Zijin Forecasts H1 Net Profit at RMB 39.1 Billion as Lithium Emerges as Third Growth Engine

On July 9, Zijin announced that it expects net profit attributable to shareholders to reach RMB 39.1 billion in the first half of 2026, up 68% year-on-year. Lithium has emerged as its third growth pillar alongside gold and copper. The company is also actively advancing capacity expansion, electrification and automation across its operations.

Gold, copper, zinc and silver continued their growth momentum. Significant increases in revenue from molybdenum, tungsten, tin, sulfur concentrate and sulfuric acid provided additional support.

Zijin's growth strategy centers on gold, copper and lithium, supported by a broad mix of other commodities. The company forecasts first-half mined gold production to reach 47 tonnes, up 15% year-on-year. Mined copper production is estimated at 534,000 tonnes, with total output from mines other than Kamoa-Kakula rising 5%.

With lithium prices on an upward trajectory and Zijin's four lithium assets in production, first-half lithium output reached 43,000 tonnes of lithium carbonate equivalent, up 514% year-on-year. The dense-media separation plant at Manono Lithium also began production in May 2026.

Higher prices and volumes of molybdenum, tungsten and tin resulted in a substantial increase in gross profit from these metals. The recovery and utilization of sulfur resources, with sulfur concentrate and sulfuric acid as final products, also generated significant profits.

While driving production expansion, Zijin's new management team focused on operational management, laying foundations and filling gaps to sharpen its competitive edge.

As part of this initiative, the company is advancing electrification and automation to decarbonize and lower operating costs. Since the beginning of the year, Zijin has been incrementally rolling out electric haul trucks at mine sites in China and overseas while expanding autonomous haulage. The first fleet-scale deployment of 140-tonne battery-electric haul trucks produced by Zijin-controlled manufacturer Longking has been completed at the Zijinshan Gold-Copper Mine and Julong Copper Mine. Initial operations have delivered encouraging results.

Data from Zijin's mines in China show that the cost per tonne-kilometer of electric trucks is approximately 29% lower than that of fuel trucks. The company plans to replace conventional trucks with electric models within three years. The Zhibula Copper Mine, part of the Julong Copper operation in Xizang, is expected to achieve fully autonomous haulage by the end of 2026. At Lakkor Resources in Xizang, a standalone renewable power grid is providing a stable supply of green electricity. It has reduced power costs from RMB 3.00 per kilowatt-hour for diesel-generated electricity to RMB 0.74 per kilowatt-hour, delivering cumulative savings of more than RMB 1 billion since coming online.

Capacity expansion underway

Zijin expects further production and profitability gains in the second half of 2026 as it advances expansion projects across its main commodities.

In its gold portfolio, Zijin Gold International, which operates Zijin's gold assets outside China, is accelerating de-bottlenecking and expansions at key operations such as Rosebel, Akyem and Raygorodok. In copper, output at Julong Copper continues to ramp up, while the Zhunuo Copper Mine is scheduled to commence production before year-end.

In lithium, Phase 1 of Manono Lithium's smelter project is scheduled for completion and startup in December 2026. The Tres Quebradas and Lakkor Tso brine operations and the Xiangyuan hard-rock lithium mine are steadily ramping up. As output grows at an accelerated pace, lithium is set to become another core profit driver.

Beyond its three core metals, Zijin is also expanding its specialty-metals business. Construction of the processing plant for the Shapinggou Molybdenum Project began in mid-June. At design capacity, the project is expected to produce an average of 22,000 tonnes of molybdenum per annum. Zijin also plans to evaluate residual resources at all its operations-specifically minerals contained in tailings dams, waste dumps and surface stockpiles-with a view to recovering rare and precious metals and by-products.

About Zijin Mining
Zijin Mining is a leading global metals and mining company and one of the world's largest producers of gold, copper, and zinc. The company has more than 30 large-scale mining operations and projects across 19 countries on 5 continents. Leveraging strong in-house research, engineering, and development capabilities, Zijin maintains high operational efficiency and low costs in both acquisitions and operations. This enables the company to be an industry leader in value creation, underpinned by its philosophy of pursuing development for all and sustained by superior environmental, social, and governance performance. Zijin's shares trade on the Hong Kong Stock Exchange (HKEX: 2899) and the Shanghai Stock Exchange (SSE: 601899).