BUSINESS

Zijin Strikes Gold in Kazakhstan with $1.2 Billion Deal

Published: Jul. 1, 2025 4:53 a.m. GMT+8

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Zijin aims to increase its annual gold production from 73 tons in 2024 to over 100 tons by 2028

Zijin Mining Group Co. Ltd., China’s largest gold producer, has struck a $1.2 billion deal to acquire a massive gold mine in Kazakhstan in a major push to expand its overseas footprint while consolidating resources closer to home.

The deal for the Raygorodok gold mine, known as RG Gold, is Zijin’s first entry into Kazakhstan and its eighth major gold acquisition since 2020. It is part of the company’s broader strategy — outlined in 2023 — to center its growth on China and its neighboring countries amid increasingly complex global market conditions.

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Zijin Mining acquired Kazakhstan's RG Gold mine for $1.2 billion, its first entry into the country and eighth major gold acquisition since 2020.
RG Gold produced 6 tons of gold in 2024, with $473 million in revenue and $202 million net profit; it holds 242.1 tons in gold reserves.
The deal supports Zijin’s plan to boost annual gold output from 73 tons (2024) to over 100 tons by 2028 and build a "Central Asia Gold Triangle."

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Who’s Who

Zijin Mining Group Co. Ltd.: Zijin Mining Group Co. Ltd. is China's largest gold producer. It recently acquired the Raygorodok gold mine in Kazakhstan for $1.2 billion, marking its first entry into the country and its eighth major gold acquisition since 2020. This move is part of its strategy to expand its presence in China and neighboring regions. The company aims to increase its annual gold production from 73 tons in 2024 to over 100 tons by 2028.

Cantech S.à r.l.: Cantech S.à r.l. is a company that controls RG Gold, a gold mine in Kazakhstan. It is controlled by the Kazakh private-equity firm Verny Capital and U.S.-based Resource Capital Funds. Cantech S.à r.l. sold 100% of RG Gold to a Singapore-based subsidiary of Zijin Mining Group Co. Ltd. for $1.2 billion.

Verny Capital: Verny Capital is a Kazakh private-equity firm that, along with U.S.-based Resource Capital Funds, controlled Cantech S.à r.l. Cantech S.à r.l. was the seller of the Raygorodok gold mine (RG Gold) to Zijin Mining Group Co. Ltd.

Resource Capital Funds: Resource Capital Funds is a U.S.-based entity that co-controls Cantech S.à r.l., a private-equity firm alongside Verny Capital. Cantech S.à r.l. sold RG Gold, a Kazakh gold mine, to Zijin Mining Group.

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What Happened When

2020：: Zijin began its series of major gold acquisitions, with the RG Gold deal being its eighth since this year.

2023：: Zijin Mining outlined its strategy to focus growth on China and neighboring countries.

Before June 29, 2025：: RG Gold mine in Kazakhstan produced 6 tons of gold in 2024, generating $473 million in revenue and $202 million in net profit; at the end of 2024, the mine had $566 million in total assets and $291 million in net asset value.