The valuation of China’s Zijin Mining Group (OTC Pink:ZIJMF,HKEX:2899,SHA:601899) has topped US$100 billion for the primary time regardless of the agency’s delayed preliminary public providing (IPO).
Shares of the Fujian-based miner closed at a document excessive in Shanghai on Thursday (September 25), giving the corporate a market capitalization of about 732 billion yuan (round US$132.4 billion), in keeping with a Bloomberg report.
That places Zijin simply behind world heavyweights Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), value roughly US$112 billion, and BHP (ASX:BHP,NYSE:BHP,LSE:BHP) at about US$140 billion.
Based by geologist Chen Jinghe within the Eighties with a small gold mine in Southeastern China, Zijin concentrated its enlargement closely on gold and copper, which collectively made up 77 p.c of its income within the first half of 2025.
That focus has paid off handsomely within the present market local weather, with copper costs hitting document averages and gold smashing by means of historic highs. Gold has been buying and selling at unprecedented ranges all through September, with futures opening on Thursday at US$3,768.30 per ounce, up 1 p.c from the day before today’s shut of US$3,732.10.
Costs have persistently held above US$3,700 since September 22. Earlier this month, bullion reached an all-time peak of US$3,788.33, eclipsing the inflation-adjusted document set in January 1980.
Analysts attribute the rally to a weaker US greenback and widespread expectations of additional US rate of interest cuts.
Gold’s energy has bolstered Zijin’s plans to spin off and listing its abroad gold belongings.
Zijin Gold Worldwide, which controls the corporate’s non-China gold mines, is looking for to lift about US$3.2 billion in what could be the world’s second largest IPO of 2025. The Hong Kong itemizing was initially scheduled for September 29, however has been pushed again a day to September 30 after Tremendous Storm Ragasa battered town.
The delay stems from Hong Kong trade guidelines that mechanically lengthen IPO subscription deadlines when a No. 8 or larger storm warning coincides with the ultimate morning of the retail order interval. As a result of Ragasa successfully shut down monetary exercise on Wednesday (September 24), Zijin’s providing was compelled to regulate by 24 hours.
Regardless of the storm disruption, Zijin’s providing is predicted to attract sturdy demand. Buyers have been carefully monitoring the corporate’s trajectory, noting its means to align progress with bullish commodity cycles.
Market observers say the IPO may even take a look at investor urge for food for large-scale useful resource listings in Hong Kong, which has seen a slowdown in new offers amid geopolitical tensions.
A US$3.2 billion increase would make Zijin Gold’s debut the biggest within the metropolis this yr and second worldwide.
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Securities Disclosure: I, Giann Liguid, maintain no direct funding curiosity in any firm talked about on this article.
