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China's largest gold and copper miner, with mines spanning Africa, Central Asia, South America and China.
China's largest gold and copper miner, with mines spanning Africa, Central Asia, South America and China.
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.
In one line: China's Freeport-McMoRan/Newmont combined.
Moat: narrow (scale, installed base). One of the world's fastest-growing major miners with a globally diversified low-cost mine portfolio.
Headquarters: Longyan, Fujian, China · Founded: 1993 · Employees: 66,708
Size Zijin Mining (601899.SS) is a China Materials company (Precious Metals) with a market value of $109B, the 17th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥28.28 on 6 Nov 2026.
Performance Over six months the shares fell 15.1%, against +2.0% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 9 in its peer set.
Growth Revenue grew 15.5% over the last twelve months (peer median +71.4%); the operating margin is 30.4% (peer median 54.3%).
Valuation It trades at 9.6× forward earnings against a peer median of 14.2× (2nd cheapest of 9).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 17.1 points above its cost of capital (6.0% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥378B | CN¥349B | CN¥303B | CN¥293B | CN¥270B |
| Revenue growth | — | +15% | +3% | +9% | — |
| Gross profit | CN¥155B | CN¥94.8B | CN¥60.4B | CN¥45.1B | CN¥41.4B |
| EBITDA | n/a | CN¥91.6B | CN¥56.2B | CN¥41.8B | CN¥40.1B |
| Net income | CN¥71.4B | CN¥51.8B | CN¥32.1B | CN¥21.1B | CN¥20.0B |
| Free cash flow | CN¥74.0B | CN¥45.6B | CN¥25.6B | CN¥7.72B | CN¥5.29B |
| Capital expenditure | CN¥34.8B | CN¥31.0B | CN¥24.8B | CN¥30.4B | CN¥24.8B |
| Total debt | CN¥178B | CN¥170B | CN¥153B | CN¥144B | CN¥127B |
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 601899.SS | $109B | -15% | +16% | 30% | 9.6× | -10.2% |
| Newmont NEM | $126B | +4% | +23% | 55% | 12.7× | -8.9% |
| Freeport-McMoRan FCX | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% |
| Barrick Mining ABX.TO | $67.2B | 0% | +49% | 52% | 10.9× | -3.0% |
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 | 601899.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.7% | +3.5% | lowest of 9 |
| 6-month return | -15.1% | +2.0% | 2nd lowest of 9 |
| Distance from 52-week high | -37.1% | -22.6% | 2nd lowest of 9 |
| Revenue growth (TTM) | +15.5% | +71.4% | lowest of 9 |
| Operating margin | 30.4% | 54.3% | lowest of 9 |
| Forward P/E | 9.6× | 14.2× | 2nd cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | -10.2% | -3.0% | 2nd least demanding of 8 |
| Growth delivered (Del g) | +15.3% | +17.4% | 4th lowest of 8 |
| Hurdle (Req g minus delivered) | -25.4 pp | -23.2 pp | 3rd least demanding of 8 |
| ROIC minus cost of capital | +17.1 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 601899.SS | China | $109B | -15% | +16% | 30% | 9.6× | -10.2% | +15.3% |
| 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% |