紫金矿业公告：拟收购赤峰黄金控制权，交易总价超182亿元，影响深远

2026年3月23日，紫金矿业集团股份有限公司（601899.SH）发布重大公告，拟通过协议收购A股及认购定向增发H股的方式，获得赤峰吉隆黄金矿业股份有限公司（600988.SH/06693.HK，简称“赤峰黄金”）的控制权。本次交易对价合计约182.58亿元人民币，涉及对上市公司控制权的变更，极具市场关注度。

一、交易结构及要点

• A股收购： 紫金矿业全资子公司“紫金黄金（集团）有限公司”以每股41.36元人民币，较赤峰黄金停牌前A股收盘价溢价1.3%，协议收购其控股股东李金阳女士及一致行动人浙江瀚丰合计持有的2.42亿股A股，总金额约100.06亿元。
• 认购H股增发： 紫金黄金将以每股30.19港元（为停牌前H股60日均价的83%）认购赤峰黄金定向增发的3.11亿股H股，认购金额93.86亿港元（约合人民币82.52亿元）。
• 交易完成后，紫金矿业全资子公司合计将持有赤峰黄金5.72亿股，约占增发后总股本的25.85%，实现控股并并表。
• 交易无需提交紫金矿业股东大会批准，不构成关联交易及重大资产重组，但能否最终交割仍取决于监管审批及相关先决条件的实现，存在一定不确定性。

二、交易对方及标的公司详解

• 转让方： 李金阳女士（原控股股东）及其一致行动人浙江瀚丰创业投资合伙企业，合计持有赤峰黄金12.73%股份。交易完成后，二者将不再持有任何股份。
• 赤峰黄金基本面： 运营6座黄金矿山和1座多金属矿山，资产遍布中国、东南亚及西非。2025年并表黄金资源量达583吨，铜59万吨，锌56万吨，钼8万吨，稀土6万吨。
• 旗下核心境外资产包括老挝万象矿业、加纳瓦萨金矿，均为世界级矿带，资源潜力巨大。
• 2025年主要财务数据： 营业收入126.39亿元，净利润30.82亿元，净资产134.15亿元，资产负债率下降至33.91%。五年矿产金产量复合年均增速26%，2025年产金14.51吨。
• 境内黄金矿山单位成本远低于境外矿山，未来有提升空间。

三、协议核心条款及安排

• 股份转让先决条件： 包括国家市场监督管理总局反垄断审查、上交所合规性审查等。
• 价款支付进度： A股交割后先支付80%，完成后12个月内支付剩余6%及利息，附带违约条款。
• 锁定期安排： 紫金黄金承诺交割后18个月内不转让所获股份。
• 董事会控制权交接： H股交割后将改选董事会，紫金矿业方提名董事将占三分之二以上席位。
• 同业竞争及关联交易承诺： 紫金矿业承诺五年内解决同业竞争，规范关联交易，保证上市公司独立运作。

四、对紫金矿业及赤峰黄金的影响

• 并购战略契合： 此次收购系紫金矿业“资源优先”全球并购战略的延伸，可低成本快速获取优质黄金资源，分散投资风险，并充分发挥“矿石流五环归一”技术赋能。
• 黄金产能与资源补强： 赤峰黄金核心矿山资源储量优异，未来通过加大地质勘查和紫金技术加持，具备大幅增储潜力，将明显提升紫金矿业黄金板块综合实力。
• 盈利能力持续增强： 赤峰黄金2025年净利润和ROE均创新高，财务数据亮眼，境内矿山单位成本优势突出。

五、潜在风险与市场敏感点

• 审批及交割风险： 最终能否交割取决于多项监管审批及先决条件实现，存在不确定性。
• 金属价格波动风险： 项目经济效益高度依赖金属价格，金价波动可能影响盈利预期。
• 找矿增储不及预期风险： 后续资源增储需依赖地质投入，存在不达预期的可能。
• 同业竞争及业务整合挑战： 紫金矿业承诺五年内完成同业竞争整合，若整合不顺或将影响协同效益。
• 控制权变更、并表、董事会重组： 将对赤峰黄金治理结构、业务发展及估值体系产生深刻影响，属于高度敏感事项，极有可能对两家上市公司股价产生重大影响。

六、结论

本次紫金矿业收购赤峰黄金控制权，交易金额巨大，涉及对中国黄金资源整合及全球竞争格局的深刻影响。标的公司优质资产、资源潜力明确，并购完成后有望提升紫金矿业整体黄金产能、盈利能力和全球竞争力。控制权变更、并表及潜在整合将对双方公司估值和股价形成重大影响，投资者应密切关注后续交割进程及监管审批情况。

免责声明

本文根据公司公告整理，仅供投资者参考，不构成投资建议。投资涉及风险，敬请投资者关注相关后续公告及市场变化，理性决策。

ENGLISH VERSION

Zijin Mining Announces Acquisition of Chifeng Gold’s Controlling Stake: RMB 18.26 Billion Deal May Reshape Sector

On March 23, 2026, Zijin Mining Group Co., Ltd. (601899.SH) published a major announcement regarding its intention to acquire a controlling stake in Chifeng Jilong Gold Mining Co., Ltd. (600988.SH/06693.HK, “Chifeng Gold”) through an A-share agreement purchase and subscription of a private placement of H-shares. The aggregate transaction consideration is approximately RMB 18.26 billion, involving a change of control in a listed company, and is highly market sensitive.

I. Transaction Structure and Highlights

• A-Share Acquisition: Zijin Mining’s wholly-owned subsidiary Zijin Gold (Group) Co., Ltd. will acquire 242 million A-shares from Chifeng Gold’s controlling shareholder Ms. Li Jinyang and her concerted party Zhejiang Hanfeng at RMB 41.36 per share (1.3% premium over pre-suspension price), totaling RMB 10.006 billion.
• H-Share Subscription: Zijin Gold will subscribe for 311 million new H-shares via private placement at HKD 30.19/share (83% of pre-suspension 60-day average), totaling HKD 9.386 billion (RMB 8.252 billion).
• Upon completion, Zijin Mining subsidiaries will hold 572 million shares, 25.85% of Chifeng Gold’s enlarged share capital, achieving control and financial consolidation.
• The deal does not require Zijin Mining EGM approval, is not a related-party transaction or major asset restructuring, but final completion is subject to regulatory approvals and conditions precedent, with uncertainty remaining.

II. Counterparties and Target Company Details

• Counterparties: Ms. Li Jinyang (original controller) and concerted party Zhejiang Hanfeng, together holding 12.73% of shares, will exit entirely after the deal.
• Chifeng Gold Profile: Runs 6 gold mines and 1 polymetallic mine, assets across China, Southeast Asia, and West Africa. As of 2025, consolidated resources: gold 583t, copper 590,000t, zinc 560,000t, molybdenum 80,000t, rare earths 60,000t.
• Key overseas assets like Laos Lane Xang and Ghana Wassa are world-class, with significant exploration upside.
• 2025 Core Financials: Revenue RMB 12.639 billion, net profit RMB 3.082 billion, equity RMB 13.415 billion, debt ratio down to 33.91%. Five-year gold output CAGR 26%, 2025 output 14.51t.
• Domestic gold mine unit cost remains significantly below overseas mines, with further optimization potential.

III. Key Agreement Terms

• Conditions Precedent: Includes China SAMR anti-monopoly review, Shanghai Stock Exchange compliance, etc.
• Payment Schedule: 80% after A-share transfer, remaining 6% plus interest within 12 months; default clauses apply.
• Lock-Up: Zijin Gold undertakes not to transfer acquired shares within 18 months post-closing.
• Board Restructuring: After H-share placement, Zijin nominees will control at least two-thirds of Chifeng’s board.
• Non-Competition & Related-Party Transactions: Zijin promises to resolve competition within five years, regulate related deals, and ensure Chifeng’s independent operation.

IV. Impact on Zijin and Chifeng Gold

• Strategic Fit: The acquisition extends Zijin’s “resource-first” global M&A strategy, enabling rapid, low-cost acquisition of quality gold assets, risk diversification, and technical empowerment.
• Resource & Production Strengthening: Chifeng’s core mines have excellent reserves; enhanced exploration and Zijin’s technical input could significantly increase resources, boosting Zijin’s gold business.
• Profitability Enhancement: Chifeng’s 2025 net profit and ROE reached new highs, with a strong financial profile and unit cost advantage in domestic mines.

V. Risks and Market-Sensitive Issues

• Regulatory/Closing Risk: Completion depends on several regulatory approvals and conditions, with inherent uncertainty.
• Commodity Price Risk: Project economics are sensitive to gold price fluctuations.
• Exploration Upside Risk: Resource upgrades require additional geological investment and may fall short of expectations.
• Integration/Non-Competition Challenge: Zijin must resolve sector overlap within five years; failure may affect synergy realization.
• Control, Consolidation, Board Change: Will reshape Chifeng’s governance, business trajectory, and valuation, creating significant share price sensitivity for both companies.

VI. Conclusion

Zijin Mining’s acquisition of Chifeng Gold’s control for RMB 18.26 billion is a landmark deal, impacting China’s gold sector consolidation and global industry dynamics. The target’s premium assets and upside, coupled with Zijin’s integration, may lift group output, profits, and international competitiveness. The change of control, consolidation, and integration will significantly influence both companies’ valuations and share prices. Investors should watch closely for subsequent closing progress and regulatory developments.

Disclaimer

This article is for informational purposes only, based on company announcements. It does not constitute investment advice. Investing involves risk. Please follow subsequent disclosures and make rational investment decisions.

View 紫金矿业 Historical chart here