Zijin Mining Targets Tungsten and Uranium in Strategic Expansion

Zijin Mining Eyes Tungsten and Uranium Investments as Global Demand for Critical Minerals Surges

Zijin Mining Group, China’s largest producer of gold and copper, is expanding its investment focus to include strategic metals such as tungsten and uranium, as intensifying global competition for critical minerals drives prices higher.

The move reflects a broader industry shift toward securing materials essential for energy, defence, and advanced manufacturing.

“We are looking to expand our position in tungsten and other strategic metals, including uranium,” said Lisa Liu, Managing Director and portfolio manager at Gold Mountains Asset Management, in a recent interview.

Gold Mountains Asset Management, a wholly owned subsidiary of Zijin Mining, oversees part of the group’s financial investment portfolio, including stakes in Montage Gold and Equinox Gold.

The firm manages more than $6 billion in assets, with approximately 75% allocated to gold and the remainder invested across copper, lithium, uranium, and other metals.

Rising Demand for Strategic Metals

Tungsten a dense, high-strength metal used in drilling equipment and armour-piercing applications has seen prices more than double this year, driven by Chinese export restrictions and increasing military demand.

Meanwhile, uranium prices have strengthened over recent years amid expectations of renewed growth in nuclear energy, as countries seek low-carbon power alternatives.

Zijin is also assessing opportunities in rare earth elements, a group of critical minerals widely used in electric vehicles, defence systems, and high-tech manufacturing.

 However, Liu noted that viable projects remain limited, with many either prohibitively expensive or requiring long development timelines before production.

Capital Ready for Deployment

Gold Mountains maintains a strong cash position, allowing it to move quickly on investment opportunities.

“If a major shareholder decides to offload a large stake, we are in a position to step in and absorb it immediately,” Liu said, highlighting the firm’s ability to act decisively in competitive markets.

Gold Remains a Core Asset

Despite diversification into critical minerals, gold continues to play a central role in Zijin’s strategy.

“Given ongoing global uncertainty from geopolitical tensions to shifts in monetary systems there will always be a need for a reliable store of value,” Liu said. “That anchor will inevitably be gold.”