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China’s Zijin Mining outlook raised to positive on stronger output and cost edge: S&P
Ratings agency highlights Zijin’s project pipeline and cost discipline as the miner accelerates global expansion in copper and gold
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Daniel Renin ShanghaiPublished: 9:41pm, 26 May 2026S&P Global Ratings has revised its outlook on Zijin Mining, mainland China’s largest mining company, to positive on the back of expanded production and stronger cost management.
The outlook was raised from “stable” to “positive”, with S&P maintaining its “BBB” long-term issuer credit rating for Zijin, according to a statement on Tuesday.
The upgrade reflected expectations that Zijin could rank among the world’s top three gold and copper producers by 2028, supported by a robust pipeline of projects and solid execution, it added.
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The company is targeting production of 1.5 million to 1.6 million tonnes of copper and 130 to 140 tonnes of gold in 2028.
S&P’s bullish forecast comes despite Zijin’s Shanghai-listed shares falling 4.6 per cent so far this year to close at 32.90 yuan on Tuesday, while its Hong Kong-traded H shares have slipped 0.8 per cent this year to HK$35.38.
Copper production growth would be driven by upgrades and expansions at its mines in Serbia and the Democratic Republic of Congo, and its Julong mine in Tibet, China, while gold output would be bolstered by capacity increases in Guyana, Papua New Guinea, and China, according to S&P.
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