Citibank: Zijin Mining's future production will continue to grow steadily, maintaining its preferred recommendation.

Citibank published a research report stating that Zijin Mining disclosed its three-year production plan from 2026 to 2028 and a summary of its targets up to 2035. The production guidance for 2026 includes production of 1.2 million tons of copper, 105 tons of gold, 120,000 tons of lithium, 400,000 tons of zinc, 52 tons of silver, and 15,000 tons of molybdenum, with annual growth rates of 10%, 17%, 380%, flat, 19%, and 36% respectively. The production target for 2028 is 1.5 to 1.6 million tons of copper, 130 to 140 tons of gold, 270,000 to 320,000 tons of lithium, 400,000 to 450,000 tons of zinc, 600 to 700 tons of silver, and 25,000 to 35,000 tons of molybdenum, compared to previous guidance, which are flat, an increase of 30 tons, an increase of 20,000 tons, a decrease of 150,000 tons, flat and flat. This means that the compound annual growth rates of gold and copper production from 2025 to 2028 are expected to be 13% to 16% and 11% to 14% respectively, while the compound annual growth rate for lithium is estimated to be 121% to 134%. The bank believes that through its existing mines expansion plans and acquisitions, Zijin's production will continue to grow steadily in the coming years, maintaining its top recommendation with a target price of HK$39 and a "buy" rating.