Bank of America Securities: Zijin Mining (02899.HK) plans to spin off its overseas gold mines for IPO, maintains "buy" rating.

According to the Securities Times APP, Bank of America Securities released a research report stating that Zijin Mining (02899.HK) plans to spin off Zijin Gold International for listing on the main board of the Hong Kong Stock Exchange. All 8 major overseas gold mines will be included in the proposed spin-off entity. The gold output of these 8 mines last year was about 40 tons, and it is expected to reach about 42 tons this year, accounting for approximately 50% of the company's guided gold output for the year. The bank believes that the value of the group's gold assets is undervalued. Due to Zijin's attractive valuation, strong growth in gold and copper sales volume, and solid cost control, they maintain a "buy" rating with a target price of HKD 19.