Zijin Mining 2899

Zijin Mining 2899

Postby pastime » Sat May 17, 2008 2:42 pm

trade this one quite a few times on the gold bull.

anyone on this.

kayhian recently said that the closing down of industry around Beijing for olympic can be good for mining companies not base near Beijing.

Anyone any views on using this as a proxy for the Gold rush.

8-)
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Re: Zijin Mining 2899

Postby winston » Sat May 17, 2008 8:41 pm

Hi pastime,

Welcome !

I sold this one a while back just before their A share listing in SH. It is still on my watchlist. Will append any Analyst report if I see any.

In the meantime, the following are the Target Prices that I have:-
1) UOB-Kay Hian 18 Apr 9 Mar 18 Mar 9 Dec 17 Nov 9 from 12 Sep 11 from 6.5 Mar 12 from 5.5 Feb 2
2) DB 10 Apr 7 from 15 Nov 22 from 10.8 Sep 10
3) S&P 14 Oct 18
4) GS 13 Mar 9 Jan 23 from 17.5 Jan 17 from 13.5 Dec 13

Take care.
Winston
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Re: Zijin Mining 2899

Postby winston » Sun May 18, 2008 7:39 am

April 7, 2008

BROKER CALL - HK-listed Zijin Mining target cut to 10 hkd - Deutsche Bank


HONG KONG (XFN-ASIA) - Deutsche Bank said it has cut its target price on Zijin Mining Group Co to 10 hkd from 17 on higher cost of equity (COE). However, it also reiterated its "buy" recommendation on the stock.

The brokerage said Zijin's share price has fallen 42 pct year-to-date despite 50 pct earnings growth in 2007 and an 8 pct gain in gold prices year-to-date.

"We expect Zijin's strong earnings growth momentum to sustain in 2008 with an upgrade to the metal price forecast," it said.

It cut the target price on higher cost of equity (COE), but noted that it sees attractive value emerging, and with significant upside to its target price of 10 hkd.

Deutsche Bank has upgraded its gold price forecasts by 8 pct to 981 usd/oz for 2008 and by 28 pct to 1100 usd/oz for 2009.

Copper price forecasts have been revised up 5 pct to 3.41 usd/lb in 2008 and 3 pct to 3.14 usd/lb in 2009, suggesting a strong earnings outlook for Zijin in 2008-2009.
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Re: Zijin Mining 2899

Postby winston » Tue Jul 29, 2008 9:27 am

Not vested.

China's Zijin Mining H1 net profit up 45 pct yr-on-yr on higher gold prices

BEIJING (XFN-ASIA) - Zijin Mining Group Co Ltd (SHA 601899; HK 2899), China's second largest gold miner, said its first-half net profit rose 45.02 pct year-on-year to 1.74 bln yuan on rising gold prices.

Revenue for the period rose 23.44 pct to 8.32 bln yuan.

Zijin Mining said its average price of gold rose 25.48 pct from a year earlier to 204.75 yuan per gram.

Production of gold rose 19.93 pct year-on-year to 26.7 tons in the first half.

Copper output rose 12.34 pct to 23,995 tons. Production of zinc fell by 12.15 pct while output of iron concentrates rose 14.08 pct.

The company said it would not adjust its full-year production and operational targets. At the beginning of the year it said that it planned to produce approximately 57.3 tons of gold this year, up 9.6 pct from last year.

Total assets stood at 25.6 bln yuan at the end of June, up from 16.8 bln at the end of last year.
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Re: Zijin Mining 2899

Postby winston » Tue Jul 29, 2008 12:21 pm

On my watchlist for a while..

China's Zijin invests abroad as gold price shines

HONG KONG, July 29 (Reuters) - Zijin Mining (2899.HK: Quote, Profile, Research, Stock Buzz) (601899.SS: Quote, Profile, Research, Stock Buzz) plans to invest 1 billion yuan ($146 million) in a gold mining project in Tajikistan and awaits approval for another in the Philippines, as China's top listed gold producer expands abroad to ride sky-high prices for the precious metal.

"We paid $50 million to buy 75 percent of the Tajikistan company. We are going to put another 1 billion yuan to boost production," Chairman Chen Jinghe told Reuters on the sidelines of an investor conference on Tuesday in Hong Kong.

He said the Tajikistan company controlled two gold mines and Zijin's investment would boost gold production to up to 5 tonnes a year in the next 3-5 years from 1 tonne.

Zijin was seeking more mining projects in Tajikistan as the Tajikistan government was friendly to Chinese firms, Chen said. Zinc and silver mining projects would be possible metals.

Chen also told Reuters that the firm expects to start up the Rio Blanco copper-molybdenum project in Peru in 2010 with annual production of 150,000-200,000 tonnes.

Zijin was revising the investment plan of Rio Blanco to save costs and have more environmental friendly operations.

The firm was also seeking large gold mining projects in Africa,
Chen said.

Zijin's shares were off 2 percent in morning trade, lagging a 2.5 percent fall in the broader Hang Seng Index
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Re: Zijin Mining 2899

Postby winston » Wed Jul 30, 2008 9:15 am

Not vested.

Billion-yuan dig in Tajikistan
KathyWang
Wednesday, July 30, 2008

Zijin Mining (2899) plans to invest 1 billion yuan (HK$1.14 billion) in a gold mining project in Tajikistan as China's top gold producer expands abroad to ride high prices for the precious metal.

"Gold mine acquisition opportunities will remain our main merger and acquisition target," chief executive officer Chen Jinghe told a press conference yesterday.

Zijin Mining - China's largest listed gold producer - said it aims for production targets of 30.6 tonnes of gold and 36,000 tonnes of copper in the second half of the year.

Chen said the company will build two refineries in Xinjiang and Qinghai with a capital investment of 300-500 million yuan each.

Chen said the company intends to strike two acquisition deals during the second half, one a target overseas.

The company managed to reap US$660,000 (HK$5.15 million) from its Tajikistan ZGC subsidiary in the first half. "Tajikistan continues to be one of our favorite overseas investment destinations," said Chen.

Zijin raised 9.8 billion yuan from an A-share listing and used 5.3 billion in the first half. Chen said the company will tap into the remaining 4.5 billion yuan for acquisitions.

Zijin's first-half results, announced Monday, showed a 45 percent rise in net profit to 1.74 billion yuan and revenues up 21 percent. No interim dividend was declared.
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Re: Zijin Mining 2899

Postby winston » Fri Aug 01, 2008 10:00 am

Not vested. From Dr. Check:-

It's time to shine
Friday, August 01, 2008

The price of gold has fallen, dropping 7 percent in the past two weeks.

Under the current uncertain economic situation, it is advisable to include some gold in your portfolio.

One way is to open a gold account in a local bank and buy paper gold. Another channel is through shares of Zijin Mining (2899) - China's second- largest gold miner, which just announced that its first-half net profit gained 45 percent to 1.74 billion yuan (HK$1.98 billion).

Zijin plans to acquire two more gold mines - at least one of them overseas - and is building two iron ore processing plants in Xinjiang and Qinghai. In the first half of the year it completed the acquisition of a gold mine in Tajikistan.

DBS expects 52 percent net profit growth at Zijin in the current financial year to 3.88 billion yuan. DBS has a HK$9.94 target price for the stock.

Zijin was listed in late 2003 at a price of HK$3.30. It has distributed bonus shares four times. If you had held its shares from the IPO up to now, the cost would have come down to 33 HK cents per share.

In other words, in the last 4 years, the return from Zijin is 17.7 times based on yesterday's HK$6.20 close - if you include the 1.5 percent dividend yield. In the same period, gold went from US$400 (HK$3,120) an ounce to US$910, up only 127 percent.
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Re: Zijin Mining 2899

Postby winston » Mon Oct 27, 2008 10:12 am

Not vested.

China's Zijin Mining Q3 net profit up 37 pct on higher gold, copper output

BEIJING (XFN-ASIA) - Zijin Mining Group Co Ltd (SHA 601899; HK 2899), China's second largest gold miner, said net profit in the third quarter rose 36.64 pct year-on-year to 832.32 mln yuan due to higher output of gold, copper and iron.
The company did not provide output and selling prices in its third quarter results filed with the Shanghai Stock Exchange.

Operating revenue rose 16.22 pct year-on-year to 4.61 bln yuan, while operating costs rose 10.94 pct year-on-year.

Earnings per share stood at 0.057 yuan, up from 0.046 a year earlier.

In the first nine months, operating revenue rose 20.86 pct year-on-year to 13.08 bln yuan, while net profit was up 42.2 pct at 2.57 bln.

Zijin said investment gains totaled 114.65 mln yuan, against a loss of 64.21 mln a year earlier, mainly due to hedging gains.

Earnings per share stood at 0.185 yuan in the first nine months, against 0.14 a year earlier.

The company provided no forecast for the rest of the year.

Credit Suisse said in a note last week that gold will contribute 63 pct of Zijin's earnings in 2009 and the price of gold is expected to reach 1,035 usd per ounce in 2009. Meanwhile, copper prices are expected to fall 38 pct to 2.5 usd per pound.

A-shares of Zijin Mining closed at 3.32 yuan on Friday, down 2.64 pct.
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Re: Zijin Mining 2899

Postby winston » Tue Nov 11, 2008 3:49 pm

Zijin can spend up to 20b yuan on acquisitions

Zijin Mining Group, China's largest gold producer, may spend as much as 20 billion yuan (HK$22.75 billion) on acquisitions, taking advantage of the global plunge in equities and asset values.

The drop in valuations provides "the biggest opportunity for companies like us,'' chairman Chen Jinghe said.

"We have sufficient cash. We won't have any problem in making an acquisition as big as 20 billion yuan.''

Commodity prices and shares of mining companies have tumbled from records this year as investors expect a slowing world economy to crimp demand for raw materials.

Beijing-based steelmaker Shougang Corp is buying a stake in Australian iron ore producer Mt Gibson Iron.

BLOOMBERG
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Re: Zijin Mining 2899

Postby winston » Mon Jan 12, 2009 2:37 pm

DJ MARKET TALK: CS Cuts Zijin Mining To Neutral, Raises Target

1255 [Dow Jones] STOCK CALL: Credit Suisse cuts Zijin Mining (2899.HK) to Neutral from Outperform, says risk-reward profile isn't attractive as current share price implies gold price at US$800/oz, slightly below current spot by about US$50/oz. But house raises Zijin's target to HK$4.40 from HK$4.10 as it's positive on gold prices citing USD strength.

Tips global gold prices to reach US$898/oz this year, US$960/oz next year. Zijin's new target price implies 3.1X 2009 P/B, 15.5% ROE. Stock down 6.1% at HK$4.18. (ARP)
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