(Yicai Global) Nov. 16 -- Zijin Mining Group, the world’s biggest gold miner, has completed its 10th acquisition this year to reach a total tally of CNY35 billion (USD5 billion).

A subsidiary of Zijin Mining and its business partner jointly bought a nearly 12 percent stake in explosives maker Jiangnan Chemical Industry for CNY1.6 billion (USD230 million) this week, marking the Fujian province-based parent's 10th purchase in 2022.

Other recent acquisitions include a 9.8 percent stake in Jiangnan Chemical for Zijin to become the civil explosives maker's second-largest shareholder. Moreover, the firm has bought several lithium and gold projects around the globe this year.

Zijin is doubling down on new energy vehicle materials. Some of its related purchases include the 3Q salt lake lithium mine in Argentina and Lakkor Tso salt lake lithium project in China’s Tibet Autonomous Region. The company owns over 10 million tons of lithium carbonate resources, public data show.

Zijin is making greater efforts to build core competitiveness in the global mining industry while contributing to the proposition of Chinese mining firms forming a position that matches their business scale, Chairman Chen Jinghe said to the public in September.

In the first three quarters, the mining company logged CNY204.2 billion (USD28.8 billion) in revenue, up 21 percent from a year ago, while its net profit surged by 35 percent to CNY24.9 billion, according to an earnings report.

Zijin's debt-to-assets ratio was over 58.3 percent as of Sept. 30, up 3.5 percentage points from a year earlier, per CnInfo.

Editor: Emmi Laine, Xiao Yi