In 2025, international gold prices staged a spectacular and record-breaking bull market. The localized nature of geopolitical conflicts failed to undermine gold’s safe-haven status, while the ongoing “gold-buying frenzy” by global central banks and the emerging risk of stagflation in developed markets jointly formed a solid bottom for gold prices.

Facing this 'golden age,' Chinese mining companies are actively securing resources and leveraging the robust cash flow generated by high gold prices to lock in assets that can immediately contribute to production or hold tremendous potential for future conversion. Their goal is to consolidate their industry position and achieve a breakthrough in their cost curves. This is far from a simple cyclical game—it’s a profound strategic move centered on resource control, supply-chain security, and gaining greater influence in the global industry.

PART 01 Overseas Mergers and Acquisitions: Scaling Up Through Multiple Paths

Zijin Mining is undoubtedly the shining star of this round of overseas expansion. In April of this year, the company successfully acquired the Akyem gold mine in Ghana—owned by Newmont—for US$1 billion. This is a large, fully operational mine with high-grade ore and a well-established track record, located along one of the world’s major gold mineralization belts. As one of Ghana’s largest gold mines, Akyem boasts gold resources (excluding reserves) totaling 54.4 tons, with an average grade of 3.36 grams per ton; reserves amount to approximately 34.6 tons, with an average grade of 1.35 grams per ton. Additionally, about 83 tons of gold are classified as underground resource reserves. In 2023, the mine generated sales revenue of US$574 million and net profit of US$128 million. This acquisition provides a powerful boost to Zijin Mining’s strategic goal of producing over 100 tons of gold annually by 2028.

Six months later, Zijin Mining made another move. On October 10, through its subsidiary Zijin Gold International, it completed the acquisition of a 100% stake in the Raygorodok gold mine in Kazakhstan. According to available data, as of June 30, 2025, the mine’s resource base—comprising both measured and indicated ore reserves—reached 208 million tons, with an average gold grade of 1.0 gram per ton and total gold metal content of 197.4 tons. The mine’s proven and probable reserves amount to 97 million tons of ore, with an average gold grade of 0.9 gram per ton and total gold metal content of 87 tons. In 2024, the mine generated sales revenue of US$473 million and net profit of US$202 million, demonstrating strong project profitability and enabling it to contribute significantly to production and profits already in the year of the acquisition. This acquisition has increased Zijin Mining’s portfolio of operating gold mines in Central Asia to nine, greatly enhancing its scale effects and regional synergy capabilities.

Meanwhile, Luoyang Molybdenum is also systematically positioning itself for its “copper-gold dual-axis” strategy, making key moves one after another. On June 26 of this year, Luoyang Molybdenum announced the completion of its acquisition of Lumina Gold, a publicly listed company, thereby gaining 100% ownership of the Cangrejos gold mine located in southwestern Ecuador. According to the pre-feasibility study report from 2023, the mine holds reserves of 1.376 billion tons, with an average gold grade of 0.46 grams per ton, containing 638 tons of recoverable gold; it also has proven reserves of 659 million tons, with an average gold grade of 0.55 grams per ton, containing 359 tons of recoverable gold, and is expected to have a mine life of 26 years.

Subsequently, on December 15, Luoyang Molybdenum announced that it had acquired, for US$1.015 billion, a portfolio of four operating gold mines in Brazil—including the Aurizona, RDM, and Bahia integrated mining complexes (which include two gold mines)—gaining access to over 5 million ounces of gold resources in one fell swoop. The company views this acquisition as a major step toward implementing its “copper-gold dual-polarity” merger and acquisition strategy. According to available information, upon completion of the transaction, Luoyang Molybdenum’s annual gold production will increase by approximately 8 tons. Coupled with the future commissioning of its Ecuador project, the company’s annual production capacity is expected to exceed 20 tons, enabling it to make a dramatic leap from having “zero gold production” to becoming a significant player in the industry. Liu Jianfeng, Chairman and Chief Investment Officer of Luoyang Molybdenum, stated that the company remains firmly optimistic about the long-term market prospects for gold assets.

Jiangxi Copper’s strategy focuses on the comprehensive integration of resources. On December 12, the company announced a full-tender offer to acquire Sol Gold, a company listed in Australia, for approximately £842 million. Sol Gold’s core asset is the world-class Cascabel copper-gold mine project located in Ecuador. The project’s primary Alpala deposit currently holds proven, probable, and inferred reserves totaling: 12.2 million tons of copper, 30.5 million ounces of gold, and 102.3 million ounces of silver, including 3.2 million tons of copper, 9.4 million ounces of gold, and 28 million ounces of silver in measured and indicated categories.

“In addition, Lingbao Gold announced on December 10 that its wholly-owned subsidiary plans to subscribe for 50% plus one share of Australian company St Barbara Mining Pty Ltd at A$370 million (approximately RMB 1.735 billion), thereby bringing the target company’s core asset—the Simberi gold mine in Papua New Guinea, currently in production—under its control. According to JORC (Joint Ore Reserves Committee) standards, the mine boasts gold resources of 153 tonnes (with an average grade of 1.4 grams per tonne) and reserves of 81.2 tonnes (with an average grade of 1.8 grams per tonne). This transaction will add 153 tonnes of new gold resources to the company’s portfolio, significantly boosting its reserve base, while also securing stable overseas production capacity and revenue streams, expanding its “China + Papua New Guinea” dual-base strategy, and strengthening its competitiveness within the global gold industry chain.”

Shengtun Mining announced on October 14 that it plans to acquire Canadian company Loncor for US$190 million, gaining access to its Adumbi project in the Democratic Republic of the Congo, which is currently in the exploration stage. This deal represents another strategic approach: securing future resource growth potential at a relatively reasonable cost in mining hotspots.

<bold>Looking at the cases above, the strategic paths taken by various mining companies have become clearly differentiated. Zijin Mining and Lingbao Gold are focusing on acquiring mature mines to rapidly expand their production; Luoyang Molybdenum, meanwhile, is building a new gold business segment through a combination of acquisitions; Jiangxi Copper aims to secure integrated resources from top-tier copper-gold mines; and Shengtun Mining, with relatively modest investment, is betting on the long-term potential of exploration projects. These differentiated strategies demonstrate how Chinese mining companies, leveraging their unique competitive advantages and tailored strategic blueprints, are making precise and specialized moves on the global resource landscape—collectively constructing a gold resource supply system that is more resilient and richly layered.</bold>

PART 02 Domestic Integration: Consolidating the Core Business and Enhancing Self-Sufficiency

While actively expanding overseas, integrating and deepening domestic resources remain key themes for leading companies to consolidate their core strengths.

On May 23 this year, China Gold announced that its controlling shareholder, China Gold Group, plans to inject four companies—Inner Mongolia Jintao, Hebei Dabaiyang, Liaoning Tianli, and Liaoning Jinfeng—into the listed company. This move is intended to support the company’s core gold business, enhance its future growth potential, and address issues of intra-industry competition. Together, these four companies produced approximately 3.16 tons of mined gold in 2024 and generated a total net profit of about 270 million yuan. Currently, the transaction is still in the planning stage and remains subject to relevant audit, valuation, and approval procedures. Upon completion of this acquisition, the company’s proven gold reserves will exceed 1,000 tons, and its resource self-sufficiency rate will rise to over 90%, laying a solid foundation for long-term development.

On August 4, Chifeng Gold announced that its subsidiary, Liaoning Wulong Gold Mining Co., Ltd., has obtained a mining license for a gold mine with a production capacity of 60,000 tons per year through the exploration-to-mining conversion process. Additionally, the company has extended and amended two existing mineral resource exploration licenses. Meanwhile, its subsidiary, Chifeng Jilong Mining Co., Ltd., has amended an originally held mining right. The integration and amendment of these new mining rights, as well as the existing mining and exploration rights, will help enhance the company’s mineral resource production capacity and exploration potential for reserve growth, thereby strengthening its ability to secure gold resources.

Shengda Resources announced on December 8 that the company plans to acquire a 60% stake in Yichun Jinshi Mining Co., Ltd. from shareholders including Dai Hongbo for cash amounting to 500 million yuan. The core asset of the latter is the exploration right for the 460 High-Grade Rock Gold Mine, which, after evaluation and filing, has proven geological resources and ore reserves of super-large scale, with confirmed copper metal reserves totaling 1.54 million tons.

PART 03 Future Outlook: Proactively Planning and Awaiting Gold Price Benefits

China's mining companies' active M&A activities worldwide and the ongoing consolidation of domestic resources clearly reflect the industry's consensus view that gold holds medium- to long-term value.

Looking ahead to 2026, although market expectations suggest that the pace of gold price increases may slow down and volatility could intensify, most top international institutions remain optimistic about the medium- and long-term outlook, generally forecasting new all-time highs. Among them, institutions such as J.P. Morgan and Bank of America predict that gold prices could reach—or even surpass—US$5,000 per ounce by 2026. Morgan Stanley forecasts that by mid-2026, gold prices will hit US$4,500 per ounce. UBS Wealth Management, on the other hand, adopts a relatively more cautious stance, projecting a target price of US$3,700 by the end of September 2026. Overall, the gold bull market has entered a new phase supported by structural demand, and the price center is expected to shift upward into a higher range (such as US$4,500–US$5,000), with limited downside room.

Under the general market expectation of rising gold prices, the resources and production capacity proactively secured by Chinese mining companies are expected to significantly boost their future performance and translate into tangible financial gains.

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