[ET Net News Agency, 30 October 2019] Goldman Sachs lowered its target price for Zijin
Mining (02899) to HK$3.5 from HK$4 and maintained its "buy" rating.
The research house said Zijin's 3Q results were behind Goldman's estimates due to lower
gold sales volume and higher unit costs for zinc concentrate. Goldman revised down its
recurring net profit estimates by 10% for both 2019 and 2020 to reflect 3Q results and
lower copper price.
It believes Zijin is favorably positioned to benefit from both higher copper and gold
prices, plus volume growth in copper. Goldman recently revised down the LME copper price
forecast to US$2.74/lb (from US$2.88/lb) in 2019 and US$3.00/lb (from US$3.20/lb) in 2020
and kept the price unchanged at US$3.27/lb in 2021. (KL)
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02899 ZIJIN MINING
Nominal 
17.300 +0.240 (+1.407%) Research Report
30/10/2019 16:59
{I-bank focus}Goldman lowers Zijin Mining (02899) to HK$3.5
| Remark: | Real time quote last updated: 26/04/2024 09:34 |
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