We are one of the global leading gold mining companies formed by combining all of the gold mines of Zijin Mining located outside of China. Leveraging Zijin Mining’s competitive advantage in the management of exploration, development and operation of low-grade and refractory resources, we have emerged as a global leading gold mining company principally engaged in exploration, mining, processing, smelting, refining and sale of gold. We integrate high-quality gold mine resources through global mergers and acquisitions, and by leveraging our geological exploration, research and development (‘‘R&D’’), engineering, construction, and mine operation capabilities, along with international ESG systems. This enables us to achieve continuous reserve expansion, production growth and efficient operations.
As of the Latest Practicable Date, we held interests in eight gold mines located in gold-rich regions across Central Asia, South America, Oceania and Africa, namely the Tajikistan Jilau/Taror Gold Mines, Kyrgyzstan Taldybulak Levoberezhny Gold Mine, Australia Norton Gold Mine, Guyana Aurora Gold Mine, Colombia Buritica Gold Mine (through Colombia Entrustment Arrangement), Suriname Rosebel Gold Mine, Ghana Akyem Gold Mine and PNG Porgera Gold Mine. Among these gold mines, we control and operate seven gold mines and hold a minority interest in the PNG Porgera Gold Mine. By tailoring our operation models to the unique characteristics of each mine, we produce gold in the forms of gold concentrates, gold dore and gold ingots from our mines. Through continuous resource development and operational efficiency improvement, we have successfully established a leading position in the global gold mining industry and achieved proven track record of robust growth.
Starting from the acquisition of the Tajikistan Jilau/Taror Gold Mines in 2007, we have expanded our business through global acquisitions, operational enhancement and production expansion of several large gold mines. According to Frost & Sullivan, our gold Reserves and gold production volume on a consolidated basis ranked ninth and eleventh globally, respectively, as of December 31, 2024 and in 2024. From 2022 to 2024, the CAGR of our gold production reached 21.4%, achieving a faster growth rate than other sizable companies, according to Frost & Sullivan, and the CAGR of net profit attributable to owners of the parent was 61.9%.
We are a leading mining company in terms of growth, operational efficiency and profitability in the global gold mining industry. Due to scarcity of high quality gold mines as acquisition targets in recent years, most of the mines we acquired were underperforming at the time of acquisition with poor operational management or resource endowments not fully identified. Through technological innovations, production expansion, and enhanced operational efficiency, each of the Guyana Aurora Gold Mine and the Suriname Rosebel Gold Mine turned profitable within one year after our acquisitions in 2020 and 2023, respectively. We maintained high capital return in 2024, with ROE of 21.4%. In 2024, our all-in sustaining cost (AISC) was US$1,458 per ounce, ranking sixth lowest among the top fifteen gold mining companies globally, according to Frost & Sullivan. During the Track Record Period, among the seven mines we operated, the mining cost per tonne of ore mined was US$38.7, US$31.3, US$34.3, US$36.5 and US$32.7 in 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, respectively, while the processing cost per tonne of ore milled was US$20.6, US$18.2, US$19.4, US$20.6 and US$17.2, respectively, of the same periods.
Among the countries where we generated revenue during the Track Record Period, Tajikistan, Kyrgyzstan, Guyana and Suriname are Non-IOSCO MMOU Countries and have not signed any regulatory cooperation agreement or memorandum of understanding with the SFC or the Stock Exchange.
Our Controlling Shareholder
Our controlling shareholder, Zijin Mining, is a global leading mining company primarily focused on mineral exploration and development. Zijin Mining operates over 30 large mining projects across 17 countries worldwide as of December 31, 2024, covering metals including gold, copper, lithium, and zinc, among others. Zijin Mining ranks among the top five mining companies globally in terms of resources and reserves, production, revenue, profit, total asset and market capitalization. Zijin Mining is distinguished by its robust research and development team, which excels in technologies that facilitate the full process of the value chain. Zijin Mining has extensive experience in the exploration, construction and operation of large-scale metal mines, complemented by professional and efficient resource acquisition and in-house exploration expertise. Zijin Mining maintains a competitive advantage through its cost-efficient operations and upholds high standards in ESG practices and sustainable development capabilities.
Upon completion of the Spin-off, the businesses of the Group and Zijin Mining Group will be clearly delineated. We also have administrative independence, management independence, financial independence and operational independence from Zijin Mining Group. For details, please see ‘‘Relationship With Zijin Mining’’.
We have a very close relationship with Zijin Mining. During the Track Record Period, Zijin Mining was our largest customer and primary supplier. As of June 30, 2025, the Group’s net amount due to Zijin Mining is US$643.4 million. In addition, as of June 30, 2025, the Group has recorded lease liabilities amounting to US$38.0 million in relation to certain financial lease arrangements of motor vehicles between the Group and Zijin Mining. We have fully inherited Zijin Mining’s advantages in the area of resource and reserve expansion. We also benefit from the advanced geological exploration technology and self-developed equipment from Zijin Mining. Zijin Mining’s technologies provide us with comprehensive technical solutions. See ‘‘Risk Factors — Deterioration of our relationship with Zijin Mining could adversely affect our business, financial condition, and results of operations.’’
Source: Zijin Gold Intl (02259) Prospectus (IPO Date : 2025/09/19) |