China’s gold and copper producer Zijin Mining has agreed on the acquisition of the Raygorodok gold mine in Kazakhstan for $1.2bn, as reported by Reuters.

Zijin’s subsidiary, Zijin Gold International, and Jinha Mining, a subsidiary of Zijin Gold, have signed an agreement to obtain the rights to RG Gold (RGG) and RG Processing (RGP), the firms currently owning and operating the mine.

The Raygorodok gold mine includes mine assets held by RGG and a processing plant owned by RGP.

The timing of the deal coincides with a rise in global gold prices, which has been influenced by the ongoing trade tensions between the US and China.

This strategic move follows Zijin’s earlier announcement in April 2025 of its plans to spin off Zijin Gold International and list it on the Hong Kong stock exchange as part of a reorganisation of its overseas gold assets.

Raygorodok’s gold deposit is one of the largest in Kazakhstan, situated in the Burabay district of the Akmola region.

The site features a carbon-in-leach (CIP) plant, which began with an initial processing capacity of five million tonnes per annum (mtpa), and is currently operating at approximately 6mtpa.

A 2mtpa heap leach plant is available as a backup.

The mining operation at Raygorodok employs 1,100 staff members directly, with more than 800 additional workers hired through contractors.

Initially considered a small field with a five-year mining period, the deposit’s potential has grown significantly.

Since 2014, the deposit has undergone substantial development after Verny Capital group acquired the rights to the mining area and established RG GOLD.

Investments in modern equipment, expansion of processing capabilities, professional team development and increased exploration efforts have significantly enhanced the resource potential of the Raygorodok deposit.

In January 2025, Zijin Mining announced that it was negotiating to acquire shares in Zangge Mining, a Chinese lithium producer, part of its strategy to expand in the lithium market.