Movement Alert｜Zhaojin Mining Rises 3.27% in Regular Trading, Citi Raises Target Price to HK$41.40 on Strong Production Growth Outlook

Market Focus06-16

On June 16, Zhaojin Mining rose 3.27% in regular trading, trading at HK$22.08/share, with turnover of HK$123 million. The stock extended gains following a strong rally in recent sessions driven by an investment bank upgrade and robust production growth expectations.

On the news front, Citi recently raised its target price on Zhaojin Mining from HK$37.5 to HK$41.4, maintaining a Buy rating, citing expectations of strong production growth and an anticipated gold price recovery in 2026-27. The bank noted that macro headwinds facing gold may ease once the Strait of Hormuz tensions ultimately subside. Additionally, the company's sea-area gold mine project — one of China's largest single gold deposits in which Zhaojin holds a 70% stake — has achieved initial industrial production capability after successful underground TBM tunneling and ore processing system commissioning. Upon full ramp-up, the project is expected to produce approximately 15-20 tonnes of gold annually, providing significant production upside.

Within the Gold sector, Shandong Gold rose 1.47%, Zijin Mining rose 1.07%, Zijin Gold International rose 0.33%, China Gold International rose 0.19%, while Lingbao Gold fell 1.63%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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