Mineral resources are the basis for the survival and growth of mining companies. At Zijin Mining, we have laid a strong foundation for our sustainable development through independent exploration programs and counter-cyclical acquisitions of large and ultra-large projects.

As of 31 December 2023, our total measured, indicated and inferred mineral resources on an attributable basis consisted of 74.56 million tonnes of copper, 2,997.53 tonnes of gold, 14,739.29 tonnes of silver, 10.68 million tonnes of zinc (lead) and 13.47 million tonnes of lithium carbonate equivalent (LCE). Of which, our proved and probable reserves include 33.40 million tonnes of copper, representing 45% of our total copper resources; 1,148.49 tonnes of gold, 38% of our gold resources; 4.7 million tonnes of zinc and lead, 44% of our zinc and lead resources; 1,863.89 tonnes of silver, 13% of our silver resources (mainly associated silver); and 4.43 million tonnes of LCE reserves, 33% of our LCE resources.

Mineral type	Unit	Reserves			Resources (including reserves)					Proportion of reserves to resources（%）	Retained resources in 2022	Percentage change（%）
		Proved	Probable	Total	Measured	Indicated	Measured + Indicated	Inferred	Total
Copper	Mt (metal)	7.2	26.2	33.4	11.44	47.25	58.69	15.87	74.56	45	73.72	1
Gold	t (metal)	289.55	858.94	1148.49	488.72	1483.64	1972.36	1025.17	2997.53	38	3117.39	-4
Inclusive of:  gold	t (metal)	220.28	633.79	854.06	362.08	1037.93	1400.01	874.57	2274.57	38	2386.57	-5
Associated gold	t (metal)	69.27	225.15	294.43	126.64	445.71	572.35	150.6	722.95	41	730.82	-1
Lithium carbonate equivalent	LCE Mt	1.57	2.86	4.43	2.81	7.16	9.98	3.49	13.47	33	12.15	11
Silver (inclusive of  associated  silver)	t (metal)	640.24	1223.65	1863.89	1764.88	2402.94	4167.82	10571.47	14739.29	13	14611.8	1
Molybdenum  (inclusive of   associated  molybdenum)	Mt (metal)	0.66	0.94	1.6	0.75	1.06	1.81	1.25	3.06	52	3.02	1
Zinc	Mt (metal)	1.78	2.32	4.1	2.66	3.58	6.24	3.15	9.39	44	9.89	-5
Lead	Mt (metal)	0.3	0.3	0.59	0.44	0.49	0.92	0.36	1.29	46	1.3	-1
Tungsten	WO3 thousand   tonnes	7.3	27.4	34.7	8.2	33.8	42.1	63.5	105.5	33	92.9	14
Tin	Thousand tonnes (metal)	9.2	42.3	51.5	13.1	53.3	66.3	86.9	153.2	34	150.2	2
Iron ore	Mt	34	114	148	39	224	262	231	494	30	478	3
Coal	Mt	0	0	0	39	48	87	157	244	0	244	0
Platinum	t (metal)	0	21.58	21.58	113.92	233.43	347.35	293.52	640.88	3	640.7	0
Palladium	t (metal)	0	22.14	22.14	94.02	154.34	248.36	241.99	490.35	5	490.42	0

Notes:The resources/reserves for the current year are calculated on an attributable basis, with all projects/mines accounted for based on our actual proportionate interest. Mineral resources are reported inclusive of reserves. As the resource reports for some exploration projects are yet to be formally submitted, their newly added resources have not been included in the resources as of the end of 2023.

Geological prospecting

We maintain a comparative advantage in independent exploration, with a unit cost far below the industry’s global average. We focus on exploring for minerals near existing mines, actively carry out greenfield and brownfield exploration, and invest in exploration ventures. More than 50% of our gold and copper resources and over 90% of our zinc (lead) were discovered through independent exploration efforts.

Newly-added Resources of Key Minerals Through Independent Exploration

Mineral	Unit	Resources from independent exploration	Our total resources	Proportion (%)
Copper	Mt	37.4	74.56	50
Gold	t	1,540	2,988	51
Zinc(Lead)	t	9.69	10.68	91

 

Exploration and innovation

Nowadays, geological exploration is challenging and requires advanced technology. Technological innovation is an effective way to ensure success in mineral exploration.

Zijin is the first Chinese mining company with independently developed, internationally advanced exploration equipment. Our subsidiary, Sina-Zijin Resources, has advanced and efficient aerial, surface and underground exploration technologies, including rotor drone magnetic systems, high-power geoelectric systems, and high-precision magnetic measurement technology. The equipment comes in various models and is made in China. Significant results have been achieved through the application of three advanced detection technologies: three-dimensional induced polarization, high-precision tri-component magnetometry, and alteration mineral mapping and three-dimensional prospecting based on short-wave, infrared spectroscopy. Additionally, there has been considerable progress in our efforts to develop global geological information systems, including the ZJGIM geological database. Unmanned aerial surveying and mapping have also demonstrated major advantages.

Zijin’s exploration entities include our Institute of Geology and Mineral Exploration, Sino-Zijin Resources and Zijin Southwest Geological Exploration. Market-based practices of “reserve contracting” and “benefits sharing” serve as effective incentive mechanisms. Our global exploration workforce is growing, and we have been investing in greenfield exploration ventures globally, with operations in Europe (Serbia), Africa (Tanzania), and Oceania (Australia).

Resources acquisition

Supported by mineral economics and professional analysis and decision-making capabilities, we have been acquiring resources globally, significantly boosting our world-class resource base and production capacity. In 2023, we completed acquisition deals for Rosebel Gold Mines in Suriname and the Kharmagtai Copper-Gold Mine in Mongolia. Rosebel, a producing mine, was one of the world’s gold transactions with the largest asset size and optimal prices in 2023. In addition, we have been invited to lead the greenfield exploration and development of the northeast of the world-class Manono Lithium Project in the Democratic Republic of Congo.

Meanwhile, within China, we have acquired a 48.59% interest in the Zhunuo Copper Mine, the remaining 34% stake in the Xiangyuan Hard Rock Lithium Mine in Hunan, a 20% stake in Cuola Spodumene Mine in Sichuan, and a 49% interest in the Beizhan Iron Ore Mine.