HK Stock Market Move | ZHAOJIN MINING (01818) rises more than 9% to hit a historical high, international gold price surpasses $3300, its offshore gold mine is expected to start production.

ZHAOJIN MINING (01818) rose more than 9% in the afternoon, reaching a high of 19.68 Hong Kong dollars, setting a new historical high. As of the time of writing, it was up 8.83% at 19.48 Hong Kong dollars, with a turnover of 6.89 billion Hong Kong dollars. On the news front, at noon on April 16, COMEX gold broke through $3300 per ounce, hitting a new historical high. It is worth noting that the international gold price rose from $3100 to $3200 in just 11 days, and from stabilizing at $3200 to $3300 in just 6 days. Goldman Sachs has raised its year-end gold price target for 2025 to $3700, with an extreme prediction of $4500. Minsheng Securities pointed out that ZHAOJIN MINING holds a 70% stake in the offshore gold mine, which is currently in full swing towards construction. The project is progressing in an orderly manner, with all 5 vertical shafts expected to be fully operational by 2024. The engineering progress is smooth, with the TBM successfully assembled and tested, and operations starting simultaneously. After completion, the project is expected to have a extraction scale of 12,000 tons per day, with a gold annual production capacity of 15-20 tons. According to the feasibility study report, the total cost per gram of gold is only 120 yuan, making the mine's profitability superior. As the largest single gold mine in Asia, the development prospects for the offshore gold mine are promising.