Bank of America Securities: Zijin Mining Group (02899) raises production guidance, target price of 50 Hong Kong dollars, with a buy rating.

Bank of America Securities released a research report stating that it reaffirms Zijin Mining Group (02899) as the preferred stock, maintaining a "buy" rating with a target price of HK$50 for its H shares and a target price of RMB 45 for Zijin Mining Group A shares (601899.SH). It believes that the company's long-term production growth is strong, cost control is strict, valuation is reasonable, and is optimistic about the outlook for gold and copper prices. Zijin Mining Group has raised its production guidance for 2026 to 2028, expecting gold production to reach 130 to 140 tons by 2028, up from the previous guidance of 100 to 110 tons; the annual compound growth rate from 2025 to 2028 is expected to be 13% to 16%. At the same time, the company has guided that copper production will reach 1.5 to 1.6 million tons by 2028, with an annual compound growth rate of 11% to 14% from 2025 to 2028. The company has also raised its lithium production guidance for 2028 to 270,000 to 320,000 tons, up from the previous range of 250,000 to 300,000 tons, with an annual compound growth rate of 121% to 134% from 2025 to 2028.