Zijin Mining Reports 52% Profit Surge Amid Strong Copper and Gold Prices
Zijin Mining Group, China’s largest metals producer, recorded a 52% increase in net profit in 2023, driven by higher production and rising copper and gold prices.
The company reported a net income of 32.1 billion yuan ($4.4 billion), aligning with its forecast of 32 billion yuan, while revenue climbed 3.5% to 303.6 billion yuan.
Over the past decade, Zijin has aggressively expanded its global presence, establishing major copper projects in China and the Democratic Republic of Congo.
As securing critical mineral supply becomes a growing concern for global powers, Chairman Chen Jinghe reaffirmed the company’s commitment to strengthening its competitiveness and resilience against risks.
Despite its strong performance, Zijin has adjusted some of its production targets. The company lowered its copper output goal for 2024 by about 6% to 1.15 million tons.
Meanwhile, its foray into lithium has faced setbacks, with only small volumes produced last year and a drastic 60% reduction in its 2025 production target to 40,000 tons.
The company’s overseas expansion has also faced challenges due to increasing resistance to Chinese acquisitions in Western markets.
However, analysts remain optimistic, expecting Zijin to meet its five-year targets by 2028, with copper production rising by 58% and gold output increasing by 62%.
Despite geopolitical hurdles, Zijin remains a dominant force in the global metals industry, positioning itself for long-term growth.
