China’s Zijin Mining Group (HKG: 2899) has climbed past the $100 billion threshold in market capitalization for the first time, propelling it into the No. 3 spot globally, overtaking Glencore (LSE: GLEN) in the process.
That elevation positions Zijin in the same class as BHP (NYSE, LSE, ASX: BHP), which closed Thursday with a market cap of A$212 billion ($140 billion), and Rio Tinto (NYSE, LSE, ASX: RIO), valued at A$169 billion. Glencore’s market value was £39.8 billon ($53.1 billion) on Thursday in London.
On Thursday, Zijin’s Shanghai‐listed shares reached a record high, pushing its market capitalization to 732 billion yuan ($103 billion). The rally underscores the strength of gold at record levels and copper having one of its strongest years ever. Together these two metals contributed 77% of Zijin’s first-half revenue. The stock has more than doubled through 2025.
Modest start
Founded in the 1980s by geologist Chen Jinghe (who remains chairman), Zijin has evolved from a modest gold miner in southeastern China into a sprawling international powerhouse.
Its acquisitions have included Serbia’s top copper mine, Kazakhstan’s Raygorodok gold project, and Ghana’s Akyem gold mine.
Zijin is also prepping a Hong Kong listing for its international gold arm, Zijin Gold International, which holds its foreign gold assets. That IPO, slated for next week, aims to raise $3.2 billion. The company says spinning off the unit will broaden its financing options and enhance capital efficiency.
A previous version of this story incorrectly stated Zijin passed Vale to be third. Vale’s market cap was $49.6 billion on Thursday.
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