Colombian Mining & Exploration
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Zijin Mining (HKEX: 2899)

Zijin Mining (HKEX: 2899) runs Buriticá in Antioquia, Colombia’s largest gold mine, which it bought with Continental Gold in 2020. For holders of Zijin Mining stock, Buriticá is a small part of a global business, but it is the clearest test case of illegal mining and security risk at a large Colombian mine.

Tickers: HKEX: 2899 | SSE: 601899 (Colombian asset held via Zijin Gold International, HKEX: 2259) · Headquarters: Shanghang, Fujian, China · Data as of: Nov 4, 2026

Zijin Mining at a glance

ProjectDepartmentCommodityStageOwnership
BuriticáAntioquiagold, silver (minor copper)production68.77% held by Zijin Gold International (about 85% owned by Zijin Mining)
Market capRefresh at publication (no reliably dated close found; third-party sites show roughly HK$720 billion for the H-shares)
Buriticá 2025 production8.8 t gold (~283,000 oz), down 12% from 10.0 t in 2024; AISC ~US$1,003/oz (Zijin Gold International, Mar 20, 2026)
Buriticá H1 2026~4.2 t gold (~135,000 oz), up 8%; AISC ~US$1,235/oz (Zijin Gold International interim, Aug 14, 2026)
Buriticá 2026 guidance9.2 t gold (~296,000 oz) (Zijin Gold International, Mar 20, 2026)
Ownership chainZijin Mining ~85% of Zijin Gold International (Oct 8, 2025); Zijin Gold International 68.77% of Buriticá
Group 9M 2026 resultsRevenue ~RMB 283.5B (+11.5%); net profit attributable ~RMB 57.5B (+51.9%) (Q3 report, Oct 23, 2026)
Group 2026 guidance105 t mined gold; 1.2 Mt mined copper; 520 t silver (company guidance via MarketScreener)
Buriticá permitMining permit valid to March 20, 2043; reserve-based life ~14 years (Mar 20, 2026)

About Zijin Mining

Zijin Mining Group is one of the world’s largest metals producers, mining copper, gold, zinc, silver, lithium and molybdenum across many countries. It is listed in Hong Kong and Shanghai. For 2026 it guided to 105 tonnes of mined gold and 1.2 million tonnes of mined copper. In the first nine months of 2026 it reported revenue of about RMB 283.5 billion and net profit attributable to shareholders of about RMB 57.5 billion, up 51.9%.

Its overseas gold mines, including Buriticá, sit in Zijin Gold International, which listed separately in Hong Kong (HKEX: 2259) on Sept 30, 2025. Zijin Mining kept about 85% of that company after the over-allotment was exercised. Zijin Gold International in turn holds 68.77% of Buriticá through Continental Gold Limited Sucursal Colombia, so Zijin Mining’s look-through interest is roughly 58% (our calculation).

Buriticá is a high-grade underground gold-silver mine in western Antioquia. Zijin acquired it by buying TSX-listed Continental Gold for about C$1.4 billion, a deal that closed in March 2020, and opened the mine officially in late 2020. It produced 8.8 tonnes of gold (about 283,000 oz) in 2025, and Zijin Gold International guided to 9.2 tonnes (about 296,000 oz) for 2026.

Security is the defining issue. Illegal miners, many linked by Colombian authorities and media to the Clan del Golfo, work tunnels that connect into the mine. Attacks with explosives have killed and injured workers, most recently in May 2026, and Zijin’s Colombian unit is pursuing an ICSID arbitration claim against Colombia for failing to protect the investment.

Zijin Mining’s Colombian projects

Buriticá

Buriticá sits in the municipality of the same name in western Antioquia, about a two-hour drive from Medellín, at the northern end of the Mid-Cauca belt. Gold occurs in high-grade veins mined underground. Continental Gold found and built the project; Zijin completed construction after taking control in 2020. Throughput was planned to rise from about 3,000 to 4,000 tonnes per day, and Zijin has studied adding a flotation circuit to recover copper and zinc.

Output has been held back by illegal mining. Colombian media and the Colombian Mining Association reported in 2023 that about half of the mine’s workings were affected by illegal miners, and Zijin later said it had lost control of at least 60% of its shafts. A 2023 Inspector General estimate put illegal extraction at about two tonnes of gold a year. Violent incidents include a May 2023 bombing that killed two and injured 14, a January 2025 attack that damaged the power substation and halted output, and a May 27, 2026 explosives attack that killed a 29-year-old worker.

The state has acted at times. In October 2025 the army and police seized 14 properties with illegal tunnels in Buriticá, which then-President Petro called the largest blow ever against illegal mining. In May 2026, the Antioquia governor criticised a reorganisation of Zijin’s title area; the ANM (Agencia Nacional de Minería, the national mining agency) said it unified existing titles rather than granting new ground.

On Oct 9, 2026, Zijin signed ANM contracts for blocks 23 (927 ha) and 42 (about 628 ha) in Buriticá, among nine special exploration contracts from the 2026 national mining round. In its 2025 results, Zijin Gold International said it plans to explore at depth and along the margins of the deposit and upgrade resource categories.

Resources: 100% basis at Dec 31, 2025 (company-reported under the JORC Code (2012) and HKEX Listing Rules Chapter 18; resources are inclusive of reserves): Reserves ~22 Mt at 6.57 g/t Au for 143 t gold (~4.6 Moz), of which 53 t Proved and 90 t Probable; Resources ~55 Mt at 6.95 g/t Au for 385 t gold (~12.4 Moz). Associated silver 462 t in reserves and 1,331 t in resources.

Latest Zijin Mining news

Upcoming catalysts

  • Zijin’s response in the ICSID arbitration (Continental Gold Inc. v. Republic of Colombia, ARB/24/25), expected November 2026
  • Buriticá full-year 2026 output against the 9.2 t guidance (Zijin Gold International annual results, expected around March 2027)
  • Exploration on the new ANM blocks 23 and 42 and deeper extensions of the deposit
  • Security policy under the De la Espriella government, including any new operations against illegal mining in western Antioquia
  • Any revival of the plan to add flotation for copper and zinc

Management

  • Zou Laichang, Chairman, Zijin Mining Group
  • Lin Hongfu, Vice-Chairman and President, Zijin Mining Group. Appointed president in December 2025
  • Chen Jinghe, Former chairman and founder. Wikipedia still lists him as chairman; see verify notes

Key risks for Zijin Mining stock

  • Security: illegal miners and armed groups operate inside and around the mine; attacks have killed workers and halted production (2023, 2025, 2026)
  • Production loss: Buriticá output fell 12% in 2025 and unit costs rose; illegal extraction diverts gold from the orebody
  • Legal and reputational: the ICSID claim puts Zijin in open dispute with the Colombian state, and Colombia alleges inconsistent investor disclosure
  • Social licence: friction with ancestral and informal miners over access to the title area, and political criticism of title reorganisations
  • Look-through exposure: Buriticá is a small part of Zijin’s earnings, so Zijin shares give diluted Colombian exposure, while minority holders of Zijin Gold International carry more of it
  • Commodity prices: group earnings depend heavily on copper and gold prices

Sources

Related: Colombian stocks · Companies & Projects tracker · Colombian mining companies

Educational information only, not investment advice. Figures are from the sources listed and dated; check the company’s latest filings before relying on them. See our Disclosure & Editorial Policy.