Zhaojin Mining Shares Surge Over 8% on Gold Price Rebound and Strong Production Outlook

Stock News06-15

Zhaojin Mining (HKEX: 01818) shares surged more than 8% during the trading session. At the time of writing, the stock is up 7.09% to HK$21.46, with a turnover of HK$328 million.

The rally is attributed to a rebound in gold prices following easing geopolitical tensions. A potential US-Iran agreement has led to a drop in oil prices, alleviating market concerns about inflation and supporting a strong recovery for gold. Spot gold prices rose above $4,300 this morning.

Recent reports indicate that both the US and Iran have announced the achievement of a ceasefire memorandum of understanding. Authorizations have been granted for the "free opening" of the Strait of Hormuz and the lifting of naval blockades, with a formal signing ceremony scheduled for June 19 in Switzerland.

Key Drivers for the Company

A Citigroup research report highlighted that the company is well-positioned to benefit from robust production growth. The bank raised its target price for the stock from HK$37.5 to HK$41.4, maintaining a "Buy" rating.

The report suggested that once the situation around the Strait of Hormuz is ultimately resolved, the macroeconomic headwinds facing gold could diminish, potentially allowing gold prices to recover from their lows.

Huatai Securities previously noted that considering the company's Haikuang project could achieve a significant production increase of 10-15 tons of mineral gold upon reaching full capacity, the company possesses high growth potential for the future.

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