紫金矿业成立于1993年，如今市值约1500亿美元，已成为全球第四大最具价值的矿业公司。受其黄金（产量第六）与铜（产量第五）敞口以及金铜价格上涨推动，其市值在过去一年飙升150%。
过去十年，公司全球化加速，业务覆盖18个国家；2015至2025年投入260亿美元资本开支并完成150亿美元并购，且在今年1月宣布40亿美元收购加拿大Allied Gold。其资产净值结构中，铜占三分之二、黄金占四分之一，并计划到2028年跻身两者全球前三，同时按2025年2月计划在三年内将铜金产量最高提升50%、将锂产量提升逾10倍。
其扩张模式强调“他人不去之处也进入”：2016年铜价处于金融危机后低位时仍逆势收购刚果（金）铜矿，如今铜和黄金产量约一半来自海外。纵向一体化同样关键，冶炼与精炼贡献约四分之一营业利润，但高杠杆成为代价，债务/资产比由2010年的21%升至2025年上半年的38%，并在9月通过在香港出售国际金矿子公司约15%股权融资250亿港元（32亿美元）；同时，2010年福建泄漏事件、塞尔维亚环保争议及被美国列入实体清单等因素持续抬升其监管与地缘政治风险。
Founded in 1993, Zijin Mining is now worth about $150bn and has become the world’s fourth-most-valuable mining company. Driven by exposure to gold (sixth-largest producer) and copper (fifth-largest producer) and by rising prices of both metals, its market value surged 150% over the past year.
Over the past decade, the company accelerated globalization to 18 operating countries; from 2015 to 2025 it deployed $26bn in capex and completed $15bn in acquisitions, then announced a $4bn purchase of Canada’s Allied Gold in January. In its net asset value mix, copper represents two-thirds and gold one-quarter, and it aims to rank in the global top three for both by 2028 while, under a February 2025 plan, lifting copper and gold output by up to 50% in three years and expanding lithium output by more than tenfold.
Its expansion model stresses entering assets others avoid: in 2016, when copper prices were at post-crisis lows, it still bought DRC copper stakes, and roughly half of both copper and gold mining now occurs outside China. Vertical integration is equally central, with refining and smelting generating about one-quarter of operating profit, but leverage is the tradeoff as debt-to-assets rose from 21% in 2010 to 38% in the first half of 2025; in September it raised HK$25bn ($3.2bn) by listing about a 15% stake in an international gold-mines subsidiary, while the 2010 Fujian spill, Serbia environmental disputes, and U.S. entity-list designation continue to elevate regulatory and geopolitical risk.
Source: The stunning rise of China’s most audacious miner
Subtitle: Zijin Mining is giving Western giants a run for their money
Dateline: 2月 26, 2026 04:42 上午