Core Viewpoint - The mining industry, particularly gold, is experiencing significant growth, with Zijin Mining achieving substantial revenue and profit increases due to rising international gold prices and strategic acquisitions [2][3]. Financial Performance - In the first three quarters of 2025, Zijin Mining reported operating revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 45.701 billion yuan, up 53.99% year-on-year [2]. - The company's non-recurring net profit reached 34.127 billion yuan, reflecting a growth of 43.71% compared to the previous year [2]. Gold Production and Market Dynamics - Zijin Mining's gold production for January to September 2025 was 65 tons, marking a 20% increase year-on-year, with the third quarter alone contributing 24 tons, a 7% increase from the previous quarter [3]. - The rise in gold production is attributed to new acquisitions and increased processing at existing mines, including the Ghana Akim Gold Mine and the Xinjiang Sava Yalton Gold Mine [3]. Listing and Strategic Focus - Zijin Gold International, a subsidiary of Zijin Mining, successfully listed on the Hong Kong Stock Exchange in September 2025, focusing on global gold asset operations [2][3]. Copper Production Challenges - Copper production growth has slowed due to a flooding incident at the Kamoa-Kakula mine, with Zijin Mining's copper output for the first three quarters of 2025 at 830,000 tons, a 5% increase year-on-year, but a 6% decrease quarter-on-quarter [6][7]. - The flooding incident has led to a downward revision of the mine's production expectations for 2025 [7]. Cost Pressures - The unit sales costs for major products, including gold and copper, have increased, with gold ingot costs rising by 15.2% and copper concentrate costs by 14.37% year-on-year [9][10]. - The increase in costs is attributed to declining ore grades, increased transportation distances, and higher transitional costs from newly acquired mines [9]. Market Outlook - The global demand for copper is expected to rise significantly due to the growth of electric vehicles and clean energy sectors, with a projected total demand exceeding 35 million tons within the next 20 years [6]. - Zijin Mining's lithium carbonate production is also progressing, with 11,000 tons produced in the first three quarters of 2025 [8].

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].