Zijin Mining acquires major molybdenum mine, plans smelting joint venture

Zijin Mining Group Co., Ltd. announced on August 29, 2025, the completion of its acquisition of an 84% equity interest in Anhui Jinsha Molybdenum Co., Ltd., which holds the Shapinggou Molybdenum Mine. The changes to industrial and commercial registration were completed on August 28, 2025, officially transferring the interest to Zijin Mining. The mine boasts 2.10m tonnes of retained molybdenum metal resources with an average grade of 0.187%, and an expected annual output of approximately 22.1 thousand tonnes of molybdenum after a 4.5-year construction period.

Following the acquisition, Zijin Mining holds an 84% equity interest in Jinsha Molybdenum, with Jinduicheng Molybdenum Co., Ltd. and Jinzhai Urban Development holding 10% and 6% respectively. Zijin Mining further entered into a Letter of Intent for cooperation with Jinduicheng Molybdenum on August 29, 2025. This agreement proposes Zijin Mining to transfer a 24% equity interest in Jinsha Molybdenum to Jinduicheng Molybdenum, resulting in a 60%, 34%, and 6% split among Zijin Mining, Jinduicheng Molybdenum, and Jinzhai Urban Development respectively.

Additionally, the Letter of Intent outlines a joint investment with Jinsha Molybdenum to establish a smelting company at the mine's location, focusing on molybdenum metal smelting and deep processing. Jinduicheng Molybdenum will hold a 51% equity interest in the new smelting company, leading its construction and operation, while Jinsha Molybdenum will hold the remaining 49%.