Despite volatile metal market prices in the first half of the year, the profit momentum of domestic mining leader Zijin Mining Group Company Limited (601899.SH/2899.HK) has not slowed.
On the evening of July 9th, Zijin Mining released its 2026 semi-annual performance forecast. The company expects net profit attributable to shareholders of the listed company for the first half to be approximately 39.1 billion yuan, an increase of about 15.8 billion yuan, or approximately 68%, compared with the same period last year.
Adjusted net profit, excluding non-recurring gains and losses, is expected to be around 37.9 billion yuan, an increase of about 16.3 billion yuan, or roughly 75%, year-on-year. For the second quarter of 2026 specifically, adjusted net profit was approximately 19.4 billion yuan, a sequential increase of about 900 million yuan, or about 5%.
The company stated that despite multiple external disruptive factors facing the industry as a whole, its various main businesses have continued to advance steadily. In terms of production output, the forecast indicates that for the first half of this year, mineral gold production was 47 tonnes, a 15% year-on-year increase; mineral copper production was 534,000 tonnes, representing a 5% growth after excluding output from the Kamoa Copper Mine; mineral zinc and lead production was 200,000 tonnes, remaining flat year-on-year; and mineral silver production was 229 tonnes, a 2% increase.
It is noteworthy that lithium, regarded as Zijin's "third growth driver," has already begun to contribute at scale. Zijin Mining mentioned that its "Two Lakes, Two Mines" projects have successively been completed and put into operation, hitting the cycle timing accurately. The Manono Lithium Mine achieved dense media separation plant commissioning in May 2026. In the first half, the company's lithium segment produced 43,000 tonnes of lithium carbonate equivalent, a substantial increase of 514% year-on-year.
Concurrently, with rapid price increases for rare and precious metals, Zijin Mining has correspondingly ramped up production capacity for tungsten, molybdenum, tin, and others, leading to a significant expansion in gross profit. Regarding by-products, the comprehensive utilization of sulfur resources business yielded significant benefits in the first half, with sulfur concentrate and sulfuric acid by-products showing notable profitability.
Regarding project developments, Zijin Mining noted in its announcement that during the reporting period, the Akyem Gold Mine and Rego Gold Mine, acquired in 2025 by its subsidiary ZIJIN GOLD INTL (02259.HK), have continued to deliver incremental output; production at the Julong Copper Mine has steadily increased; the company's lithium business segment is progressing smoothly, with the Manono Lithium Mine project achieving dense media separation plant commissioning in May 2026, approximately one month ahead of the original schedule, and the first series of the smelter project is planned for commissioning in December 2026; production capacity at the 3Q Salt Lake, Laguocuo Salt Lake, and Xiangyuan Hard Rock lithium mines is steadily ramping up; and the beneficiation project for the Anhui Shapinggou Molybdenum Mine commenced construction in mid-June 2026, with an expected average annual molybdenum output of approximately 22,100 tonnes upon reaching full capacity.
Based on previous disclosures, Zijin Mining's 2026 guidance for production targets is: 105 tonnes of mineral gold, 1.2 million tonnes of mineral copper, 120,000 tonnes of lithium carbonate equivalent, and 520 tonnes of mineral silver, representing growth of 17%, 10%, 380%, and 19% respectively compared to estimated 2025 production. The company plans to further improve its comprehensive indicator ranking by 2028, with copper and gold mineral product output entering the global top three; by 2035, it aims for some indicators to reach the global top position, not only continuing to advance its global ranking for mineral gold and copper but also potentially becoming one of the world's largest producers of lithium and molybdenum.
In an article simultaneously published on its official platform, Zijin Mining also emphasized a key point: while continuously enhancing production capacity, the company's new management team is focusing on improving internal management, implementing systematic foundational work to address weaknesses, and constantly strengthening the company's comparative competitive advantages.
On January 1, 2026, Chen Jinghe, known externally as the "Gold King of China," officially announced his retirement, concluding a 44-year career in mining. The 58-year-old successor, Zou Laichang, officially assumed the role of Chairman on the same day. As a core executive developed internally at Zijin Mining, Zou Laichang joined the company in 1996 and is one of the key architects of the company's globalization strategy and technological system. Chen Jinghe referred to Zou Laichang and the new President, Lin Hongfu, as his "right-hand men" in the past and as key contributors to Zijin Mining's success.
As of the market close on July 9th, Zijin Mining's A-share price was 27.62 yuan per share, up 0.95%, with a latest market capitalization of 734.436 billion yuan. Despite consistently strong fundamentals, the stock price has experienced volatility and a downward trend since hitting a historical high of 44.94 yuan at the end of January, with its market capitalization retreating after previously surpassing the trillion-yuan mark, dragged down by multiple factors including a deep correction in gold and copper prices during the second quarter. Year-to-date, the company's share price has declined by over 18%. Nevertheless, several institutions including Citi and Morgan Stanley remain optimistic about its future prospects.
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