Global Materials | Industrials | Commodities

Rahul Jain

Over 20 years of sell-side research experience across Global Metals & Mining, Cement, Industrials, and Commodities. Extensive first-hand mine and plant visits spanning India, Australia, China, the US, and the UK.
Hundreds of buy-side engagements across major global financial hubs in Asia, North America, and Europe. Also led a comprehensive client tour of China to deepen industry understanding.

Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

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

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

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

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