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China's largest gold and copper miner, with mines across China, Africa, South America and Central Asia.
China's largest gold and copper miner, with mines across China, Africa, South America and Central Asia.
Sells copper and gold mined at its own sites at world-market prices, so profit follows metal prices and volumes. It has grown fast by buying and developing mines abroad, including a stake in the Kamoa-Kakula copper mine in Congo and operations in Serbia. These Hong Kong shares and the Shanghai ones are the same company.
In one line: China's Newmont/Freeport combined.
Moat: narrow (scale, installed base). One of the world's lowest-cost, most geographically diversified major miners, though it remains a commodity price-taker.
Headquarters: Longyan, Fujian, China · Founded: 1986 · Employees: 66,708
Size Zijin Mining (2899.HK) is a Hong Kong Materials company (Precious Metals) with a market value of $111B, the 15th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$28.90 on 6 Nov 2026.
Performance Over six months the shares fell 23.2%, against +2.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 9 in its peer set.
Growth Revenue grew 21.3% over the last twelve months (peer median +71.4%); the operating margin is 30.5% (peer median 54.3%).
Valuation It trades at 8.3× forward earnings against a peer median of 14.2× (cheapest of 9).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 16.0 points above its cost of capital (8.9% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$429B | HK$378B | HK$329B | HK$324B | HK$314B |
| Revenue growth | — | +15% | +2% | +3% | — |
| Gross profit | HK$176B | HK$103B | HK$65.4B | HK$49.8B | HK$48.2B |
| EBITDA | n/a | HK$99.4B | HK$61.0B | HK$46.2B | HK$46.7B |
| Net income | HK$81.2B | HK$56.2B | HK$34.8B | HK$23.3B | HK$23.3B |
| Free cash flow | HK$85.8B | HK$49.5B | HK$27.8B | HK$8.53B | HK$6.15B |
| Capital expenditure | HK$39.5B | HK$33.6B | HK$26.9B | HK$33.6B | HK$28.8B |
| Total debt | HK$208B | HK$189B | HK$163B | HK$159B | HK$143B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Zijin Mining 2899.HK | $111B | -23% | +21% | 30% | 8.3× | -6.0% |
| Zhaojin Mining Industry 1818.HK | $7.87B | -42% | +49% | 34% | 17.0× | -2.5% |
| Freeport-McMoRan FCX | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% |
| Newmont NEM | $126B | +4% | +23% | 55% | 12.7× | -8.9% |
| Southern Copper SCCO | $143B | -9% | +39% | 59% | 21.5× | 6.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2899.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.7% | +3.5% | lowest of 9 |
| 6-month return | -23.2% | +2.0% | lowest of 9 |
| Distance from 52-week high | -37.6% | -22.6% | 2nd lowest of 9 |
| Revenue growth (TTM) | +21.3% | +71.4% | lowest of 9 |
| Operating margin | 30.5% | 54.3% | lowest of 9 |
| Forward P/E | 8.3× | 14.2× | cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | -6.0% | -3.0% | 4th least demanding of 8 |
| Growth delivered (Del g) | +14.5% | +17.4% | 4th lowest of 8 |
| Hurdle (Req g minus delivered) | -20.5 pp | -23.2 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | +16.0 pp | +19.7 pp | 5th highest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zijin Mining 2899.HK | Hong Kong | $111B | -23% | +21% | 30% | 8.3× | -6.0% | +14.5% |
| Agnico Eagle Mines AEM.TO | Canada | $98.4B | +6% | +41% | 59% | 16.9× | 8.4% | +31.6% |
| Newmont NEM | United States | $126B | +4% | +23% | 55% | 12.7× | -8.9% | +14.1% |
| Barrick Mining ABX.TO | Canada | $67.2B | 0% | +49% | 52% | 10.9× | -3.0% | +7.0% |
| Wheaton Precious Metals WPM.TO | Canada | $62.3B | +7% | +89% | 73% | 29.9× | n/a | n/a |
| Franco-Nevada FNV.TO | Canada | $49.6B | +16% | +72% | 75% | 31.5× | 17.7% | +13.3% |
| Anglogold Ashanti AU | United States | $47.0B | -13% | +139% | 51% | 11.7× | -7.7% | +17.4% |
| Zijin Gold International 2259.HK | Hong Kong | $46.6B | -19% | +106% | 54% | 15.7× | 17.3% | +43.4% |
| Gold Fields Limited Sponsored ADR GFI | United States | $31.5B | -13% | +71% | 53% | 9.2× | -14.1% | +17.7% |