Zijin dividend
Zijin’s forecast dividend per share rises from CNY1.13 to CNY1.20 and then CNY1.31 in the base case; the latest interim dividend was CNY0.42. Its 2025 free cash flow was RMB39,773.420745 million and left RMB20,363.765632 million after minority distributions, dividends and buybacks, while free cash flow yield was 5.3% versus a 2.1% dividend yield.
How much does Zijin pay per share?
Base DPS rises from CNY1.13 to CNY1.20 and then CNY1.31 per share, following the 35% aggregate distributable-profit commitment. The bear path stays near CNY0.78 because weaker earnings and investment needs restrict distributions. The bull path reaches CNY1.70 because earnings growth supports a payout above policy. The latest interim dividend was already CNY0.42.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Shares (millions) | 27,009 (26,801 / 27,428) | 27,219 (27,010 / 27,429) | 27,430 (27,219 / 27,620) |
| Dividends per share | 1.13 (0.78 / 1.30) | 1.20 (0.77 / 1.50) | 1.31 (0.80 / 1.70) |
| Net debt | 19,511 (36,106 / 17,858) | -38,890 (15,903 / -31,199) | -103,902 (-15,922 / -102,697) |
Does Zijin’s dividend come from its cash?
The funding picture improved sharply. In 2025, free cash flow reached RMB39,773.420745 million, leaving RMB20,363.765632 million after minority distributions, dividends and buybacks. Acquisitions then consumed RMB15,438.270547 million. Zijin repaid RMB70,866.568168 million of debt while issuing more debt, so some repayment represented refinancing rather than a complete retreat from borrowing.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 39,773.420745 | 18,288.347358 | 680.895283 | 460.370327 | 3,864.464783 |
| − Dividends paid | 13,270.76319 | 7,922.986682 | 6,578.62281 | 5,265.862448 | 3,159.312269 |
| − Share buybacks | 999.983036 | 3.505258 | 463.510662 | 36.327431 | 0 |
| = Free cash flow not paid out | 20,363.765632 | 7,718.880534 | |||
| − Acquisitions | 15,438.270547 | 2,552.057952 | 2,770.371201 | 12,027.065336 | 46.289222 |
| Paid out, % of free cash flow | 35.9% | 43.3% | 1034.2% | 1151.7% | 81.8% |
What could change Zijin’s dividend?
The view would move toward the bear case if realized copper and gold prices weaken during 2027–2029, or if Kamoa remains near its revised guidance while project spending stays high. Higher taxes, weaker cash conversion or reduced dividends in 2028–2029 would add pressure.
It would move toward the bull case if Kamoa dewatering succeeds, Julong maintains throughput and commissioning milestones arrive during 2027–2028. Stronger cash generation in 2028–2029 would then support debt reduction and higher distributions.
What is Zijin’s dividend yield today?
Free cash flow yield is 5.3%, but dividend yield is only 2.1%. The first measures cash left after the spending included in the calculation; the second measures what management actually distributes. Construction, debt repayment and safety buffers can absorb cash even when mines generate it.
| Today (Oct 13, 2026) | |
|---|---|
| Share price | 32.90 |
| Free cash flow yield (calculated) | 5.3% |
| Dividend yield (calculated) | 2.1% |