--- title: "Analysis of Resource Reserves of China's Top Five Gold Mining Companies" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/32614567.md" description: "In recent years, the price of gold has continued to rise, with futures quoted at $3,428 per ounce on August 4, 2025, reaching a historical high. Five major gold mining companies, represented by Zijin Mining, Shandong Gold, Zhaojin Mining, Zhongjin Gold, and Chifeng Gold, have ridden the wave of rising gold prices, earning substantial profits, and their stock prices have repeatedly hit new highs. (1) Comparison of gold resources and equity: There are significant differences in the gold resources and equity resources among China's five major gold mining companies. Zijin Mining leads by a wide margin with 5,175 tons of gold resources (the largest gold reserve globally), followed by Shandong Gold with 2,058 tons..." datetime: "2025-08-05T10:30:59.000Z" locales: - [en](https://longbridge.com/en/topics/32614567.md) - [zh-CN](https://longbridge.com/zh-CN/topics/32614567.md) - [zh-HK](https://longbridge.com/zh-HK/topics/32614567.md) author: "[美股侦察员](https://longbridge.com/en/profiles/17735555.md)" --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/32614567.md) | [繁體中文](https://longbridge.com/zh-HK/topics/32614567.md) # Analysis of Resource Reserves of China's Top Five Gold Mining Companies In recent years, the price of gold has continued to rise, with futures quoted at $3,428 per ounce on August 4, 2025, reaching a historical high. The five major gold mining companies represented by Zijin Mining, Shandong Gold, Zhaojin Mining, Zhongjin Gold, and Chifeng Gold have ridden the wave of rising gold prices, reaping substantial profits, and their stock prices have repeatedly hit new highs. (1) Comparison of Gold Resources and Equity: There is a significant difference in gold resources and equity among China's five major gold mining companies: Zijin Mining leads by a wide margin with 5,175 tons of gold resources (the world's largest gold reserve), followed by Shandong Gold in second place with 2,058 tons, Zhaojin Mining in third place with 1,446 tons, Zhongjin Gold in fourth place with 895 tons, and Chifeng Gold in fifth place with 451 tons. In terms of equity resources, Shandong Gold (1,985 tons) ranks highest due to the integration of high-quality domestic mine resources (e.g., Jiaodong region), followed by Zhaojin Mining (1,162 tons) and Zhongjin Gold (565 tons). As a global mining leader, Zijin Mining's significant resource scale advantage lays a solid foundation for long-term development. (2) Exploitable Reserves and Exploration Investment: Data on exploitable reserves in 2024 show that Shandong Gold (751 tons) ranks at the forefront due to high-quality mine resources in the Jiaodong region, followed by Zhaojin Mining (518 tons) and Chifeng Gold (57.75 tons, the sum of major mine reserves). In terms of exploration investment and reserve growth, Shandong Gold invested 590 million yuan in exploration in 2024, adding 58.8 tons of gold metal, achieving "reserve growth exceeding production." Zhongjin Gold invested 295 million yuan in exploration, completing 71,000 meters of tunneling and 334,000 meters of drilling, adding 30.3 tons of gold metal. Zijin Mining added 159.75 tons of gold resources with an exploration investment of 395 million yuan. Shandong Gold stands out for its large-scale exploration investment and high-quality resource endowment, while Zhongjin Gold maintains stable reserve growth through continuous exploration. (3) Impact of Gold Reserves on Valuation and Development: Gold reserves have a significant impact on company valuation and long-term development potential. Leading companies with a single gold mining business can command higher valuations in the market. 1\. Valuation Premium: Zijin Mining (5,175 tons) enjoys a resource premium due to its status as the world's largest gold reserve, with a 2025E PE of 11-12x (reasonable valuation). Shandong Gold (2,058 tons) benefits from its domestic leadership position and continuous reserve growth, supporting a leader premium with a 2025E PE of 23-24x. Zhaojin Mining (offshore gold mine at ~6g/t) commands a growth premium due to high-grade resources, with a 2025E PE of 21x (moderate-to-high valuation in Hong Kong). Chifeng Gold (domestic grade of 6.20-7.83g/t) enjoys a cost advantage premium due to high-grade resources, with a 2025E PE of 14-16x (undervalued, growth valuation). Zhongjin Gold (Shaling Gold Mine with 372 tons) benefits from the injection of high-quality resources, with a 2025E PE of 10x (significantly undervalued). 2\. Long-Term Development: Zijin Mining's global resource layout (covering 15 countries) reduces geopolitical risks, while its multi-metal synergy (gold, copper, lithium) enhances risk resilience. Shandong Gold's high-quality resources in the Jiaodong region support long-term capacity expansion (2025-2027 capacity CAGR of 21%). Zhaojin Mining's offshore gold mine (to commence production in 2026, with an annual output of 15-20 tons) will become a core growth engine, with high-grade resources reducing costs and improving profitability. Chifeng Gold's high-grade mines (domestic grade of 6.20-7.83g/t) provide a cost advantage (2024 unit cost of 278.08 yuan/gram), offering the highest earnings elasticity in a rising gold price cycle. Zhongjin Gold's state-owned background (China National Gold Group) ensures resource integration, and the Shaling Gold Mine will drive a 30% increase in production after commissioning. Zijin Mining Group has now consolidated its overseas gold mining business into Zijin Gold International, which has filed for listing on the Hong Kong Stock Exchange and is expected to complete its IPO in September, with a valuation exceeding HKD 100 billion. The spin-off of the gold business will help optimize the capital structure of Zijin Mining, which operates diversified metal deposits, further enhancing the company's valuation. ### Related Stocks - [ZHONGJIN GOLD (600489.CN)](https://longbridge.com/en/quote/600489.CN.md) - [SD-GOLD (600547.CN)](https://longbridge.com/en/quote/600547.CN.md) - [SD GOLD (01787.HK)](https://longbridge.com/en/quote/01787.HK.md) - [ZHAOJIN MINING (01818.HK)](https://longbridge.com/en/quote/01818.HK.md) - [Zijin Mining (601899.CN)](https://longbridge.com/en/quote/601899.CN.md) - [ZIJIN MINING (02899.HK)](https://longbridge.com/en/quote/02899.HK.md) - [CHIFENG GOLD (600988.CN)](https://longbridge.com/en/quote/600988.CN.md) - [CHIFENG GOLD (06693.HK)](https://longbridge.com/en/quote/06693.HK.md)