Despite anticipated lower treatment and refining charges by 2026, Citigroup expects JIANGXI COPPER's copper smelting operations to remain profitable, supported by rising sulfuric acid prices. If the acquisition of SolGold is completed successfully, it is projected to drive long-term earnings growth starting in 2028. The firm has increased its target price for the H-shares of JIANGXI COPPER from HK$39.8 to HK$54.1, based on discounted cash flow and fair price-to-book ratio valuations, while maintaining a "Buy" rating.