Citigroup: Initiates "Buy" rating for Zijin Mining International (02259), optimistic about production growth and gold price outlook.

Zheshang Finance APP learned that Citibank has published a research report, giving Zijin Gold International (02259) an initial "Buy" rating with a target price of HKD 178. The bank pointed out that Zijin Mining (02899) holds an 85% stake in Zijin Gold International and provides it with a team rich in M&A experience. Benefiting from new acquisition assets and expansion, Zijin Gold International's gold production growth rate leads the industry, while effectively controlling costs and exploration expenses. Citibank predicts that Zijin Gold International's equity gold production compound annual growth rate from 2025 to 2028 will reach 17%, higher than that of its peers, primarily driven by expansions in projects such as Rosebel, Akyem, and RG Gold. The company's goal is to achieve a gold production target of 100 tons by 2030, with 70 to 75 tons coming from existing mines and 20 to 25 tons from potential acquisitions.