S&P Global Ratings affirmed Zijin Mining Group's (SHA:601899, HKG:2899) BBB rating and raised the outlook to positive from stable.

The positive outlook reflects the rating agency's view that Zijin Mining will deliver rising output from its projects in the next two years and its policy of controlling debt to EBITDA and resilient metals prices will keep the ratio below 1.5x, according to a Tuesday research note..

Zijin Mining's stronger cash flow, which is expected to continue into 2026, will somewhat cushion its elevated investments, S&P said.

Shares of the miner were down 3% on the Shanghai bourse and 2% on the Hong Kong bourse.