From an obscure county-owned mining enterprise thirty years ago to a global mining giant today, the rise of Zijin Mining is a legendary tale of China's mining sector going global. Starting from the Zijinshan gold mine in Shanghang County, Fujian—a low-grade deposit once considered a "chicken rib" by the industry—the company leveraged technological innovation to expand resource boundaries, skyrocketing its usable gold reserves from 5.45 tons to nearly 300 tons, achieving its first major value breakthrough. As China became the world's largest consumer of mineral resources, with external dependence on base metals exceeding 50%, Zijin Mining seized the opportunities presented by the Belt and Road Initiative to embark on a global strategy. Through counter-cyclical acquisition tactics, the company capitalized on industry downturns to secure world-class mines, including the Kamoa-Kakula Copper Mine in the Democratic Republic of Congo and the Bor Copper Mine in Serbia. Today, Zijin Mining holds significant mining investments across 12 countries, with overseas gold and copper reserves and production each accounting for over half of its total. Its unique "Five-Ring Integration of Ore Flow" mining engineering management model has become a core competitive advantage, enabling the "Zijin Speed" overseas and revitalizing mines overlooked by others. "Mining globalization" is not just about resource allocation but also the export of technology, management, and standards. Over three decades, Zijin Mining has developed a replicable blueprint for Chinese enterprises expanding abroad.
Amid the mountains of western Fujian, Zijinshan was once widely regarded as a "chicken rib" in the industry—low-grade, difficult to mine, and prone to leaching due to heavy rainfall, deterring any rash investment. Who could have imagined that this forgotten mountain would become the starting point for a multinational mining giant's global journey? And who could have foreseen that a small county-owned mining company, starting with a mere 50,000-yuan loan, would undergo a spectacular transformation over thirty years, ranking among the top global metal mining enterprises and etching a profound Chinese imprint on the world mining map. The development history of Zijin Mining is not only a legendary story of overcoming adversity but also a grand journey of overseas expansion that resonates with China's reform and opening-up and aligns deeply with the Belt and Road Initiative. From breaking ground at Zijinshan to resource布局 across eighteen countries, from single gold mining to cross-border operations spanning "gold + copper + lithium" multi-metal integrated chains, each leap forward embodies perseverance and breakthroughs in global exploration. "Global layout" is precisely the core code for this enterprise to break through growth ceilings, navigate industry cycles, and serves as a vivid microcosm of Chinese mining companies transitioning from "bringing in" to "going out."
The globalization of Zijin Mining is not accidental but an inevitable choice顺应 global mining transformations and tailwinds from national policies. Global mineral resource distribution is highly uneven, with core strategic minerals like copper, gold, and lithium concentrated in South America's Andean metallogenic belt and Africa's internal industrial policies持续倾斜 towards the new energy产业链, providing strong support for the global layout of lithium resources. Against this backdrop of时代 trends, Zijin Mining has charted an international path with Chinese characteristics for mining overseas expansion.
Tracing Zijin Mining's overseas journey—from ice-breaking to leadership—each step has been solid and strategically visionary,大致 divided into three key phases. The period from 1993 to 2004 was the domestic foundation phase; the predecessor of Zijin Mining was the Shanghang County Mineral Company, officially renamed in 1993, embarking on its entrepreneurial path centered on the development of the Zijinshan gold-copper mine. At the outset, the company's total assets were merely over three million yuan, trapped in the triple困境 of "no funds, no technology, no talent." At the critical moment, the entrepreneurial team led by Chen Jinghe broke through technical bottlenecks, pioneering large-scale heap leaching technology for southern rainy slopes tailored to Zijinshan's characteristics of low grade, difficult mining, and high rainfall leaching, later upgraded to a combined gravity-carbon in pulp-heap leaching process. This not only significantly improved gold recovery rates but also, by optimizing the cut-off grade, surged usable gold reserves from 5.45 tons to nearly 300 tons, successfully transforming a "waste mine" into "China's largest gold mine." After completing its joint-stock reform in 2000, the company began national expansion, acquiring优质 domestic mines counter-cyclically during industry downturns; listing on the Hong Kong Stock Exchange in 2003 raised HKD 1.2 billion to replenish funds, and by 2004, it had grown into a leading domestic gold producer with top comprehensive competitiveness,储备了 technology, capital, and management capabilities for overseas ventures.
The year 2005 marked the ice-breaking year for Zijin Mining's overseas expansion. After securing a firm foothold in the domestic market, the company acquired the Rio Blanco Copper Mine in Peru as a starting point, officially opening the door to international markets. This move not only broke geographical boundaries but also allowed the company to accumulate preliminary experience in overseas mine acquisitions, cross-border compliance, and跨文化 operations, paving the way for subsequent large-scale global expansion and marking the official launch of its strategic transition from "domestic leadership" to "global布局." From 2015 to the present, Zijin Mining entered a rapid expansion phase, seizing counter-cyclical acquisition opportunities during global mining market downturns to accelerate global positioning and精准卡位 core resource belts. During this period, it successively secured landmark projects such as the Kamoa-Kakula Copper Mine in the DRC, the Bor Copper-Gold Mine in Serbia, and the 3Q Lithium Salt Lake in Argentina, expanding its controlled metals to cover copper, gold, zinc, and silver, becoming one of China's most diversified mining companies in terms of resource structure. It formed an initial overseas layout covering Africa, South America, and Europe, with overseas assets and production scale gradually surpassing domestic operations. Meanwhile, Zijin Mining did not limit its targets to gold and copper; starting from 2021, it gradually increased its focus on lithium under the new energy wave, from the Argentine 3Q Salt Lake to Tibet's Lagkor Co Salt Lake and Hunan's Xiangyuan Lithium Mine. In early 2025, it completed the controlling acquisition of藏格矿业, not only strengthening its control over copper resources but also obtaining rights to Qinghai salt lake lithium and potash fertilizer resources,正式 transitioning the lithium sector from "reserve phase" to "growth phase." Thus, Zijin Mining has formed a dual-drive structure of "gold + copper for stable cash flow, lithium resources providing medium-to-long-term flexibility," coupled with the successful listing of Zijin Gold International, upgrading its overseas capital operations and asset management capabilities, and entering a new high-quality development stage for its globalization strategy.
Among its global布局, several benchmark projects serve as "ballast stones" for Zijin Mining's overseas operations, showcasing its硬实力 in cross-border management. The RG Gold Mine in Kazakhstan, as a key acquisition following Zijin Gold International's listing, is estimated to contain 208 million tons of ore resources with 197.4 tons of gold metal. In 2024, it generated USD 470 million in revenue and USD 200 million in net profit, contributing profits and production in the very year of acquisition. Leveraging green mining technology, Zijin Mining established it as a Central Asian benchmark, adopting low-carbon processes like bio-wet heap leaching and LED energy-saving lighting, strictly adhering to local environmental standards, earning full support from the Kazakh government and local community recognition, laying a solid foundation for continued expansion in Central Asia. Equally notable is the Argentine 3Q Lithium Salt Lake project, targeting explosive growth in the new energy industry. After acquiring the project in 2022, Zijin Mining overcame challenges包括 high-altitude extreme cold, cross-border transportation, and environmental approvals, achieving production of a 20,000-ton annual lithium carbonate project in just three years, demonstrating the "Zijin Speed." This project filled the gap in the company's new energy resource布局 in South America, laying the groundwork for capturing the global lithium resource track and empowering the new energy产业链, aligning with global energy transition trends. As the world's largest undeveloped high-grade copper mine, the Kamoa-Kakula Copper Mine in the DRC is the core pillar of Zijin Mining's overseas copper business. In 2024, the mine produced 437,000 tons, a record high; Q4 output was 133,800 tons, up 15% quarter-on-quarter, with a monthly record of 47,100 tons in December. At full capacity, annual production will exceed 500,000 tons, with long-term peak output potentially reaching 800,000 tons,届时 positioning it as Africa's largest and the world's fourth-largest copper mine, providing robust support for the company's copper growth.
To站稳脚跟 in complex cross-border operations, Zijin Mining relies on five core advantages that精准破解 numerous challenges in overseas development. In cross-border strategy, the company closely follows the Belt and Road Initiative, focusing on global major metallogenic belts, prioritizing regions with high resource potential and favorable business environments, forming a "global resources, global operations" cross-border布局 pattern. Currently, its assets span 18 countries across five continents, effectively分散 risks from single-market policy fluctuations and resource supply. In mineral selection, it精准卡位 high-value cross-border minerals like copper, gold, and lithium, ensuring short-term profit stability while capturing long-term industry trends, building a scientific cross-border resource portfolio. In localized operations, the company promotes a "teaching to fish" overseas community investment model, simultaneously advancing local industrial chain upgrades, employment security, and livelihood improvements alongside project implementation. By hiring local employees, providing mining skills training, and building schools, hospitals, and other infrastructure, it achieves win-win development with host countries. For example, the Bor Copper-Gold Mine project in Serbia not only upgraded the local mining industry chain but also directly boosted regional employment rates, significantly reducing geopolitical risks and building a sustainable cross-border operational ecosystem.
Cross-border ESG compliance capability has become key for Zijin Mining to扫清 overseas barriers. The company established a comprehensive clean production management system, implementing green procurement policies, phasing out high-energy-consuming equipment, and adopting low-energy processes and energy-saving technologies, embedding green development throughout the entire lifecycle of cross-border projects. With clear cross-border environmental commitments to achieve carbon peak by 2029 and carbon neutrality by 2050, its green development standards fully meet stringent overseas environmental requirements, having obtained environmental certifications from governments in Kazakhstan, Argentina, and the DRC. This responsible cross-border operational attitude not only clears compliance hurdles but also树立 a positive international image for Chinese mining companies. Core technology cross-border output is Zijin Mining's硬实力支撑,反向输出 domestically mature mining technologies and management experience to overseas projects, building a core technology matrix covering heap leaching, efficient flotation processes, and salt lake lithium extraction. At the Kamoa-Kakula Copper Mine, the introduction of self-developed efficient flotation processes significantly improved copper recovery rates; at the Argentine 3Q Lithium Salt Lake, applying advanced domestic salt lake lithium extraction核心技术 overcame industry pain points of low efficiency in high-altitude low-temperature conditions,大幅缩短 project commissioning cycles. Technology output not only reduced overseas project development costs but also earned widespread international recognition through硬实力.
Talent is the core of cross-border operations. Zijin Mining built a复合型 cross-border talent system combining "local talent + international experts + expatriate骨干," establishing global recruitment and training centers to精准吸纳 high-end talent in the overseas mining sector. Through跨文化融合 mechanisms like international job rotations, localized compensation systems, and long-term incentives, it forged a core team with global vision and跨区域 operational capabilities. This diverse talent pool is familiar with host country policies, laws, and cultural customs while mastering Zijin Mining's core technologies and management models, providing关键支撑 for efficient overseas project management and strategy implementation.
Behind its solid core advantages, five硬实力 capabilities safeguard Zijin Mining's cross-border expansion. Resource reserves form the foundation; as China's largest controller of metal mineral resources, Zijin Mining's reserves rank among the global forefront. By the end of 2025, the company controlled 110 million tons of copper resources, 3,973 tons of gold, 17.88 million tons of lithium carbonate equivalent, and 13 million tons of zinc-lead resources, forming a multi-metal synergistic cross-border resource布局. Notably, a significant portion was obtained through self-exploration, with cross-border acquisition costs lower than the industry average. The "self-exploration +精准跨境并购" model ensures resource supply stability and builds a unique cross-border cost advantage. Technology empowerment enhances efficiency and cost advantages in overseas project development. Zijin Mining's独创 "Five-Ring Integration of Ore Flow" mining engineering model建立了 full-process autonomous capabilities from exploration, design, construction to operation, successfully replicated in multiple overseas projects. Early technological breakthroughs at Zijinshan's low-grade gold mine laid the foundation for core competitiveness; now, accelerating digital-intelligent transformation, successful experiences like the "lights-out factory" at Heilongjiang Zijin Copper and the intelligent inventory management system in Bayannur are being输出 to overseas projects, providing digital templates for cross-border mine operations. Under technology empowerment, overseas project development costs are lower than the industry average, further strengthening cross-border profit margins.
Cross-border capital operation capabilities provide ample funding support for expansion. Leveraging its A+H share dual-listing platform, Zijin Mining built a comprehensive global financing system. The 2003 Hong Kong listing raised HKD 1.2 billion, completing the initial capital accumulation for overseas ventures; the 2025 spin-off and independent listing of Zijin Gold International not only optimized the overseas capital structure but also enhanced market valuation and transparency of overseas assets, opening new channels for overseas project financing. On January 6, 2026, Zijin Mining's A-share market cap首次突破 trillion yuan, becoming the first mining enterprise in the A-share market to achieve this milestone, reflecting growing capital market recognition of its globalization strategy and injecting强劲资本动力 into cross-border expansion. Cross-border industrial chain integration enhances risk resilience. The company built a full-chain cross-border operational system of "mining-smelting-processing-trading-sales," breaking the profit limitations of单一 mining. Overseas, it同步配套建设 smelting bases and logistics networks, such as the copper smelter配套 for the Bor Copper-Gold Mine in Serbia,大幅降低 cross-border transportation costs and processing losses; domestically, it布局 downstream深加工 like copper foil and lithium battery materials, forming a cross-border industrial闭环 of "overseas resources-domestic processing-global sales." This integrated layout increases product added value and strengthens resilience against global market price fluctuations, providing重要保障 for stable cross-border business development. Comprehensive cross-border risk management ensures稳健 operations. Zijin Mining established a multi-dimensional cross-border risk防控 system covering geopolitics, exchange rate fluctuations, price cycles, and safety production. For overseas business, it formed professional compliance teams adapted to different national laws and policies, hedging geopolitical and exchange rate risks through political risk insurance and multi-currency settlements; for commodity price volatility, it uses hedging tools to lock in收益. Against the backdrop of tightened domestic copper policies in 2025, the continuous release of overseas capacity successfully对冲 domestic market impacts, fully validating its cross-border risk management capabilities and profit resilience.
By 2025, Zijin Mining owned over 30 important mining bases across 18 countries, with overseas assets exceeding 60% of its total, forming a stable global operational格局. In terms of production, 2025 saw 90 tons of mined gold, up 23% year-on-year, and 1.09 million tons of mined copper, up 2% year-on-year, with overseas projects contributing the majority of the增量. Amid tightened domestic copper policies in 2025, the sustained release of overseas capacity successfully对冲 domestic market effects,充分印证 the risk resilience and profit robustness of its global布局. At the industry level, Zijin Mining树立 a cross-border development benchmark for China's mining sector through "technology出海 + resource integration," promoting standardized and green resource development in developing countries,反向赋能 global mining with Chinese technology, significantly enhancing China's voice in the global mining arena. In terms of social value, overseas projects累计 created over 50,000 local jobs, boosting host country infrastructure, education, and healthcare investments. Its low-carbon mining model also contributed positively to global mining emission reductions, achieving a unity of cross-border commercial and social value.
Looking ahead, Zijin Mining's cross-border strategic blueprint is clear and坚定, aiming for a top-three global position. In the short term, the company anchors its goal of becoming a "green, high-tech, top-tier international mining group," planning to complete its 2030 strategic objectives two years early, with all core growth coming from overseas projects. By 2028, it targets 1.5-1.6 million tons of mined copper, 100-110 tons of mined gold, and 250,000-300,000 tons of lithium carbonate equivalent, further consolidating its status as a cross-border mining giant. Key actions include deepening the跨境整合 of优质 overseas resources, advancing large-scale lithium production, and enhancing cross-border industrial chain synergy efficiency. In the medium to long term, Zijin Mining will continue focusing on core minerals like gold, copper, and lithium, further expanding its new energy mineral跨境布局, and exploring new areas like deep-sea mining. It will drive the transition from a "cross-border resource extractor" to a "global comprehensive resource service provider," building a more resilient cross-border industrial ecosystem. Strengthening cross-border technological innovation and cooperation will further promote Chinese mining standards globally, enhancing its voice in international mining rule-making. From its艰难起步 in the remote mountains of western Fujian to从容领跑 on the global mining stage, Zijin Mining has written a remarkable chapter in Chinese enterprise globalization over thirty years. Its triple-drive cross-border model of "resources + technology + capital" and its cross-border operational path of "localization + greening + digital-intelligent transformation" have not only injected强劲动力 into its own development but also provided a replicable "Zijin Solution" for Chinese mining companies going global. In the future, Zijin Mining will undoubtedly continue writing new glories for Chinese mining enterprises on the global map with even steadier steps.
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