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Zijin Mining USD

At a glance: strengths & risks
✓Revenue growing (+15%)✓Profit growing (+62%)✓Margins improving (21%→26%)✓Low leverage (0.8x EBITDA)

Sector: Copper & gold mining

Geography: China, DR Congo, Serbia, Colombia

COMM_ZIJIN

Price chart

26.88 HKDDay -3.79%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
26.88 HKD · -3.79%
Market cap
101.7 bn USD

Growth

Δ revenue y/y
15.5%
Δ EBITDA y/y
62.9%

Multiples

P/E (LTM)
14.1x
3y avg: 16.4x
P/B (FY)
3.8x
P/E (ann.)
9.3x
EV/EBITDA (LTM)
8.5x
3y avg: 10.6x
EV/EBITDA (ann.)
5.9x

Cash return

Dividend yield
3.4%
FCF yield (LTM)
6.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+4.7%
↓ details

Liquidity

Daily turnover (listing)
1.2 bln HKD

Shares: connector/market_inputs

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-09-30Q3 2026 (3M)PARTIAL13.2
y/y —
4.3
y/y —
0.3
y/y —
4.6
y/y —
2.7
y/y —
—-0.983.4
y/y —
31.7
y/y —
35.1%7.7Yahoo Finance
2026-06-30Q2 2026 (3M)PARTIAL14.0
y/y 14.0%
4.6
y/y 89.5%
0.2
y/y -50.9%
4.8
y/y 66.7%
2.8
y/y 53.9%
—-1.079.8
y/y 30.0%
30.3
y/y 53.0%
37.7%6.9Yahoo Finance
2026-03-31Q1 2026 (3M)PARTIAL14.2
y/y 30.8%
4.2
y/y 124.0%
0.5
y/y 75.5%
4.7
y/y 118.2%
2.9
y/y 107.0%
—-0.879.7
y/y 40.4%
29.0
y/y 44.4%
41.7%8.0Yahoo Finance
2025-12-31Q4 2025 (3M)OK13.4
y/y —
3.8
y/y —
—
y/y 61.5%
3.7
y/y —
2.0
y/y —
—-2.273.1
y/y 34.6%
26.5
y/y 38.4%
31.2%10.4Yahoo Finance
2025-06-30Q2 2025 (3M)PARTIAL12.3
y/y —
2.4
y/y —
0.5
y/y —
2.9
y/y —
1.8
y/y —
—-0.761.4
y/y —
19.8
y/y —
36.5%15.5Yahoo Finance
2025-03-31Q1 2025 (3M)PARTIAL10.9
y/y —
1.9
y/y —
0.3
y/y —
2.2
y/y —
1.4
y/y —
—-0.756.8
y/y —
20.1
y/y —
28.5%12.7Yahoo Finance
2024-12-31FY 2024 (12M)OK42.2
y/y 1.8%
6.5
y/y 42.3%
1.4
y/y 0.2%
7.9
y/y 32.4%
4.5
y/y 49.3%
6.8-3.454.3
y/y 12.5%
19.2
y/y 26.6%
26.0%13.4Yahoo Finance
2023-12-31FY 2023 (12M)OK41.4
y/y —
4.5
y/y —
1.4
y/y —
5.9
y/y —
3.0
y/y —
5.2-4.348.3
y/y —
15.1
y/y —
—14.7Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)5 251
Long-term debt (incl. LT leases)15 891
− Cash & equivalents13 482
Net debt7 660

Net debt / LTM EBITDA: 0.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

010 00020 00030 00040 00050 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q22026 q3

Year-over-year change

0%50%100%150%2023 FY2024 FY2025 q12025 q22025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

05001 0001 5002 0002 5002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

05 00010 00015 00020 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.49x of reported net profit.
year2022202320242025
cash flow / profit1.43x1.75x1.52x1.46x
accruals, % of assets-2.9%-4.6%-4.3%-4.5%
net debt / EBITDA 0.8x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodCopper production
kt		Lithium production
kt		Zinc production
kt		Lead production
kt		Molybdenum production
kt		Tungsten production
kt
Q3 2026-09281.31—80.74—4.39—
Q2 2026-06275.19—92.41—3.31—
H1 2026-06534.41
−5.7%		43.60
+496.0%		183.76
−10.0%		21.64
+5.5%		6.30
+7.2%		2.57
+20.1%
FY 2025-12878.18—348.56———
H1 2025-06566.857.32204.1320.505.882.14

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://static.cninfo.com.cn/finalpage/2026-04-28/1225201092.PDF; https://www.zijinmining.com/upload/file/2026/10/23/064a5e4ea6744257958ea250d150aa82.pdf; https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0322/2026032200055.pdf; https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0823/2026082300141.pdf

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
56 613 kt
2025
Reserve life (R/P)
64.5 yrs
reserves ÷ annual output
Annual production
878.18 kt
2025

Proved reserves

YearReserves, kt
202556 613

Production

YearProduction, ktper day, kt
2025878.182.41

Company reports: https://static.cninfo.com.cn/finalpage/2026-04-28/1225201092.PDF; https://www.zijinmining.com/upload/file/2026/10/23/064a5e4ea6744257958ea250d150aa82.pdf; https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0322/2026032200055.pdf; https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0823/2026082300141.pdf

Key-commodity price — Gold

Current 3 874spot vs LTM -4%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +4.7% ▲ +0.1 pp 1d

Main driver: Gold -13% vs LTM; revenue ×0.96 vs costs ×1.06; EBITDA 17 791→11 318; at 10.1× EV/EBITDA → +5%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+40%3 874.444 446.213 433.36-13%-23%
Copper (rev)+32%13 529.6013 146.2711 429.37+3%-13%
US Diesel Index (cost) (input cost) (cost)-10%6.134.654.27+32%-8%
Zinc (rev)+5%3 702.853 381.433 114.97+10%-8%
Electricity Spot (input cost) (cost)-5%78.8388.1464.95-11%-26%
Silver (rev)+2%48.7268.2045.64-29%-33%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue54 901
LTM EBITDA17 791
LTM cash costs (revenue − EBITDA)37 110
2 · Revenue projection
Revenue multiplier — spot×0.957 (-4%)
= Spot revenue52 537
Revenue multiplier — 3y price×0.857 (-14%)
= 3-year-price revenue47 025
3 · Costs projection
Cost multiplier — spot×1.060 (+6%)
= Spot cash costs39 349
Cost multiplier — 3y price×1.013 (+1%)
= 3-year-price cash costs37 576
4 · EBITDA projection (revenue − costs)
= Spot EBITDA13 187
= 3-year-price EBITDA9 449
Conservative EBITDA = min(spot, avg)11 318
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)10.1x
Target EV = EV/EBITDA × conservative EBITDA114 088
Net debt7 660
Target market cap = EV − net debt106 428
Current market cap101 671

Upside = target market cap ÷ current − 1 = +4.7%

Life of mine: 64 yrs

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY41 42740 563+2.1%6 4757 112-9.0%
2024 FY42 16646 849-10.0%8 67410 936-20.7%
2025 FY48 69651 991-6.3%12 86516 734-23.1%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +15% vs +2% the year before — a +13.7 pp move. 3-year CAGR +7%.
revenue growth by year: 2023 +3% · 2024 +2% · 2025 +15%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 7.1x · target 75th pct (3y) 21.8x · LTM avg 12.3x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: materials (global). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Barrick Mining Corporationglobal63.04.6x
BHP Groupglobal202.36.5x
Newmont Corporationglobal117.66.8x
Rio Tintoglobal135.96.9x
Valeglobal47.97.2x
Agnico Eagle Minesglobal89.68.2x
Nucor Corporationglobal56.69.2x
Freeport-McMoRanglobal85.011.1x
Glencoreglobal79.812.0x
Southern Copperglobal139.912.8x
Wheaton Precious Metalsglobal59.721.0x
Franco-Nevada Corporationglobal47.621.7x
Group median8.7x
Group average10.7x
This companyglobal101.78.5x

Group median 8.7x; this company 8.5x — a 2% discount.

Group average 10.7x; against the average this company is at a 20% discount.

At the adjusted group median the market cap would be +2% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 18.7x, Russia 4.0x, South Africa 5.7x, Kazakhstan 6.1x, India 19.3x, Indonesia 5.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-230.484 HKDEx-dividend: 0.484 HKD per sharePaidYahoo Finance (ex-div)
2026-06-090.4367 HKDEx-dividend: 0.4367 HKD per sharePaidYahoo Finance (ex-div)
2025-09-100.2411 HKDEx-dividend: 0.2411 HKD per sharePaidYahoo Finance (ex-div)
2025-05-210.3033 HKDEx-dividend: 0.3033 HKD per sharePaidYahoo Finance (ex-div)
2024-08-010.1095 HKDEx-dividend: 0.1095 HKD per sharePaidYahoo Finance (ex-div)
2024-05-210.2199 HKDEx-dividend: 0.2199 HKD per sharePaidYahoo Finance (ex-div)
2023-12-120.0549 HKDEx-dividend: 0.0549 HKD per sharePaidYahoo Finance (ex-div)
2023-05-300.2227 HKDEx-dividend: 0.2227 HKD per sharePaidYahoo Finance (ex-div)
2022-05-190.2326 HKDEx-dividend: 0.2326 HKD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Zijin Mining — from primary filings.

Frequently asked questions

What is Zijin Mining's P/E ratio?
Zijin Mining trades at a P/E of 14.1x (price to trailing 12-month earnings).
What is Zijin Mining's EV/EBITDA?
Zijin Mining trades at 8.5x EV/EBITDA.
What is Zijin Mining's P/B ratio?
Zijin Mining trades at a P/B of 3.8x.
What is Zijin Mining's dividend yield?
Zijin Mining's trailing 12-month dividend yield is 3.4%.
What is Zijin Mining's return on equity (ROE)?
Zijin Mining's ROE is 35.1%.
What is Zijin Mining's market capitalization?
Zijin Mining's market cap is 101.7 bn USD.

See also: Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map