上调近三成！紫金矿业规划黄金产量目标：2028 年拟达 130 至 140 吨

Zijin Mining significantly raises future gold production targets. In the context of persistently high gold prices, it plans to increase its gold production to 130 to 140 tons within three years, a nearly 30% increase from previous targets. This adjustment highlights the company's confidence in market prospects and its strategic intent to accelerate gold production capacity.

According to an announcement released by the company on February 9, the board of Zijin Mining approved a three-year (2026-2028) production plan for major mineral products, raising the gold production target for 2028 from the previously set 100 to 110 tons in 2024 to 130 to 140 tons. Meanwhile, the targets for copper and silver production remain unchanged at 1.5 to 1.6 million tons and 600 to 700 tons, respectively.

The increase in production targets is based on the company's rapid growth in performance. According to preliminary accounting data, Zijin Mining's revenue for 2025 is approximately 345 billion yuan, an increase of about 28% compared to 2022; total profit is about 80 billion yuan, an increase of about 167%; and net profit attributable to shareholders is approximately 51 to 52 billion yuan, an increase of about 155% to 160%.

Following the announcement, Zijin Mining's stock price rose 4.1% to HKD 40.72 on the same day.

The company stated in the announcement that it will "increase the acquisition of strategic mineral resources, focusing on gold and copper," deepening its efforts in key areas in the west of China and focusing abroad on countries bordering China and other friendly nations with good legal environments.

Gold, lithium, and molybdenum production targets raised

Zijin Mining's planning adjustments are significant. According to the announcement, the gold production target for 2026 is 105 tons, a 17% increase from 90 tons in 2025; by 2028, the median target production is 135 tons, a 50% increase from the actual production in 2025 and about a 29% increase from the original median target of 105 tons.

In the copper sector, the target production for 2026 is 1.2 million tons, and the target for 2028 is 1.5 to 1.6 million tons, consistent with previous plans. The silver target for 2028 is 600 to 700 tons, and the zinc/lead target is 400,000 to 450,000 tons, both of which remain unchanged.

Notably, the company has significantly increased its lithium production planning. The target for lithium carbonate equivalent production in 2026 is 120,000 tons, and the target for 2028 is 270,000 to 320,000 tons, while the actual production in 2025 was only 25,000 tons, indicating that the lithium sector will become an important growth engine. The molybdenum target for 2028 has also been raised from the original plan to 25,000 to 35,000 tons.

The company clearly stated in the announcement that by 2028, the production of copper and gold mineral products will rank among the top three globally; it aims to achieve first place in some indicators by 2035 and fully establish itself as a "green, high-tech, top-tier international mining group."

Strong Performance Supports Expansion

The upward adjustment of production targets is based on the rapid growth of the company's performance. According to preliminary accounting data, Zijin Mining's operating revenue in 2025 is approximately 345 billion yuan, an increase of about 28% compared to 2022; total profit is approximately 80 billion yuan, an increase of about 167%; net profit attributable to shareholders is approximately 51 to 52 billion yuan, an increase of about 155% to 160%; and operating net cash flow is approximately 73 billion yuan, an increase of about 154%.

In terms of resource reserves, as of 2025, the company's consolidated copper resource volume is 10.884 million tons, an increase of 16% compared to 2022; gold resource volume is 4,537 tons, an increase of 26%; and silver resource volume is 30,993 tons, an increase of 29%. The company's copper production in 2025 is 1.09 million tons, and gold production is 90 tons, ranking 4th and 5th globally, respectively.

The performance in the capital market is also impressive. In January 2026, the company's market value exceeded 1.1 trillion yuan, and the overall market value of the "Zijin System," composed of its three listed subsidiaries, exceeded 1.8 trillion yuan. The company ranks 251st in the Forbes 2025 Global 2000 list and is 4th among global metal mining companies and 1st among global gold companies.

In 2025, the company completed two major capital operations: the acquisition of control over Zangge Mining and the spin-off listing of Zijin Gold International, further optimizing the capital layout of the "Zijin System."

Focusing on Gold, Copper, and Lithium Sectors

To achieve production targets, Zijin Mining has developed a detailed capacity release plan. In the gold sector, the company will rely on Zijin Gold International to maintain stable and high production at mature projects such as the Porgera Gold Mine in Papua New Guinea, Norton Gold Fields in Australia, Buriticá Gold Mine in Colombia, and Aurora Gold Mine in Guyana, while accelerating capacity release at projects like the Rosebel Gold Mine in Suriname, Akim Gold Mine in Ghana, and the Rhyolite Gold Mine in Kazakhstan, and speeding up the construction and production of the gold mine in Shandong offshore.

In the copper sector, the company will accelerate capacity release at three major copper mining bases: promoting the second phase of the Tibet Julong Copper Mine to reach production as soon as possible, achieving production at the Juno Copper Mine and the Xietongmen Copper-Gold Mine; accelerating the resumption of production at the Kakula section of the Kamoa-Kakula Copper Mine in the Democratic Republic of the Congo and reaching the third phase of production; and advancing the development of the lower ore belt of the Chukalu-Pegji Copper-Gold Mine and the JM Copper Mine and Mag Copper Mine projects in Serbia.

The lithium sector is seen as a new important growth engine. The company will accelerate the production capacity of the 3Q Salt Lake in Argentina, the Lagotso Salt Lake in Tibet, and the first phase of the Xiangyuan Lithium Mine in Hunan, while speeding up the construction and production of the Manono Lithium Mine in the Democratic Republic of the Congo, aiming to make the company one of the largest lithium producers in the world. At the same time, it will deeply empower Zangge Mining to accelerate the release of resource potential in its lithium sector