Zijin Unit Eyes Tungsten and Uranium Investments

Why It Matters

Securing exposure to tungsten and uranium positions Zijin to profit from soaring demand for defense and clean‑energy inputs, while diversifying risk away from gold’s volatility. The move signals heightened competition for critical minerals that underpin future industrial growth.

Key Takeaways

• Gold Mountains manages over $6 billion in assets.
• Tungsten prices have more than doubled this year.
• Uranium rallies on rising nuclear power demand.
• Rare‑earth projects face high costs and long timelines.
• Gold still accounts for 75% of portfolio allocation.

Pulse Analysis

Zijin Mining Group’s subsidiary Gold Mountains Asset Management is widening its focus beyond its traditional gold and copper base to chase strategic metals such as tungsten, uranium and rare earths. The move mirrors a broader industry scramble for critical minerals that underpin defense systems, clean‑energy technologies and high‑tech manufacturing. With China tightening export controls on tungsten and the United States and Europe pushing for domestic supply chains, investors are eager to secure upstream exposure. Zijin’s $6 billion asset platform gives it the financial muscle to act quickly on emerging opportunities.

Tungsten, prized for its density and heat‑resistance, has more than doubled in price since the start of 2026 after Beijing limited exports and military demand surged. The metal’s role in drilling rigs, aerospace components and armor‑piercing ammunition makes it a geopolitical lever. Uranium, meanwhile, has enjoyed a sharp rally as nations expand nuclear capacity to meet climate targets, pushing spot prices toward historic highs. Supply constraints in Kazakhstan and Australia, combined with heightened geopolitical risk, have turned uranium into a hedge against energy volatility, attracting both sovereign funds and private investors.

Zijin’s strategy balances the allure of high‑growth metals with the stability of gold, which still represents roughly three‑quarters of its portfolio. By keeping a sizable cash buffer, Gold Mountains can snap up distressed stakes or partner with state‑owned miners when opportunities arise, a flexibility prized in volatile commodity cycles. For U.S. investors, the firm offers a conduit to diversify into critical minerals without direct exposure to Chinese mining operations, while still benefiting from gold’s traditional safe‑haven status. However, the scarcity of economically viable rare‑earth projects underscores the importance of disciplined capital allocation.