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Zijin Mining Releases 2020 Annual Report

On March 19, Zijin Mining released its 2020 annual report. Last year, under incredibly extraordinary circumstances, Zijin produced 40.5 tonnes of gold, 453,000 tonnes of copper, and 342,000 tonnes of zinc. Our sales revenue stood at RMB171.501 billion, and total profit RMB10.846 billion. Net profit attributable to shareholders of the parent company was RMB6.509 billion, and net operating cash flow RMB14.268 billion.

In 2020, Zijin worked to build a global operation and management system, delegating management powers and giving incentives. These steps have boosted our organizational vitality. In particular, our issuance of restricted shares to core employees, and our special bonus program for others, have greatly incentivized them to help achieve our goals, and significantly improved our corporate governance, management efficiency, and overall vitality.

In 2020, Zijin acquired the Buriticá gold mine in Colombia, which produced 2.2 tonnes of gold within the year. We also bought Guyana Goldfields, despite the inconveniences caused by the pandemic; it began producing and became profitable in the same year. Further, we took over the Qulong copper mine, the largest porphyritic copper mine in China, adding more than 10 million tonnes of copper resources, and putting Zijin in the absolute leading position in China’s copper mining industry.

In 2020, we turned our resources into returns at a faster pace. Many major projects have been moving forward with “Zijin speed”. Longnan Zijin, the Buriticá gold mine, and the newly-acquired Aurora Gold Mine in Guyana have all been put into operation. Technical upgrade projects at the Timok copper-gold mine and Bor copper mine in Serbia, the construction of the Kakula copper mine in the DRC and that of Qulong copper mine, have been progressing rapidly. Several big projects are expected to begin producing this year, and will become the pillar projects underpinning our explosive growth. Our overseas operations have either exceeded or approached 50% of the total size of our business, in terms of resource reserves, output and profits. They are on track to overtake our domestic business in all respects within 2 years.

In 2021, Zijin will continue to focus on reform, growth, and development. We will improve our authorization and delegation, our governance mechanisms, and cross-cultural management at various projects. We will also increase our ability of independent innovation, and complete major construction projects on or ahead of schedule. Furthermore, we will allocate our resources globally, push for breakthroughs in geological prospecting, and foster a mining ecosystem of coexistence and common development.

Chairman Chen Jinghe said in the next 10 years, Zijin will make every effort to deepen reforms, deliver high-quality, leapfrog growth, and develop strong capabilities for sustainable development, in a bid to create new, greater value for the wider society, our shareholders, investors, and other stakeholders.