Zijin Mining to acquire Kazakhstan's Raygorodok gold mine for $ 1.2 billion

Chinese mining giant Zijin Mining has agreed to acquire Kazakhstan's Raygorodok Gold Mine for $ 1.2 billion, marking it Zijin's first major investment in Kazakhstan. Located in northern Kazakhstan, the mine is one of Central Asia's largest and most technologically advanced gold operations. The acquisition supports Zijin's strategy of becoming one of the world's top three gold producers by 2028.

The Raygorodok mine has an estimated 16-year remaining mine life and is expected to produce an average of 5.5 metric tonnes of gold annually. In 2024, the operation produced 6 metric tonnes of gold at a competitive production cost of $ 796 per ounce. The project also benefits from a $ 420 million processing plant, commissioned in 2022, which has significantly increased production capacity. Annual gold output is projected to rise from approximately 50,000 ounces in 2023 to around 190,000 ounces in 2025.

The acquisition includes RG Gold and RG Processing, the companies that own and operate the mine. Zijin believes there is further potential to expand both production and reserves through mine optimization under current gold market conditions. The investment underscores Kazakhstan's growing appeal as a destination for international mining investment, supported by its substantial mineral resources, modern mining legislation, and strategic location in Central Asia.

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Zijin Mining to Acquire Major Kazakh Gold Mine for US$1.2 Billion 30 June 2025