Zijin Mining Group announced that its wholly owned subsidiary Zijin Gold will acquire a controlling stake in Chifeng Jilong Gold Mining Co., Ltd. through a combination of share purchases and a strategic subscription, in a transaction valued at approximately RMB18.258 billion, or about $2.6 billion.
The transaction consists of two components. Zijin Gold will acquire approximately 242 million A shares from existing shareholders at RMB41.36 per share, representing a total consideration of about RMB10.006 billion. In parallel, the company will subscribe to roughly 311 million newly issued H shares at HKD30.19 per share, amounting to approximately HKD9.386 billion, equivalent to about RMB8.252 billion.
Upon completion, Zijin Mining’s subsidiaries will hold approximately 571.7 million shares in Chifeng Gold, representing about 25.85% of the enlarged share capital. This will give Zijin effective control of the company, and Chifeng Gold’s financial results will be consolidated into Zijin Mining’s financial statements.
The acquisition is structured as a package deal designed specifically to secure control of Chifeng Gold. Management noted that the pricing reflects a prudent premium relative to market levels and was determined after considering the company’s share price and underlying mineral resource base.
Chifeng Gold operates a diversified portfolio of mining assets, including six gold mines and one polymetallic mine across China, Southeast Asia, and West Africa. The company holds significant mineral resources, including approximately 583 tonnes of gold resources along with copper, zinc, molybdenum, and rare earth deposits.
Operationally, Chifeng Gold has demonstrated strong growth, increasing mine-produced gold output from 8.1 tonnes in 2021 to 14.51 tonnes in 2025, reflecting a compound annual growth rate of about 26%.
Zijin Mining said the acquisition aligns with its “resources first” strategy and broader consolidation trend within the global mining industry. By acquiring a controlling stake in a listed peer, the company expects to enhance its gold resource reserves, improve asset integration capabilities, and unlock additional value through exploration and operational optimization.
The company also highlighted that Chifeng Gold’s existing assets are already in production and capable of contributing immediate output and profit, while offering further upside through expanded exploration and improved operational efficiency.
Completion of the transaction remains subject to regulatory approvals, including antitrust review and exchange compliance processes, as well as shareholder approval for the H share issuance.
Zijin Mining stated that the deal is expected to strengthen its position in the gold sector, enhance resource integration capabilities, and support long-term growth as global competition for high-quality mining assets intensifies.
