Zijin Mining Group Company Limited held its 2025 annual performance briefing on March 23, during which senior executives shared their medium to long-term outlook on lithium and copper prices.
Zijin Mining is primarily engaged in the exploration and development of metal mineral resources such as gold, copper, and lithium. In 2025, the company reported operating revenue of 349.079 billion yuan, a year-on-year increase of 14.96%, and a net profit attributable to shareholders of 51.777 billion yuan, up 61.55% compared to the previous year.
As of the market close on March 23, Zijin Mining's A-share price was 30.58 yuan per share, a decrease of 3.38%, with a total market capitalization of 801.2 billion yuan.
Lin Hongfu, Executive Director, Vice Chairman, and President of Zijin Mining, stated that a reversal trend in lithium prices is expected to begin in 2026. He indicated that the lithium industry is transitioning from a theoretical surplus to a tight balance.
On the demand side, the global trend toward energy transition remains unchanged. The new energy vehicle industry is shifting from a period of rapid expansion to a new phase of high-quality development. Energy storage, driven by policy support and economic factors, has become one of the core growth engines.
Lin emphasized that, in the long term, the dual drivers of new energy vehicles and energy storage will remain robust. The commercialization of solid-state batteries is entering a critical acceleration phase, while emerging applications such as AI data centers are becoming major demand drivers for lithium resources. Global lithium demand is projected to exceed 3 million tons by 2030.
On the supply side, the global lithium industry currently faces both growth opportunities and risks. Large-scale lithium mining projects in Australia, Africa, and South America are entering production ramp-up phases, contributing significantly to global lithium supply. However, operational risks due to geopolitical instability, policy changes in resource-rich countries, and tightening environmental regulations may introduce uncertainty into the actual supply of lithium.
Lin highlighted that ensuring the security of lithium resource supply has become a key concern for major global economies and industry players.
According to Zijin Mining’s announcement on its three-year (2026–2028) mineral production plan and 2035 vision, the company aims to achieve lithium carbonate production capacity of 270,000 to 320,000 tons by 2028, positioning itself as one of the world's leading lithium producers.
Gao Wenlong, Vice President and Board Secretary of Zijin Mining, stated that the copper market in 2026 will revolve around two main themes: "macroeconomic dynamics" and "structural shortages."
From a macroeconomic perspective, copper's financial attributes and strategic asset value continue to be emphasized amid a complex external environment and intensified competition for critical minerals.
Gao noted that geopolitical conflicts, economic uncertainty, fluctuating interest rate expectations, and trade policy disruptions may increase short-term volatility in copper prices. However, as macroeconomic disturbances are gradually absorbed, market focus will return to supply and demand fundamentals.
On the supply side, constraints on copper mine output remain a key factor supporting prices. Due to a major mining accident in 2025, global copper supply is expected to remain tight in 2026, with copper concentrate processing fees falling to historic lows.
Gao mentioned that the China Smelters Purchase Team (CSPT) plans to reduce production in response to raw material shortages, indicating that supply bottlenecks are shifting from mining to the refining stage.
On the demand side, growth in new energy, electrification, and AI infrastructure is driving structural demand for copper, effectively offsetting cyclical fluctuations in traditional sectors.
Gao emphasized that, in the medium to long term, rigid supply constraints due to long-term underinvestment in global mining and rising protectionism are becoming more apparent. A long-term incentive price is expected to form a solid price floor.
According to the 2025 annual report, the second-phase expansion project of Zijin Mining’s Julong Copper Mine has been completed and put into operation, with an annual copper production capacity of 300,000 to 350,000 tons. Preparatory work for the third phase of the Julong Copper Mine is now underway.
Zijin Mining announced that if the project is approved, the Julong Copper Mine is expected to achieve an annual production of approximately 600,000 tons of copper, making it the world's largest copper mine by processing scale, with the lowest grade and highest altitude.
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