Mergers and Acquisitions Among Listed Companies in the Non-Ferrous Metals Industry Have Been Active This Year

Due to the comprehensive impact of external factors and the economic environment, the non-ferrous metals sector has experienced significant market fluctuations this year. Several listed companies in the industry have recently announced mergers and acquisitions, either strengthening upstream resource reserves or expanding industry collaboration. Notably, many industry-listed companies are actively engaged in overseas mining asset acquisitions, including rapid deployments by leading firms.

Strengthening Control Over the Upstream and Downstream of the Industry Chain

Since the beginning of the year, many listed companies in the non-ferrous metals industry have increased their control over upstream mineral resources through mergers and acquisitions. Most of these are companies involved in precious metals, industrial metals, and energy metals. Additionally, deepening collaborative layouts along the downstream industry chain is another key trend.

On March 6, Jinmao Co., Ltd. announced that it had completed the payment for its acquisition of a 24% stake in its associate, Jinsha Moly, increasing its shareholding from 10% to 34%. Jinsha Moly owns mining rights for the Shapingou Molybdenum Mine, with molybdenum resources (including reserves) of 2.1 million tons. The company stated that this acquisition aims to leverage molybdenum industry development advantages, further strengthen resource security, and accelerate the development and construction of the Shapingou Molybdenum Mine to realize resource value and generate investment returns.

On February 10, Jin Hui Co., Ltd. announced that to further expand its business scale, it plans to acquire 100% equity of Fusheng Mining for 210 million yuan in cash. After the transaction, the company will hold 100% of Fusheng Mining. The core asset of Fusheng Mining is the Laoshenggou Gold Mine in Huixian, with an annual production capacity of 50,000 tons of gold ore.

On February 4, Shengxin Lithium Energy announced that its wholly owned subsidiary, Shengtun Lithium, intends to acquire a 13.93% stake in Huirong Mining for 1,259.7 million yuan in cash, after which it will hold 100% of Huirong Mining. Huirong Mining owns mining rights for the Muruo Lithium Mine, one of the highest-grade lithium mines in Sichuan, with an annual capacity of 3 million tons, currently actively developing the mine.

According to industry statistics, besides the above transactions, several other listed companies are planning or advancing mergers and acquisitions, including Shenda Resources’ plan to acquire a 47% stake in Honglin Mining to achieve full control, and Yongjie New Materials’ asset purchase plan related to Alconic’s aluminum assets.

Industry analysts believe that these series of M&A activities targeting upstream and downstream resources by listed non-ferrous companies aim to enhance control and influence over key mineral resources and industry chain segments. This not only helps increase resource reserves and reduce raw material cost volatility—contributing to profits during price increases—but also strengthens the companies’ resilience against risks.

Overseas M&A Supporting Global Expansion

Amid the complex global economic landscape, many non-ferrous listed companies are actively engaging in overseas mergers and acquisitions, including large-scale deals.

On March 6, Jinchengxin announced that its controlling subsidiary, Verida Resources, had introduced investors through capital increase and paid a one-time cash transaction of $128 million to acquire all mineral rights assets of Cordoba Mining and its subsidiaries in Colombia, collectively known as “Cordoba Parties,” including a 50% stake in CMH, a major asset. The transaction was completed on March 5.

On March 5, Jiangxi Copper announced that its wholly owned subsidiary had officially made a tender offer to acquire all shares of SolGold plc, which became effective on March 4. According to Jiangxi Copper, the target’s core assets include mineral deposits with proven, controlled, and inferred resources of 12.2 million tons of copper, 30.5 million ounces of gold, and 102.3 million ounces of silver, with proven and probable reserves of 3.2 million tons of copper, 9.4 million ounces of gold, and 28 million ounces of silver. The completion of this transaction is expected to significantly enhance the company’s resource reserves and security, supporting its overseas strategic layout and global resource deployment.

Earlier, on February 12, Shengtun Mining announced that its wholly owned subsidiary, Shengtun Gold Ontario, had completed the acquisition of 100% equity of Canadian company Loncor Gold Inc., which is now fully integrated into its consolidated financial statements.

Industry experts note that overseas M&A involves complex factors, and listed companies should proceed cautiously. They need to consider currency fluctuations, local legal and policy environments, and the premium risks associated with high upstream resource prices. Additionally, geopolitical conflicts and related uncertainties should also be carefully evaluated.

Leading Companies Continue to Expand Their Business Footprints

Many industry-leading companies in the non-ferrous metals sector continue to pursue mergers and acquisitions, attracting industry attention—especially during market volatility, as these actions can effectively boost market confidence and future outlooks in the short term.

On January 30, China Aluminum announced that its wholly owned subsidiary, Chalco Hong Kong, plans to establish a joint venture with Rio Tinto in Brazil, and through this joint venture, acquire 68.596% of the issued shares of Brazil Aluminum via cash payment, with a base transaction price of approximately 6.286 billion yuan. After completion, Brazil Aluminum will become a subsidiary of the company and be included in its consolidated financial statements.

On January 26, Zijin Mining announced plans to acquire a Canadian gold company for 28 billion yuan to rapidly expand its overseas gold business. According to the details disclosed, Zijin Gold International, controlled by Zijin Mining, has signed an agreement with United Gold to acquire all issued common shares at 44 Canadian dollars per share, totaling about 5.5 billion Canadian dollars (roughly 28 billion yuan).

Zijin Mining states that United Gold’s projects are all operating or soon-to-be-operating large open-pit gold mines, which can contribute production and profits immediately after acquisition. The company expects that, based on United Gold’s production plans, its operational capacity and output will further improve, with a short overall investment return period and significant economic benefits. Moreover, this acquisition will quickly strengthen the company’s gold presence in Africa, significantly enhance its overall gold sector strength, and substantially increase gold production.

Luoyang Molybdenum also announced on January 25 that it had completed the acquisition of 100% rights to three Canadian gold mines through its controlling subsidiary. The company noted that this acquisition accelerates project implementation and delivery. The mines have large resources and strong profitability, and will contribute to production and profits immediately after acquisition. By 2026, the company expects annual gold production to reach 6-8 tons.

Industry analysts believe that non-ferrous metals, as the “core framework” of new productive forces, are at a critical stage of transformation and upgrading. The long-term implementation of new productive forces, explosive demand for high-end materials, and accelerated circular economy development will be key themes. Under the long-term industry logic, listed companies engaging in overseas investments are expected to further deepen resource reserves and enhance global competitiveness.