Bank of America Securities has reiterated its 'Buy' rating on Zijin Mining Group Company Limited (ASX: ZIJIN MINING). The firm's positive outlook is grounded in a constructive view on copper prices, anticipated growth in copper, gold, and lithium production, robust cost controls, and an attractive valuation.

The report notes that the current share price implies a forward price-to-earnings ratio of 8 times for 2027, which is below the 12 times for global copper peers and 11 times for gold peers, presenting a compelling risk-reward profile. The firm set a target price of HK$43 for the H-shares and RMB 39 for the A-shares.

Zijin Mining issued a positive profit alert, forecasting a first-half 2026 net profit of RMB 39.1 billion, representing a 68% year-on-year increase. This figure equates to 53% of the firm's full-year forecast and 47% of the market's consensus estimate.

For the second quarter specifically, net profit was RMB 19.0 billion, up 45% year-on-year but down 5% quarter-on-quarter. Recurring net profit reached RMB 19.4 billion, a 5% increase sequentially, which fell short of the firm's expectations.

Bank of America Securities attributes the earnings miss primarily to weak second-quarter performance at Zijin Gold Intl (ASX: ZIJIN GOLD INTL). Excluding this impact, the firm believes Zijin Mining's second-quarter profit would have been largely in line with forecasts.