Abstract: Environmental, social, and governance（ESG） performance of mining enterprises has attracted increasing attention. While existing literature systematically explores the impact of ESG performance on corporate value, prior studies often fall short of distinguishing the distinct valuation logics of book value versus market value. Consequently, the underlying mechanisms and transmission pathways through which ESG performance affects mining companies remain insufficiently understood. Therefore, this paper examines a sample of China’s A-share listed mining enterprises from 2016 to 2025. Utilizing the two-way fixed effects model and the mediating effect model, it evaluates how ESG performance impacts both book and market values. Furthermore, the research explores the mediating effects of government subsidies and financing constraints, as well as the heterogeneous effects across enterprises with varying ownership structures and primary business types. The empirical findings reveal an asymmetric value effect: ESG performance has a significant positive effect on the book value of mining enterprises, but has a significant inhibitory effect on the market value. Mechanism analysis indicates government subsidies play a partial mediating effect in the two paths of ESG performance affecting book value and market value; financing constraints exert a significant suppression effect in the book value path, and play a partial mediating effect in the market value path. Additionally, heterogeneity analysis shows that the market value of non-state-owned mining enterprises is more sensitive to ESG performance, whereas the book value of fossil fuel mining enterprises responds more intensely. Based on these findings, this paper recommends constructing a differentiated green finance and fiscal support framework, refining ESG disclosure standards and market expectations management for the mining sector, strengthening the supervision of transformation funds allocation, and promoting integrated collaborative governance across safety, environmental protection, and ESG in order to facilitate the transformation of ESG practices into sustainable corporate value.