Zijin Mining Acquires $1.2B Kazakhstan Gold Mine to Boost Global Position

Zijin Mining, China's largest gold and copper producer, has agreed to acquire the Raygorodok Gold Mine project in Kazakhstan for $1.2 billion through its subsidiary Zijin Gold International. This acquisition, which includes both mine and processing plant assets, is expected to significantly increase Zijin's gold reserves and production, supporting its ambition to move from sixth to one of the top three global gold producers by 2028. The Raygorodok project has substantial economic ore reserves, with potential gold output of around 100.6 tonnes based on current estimates. Alongside this acquisition, Zijin plans to spin off and list Zijin Gold International on the Hong Kong stock exchange to enhance shareholder value through asset revaluation. The move aligns with Zijin's broader strategic goal to boost annual gold output by 36-50% by 2028, aiming for 100 to 110 tonnes of gold production. Market analysts view these developments positively, with Zijin Mining shares reacting favorably to the spin-off plans.