China’s Zijin Mining Group has overtaken Glencore to become the world’s third-largest mining company by market capitalization after crossing the US$100 billion mark for the first time. On September 25, 2025, a record high in its Shanghai-listed shares lifted Zijin’s total market value to US$103 billion, placing it behind only BHP (US$140 billion) and Rio Tinto (US$111 billion), according to Mining.com.
Glencore, by comparison, stood at about US$53 billion in market capitalization. Zijin’s rise cements its status as a global industry heavyweight and highlights the increasing role of Chinese mining companies in international markets.
The valuation milestone follows strong financial results. In the first half of 2025, revenue rose 11.5% year-on-year to US$23.6 billion, driven by higher commodity prices and increased production. Gross profit margins for mineral products expanded by three percentage points to 60.23%. Mined gold contributed 38.6% of the gross profit, nearly equalling copper’s 38.5% share.
Earlier this year, Zijin ranked 365th on the Fortune Global 500 list by revenue and 209th by profit, making it the fourth-largest metals and mining company worldwide and the largest among Chinese peers. It also recorded the highest return on assets (ROA) in the global sector.
Founded in the 1980s from a single gold mine in Fujian Province, Zijin has grown through global acquisitions, including Serbia’s Bor copper mine and Ghana’s Akyem gold mine. The company acknowledges operating in a challenging environment shaped by geopolitical tensions, resource nationalism, and supply chain disruptions, alongside the mining sector’s structural issues of declining ore grades and rising costs.
Zijin continues to benefit from robust gold demand—prices rose 27% in the first half of 2025—boosted by central bank purchases and investor interest. Copper demand, fueled by the energy transition, also strengthened, though zinc prices remained steady and lithium underperformed due to oversupply.
