China's Largest Gold Mine Expands In Central Asia With $1.2 Billion Acquisition

Zijin Mining Group ZIJMF, China's largest gold and copper producer, has announced a definitive agreement to acquire Kazakhstan's Raygorodok Gold Mine for $1.2 billion.

The deal, signed on June 29, will see Zijin acquire 100% of RG Gold LLP and RG Processing LLP, Kazakhstan-based entities that own and operate the mine, through its subsidiaries, Zijin Gold International and Jinha Mining.

The Raygorodok Gold Mine is an open-pit operation known for its considerable mine life, advanced infrastructure, and solid production fundamentals. Situated in the Burabay District of the Akmola region in northern Kazakhstan, it lies around 70 kilometers from Shjuchuchinsk and has convenient access to highways, rail, and essential utilities.

The mine currently consists of two pits—South and North Raygorodok—2 kilometers apart and is equipped with heap leach and carbon-in-pulp (CIP) cyanidation processing plants.

As of 2023, the mine hosts a total indicated and inferred resource of 241 million tons of ore grading 1.01 grams per ton of gold, containing 242.1 tons of gold metal. Its proven and probable reserves currently stand at 94.9 million tons, with an average grade of 1.06 grams per ton, totaling 100.6 tons of contained gold (3.23 million troy ounces).

The project is currently producing about 5.5 tons of gold (176,800 ounces) annually and has a remaining mine life of 16 years through 2040. In 2024, the project generated a net profit of $202 million, with a competitive site-level cash cost of $796 per ounce.

Zijin aims to optimize mining and processing operations, increasing throughput to 10 million tons per year and boosting production efficiency and returns. Furthermore, the transaction is integral to its strategic expansion efforts in Central Asia. It complements its existing portfolio in the region, which features the Jilau/Taror gold mines in Tajikistan and the Taldybulak Levoberezhny gold mine in Kyrgyzstan.

Zijin's gold output and financial performance are expected to receive an immediate boost, solidifying its position within the global mining sector. Additionally, it strengthens the impending listing of Zijin Gold International in Hong Kong, positioning the spin-off as a more competitive and asset-rich entity in the global capital markets.

According to the Forbes Global 2000 list, in 2025, Zijin climbed to the fourth spot in the global metals and mining sector, achieving an overall ranking of 251st. It upheld its reputation as the premier gold miner globally, outpacing rivals like Newmont and Barrick.

The firm reported a net profit of $4.5 billion for 2024, representing a 52% year-over-year increase, driven by unprecedented output and effective cost-control measures. Furthermore, it accomplished its 2025 ESG carbon reduction objectives ahead of schedule, enhancing its leadership in sustainable mining practices.

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