JPMorgan released a research report stating that zijin mining group's net income after tax in the third quarter of this year slightly exceeded expectations, with profits reaching 77% of the market's full-year expectations. This performance was mainly due to a revenue of 1 billion yuan from changes in the fair value of financial investments. The bank believes that due to optimistic outlook for copper and gold prices, as well as steady decline in copper inventories at the Shanghai Futures Exchange, zijin mining group remains the bank's top pick in the industry.

In the third quarter, zijin mining group's copper production increased by 6% compared to the previous quarter, while it decreased by 3% from the second quarter due to radiation issues with the Kolwezi copper mine products. The bank believes that the related data indicates zijin mining group is returning to a normal trajectory of capacity expansion. Additionally, zijin mining group previously announced the acquisition of the Akyem gold mine. With ample free cash flow, as well as good cost control and mineral exploration records, the bank expects zijin mining group to achieve sustained growth through mergers and acquisitions and expansion of existing mines.

On the other hand, zijin mining group has produced 54 tons of gold and 0.789 million tons of copper. JPMorgan pointed out that to achieve the production guidance for 2024, implied gold production in the fourth quarter of 2024 needs to increase by 2% to 19 tons, while copper production needs to increase by 18% to 0.32 million tons.

JPMorgan has set a target price of HK$20 for zijin mining group's H shares, with a "shareholding" rating.