On April 21, Zijin Mining Group Co., Ltd. released its first quarter report for 2026. During the reporting period, the company achieved operating revenue of 98.498 billion yuan, a year-on-year increase of 24.79% compared to 78.928 billion yuan in the same period last year; total profit reached 31.584 billion yuan, a year-on-year increase of 115.03%; net profit was 25.166 billion yuan, a year-on-year increase of 101.90%. In the lithium segment, the company achieved lithium carbonate equivalent production of 16,000 tons. Several lithium mine projects are steadily ramping up capacity, and the northeastern project of the Manono Lithium Mine is expected to be completed and commence production in June 2026.

The lithium mine Zijin Mining Group Co. plans to open this year in the Democratic Republic of Congo is set to be one of the world’s biggest suppliers of the battery metal.The Chinese company – which has grown at breakneck speed to become a top producer of copper and gold – has been developing the Manono lithium project in southeastern Congo since it secured the prized deposit in 2023.

According to people familiar with the matter, in January 2026 officials from the White House and the U.S. State Department urged Australia’s AVZ Minerals Ltd. to sell its interest in the Manono lithium deposit in the Democratic Republic of the Congo to a U.S. company. The move is seen as part of Washington’s effort to strengthen control over critical-minerals supply chains. The only U.S. company publicly known to have expressed interest is KoBold Metals, though its offer is considered too low and no agreement has been reached. Meanwhile, the Congolese government revoked AVZ’s mining permit and granted part of the concession to China’s Zijin Mining Group, further complicating ownership of the project. AVZ is currently seeking to restore its rights through international arbitration.

Recently, Zijin Mining Group Co., Ltd. issued an announcement on its three-year (2026-2028) production plan for major mineral products and its long-term vision outline for 2035. The announcement shows that the production of ore-derived zinc (lead) reached 400,000 mt in 2025, is expected to remain flat at 400,000 mt in 2026, and is planned to reach 400,000-450,000 mt in 2028.

On June 16, the case of Zijin Mining Group Co., Ltd. and Ajlan & Bros Mining Company establishing a new joint venture entered the public announcement period, which will last from June 16, 2025, to June 25, 2025. According to the public announcement form for simplified cases of concentration of undertakings, Zijin Mining, through Gold Merit International Investment Company Limited, signed a Joint Venture Agreement with Ajlan & Bros Mining, proposing to establish a joint venture in Saudi Arabia. The main business of the joint venture will involve the exploration and potential mining of potential mineral reserves (including zinc, copper, and gold) associated with the Jabal Sayid mineralized zone in Saudi Arabia, as well as the operation, management, and development of mines, and the production and sale of minerals.

On June 16, the case of Zijin Mining Group Co., Ltd. and Ajlan & Bros Mining Company establishing a new joint venture entered the public notification period, which runs from June 16, 2025, to June 25, 2025. According to the Notification Form for Simplified Cases of Concentration of Undertakings, Zijin Mining, through Gold Merit International Investment Company Limited, signed a Joint Venture Agreement with Ajlan & Bros Mining, proposing to establish a joint venture in Saudi Arabia. The main business of the joint venture will involve exploring and potentially mining potential mineral reserves (including zinc, copper, and gold) associated with the Jabal Sayid mineralized zone in Saudi Arabia, as well as the operation, management, and development of mines, and the production and sale of minerals.

[Leading Lithium Miner Plans to Spin Off Subsidiary for Listing in Hong Kong] On May 26, Zijin Mining Group Co., Ltd. (hereinafter referred to as "Zijin Mining") announced that it intends to spin off its holding subsidiary, Zijin Gold International Co., Ltd. (hereinafter referred to as "Zijin Gold International"), for listing on the Main Board of the Hong Kong Stock Exchange. The offering will be conducted through a Hong Kong public offering and international placement. The number of shares to be issued in this spin-off and listing will not exceed 15% of the total share capital of Zijin Gold International after the issuance (before the exercise of the over-allotment option). Prior to the implementation of this spin-off, Zijin Mining intends to restructure and integrate multiple overseas gold mine assets under its control into Zijin Gold International. The relevant restructuring work is currently still in progress.

[Domestic TCs Remain Stable While Imported TCs Increase Slightly]: This week, zinc concentrate TCs increased slightly. The weekly average SMM Zn50 domestic TC remained flat WoW at 3,500 yuan/mt (metal content), while the weekly average SMM Zn50 imported TC rose by US$5/dmt WoW to US$45/dmt...

[Zijin Mining’s Russian Zinc-Lead Mine Faces Potential Suspension] According to the Tuva regional government and Russian media outlet Channel 108, Zijin Mining Group’s subsidiary, LLC Lunsin, is facing severe financial difficulties at its Kyzyl-Tashtyg (Longxing) polymetallic mine in Russia’s Tuva Republic. The challenges stem from the escalation of international sanctions and growing restrictions on China-Russia financial cooperation. Reports indicate that the company’s General Director, Kaiwen Li , has signed an order to suspend operations, potentially affecting all 1,200 workers, including around 800 local residents. In addition to financial stress, the mine has come under increased scrutiny from Russian regulatory authorities. While the mine has not yet fully ceased operations, a suspension is expected in June. In response to the suspension plan, regional authorities and the Prosecutor’s Office have launched investigations into labor law compliance and established a dedicated task force to assess the decision.Kaiwen Li has departed for China to consult with Zijin headquarters regarding possible solutions. Zijin holds a 70% stake in the mine, which produced approximately 71,300 tonnes of zinc in concentrate and 4,750 tonnes of lead in concentrate in 2024. As of 2020, the mine’s total mineral reserves amounted to 12.9 million tonnes, with an average zinc grade of 10.3%. SMM will continue to monitor developments and assess the potential impact on the raw materials market.

Recently, Jiangsu Yeyingshun Electronic Technology Co., Ltd. signed a cooperation agreement with SMM (Shanghai Metals Market) for advertising space in the copper section of the SMM website. The partnership aims to expand pragmatic cooperation and promote industrial exchanges, thereby achieving deeper collaboration, market expansion, and mutual benefit. Going forward, SMM will leverage its position as a leading service provider in the non-ferrous metals industry to offer enterprises one-stop online marketing solutions through comprehensive online displays, fostering a virtuous cycle between production and the market and realizing shared value for both parties. Jiangsu Yeyingshun Electronic Technology Co., Ltd. Jiangsu Yeyingshun Electronic Technology Co., Ltd. is a comprehensive enterprise engaged in domestic bulk commodity trading, dedicated to providing efficient, safe, and reliable bulk commodity trading and supply chain solutions for clients. Leveraging its strong resource integration capabilities, professional team, and global business network, the company primarily deals in spot copper cathode, coal, steel, plastic pellets, iron ore, energy, metals, minerals, agricultural products, and other bulk commodities. Its business scope covers multiple areas, including procurement, sales, warehousing, logistics, and financial services. 1. Supply Chain Management: Through a digital supply chain management system, the company provides one-stop services from procurement and warehousing to delivery, ensuring efficient supply chain operations and cost optimization. 2. Domestic Logistics: The company can offer warehouse site selection and agency operation services for demanders. 3. Financial Services : The company provides trade supply chain financial services for partners, including front-end agency procurement, in-transit financing, and inventory financing, helping clients improve capital utilization efficiency. 4. Competitive Advantages : The company has branch offices nationwide and has established long-term and stable cooperative relationships with many well-known domestic supply chain enterprises. Trade Description: The company only engages in spot sales of copper cathode, coal, and steel. Its upstream suppliers include Jiangxi Copper Corporation Group Co., Ltd., China Copper Corporation Limited, Amer International Group, and Zijin Mining Group Co., Ltd. Its downstream demanders include Tianjin Dawufeng Copper Semis Co., Ltd., Fujian Shanghang Taiyang Copper Industry Co., Ltd., and other companies without credit periods. Contact Information Mr. Leng: 139 1405 9091 SMM Contact Person Zhang Guolei 16601900190 zhangguolei@smm.cn