Zijin Gold is acquiring a controlling stake in Chifeng Jilong Gold Mining for 18.3 billion yuan ($2.64 billion), reinforcing its position as China’s largest gold producer.
The unit of Zijin Mining Group (HKG: 2899) will purchase existing mainland-listed shares and newly issued Hong Kong shares, lifting its interest to nearly 26% and securing effective control with full financial consolidation, the companies said. Chifeng sold about 14.4 tonnes of gold last year from operations in China, Ghana and Laos, compared with Zijin Gold’s 46.6 tonnes.
Zijin will assume operational control of Chifeng, “further solidifying its position as China’s top gold miner,” Bloomberg Intelligence analysts said in a note on Monday. They added the target will benefit from improved efficiency under Zijin’s management.
Chinese expansion
The deal follows Zijin Gold’s C$5.5 billion ($4 billion) acquisition of Allied Gold (TSX, NYSE: AAUC) and reflects a broader push by Chinese miners to expand output and secure overseas assets amid strong bullion prices and constrained global supply.
Zijin Gold and other Chinese bullion miners including Shandong Gold Mining are poised to outperform global peers after a record 2025, driven by higher prices and rising production, even as gold retreats more than 10% from late-February highs above $5,000 an ounce.
Ongoing geopolitical tensions and safe-haven demand continue to underpin the market, while international rivals face declining output and thinner project pipelines.
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