Zijin Mining Rockets Past $100B as IPO Buzz Builds

Zijin Mining's (ZIJMF) Hong Kong shares have staged a remarkable run, climbing roughly 115% this year and breaking away from the 81% gain in its mainland stock, according to Bloomberg data. That surge has erased the offshore discount that lingered for years, with investors now paying a record 6.6% premium for the Hong Kong listing. The rally has pushed Zijin's market value above $100 billion, positioning the company alongside industry heavyweights such as Rio Tinto RIO and BHP BHP. Analysts argue that the strong momentum in both gold and copper prices could leave further upside on the table.

At the same time, Zijin's overseas gold arm, Zijin Gold International, is preparing to raise HK$25 billion ($3.2 billion) in a Hong Kong IPO. The listing, delayed by a super typhoon that temporarily disrupted the city's markets, is now slated for next week. Citigroup analyst Jack Shang suggested the offering could enhance Zijin's ability to expand internationally, noting that an offshore listing provides more flexibility for acquiring assets and scaling production, especially while investor sentiment toward gold and copper remains constructive.

The premium between the Hong Kong and mainland shares underscores the strength of global demand for the stock. Bloomberg data shows that every analyst covering Zijin maintains a buy rating, pointing to confidence in the miner's trajectory. With gold still a preferred safe-haven and copper benefiting from structural demand tied to electrification, Zijin could remain a favored choice among investors seeking diversified exposure to metals.