[ET Net News Agency, 9 July 2019] Morgan Stanley resumed coverage of Zijin Mining Group
(02899) with an "overweight" rating and a target price of HK$3.9.
The research house said Zijin is well positioned to our two preferred commodities, gold,
and copper. Morgan thinks its 14% 2019-21 earnings CAGR will be supported by the strong
new projects pipeline, which will come online over the next two years.
It believes Zijin's robust project resources and pipeline over the next two years will
allow it to enjoy favorable gold and copper pricing trends. Morgan expects its gold
production to recover to 39.7 tons this year after two years of decline.
Incorporating newly acquired RTB BOR, Nevsun Resources and flagship project Kamoa,
Morgan forecast its copper production to grow by a 48%/88% YoY to 367k tons/689k tons in
2019/20. (KL)
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02899 ZIJIN MINING
Nominal 
17.740 +0.040 (+0.226%) Others
09/07/2019 16:56
[I-bank focus]Morgan restarts Zijin Mining (02899) at HK$3.9
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