2025-05-26-Jefferies-紫金矿业（2899）_更新_分拆首次公开募股及卡莫阿-卡库拉（Kakula）中断情况_9页_203kb

Summary of Jefferies Equity Research on Zijin Mining

• Recent Developments:

  • Zijin Mining announced a spinoff IPO plan, intending to issue up to 15% of Zijin Gold International (ZGI) shares, with an overallotment option. The company highlighted limited earnings dilution, with a price target of HK$22.40 (up 21%) based on ZGI's financials.
  • Kamoa-Kakula mine experienced seismic disruption, leading to a temporary suspension that may reduce copper volume growth for 2025, but Zijin's diversified portfolio limits earnings impact.

• Valuation and Recommendation:

  • Zijin Mining is rated "Buy" by Jefferies, trading at 11.7x 2025E PE; analysts believe it is undervalued despite near-term macro concerns.
  • Long-term outlook remains positive due to strong track records in copper and gold, with key projects expected to drive growth. Price targets suggest upside potential.

• Company Overview:

  • As China's largest miner of gold and copper, Zijin owns operations globally, including mines in Africa, Latin America, and Southeast Asia. Achieved solid production and financial performance in recent years.