Hunan Gold

What Hunan Gold does

Hunan Gold Co., Ltd. (湖南黄金股份有限公司, SZSE: 002155) is a vertically integrated Chinese mining and mineral processing enterprise operating across gold, antimony, and tungsten. The company controls proven reserves of 140.9 tons of gold, 257,467 tons of antimony, and 109,016 tons of tungsten, distributed across 10 mining bases in Hunan and Gansu provinces through three core subsidiaries: Hunan Chenzhou Mining, Hunan Huangjindong Mining, and Hunan Xinlong Mining. The company is a state-controlled subsidiary of Hunan Gold Group, itself under the Hunan Provincial SASAC, and was founded in 1950 (predecessor Xiangxi Gold Mine), restructured in 2000, and listed on the Shenzhen Stock Exchange in 2007. It is among China's top 10 gold producers, the world's largest antimony producer, and a significant domestic tungsten producer.

The company operates a fully integrated value chain spanning exploration, mining, ore processing, smelting, refining, and deep processing. Core products include standard gold bullion (1kg, 3kg, 12.5kg bars in Au-99.99 and Au-99.95 grades), antimony ingots in four grades (Sb99.90 to Sb99.50), antimony trioxide in multiple purity tiers including a unique wet-process high-purity line (99.94% Sb2O3) and nano antimony oxide, ethylene glycol antimony, plastic flame retardant masterbatch, ammonium paratungstate, and tungsten concentrate. Proprietary technologies include gold-antimony-tungsten co-separation processing, deep-well mining beyond 1,000 meters vertical depth, arsenic-alkali residue harmless treatment (a globally unsolved problem the company claims to have solved at 62 yuan per cubic meter), deep mining tailings paste filling, and 5G unmanned electric locomotive systems underground.

Hunan Gold generates revenue through B2B commodity sales via direct industrial contracts, the Shanghai Gold Exchange for gold bullion, and international export channels to European, Japanese, and Korean markets, particularly for premium nano antimony oxide. Pricing follows market commodity indices (Shanghai Gold Exchange spot for gold, international commodity indices for antimony and tungsten) with quality-based premiums. Customer segments include precious metals investors and central bank reserve managers, plastics/rubber/electronics/ceramics manufacturers using antimony as a flame retardant synergist, tungsten processing industries, and overseas industrial buyers. The company also engages in external gold purchasing to expand scale and employs commodity hedging to manage price volatility.

Name

Hunan Gold

Legal name

湖南黄金股份有限公司

Website

https://hngoldcorp.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Hunan Gold is a vertically integrated Chinese mining company producing gold, antimony, and tungsten across 10 mining bases through three subsidiaries. It serves industrial customers, the Shanghai Gold Exchange, and export markets in Europe, Japan, and Korea.

Ownership category

akta.pro rank

Headquarters

HQ city

Liuyang

HQ country

China

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D

Revenue model

1. Gold Products: The company produces and sells standard gold bullion (1kg, 3kg, 12.5kg bars), refined gold for investment and industrial use. Gold is sold through Shanghai Gold Exchange and direct contracts. As one of the top 10 gold producers in China, the company accounts for significant revenue from gold sales.
2. Antimony Products: The company is the world's largest antimony producer and a leading antimony smelting enterprise. Products include antimony ingots (Sb99.90, Sb99.85, Sb99.65, Sb99.50), antimony trioxide, nano antimony oxide, high-purity antimony trioxide, ethylene glycol antimony, and plastic masterbatch.
3. Tungsten Products: As an important domestic tungsten mining enterprise, the company produces and sells tungsten concentrate and ammonium paratungstate (APT), serving the tungsten industry supply chain.
4. External Gold Purchasing: The company purchases external gold to expand production scale and industrial chain, improve market share and brand influence. While margin is low, this supports the integrated business model.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Hunan Gold operates vertically integrated mining and mineral processing operations producing gold, antimony, and tungsten products. The company runs the full value chain from exploration, mining, ore dressing, smelting, and refining through to deep processing and sales, producing standard gold bullion, antimony ingots, antimony trioxide (including high-purity and nano grades), ethylene glycol antimony, plastic masterbatch, ammonium paratungstate, and tungsten concentrate for industrial, investment, and export customers.

Product overview

Hunan Gold is a mining and mineral processing company operating a vertically integrated value chain from mine exploration, extraction, ore processing, smelting, refining, deep processing, to sales. Its core product portfolio centers on three mineral groups: gold products (standard gold ingots and gold bars), antimony products (antimony ingots, antimony trioxide in regular/high-purity/nano grades, ethylene glycol antimony, plastic flame retardant masterbatch, and cathode antimony), and tungsten products (tungsten concentrate and ammonium paratungstate). The company is one of China's top ten gold producers, the world's leading antimony mining company, and a significant domestic tungsten mining enterprise. Subsidiaries include Hunan Chenzhou Mining (辰州矿业), Hunan Huangjindong Mining (黄金洞矿业), and Hunan Xinlong Mining (新龙矿业).

Differentiator

Problem solved

Functional benefit

Brands

• 辰州 (Chenzhou) 牌: Brand for gold ingots, antimony ingots, antimony oxide, and ammonium paratungstate products produced by Chenzhou Mining subsidiary
• 辰州福1875
• 辰州金典

Products and services

• Standard Gold Ingots

Quantifiable outcome

• Revenue grew from 57.92 billion yuan to 278.39 billion yuan over the past decade, nearly 4 times increase
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Five partnerships are on record, tiered core, minor and strategic.

• Shanghai Gold Exchange (上海黄金交易所)coreStrategic or Co-development Partner · 16 August 2007As one of the first comprehensive category members of the Shanghai Gold Exchange and a standard gold bullion provider, the company conducts gold trading and sales through this premier precious metals exchange. This strategic partnership provides market access and pricing基准 for the company's core gold products.
• Mandalay ResourcescoreStrategic or Co-development PartnerInternational mining company from which Chenxin Mining imports raw materials. The partnership involves regular shipment arrivals of antimony-containing raw materials, with batch deliveries like the 150th shipment commemorated, indicating a long-term supply relationship.
• Honghui Education Development Fund (弘慧教育发展基金)minorOthersThe company donates 1 million yuan annually to this education foundation to support education and teaching assistance programs, demonstrating corporate social responsibility in the education sector.
• Pingjiang County Government (平江县政府)coreStrategic or Co-development PartnerThrough Huangjin Cave Mining, the company collaborates with Pingjiang County government to consolidate and integrate local gold mining resources, establishing Hunan Gold Tianyue Mining Co., Ltd. to coordinate regional mining operations for sustainable development.
• Heishuishi Environmental Protection (锑都环保)strategicStrategic or Co-development PartnerLed by the Group, this project tackles the arsenic-alkali residue disposal problem in the Lengshuijiang antimony industry. The project connects front-end mining development with back-end waste utilization, achieving international leading levels.

Scale indicators12 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Shandong Gold: One of China's top gold producers with vertically integrated mining, smelting, and refining operations. Directly comparable to Hunan Gold in gold mining scale, domestic market share, and listed status on Chinese exchanges.
• Zijin Mining: China's largest gold miner and a major global miner with gold, copper, and zinc operations. Directly competes with Hunan Gold as a top Chinese gold producer with vertical integration from mining through refining.
• Jiangxi Copper: China's largest copper producer and a major integrated gold, silver, and sulfuric acid producer. Comparable to Hunan Gold as a major Chinese base metals miner with gold-byproduct production and similar listed enterprise structure.
• Yunnan Tin Group: China's largest tin producer with diversified nonferrous metals including lead, copper, indium, and silver. Comparable to Hunan Gold as a state-owned Chinese mining conglomerate with multi-metal production and deep processing capabilities.
• Tongling Nonferrous Metals Group: Major Chinese state-owned nonferrous metals group producing copper, gold, silver, and sulfuric acid. Comparable to Hunan Gold as a Chinese diversified metals producer with vertically integrated operations and precious metals byproducts.
• Zhongjin Gold: Subsidiary of China National Gold Group and listed gold mining company. Direct peer in Chinese gold mining with similar business model covering exploration, mining, smelting, and refining of gold and nonferrous metals.
• Western Mining: Major Chinese nonferrous metals miner focused on copper, lead, zinc, and iron ore with significant gold and silver byproducts. Comparable to Hunan Gold as a diversified Chinese metal miner with similar multi-metal processing capabilities.

Regional players

• China Hongqiao Group: World's largest aluminum producer with vertically integrated bauxite mining, alumina refining, and aluminum smelting. Comparable to Hunan Gold as a Chinese vertically integrated metals producer with significant resource reserves and export capabilities.

Emerging players

• Mandalay Resources: Canadian-based mining company producing gold, silver, and antimony at its Costerfield operation. Relevant comparable as a meaningful antimony producer and a strategic raw material supplier to Hunan Gold's Chenzhou Mining subsidiary.
• United States Antimony Corporation: North American antimony and zeolite producer with operations in Mexico and the US. Comparable as a focused antimony mining and processing company competing in the international antimony market alongside Hunan Gold's antimony ingot production.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hunan Gold