Chinese group Zijin Mining is continuing its expansion in West Africa with a strategic investment in Predictive Discovery, an Australian junior mining company operating in Guinea. Announced last week, the A$24.1 million (US$15 million) deal will see Zijin acquire a 3.5% stake in the company, consolidating its presence in the region following major investments in Côte d'Ivoire and Ghana in 2024.
Zijin Mining's acquisition of a stake in Predictive Discovery is part of a trend towards increased investment by Chinese groups in the West African gold sector. In July 2024, Zijin acquired a 9.9% stake in Canadian company Montage Gold, which is developing the Koné project in Côte d'Ivoire, the country's largest gold mine, scheduled to come on stream in 2027. A few months later, in October, the Chinese group announced the acquisition of the Akyem gold deposit in Ghana, a billion-dollar deal marking its direct entry into gold production in the region.
These investments confirm the growing interest of Chinese companies in West African gold, a region which, according to Aurum Resources, has seen the strongest global growth in gold production between 2010 and 2022. With deposits still largely untapped, West Africa represents a major opportunity for investors in the sector.
Zijin Mining has a clear ambition: to significantly increase its gold and copper production over the coming years. The company plans to reach an annual production of 110 tonnes of gold by 2028, compared with 68 tonnes in 2023. At the same time, its copper production should increase by 50%, thanks in particular to its assets in the Democratic Republic of Congo.
With this new investment in Guinea, Zijin Mining is strengthening its foothold in West Africa and diversifying its portfolio of gold assets. This strategic move illustrates the acceleration of Chinese investment in the continent's mineral resources and confirms the growing potential of the West African gold sector on the international stage.