Citigroup: Initiates Buy rating for Zijin Mining International with a target price of HKD 178.

Citi issued a research report, giving Zijin Gold International an initial "Buy" rating with a target price of HKD 178. The bank pointed out that Zijin Mining holds an 85% stake in Zijin Gold International and provides it with a highly experienced M&A team. Benefiting from new acquisitions and capacity expansion, Zijin Gold International's gold production growth rate is leading among its peers, while effectively controlling costs and exploration expenditures. Citi forecasts that Zijin Gold International's gold production CAGR from 2025 to 2028 will reach 17%, higher than its peers, mainly driven by the expansion of projects such as Rosebel, Akyem, and RG Gold. The company's target is to achieve a gold production of 100 tons by 2030, with 70 to 75 tons coming from existing mines and 20 to 25 tons from potential acquisitions.