---
title: "Zijin Mining was robbed of 3.2 tons of gold by a drug trafficking group, worth 200 million USD? The company's response has arrived!"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/219656811.md"
description: "Zijin Mining's gold mine in Colombia was plundered by drug trafficking groups, resulting in a loss of 3.2 tons of gold, valued at approximately $200 million. The company stated that since the new government took office in the second half of 2022, the security situation in the mining area has deteriorated, and incidents of illegal mining have increased. Despite the impact, 7.5 tons of gold have been produced as of the third quarter of 2024, achieving 87% of the annual plan. The company condemns illegal mining activities and seeks government assistance"
datetime: "2024-11-14T08:35:46.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/219656811.md)
  - [en](https://longbridge.com/en/news/219656811.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/219656811.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/219656811.md) | [繁體中文](https://longbridge.com/zh-HK/news/219656811.md)


# Zijin Mining was robbed of 3.2 tons of gold by a drug trafficking group, worth 200 million USD? The company's response has arrived!

On November 4th, media reports indicated that Zijin Mining (SH601899) suffered a loss of 3.2 tons of gold, valued at $200 million (approximately RMB 1.45 billion), due to a raid by a drug trafficking group at a gold mine in Colombia. The reports stated that the drug trafficking group has taken control of a mining area worth hundreds of millions of dollars, extending 30 miles, and private security personnel are still fighting against the group.

The related topic surged to the top of Weibo's trending searches.

On November 4th, both A-shares and Hong Kong shares of Zijin Mining fell. By the close of A-shares, Zijin Mining's stock price dropped by 2.44%, closing at 15.61 yuan, with a total market value of 414.9 billion yuan.

## **Zijin Mining: Significant Deterioration of Mining Area Security Situation** **Condemns Illegal Mining Activities**

On the afternoon of November 14th, a reporter from the Daily Economic News contacted Zijin Mining to verify the news.

Zijin Mining responded to the reporter, stating: "Zijin and its subsidiary, Continental Gold, have long focused on maintaining the security of the Buriticá gold mine. After being acquired by Zijin in March 2020, Continental Gold signed a security agreement with the Colombian government to ensure the safety of the mine and its surrounding areas. However, since the new government took office in the second half of 2022, the security situation in the mining area has significantly deteriorated. Insufficient law enforcement and police presence have led to a substantial increase in local illegal mining incidents."

However, Zijin Mining indicated that although mining operations have been somewhat affected, thanks to the efforts of the on-site team, Continental Gold still produced 8.3 tons of gold in 2023, and by the third quarter of 2024, it had produced 7.5 tons of gold, achieving 87% of the annual production target of 8.6 tons. Continental Gold continues to report the situation in the mining area to the Colombian Ministry of Defense and national and local military and police, actively seeking assistance and condemning illegal mining activities through media discourse.

According to official information, Zijin Mining Group Co., Ltd. (hereinafter referred to as "Zijin Mining") is a large multinational mining group engaged in the exploration, development, engineering design, and technical application research of metal mineral resources such as copper, gold, zinc, lithium, silver, and molybdenum globally, listed as a whole on Hong Kong H-shares (2899.HK) and Shanghai A-shares (601899.SH).

The company has significant mining investment projects in 17 provinces (regions) in China and 15 countries overseas, including domestic projects such as the Tibet Julong Copper Mine and Juno Copper Mine, Heilongjiang Duobao Mountain Copper Mine, Fujian Zijin Mountain Copper and Gold Mine, Shanxi Zijin, Guizhou Zijin, Longnan Zijin, and overseas projects such as the Chukaru Peki Copper and Gold Mine and Bor Copper Mine in Serbia, and the Kamoa Copper Mine and Kolwezi Copper Mine in the Democratic Republic of the Congo Suriname Rosebel Gold Mine, Colombia Buriticá Gold Mine, etc.; the company is accelerating its entry into the new energy and new materials industry, owning the Argentina 3Q salt lake lithium mine, Tibet Lagocuo salt lake lithium mine, and Hunan Daoxian Xiangyuan hard rock lithium polymetallic mine, and has been invited to lead the development of the northeastern project of the Manono lithium mine in the Democratic Republic of the Congo. As of June 2024, based on the 100% scope of controlled enterprises and the equity scope of joint ventures, the company holds a total proven, controlled, and inferred resource amount of 10.467 million tons of copper, 3,528 tons of gold, 12.12 million tons of zinc (lead), 28,380 tons of silver, and 14.11 million tons of lithium (LCE).

## **Net profit surged 50% in the first three quarters** **"Fully benefited from the rise in metal prices"**

On October 18, Zijin Mining (601899.SH, stock price 17.63 yuan, market value 468.568 billion yuan) released its third-quarter report. In the first three quarters of this year, Zijin Mining achieved an operating income of approximately 230.4 billion yuan, a year-on-year increase of 2.39%; the net profit attributable to shareholders of the listed company was approximately 24.4 billion yuan, a year-on-year increase of 50.68%.

Regarding the growth in performance, Zijin Mining stated that it was mainly due to the steady improvement in the company's production and operational management capabilities, an increase in the output of major mineral products, and effective cost control; at the same time, the company's ability to assess the metal market has further improved, fully benefiting from the rise in metal prices.

In the first three quarters of this year, Zijin Mining's gold production increased by 8% year-on-year, copper production increased by 5% year-on-year, silver production increased by 7% year-on-year, and zinc production decreased by 4% year-on-year; the gross profit margin of mining enterprises was 57.71%, an increase of 7.42 percentage points year-on-year; the comprehensive gross profit margin was 19.53%, an increase of 4.37 percentage points year-on-year.

It is worth noting that in the third quarter of this year, there was a significant change in the list of the top ten shareholders of Zijin Mining. Shanghai Gaoyi Asset Management Partnership (Limited Partnership) - Gaoyi Xiaofeng No. 2 Letter Fund, China Foreign Economic and Trade Trust Co., Ltd. - Foreign Trade Trust - Gaoyi Xiaofeng Hongyuan Collective Fund Trust Plan, and Abu Dhabi Investment Authority all reduced their holdings in Zijin Mining in the third quarter.

In the third quarter of this year, Hong Kong Central Clearing Limited increased its holdings in Zijin Mining. At the same time, three index funds also increased their holdings in Zijin Mining.

In addition, regarding the lithium carbonate production and operation plan, Zijin Mining stated that due to delays in project certificate processing and the continued slump in lithium carbonate prices, the production start time for the Argentina 3Q project and the Tibet Lagocuo project has been postponed to 2025. Before the project goes into production, the company will further optimize the process flow, reduce and solidify the cost base to enhance the project's ability to withstand price fluctuations Author of this article: Zhao Linan, Source: Daily Economic News, Original Title: "Breaking! Zijin Mining was robbed of 3.2 tons of gold by a drug trafficking group, worth 200 million dollars? The company responds: The safety situation in the mining area has significantly deteriorated, condemning illegal mining activities."

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