Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Zijin Mining Group Co Ltd H / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> is up 101% on its 29th September listing. By my estimate, <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining (601899 CH)</a>'s average premium to NAV since Zijin Gold's listing has been ~21%. </li>
<li>Preceding further commentary on Zijin Mining/Gold are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Zijin Gold (2259 HK) is up 101% on its 29th September listing. By my estimate, Zijin Mining (601899 CH)'s average premium to NAV since Zijin Gold's listing has been ~21%. 
Preceding further commentary on Zijin Mining/Gold are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Zijin Mining Group Co Ltd H / Equity Bottom-Up

<ul>
<li>Earnings momentum accelerating driven by gold volume +20% and mine margin expansion to 60.6%, supported by disciplined cost control and strong operating cash flow.</li>
<li>Copper–gold dual exposure provides structural upside with spot torque to Cu ~US$10,800/t and Au ~US$4,200/oz, reinforcing earnings visibility into FY26–27.</li>
<li>Zijin Gold spin-off unlocks value via clean asset separation, improved capital efficiency, and SOTP rerating potential to HK$41–42/sh under spot scenario.</li>
</ul>


Earnings momentum accelerating driven by gold volume +20% and mine margin expansion to 60.6%, supported by disciplined cost control and strong operating cash flow.
Copper–gold dual exposure provides structural upside with spot torque to Cu ~US$10,800/t and Au ~US$4,200/oz, reinforcing earnings visibility into FY26–27.
Zijin Gold spin-off unlocks value via clean asset separation, improved capital efficiency, and SOTP rerating potential to HK$41–42/sh under spot scenario.


Zijin Mining – Structural Re-Rate Underway; Q3 Results Validate Copper–Gold Flywheel + Spin Unlock

<ul>
<li>As <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a>'s share price defies gravity, so does <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin Mining Group Co Ltd H (2899 HK)</a>'s.</li>
<li>Full disclosure: I misread the room. I thought Zijin Gold was fully priced at HK$71.59/share. As was Zijin Mining. Zijin Gold is now up 92% and Zijin Mining 20%.</li>
<li>Zijin Gold currently trades at a 100% premium to peers on forward PER and EV/EBITDA multiples. </li>
</ul>


As Zijin Gold (2259 HK)'s share price defies gravity, so does Zijin Mining Group Co Ltd H (2899 HK)'s.
Full disclosure: I misread the room. I thought Zijin Gold was fully priced at HK$71.59/share. As was Zijin Mining. Zijin Gold is now up 92% and Zijin Mining 20%.
Zijin Gold currently trades at a 100% premium to peers on forward PER and EV/EBITDA multiples. 


Zijin Mining (2899 HK): Where To From Here?

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Zijin Mining is a rapidly growing global mining powerhouse, having recently become the world's third-largest mining company by market capitalization, driven by surging gold and copper prices.</li>
 <li>The company exhibits a strong growth trajectory, underpinned by a successful strategy of aggressive international acquisitions and superior operational capabilities that enable faster mine development.</li>
 <li>Despite robust financial performance and a positive commodity outlook, the company's valuation appears stretched, with high short interest suggesting significant market skepticism.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Zijin Mining is a rapidly growing global mining powerhouse, having recently become the world's third-largest mining company by market capitalization, driven by surging gold and copper prices.
  The company exhibits a strong growth trajectory, underpinned by a successful strategy of aggressive international acquisitions and superior operational capabilities that enable faster mine development.
  Despite robust financial performance and a positive commodity outlook, the company's valuation appears stretched, with high short interest suggesting significant market skepticism.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Zijin Mining Group Co Ltd H (2899 HK) - Sep 2025

<ul>
<li>Copper &amp; Gold Torque: Zijin has crossed US$100bn market cap as copper tops US$10,300/t and gold nears US$3,770/oz, with shares up ~60% in 3M and ~83% in 12M.</li>
<li>Spin-Off Catalyst: Zijin Gold International IPO raised US$3.2bn at HK$71.6/sh; on our quality-weighted view, fair value is ~US$38.5bn EV vs ~US$24bn at IPO.</li>
<li>Valuation Upside: 2027E SOTP points to HK$34.8/sh base (+12%), HK$38–39/sh spot (+25%), and HK$39–41/sh bull (+30%); detailed Zijin Gold valuation in our companion report.</li>
</ul>


Copper &amp; Gold Torque: Zijin has crossed US$100bn market cap as copper tops US$10,300/t and gold nears US$3,770/oz, with shares up ~60% in 3M and ~83% in 12M.
Spin-Off Catalyst: Zijin Gold International IPO raised US$3.2bn at HK$71.6/sh; on our quality-weighted view, fair value is ~US$38.5bn EV vs ~US$24bn at IPO.
Valuation Upside: 2027E SOTP points to HK$34.8/sh base (+12%), HK$38–39/sh spot (+25%), and HK$39–41/sh bull (+30%); detailed Zijin Gold valuation in our companion report.


Zijin Mining: US$100bn Breakout on Copper Surge, Valuation Still Offers Upside

China

Zijin Mining Group Co., Ltd., through its subsidiaries, explores, mines, produces, refines, and sells gold and other mineral resources in China.

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Zijin Mining Group Co Ltd H (2899 HK)

StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

Zijin Mining is trading rich. As is Zijin Gold. I'd be taking down borrow in Zijin Mining and look to short when this turns. Oddly - Zijin Gold is...

David Blennerhassett

Zijin Mining – Structural Re-Rate Underway; Q3 Results Validate Copper–Gold Flywheel + Spin Unlock

Strong earnings momentum in gold and copper, with potential for increased value through Zijin Gold spin-off and improved capital efficiency.

Rahul Jain

Zijin Mining (2899 HK): Where To From Here?

Zijin Mining is overvalued here. The pushback? Momentum - in both Zijin Mining/Gold - is the proverbial freight train. I'd be taking down borrow...

David Blennerhassett

Primer: Zijin Mining Group Co Ltd H (2899 HK) - Sep 2025

Zijin Mining is a rapidly growing global mining powerhouse, having recently become the world's third-largest mining company by market...

αSK

Zijin Mining: US$100bn Breakout on Copper Surge, Valuation Still Offers Upside

Zijin's market cap surpasses US$100bn as copper and gold prices rise, with potential valuation upside and spin-off catalyst from Zijin Gold...

Rahul Jain

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52-week Range

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StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

Zijin Mining is trading rich. As is Zijin Gold. I'd be taking down borrow in Zijin Mining and look to short when this turns. Oddly - Zijin Gold is...

David Blennerhassett

Zijin Mining – Structural Re-Rate Underway; Q3 Results Validate Copper–Gold Flywheel + Spin Unlock

Strong earnings momentum in gold and copper, with potential for increased value through Zijin Gold spin-off and improved capital efficiency.

Rahul Jain

Zijin Mining (2899 HK): Where To From Here?

Zijin Mining is overvalued here. The pushback? Momentum - in both Zijin Mining/Gold - is the proverbial freight train. I'd be taking down borrow...

David Blennerhassett

Primer: Zijin Mining Group Co Ltd H (2899 HK) - Sep 2025

Zijin Mining is a rapidly growing global mining powerhouse, having recently become the world's third-largest mining company by market...

αSK

Zijin Mining: US$100bn Breakout on Copper Surge, Valuation Still Offers Upside

​Zijin's market cap surpasses US$100bn as copper and gold prices rise, with potential valuation upside and spin-off catalyst from Zijin Gold...

Rahul Jain

Zijin's market cap surpasses US$100bn as copper and gold prices rise, with potential valuation upside and spin-off catalyst from Zijin Gold...