China’s Zijin Mining Group (HKG: 2899) saw its market value surpass $100 billion for the first time at Thursday’s close, replacing Glencore (LON: GLEN) as the world’s third-most-valuable mining company. The milestone places Zijin behind global leaders BHP (ASX: BHP) and Rio Tinto (ASX: RIO), which reported market capitalizations of A$212 billion (~$140 billion) and A$169 billion (~$111 billion), respectively.
The rally has been fueled by record-high gold prices and copper’s strongest annual performance in history. In the first half of the year, gold and copper together contributed 77% of Zijin’s revenue. Since the start of 2025, Zijin’s shares have more than doubled, while gold continues to set new records and copper is tracking toward its highest average price ever.
Recently, a major incident at the Grasberg copper mine (the world’s second-largest) in Indonesia, operated by U.S.-based Freeport McMoRan, is expected to cut copper and gold output by 35% in 2026, with pre-accident production levels not likely to resume until 2027. This has further driven copper prices upward, boosting shares of Zijin, the largest company by market value in the copper industry chain.
Analysts suggest that metal markets may sustain momentum as the Federal Reserve’s rate-cutting cycle fuels global commodity inflation, while China’s “anti-involution” policies push supply-side reforms alongside steady economic growth.
Founded in the 1980s by geologist and current chairman Chen Jinghe, Zijin began as a small gold mine in southeastern China and has since expanded into a multinational giant. It now holds controlling or majority stakes in hundreds of mining projects worldwide. In the past year alone, it acquired Serbia’s largest copper mine, the Raygorodok gold mine in Kazakhstan, and Ghana’s Akyem gold mine.
At a sensitive time with gold prices repeatedly breaking records, Zijin is preparing a Hong Kong listing for its international gold unit, Zijin Gold International Co., which holds all of its overseas gold assets. The IPO aims to raise $3.2 billion and, if successful, would rank as the second-largest in Hong Kong this year after Contemporary Amperex Technology Co. Limited (CATL). The company stated that the spin-off is intended to broaden financing channels and enhance capital efficiency.
