Citi has issued a research report stating that it believes Zijin Mining (02899) will achieve sustained and steady production growth in the coming years through expansion plans at existing mines and acquisitions. The bank maintains its top recommendation for the stock, with a target price of HK$39 and a "Buy" rating. Zijin Mining has announced its three-year production plan for 2026 to 2028, as well as an outline of its targets up to 2035. The production guidance for 2026 includes 1.2 million tonnes of mined copper, 105 tonnes of gold, 120,000 tonnes of lithium, 400,000 tonnes of zinc, 52 tonnes of silver, and 15,000 tonnes of molybdenum. This represents year-on-year growth of 10%, 17%, 380%, flat, 19%, and 36%, respectively. The production targets for 2028 are set at 1.5 to 1.6 million tonnes of mined copper, 130 to 140 tonnes of gold, 270,000 to 320,000 tonnes of lithium, 400,000 to 450,000 tonnes of zinc, 600 to 700 tonnes of silver, and 25,000 to 35,000 tonnes of molybdenum. Compared to previous guidance, these figures are flat, increased by 30 tonnes, increased by 20,000 tonnes, decreased by 150,000 tonnes, flat, and flat, respectively. This implies compound annual growth rates from 2025 to 2028 of 13% to 16% for mined gold and 11% to 14% for copper, while lithium is projected to grow at a CAGR of 121% to 134%.