China’s Zijin Mining Group giant hits USD100b valuation, nearing BHP and Rio Tinto: Bloomberg

The news: China’s Zijin Mining Group reached a valuation of over USD100 billion ($151.5 billion) for the first time on Thursday, pushing it into the leagues of mining giants Rio Tinto and BHP.

The numbers: At market close in Shanghai on Thursday, shares in Zijin closed at their highest level to date, notching a market capitalisation of around USD103 billion. Rio Tinto’s market capitalisation currently sits at around USD112 billion while BHP is at USD140 billion, Bloomberg reports.

Shares in the miner have more than doubled this year, and the firm is expanding its efforts across copper and gold. Gold accounted for 77% of Zijin’s revenue in the first half of the year.

The context: The firm which was founded by current group chairman, Chen Jinghe, in the 1980’s, announced plans to spin off its overseas gold assets last week in a USD3.2 billion Hong Kong IPO. The unit is planning to list on the Hong Kong Stock Exchange next Tuesday and will remain under the control of the group company.