S&P upgrades Zijin Mining

S&P said it raised Zijin Mining Group Co. Ltd.’s long-term issuer credit rating on to BBB- from BB+.

“Zijin will become a top 10 gold and copper producer in the world over the next two years on strong project execution. The company has a pipeline of projects that provides good visibility of growth over the next two years,” the agency said in a press release.

S&P said it estimates Zijin’s output of mined copper to reach 900-910 thousand tons (kt) in 2023, from 584 kt in 2021 by increasing output from Curaku Peki and Bor mines in Serbia, Kamoa-Kakula copper mine in the Democratic Republic of the Congo and Julong mine in China. The company's output of mined gold will increase to 62 tons in 2023 from 47.5 tons in 2021, mainly from Paddington mine in Australia, Buritica mine in Colombia and Aurora mine in Guyana.

The outlook is stable.

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