for the first three quarters of 2025 was 3,203 USD/ounce, a 39.64% increase year-on-year, with Q3's average price at 3,459 USD/ounce, reflecting a 39.88% year-on-year increase [2]. - The company faced challenges due to impairment losses and other factors, including a significant impairment loss of approximately 720 million yuan, which was a 73.6% increase year-on-year [2][3]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a gross margin of 38.58%, a decrease of 4.36 percentage points year-on-year, while the net profit margin increased by 7.40 percentage points to 23.11% [2]. - The company’s operating expenses for the first three quarters were 0.22 billion yuan in sales expenses, 1.068 billion yuan in management expenses, and 0.273 billion yuan in financial expenses, with year-on-year changes of +0.01 billion, +1.01 billion, and -0.65 billion respectively [2]. - The company is expected to see steady growth in production and profitability due to rising gold prices, with projected net profits of 3.267 billion, 4.347 billion, and 5.654 billion yuan for 2025, 2026, and 2027 respectively [4][5]. Strategic Developments - The company is expanding its resource base through exploration and acquisitions, including investments in overseas projects such as Delarob and Sierra Leone West Gold, and has formed a partnership to hold a 20% stake in Zhongrun Resources [3]. - The company’s Haiyu Gold Mine, in which it holds a 70% stake, is progressing well, with an expected annual gold production of 15-20 tons once fully operational [3].

Core Viewpoint - Zijin Mining has successfully completed the acquisition of 100% equity in the Raygorodok gold mine in Kazakhstan, which is expected to enhance its production capacity and profitability in the gold mining sector [1] Group 1: Acquisition Details - The acquisition was finalized on October 10, 2025, after all conditions precedent were met or waived [1] - The Raygorodok gold mine has a resource reserve of 208 million tons with an average gold grade of 1.0 grams per ton, amounting to 197.4 tons of gold [1] - The mine's reserves include 97 million tons of ore with an average gold grade of 0.9 grams per ton, equating to 87 tons of gold [1] Group 2: Strategic Implications - The acquisition will allow Zijin Mining to accelerate project feasibility studies and optimize open-pit mining boundaries, potentially increasing resource utilization and expanding production scale [1] - The Raygorodok mine is located in a significant gold mineralization belt in Kazakhstan, characterized by large resource volumes, long service life, and mature processing technology, which contributes to lower comprehensive costs and strong profitability [1] - The mine is expected to contribute approximately 6 tons of gold annually from 2023 to 2024, supporting Zijin Mining's goal of producing 100-110 tons of gold by 2028 [1] Group 3: Operational Synergies - With the acquisition, Zijin Mining's operational gold mines increase to nine, strengthening its asset scale, profitability, and global industry position [2] - The Raygorodok mine will synergize with other mines in Tajikistan and Kyrgyzstan in logistics, technical management, and talent allocation, enhancing Zijin Mining's resilience and competitiveness in Central Asia [2]

Core Viewpoint - Zijin Mining's subsidiary, Zijin Gold International, has successfully completed the acquisition of 100% equity in the Raygorodok gold mine in Kazakhstan, enhancing its asset scale and profitability in the gold mining sector [1][2] Group 1: Acquisition Details - The acquisition was finalized on October 10, 2025, after all conditions precedent were met or waived [1] - The Raygorodok gold mine has a resource reserve of 208 million tons of ore with an average gold grade of 1.0 grams per ton, totaling 197.4 tons of gold [1] - The mine's proven reserves amount to 97 million tons of ore with an average gold grade of 0.9 grams per ton, equating to 87 tons of gold [1] Group 2: Strategic Implications - The acquisition increases Zijin Gold International's operational gold mines to nine, solidifying its asset scale and global industry position [2] - The Raygorodok mine is expected to contribute approximately 6 tons of gold annually from 2023 to 2024, supporting Zijin Mining's goal of producing 100-110 tons of gold by 2028 [1] - The mine's location in Kazakhstan's gold mineralization belt, along with its mature processing technology and low comprehensive costs, enhances its profitability and economic benefits [1][2] Group 3: Future Prospects - The company plans to accelerate project feasibility studies and optimize open-pit mining boundaries, aiming to improve resource utilization and expand production scale [1] - The synergy between the Raygorodok mine and other regional mines in Tajikistan and Kyrgyzstan is expected to enhance logistical efficiency, technical management, and talent allocation, thereby increasing the company's competitive edge in Central Asia [2]

Core Viewpoint - Zijin Mining's subsidiary, Zijin Gold International, has successfully acquired 100% equity of the Raygorodok gold mine in Kazakhstan, enhancing its asset scale and global industry position [1][2] Group 1: Acquisition Details - The acquisition of the RG gold mine was completed on October 10, 2025, after all conditions precedent were met or waived [1] - As of June 30, 2025, the RG gold mine has a resource reserve of 208 million tons with an average gold grade of 1.0 grams per ton, totaling 197.4 tons of gold [1] - The mine's proven reserves amount to 97 million tons with an average gold grade of 0.9 grams per ton, equating to 87 tons of gold [1] Group 2: Economic and Operational Impact - The RG gold mine is located in a significant gold-producing belt in Kazakhstan, characterized by large resource volumes, long service life, and mature processing technology, which contributes to lower costs and strong profitability [2] - The mine is expected to produce an average of 6 tons of gold annually from 2023 to 2024, supporting Zijin Mining's goal of 100-110 tons of gold production by 2028 [2] - The successful acquisition increases Zijin Gold International's operational gold mines to nine, reinforcing its asset scale and profitability [2] Group 3: Strategic Synergies - The RG gold mine will create synergies with other mines in Tajikistan and Kyrgyzstan, enhancing logistics, technical management, and talent allocation [2] - This strategic positioning is expected to strengthen Zijin Gold International's resilience to regional risks and improve its overall competitiveness in Central Asia [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 Zijin Mining Group Co., Ltd.* Zijin Gold International Company Limited 紫金礦業集團股份有限公司 紫金黃金國際有限公司 （於中華人民共和國註冊成立的股份有限公司） 聯合公告 關於哈薩克斯坦 Raygorodok 金礦項目收購完成交割的公告 茲提述紫金礦業集團股份有限公司（以下簡稱「紫金礦業」）日期為 2025 年 6 月 29 日的關 於收購哈薩克斯坦 Raygorodok 金礦項目的公告（「該公告」）及紫金黃金國際有限公司（以 下簡稱「紫金黃金國際」）日期為 2025 年 9 月 19 日的招股章程（「該招股章程」）。除另 有定義外，本公告內所用辭彚與該公告及該招股章程所載者具有相同涵義。 紫金礦業控股子公司紫金黃金國際通過全資子公司收購哈薩克斯坦 Raygorodok 金礦（以下 簡稱「RG 金礦」）100%權益。鑒於協議中約定的 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 聯合公告 關於哈薩克斯坦 Raygorodok 金礦項目收購完成交割的公告 茲提述紫金礦業集團股份有限公司（以下簡稱「紫金礦業」）日期為 2025 年 6 月 29 日的關 於收購哈薩克斯坦 Raygorodok 金礦項目的公告（「該公告」）及紫金黃金國際有限公司（以 下簡稱「紫金黃金國際」）日期為 2025 年 9 月 19 日的招股章程（「該招股章程」）。除另 有定義外，本公告內所用辭彚與該公告及該招股章程所載者具有相同涵義。 （於香港註冊成立的有限公司） 紫金礦業控股子公司紫金黃金國際通過全資子公司收購哈薩克斯坦 Raygorodok 金礦（以下 簡稱「RG 金礦」）100%權益。鑒於協議中約定的交割先決條件已全部實現或豁免，本次收 購已於 2025 年 10 月 10 日完成交割，紫金黃金國際現已持有 RG 金礦 100%權益。 根據紫金黃金國際招股說明書顯示，截至 2025 年 6 月 30 ...

Core Insights - Zijin Mining's subsidiary, Zijin Gold International, has completed the acquisition of 100% equity in the Raygorodok gold mine in Kazakhstan [1] Resource and Reserve Details - The Raygorodok gold mine has a total resource amount of 208 million tons, with inferred ore quantity of 208 million tons and gold metal content of 197.4 tons [1] - The mine has a total reserve of 97 million tons [1]

Core Viewpoint - The company, Zhaojin Mining, is a leading state-owned and international gold mining enterprise in China, focusing on the entire gold industry chain from exploration to sales, with significant growth in both domestic and international markets [1][2][4]. Group 1: Company Overview - Zhaojin Mining was established in April 2004 and listed on the Hong Kong Stock Exchange in December 2006, becoming the first gold company listed in Hong Kong [1]. - The company operates in major gold-producing regions in China and has expanded internationally through acquisitions in Africa, including gold mines in Côte d'Ivoire and Sierra Leone [1][4]. Group 2: Resource and Production - By 2024, the company is projected to have gold resources of 1,446.16 tons, reserves of 517.54 tons, and an annual production of 26.4 tons, ranking among the top gold enterprises in China [1][4]. - The company has established three major gold production bases in Shandong, Gansu, and Xinjiang, with a total of 34 mines across the country [4]. Group 3: Strategic Development Phases - The company has undergone three key phases: resource integration and rapid expansion (2004-2012), domestic resource deepening (2013-2019), and international expansion (2020-present) [2][4]. - The acquisition of the Haiyu Gold Mine in 2015 was a significant move that added 470 tons of new gold resources [4]. Group 4: Financial Performance - From 2021 to 2024, the company experienced a compound annual growth rate of 18.97% in revenue and 250.49% in net profit [8]. - In 2024, the company achieved a revenue of 11.551 billion yuan, a year-on-year increase of 35.72%, and a net profit of 1.451 billion yuan, up 111.35% from the previous year [8]. Group 5: Strategic Partnerships - The company has a significant stake held by Zhaojin Group (35.6%) and Zijin Mining (19.0%), enhancing resource integration and strategic collaboration [6]. - The partnership with Zijin Mining is expected to leverage international experience in overseas acquisitions and cost control, supporting Zhaojin Mining's global expansion strategy [6]. Group 6: Resource Advantages - Zhaojin Mining possesses a large scale of resources with high grades, concentrated in four core mines, which account for nearly 70% of its total resources [7]. - The Haiyu Gold Mine is noted for its rich resources and high-grade ore, with a potential annual production of 15-20 tons, positioning it as one of China's largest gold mines [9].