AI Infrastructure - China (H/A): AI materials: JXC, Jushi, Zijin, Zhongtian, CMOC, tungsten, uranium, liquid cooling

Research evidence excerpt

AI Infrastructure - China (H/A): AI materials: JXC, Jushi, Zijin, Zhongtian, CMOC, tungsten, uranium, liquid cooling

reach c.320kt by 2028, with cost declining to RMB40–50k/t, positioning the business as

a meaningful growth driver.

Minor metals: Minor metals are largely by-products, though molybdenum and tungsten

have increasing strategic importance. The Anhui molybdenum project could lift

production to 25–35kt by 2028, potentially making Zijin a leading global producer.

Tungsten assets are expanding through acquisitions, while most current output remains

by-product driven.

Market-cap management: Leverage remains manageable (c.50% gearing), with a

continued focus on balancing capex and shareholder returns. Management indicated

potential for higher dividends or buybacks. Following recent correction, valuation has

fallen to below 10x P/E, with sentiment affected by gold price volatility and M&A

concerns.

CMOC (3993 HK; Buy)

Organic copper growth positioned to outpace industry supply constraints

We hosted CMOC management call at the AI Infrastructure Conference. CMOC is

advancing a clear multi-year organic expansion, with 2026 copper guidance midpoint at

790kt and KFM Phase II (adding 100kt) scheduled for 2027, progressing toward full

production by 2028. With TFM's long-term development roadmap in place, total copper

capacity is set to exceed 1 million tonnes by 2029-2030. Management views this not as

aggressive scaling, but as a natural extension of high-quality, low-cost assets already in

hand. The Ecuador gold project, currently advancing through permitting and targeting

production around 2029, adds a meaningful new pillar to the gold portfolio, which

together with Brazilian assets could lift total gold output above 20 tonnes annually in the

medium term.