Chinese gold miner Zhaojin Mining Industry is actively seeking to acquire additional gold mines in Africa and other regions, targeting assets being exited by European and American miners in politically stable West African countries including Côte d’Ivoire, Ghana and Guinea, the company’s chief investment officer has said.
Speaking in an interview, Xu Jianzhuo said Zhaojin is also evaluating projects in Central Asia and the Asia Pacific as part of a broader international expansion strategy. The company’s first major overseas move came in 2024 with the acquisition of assets in Côte d’Ivoire, where the Abujar mine is on track to produce four to five tonnes of gold this year in line with earlier guidance.
Zhaojin’s ambitions reflect a wider acceleration in gold sector consolidation. Record gold prices have driven miners globally to step up acquisitions, and Chinese companies have emerged as active participants in the M&A wave. Zijin Mining, Zhaojin’s largest domestic peer, moved earlier this year to acquire Canada’s Allied Gold Corp for $4 billion, adding mines in Mali, Côte d’Ivoire and Ethiopia to its portfolio.
Xu described the M&A environment as highly active and expected the trend to intensify. “Gold M&As are very active at the moment. The trend will only become stronger. Even under such high gold prices, we still see deals being carried out to boost scale,” he said, adding that post-merger asset disposals by larger miners create additional acquisition opportunities for Chinese firms looking to pick up non-core properties.
On gold prices, Xu said the recent pullback triggered by the Iran war is likely temporary, with structural drivers including central bank buying and dollar diversification remaining firmly intact.
Beyond gold, Zhaojin is also building copper exposure, though Xu said the company would approach the industrial metal with caution given its high capital requirements. The focus is on relatively small copper projects in southern African countries including Namibia and Botswana. Zhaojin’s Hong Kong-listed shares have rallied more than 50% over the past year.
