Zijin Mining's 2025 annual report sent a clear industry signal: its lithium business has officially moved from strategic reserve to the stage of scaled monetization.

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.

Zijin Mining released an announcement regarding its three-year (2026-2028) production plan for major mineral products and its long-term vision for 2035. The lithium carbonate equivalent production targets for 2026 and 2028 are set at 120,000 mt and 270,000-320,000 mt, respectively, representing increases of 380% and 980%-1180% compared to the 2025 production of 25,000 mt.

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.

China’s Zijin Mining plans to deliver the Democratic Republic of the Congo’s first lithium output from the Manono project in June this year, with exports set to begin immediately thereafter. The Manono project became the subject of arbitration after the Congolese government revoked the mining permit previously held by Australia’s AVZ Minerals, with the rights subsequently reassigned to Manono Lithium, a joint venture between Zijin and state-owned miner Cominiere. Zijin holds a controlling 61% stake in the venture. Under the JV arrangement, all initial production—including Cominiere’s share—will be marketed by Zijin. Although Cominiere did not contribute financially to the roughly $1 billion project cost, it will receive revenue in proportion to its equity stake.

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.

This transaction is the largest convertible bond issuance in the Asia-Pacific region since October 2025 and also the largest globally so far in 2026.

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.

This week, the three major A-share indices showed mixed changes, with the Shanghai Composite Index falling 0.25% week-on-week, the Shenzhen Component Index dropping 0.6%, and the ChiNext Index rising 0.21%. In terms of sectors, the oil and gas extraction and precious metals sectors saw significant rebounds, while rare earth concept stocks performed actively. This week, rare earth concept stocks led the gains, with China Science Magnetism Co., Ltd. rising 63.61% week-on-week, Beikuang Science & Technology Co., Ltd. up 61.09%, and Jiuling Technology Co., Ltd. gaining 55.01%. In terms of news, recently, several rare earth magnetic material enterprises have obtained export licenses. The Ministry of Commerce stated that it has approved a certain number of compliant applications in accordance with the law and will continue to strengthen the approval process. Currently, the demand for rare earth permanent magnets in sectors such as NEVs, wind power generation, industrial robots, and humanoid robots remains robust. With the development of robotics technology, the demand for high-performance rare earth permanent magnets may bring new growth points to the rare earth industry. This week, the oil and gas extraction sector performed strongly, with Keli Co., Ltd. rising 37.78% week-on-week and Tongyuan Petroleum up 21.34%. In terms of news, influenced by the tense situation in the Middle East, Brent crude oil prices surged significantly. The rise in oil prices directly expanded the profit margins of oil and gas extraction enterprises and enhanced their profitability expectations. In terms of net inflows of the most-traded contract funds this week, Zijin Mining and East Money Information Co., Ltd. saw net inflows exceeding 1 billion yuan. In terms of net outflows of the most-traded contract funds, Kweichow Moutai, BYD, Wuliangye Yibin Co., Ltd., InnoLight Technology Corporation, and Hygon Information Technology Co., Ltd. experienced net outflows exceeding 1 billion yuan this week.