TacticScaleWhat Zijin Mining (紫金矿业) Does & How It Makes Money (601899.SS)
Updated October 2026 · reflects Zijin Mining's latest reported financials
Chinese miner of gold, copper, zinc, lithium and other metals. It earns most of its revenue by selling mined concentrates and smelted metals such as copper, gold, zinc and silver.
How Zijin Mining makes money
It earns most of its revenue by selling mined concentrates and smelted metals such as copper, gold, zinc and silver. Smaller amounts come from processed products like copper pipes and lithium carbonate, jewelry and mineral trading, and environmental services such as waste treatment.
What Zijin Mining does
Zijin Mining Group, founded in 1986 and headquartered in Longyan, China, is a large mining company that explores for, mines and processes metals in China and internationally. Its main outputs are gold and copper, alongside zinc, lead, silver, lithium, iron, tungsten and molybdenum concentrates. It runs both open-pit and underground mines and owns 100% of the Shapinggou molybdenum mine in Anhui Province. Besides mining, Zijin smelts and refines copper, gold, silver and zinc, and sells by-products like sulfuric acid. Further along the value chain, it makes copper pipes, plates and strips, potassium gold cyanide and battery-grade lithium carbonate. It also sells jewelry and mineral products, trades internationally and provides environmental services, including pollution control and hazardous waste disposal. Its earnings depend heavily on metal prices, especially gold and copper.
Products & services
- Gold (smelted and processed)
- Copper and copper concentrate
- Zinc ingots and zinc concentrate
- Battery-grade lithium carbonate
- Copper pipes, plates and strips
- Molybdenum concentrate (Shapinggou mine)
紫金矿业是做什么的？
紫金矿业集团成立于1986年，总部位于福建龙岩，是一家在中国及海外从事金属矿产勘探、开采和加工的大型矿业公司。主要产品为黄金和铜，还生产锌、铅、银、锂、铁、钨、钼等精矿。公司经营露天矿和地下矿，并全资拥有安徽金寨沙坪沟钼矿。 除采矿外，公司还冶炼铜、金、银、锌，并生产硫酸等副产品，下游产品包括铜管、铜板带、氰化亚金钾和电池级碳酸锂。公司还从事珠宝及矿产品销售、对外贸易，以及污染治理、危险废物处置等环保业务。公司业绩与金属价格，尤其是金价和铜价，关系密切。
What is Zijin Mining worth?
On an owner-earnings DCF, Zijin Mining's most-likely value is about ¥34 versus a recent price near ¥30 (11% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥17) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
One company, two listings
Zijin Mining trades in mainland China and in Hong Kong. Same business, same profits — but the two markets can price it at different multiples, because they have different investors, money and reference points.
| Market | Ticker | Price | P/E |
|---|---|---|---|
| Shanghai (A shares) | 601899.SS | ¥30.22 | 12.4× |
| Hong Kong (H shares) | 2899.HK | HK$32.58 | 11.9× |
As of 12 October 2026. Prices in each listing's own currency. Why one profit can carry two prices: Valuation Is Not a Property of the Company.
Related companies
Zhongjin Gold Corp.,Ltd (600489.SS) · Jinhui Mining Incorporation (603132.SS)