BUSINESS

Zijin to Float Its Overseas Arm to Fund Global Expansion as Gold Prices Soar

Published: Jul. 2, 2025 4:11 a.m. GMT+8

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A dump truck loaded with ore drives along a haul road in the open pit mine at Zijin controlled Norton Gold Fields Ltd. in Australia

Zijin Mining Group Co. Ltd., China’s largest gold producer, is carving out its fast-growing international operations for an initial public offering (IPO) in Hong Kong, aiming to build a well-funded global powerhouse as gold prices reach record heights.

Already listed in Hong Kong and Shanghai, Zijin announced Monday that its subsidiary Zijin Gold International Co. Ltd. has submitted an IPO application to the Hong Kong Stock Exchange. The offering — jointly underwritten by Morgan Stanley and Citic Securities — will float up to 15% of the unit’s shares, with an overallotment option of an additional 15% of that tranche.

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Zijin Mining is spinning off its international gold operations via an IPO in Hong Kong, floating up to 15% of Zijin Gold International, with a recent $1.2 billion acquisition in Kazakhstan.
Zijin Gold International produced 46.7 tons of gold in 2024, ranking 11th globally, with 856 tons of reserves, and achieved $2.99 billion revenue and $481 million net profit in 2024.
Gold prices reached $3,340.2/oz in June 2024, boosting Zijin’s valuation and supporting its aggressive global expansion.

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Who’s Who

Zijin Mining Group Co. Ltd.: Zijin Mining Group Co. Ltd. is China's largest gold producer, aiming to become a global powerhouse. It's spinning off its international operations into Zijin Gold International Co. Ltd. for an IPO in Hong Kong. This subsidiary, which produced 46.7 tons of gold in 2024, holds 856 tons of reserves (9th globally) and boasts rapid revenue and profit growth. Zijin is known for acquiring and revitalizing distressed mines, and recently made its eighth major acquisition in Kazakhstan.

Zijin Gold International Co. Ltd.: Zijin Gold International Co. Ltd. is a subsidiary of Zijin Mining Group Co. Ltd., China's largest gold producer. It focuses on international operations, aiming for an IPO in Hong Kong to fund global expansion. It holds the parent company's overseas gold assets, produced 46.7 tons of gold in 2024, and had revenues of $2.99 billion in 2024.

Morgan Stanley: Morgan Stanley is involved in assisting Zijin Mining Group Co. Ltd.'s subsidiary, Zijin Gold International Co. Ltd., with its initial public offering (IPO) in Hong Kong. They are jointly underwriting the offering alongside Citic Securities. The IPO aims to float up to 15% of the unit's shares.

Citic Securities: Citic Securities is involved as a joint underwriter for the initial public offering (IPO) of Zijin Gold International Co. Ltd. in Hong Kong. This offering aims to float up to 15% of the unit's shares, with an additional overallotment option.

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What Happened When

2020：: Zijin Gold International began a buying spree that led to the purchase of four of its eight overseas mines since this year.

2022：: The average price of gold stood at $1,801 per ounce.

Between 2022 and 2024：: Zijin Gold International's revenue grew at a 28.2% compound annual rate, and net profit at 61.9% compound annual rate.

2023：: Zijin Gold International's all-in sustaining cost was $1,458 per ounce.

By the end of 2023：: Zijin Gold International held 856 tons of gold reserves, ranking ninth worldwide.

2024：: Zijin Gold International's mines produced 46.7 tons of gold, ranking 11th in the world, with net profit reaching $481 million.

2024：: Zijin, including domestic production, produced 73 tons of gold.

May 2025：: Zijin first disclosed its plans to spin off its fast-growing international operations for an IPO.

June 26, 2025：: The price of gold reached a record $3,340.2 per ounce.

2025-06-30：: Zijin Mining announced that its subsidiary Zijin Gold International Co. Ltd. submitted an IPO application to the Hong Kong Stock Exchange.