Zijin Mining Group (02899) plans to issue $1.5 billion in zero-coupon, guaranteed convertible bonds due in 2031.

Zijin Mining Group (02899) announced on January 29, 2026 (after trading hours) that the company, issuer, and underwriter have entered into a subscription agreement. The underwriter agrees to subscribe and pay, or cause subscribers to subscribe and pay, for bonds to be issued by the issuer totaling $1.5 billion, subject to the terms and conditions of the subscription agreement. The company has unconditionally and irrevocably guaranteed the timely payment of all amounts due under the trust deed and bonds by the issuer according to the terms of the guarantee. Under the terms and conditions specified, the bonds may be converted into H shares at an initial conversion price of HK$63.30 per share (adjustable). The initial conversion price represents a premium of approximately 37.19% over the closing price of H shares on the Hong Kong Stock Exchange on January 29, 2026, the date the subscription agreement was signed. Assuming full conversion of the bonds at the initial conversion price of HK$63.30 per H share, the bonds would be convertible into approximately 185 million H shares, equivalent to approximately 3.09% of the existing issued H shares and 0.70% of the existing issued share capital as of the date of this announcement, as well as approximately 2.99% of the existing issued H shares and 0.69% of the existing issued share capital following the issuance of conversion shares. The conversion shares will rank pari passu in all respects with the H shares already issued as of the relevant registration date. Upon completion of the bond issuance, the net proceeds from the bond subscription (after deducting underwriting fees and other estimated expenses payable for the sale) will be approximately $1.527 billion.