Industry Notes / Global mining: the metal map / Chapter 9 of 12 · Side-by-side
Zijin: China’s volume-over-price paradigm
Even with gold down, volume can still lift net profit
Zijin path
- Gold–copper core; almost no iron-ore drag
- M&A for ounces: Akyem and peers add gold volume
- H1 net +68%, adjusted +75%
- Growth logic ≠ BHP/Rio capital allocation
How to read it
- Not a discounted Western major
- Gold down cuts one of the largest profit blocks
- Overseas geopolitics and A-share volatility are base risks
- Use a volume-over-price frame, not a Cu/Fe elasticity table
2026H1 net ~RMB 39.1 bn (+68%). With gold sharply lower in H1, mined gold still +15%. A path Western majors—large, slow M&A, strict capital discipline—rarely take.
Source：紫金矿业 2026H1 业绩公告；与西方巨头对照见调研正文第 12 章
Research notes, not investment advice.