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Zijin Mining Group Co ( (HK:2899) ) has shared an update.
Zijin Mining Group Co. has completed the acquisition of an 84% equity interest in Jinsha Molybdenum, which holds the Shapinggou Molybdenum Mine in Anhui Province. This acquisition aligns with the company’s strategic goals, as the mine is a significant undeveloped porphyry molybdenum deposit with a high-grade orebody suitable for large-scale underground mining. The project is expected to enhance Zijin’s position as a leading molybdenum producer globally. Additionally, Zijin has signed a letter of intent for cooperation with Jinduicheng Molybdenum to invest in a new molybdenum smelting project, aiming to support local economic development and extend the industrial chain.
The most recent analyst rating on (HK:2899) stock is a Buy with a HK$24.50 price target. To see the full list of analyst forecasts on Zijin Mining Group Co stock, see the HK:2899 Stock Forecast page.
More about Zijin Mining Group Co
Zijin Mining Group Co., Ltd. is a prominent player in the mining industry, focusing on the extraction and production of precious and strategic metals. The company is involved in the mining of molybdenum, a scarce strategic metal used in various high-end industries such as metallurgy, automotive, energy, and aerospace.
Average Trading Volume: 49,503,241
Technical Sentiment Signal: Buy
Current Market Cap: HK$651.8B
For a thorough assessment of 2899 stock, go to TipRanks’ Stock Analysis page.