On October 18th, the 20th CHINA MINING 2018 Conference and Exhibition was held in Tianjin. Zijin’s Chairman Chen Jinghe attended the conference and delivered a speech on the history and future development of Chinese mining industry.
Mr. Chen said, owing to China’s reform and opening up policy and rapid development of Chinese economy, Zijin has achieved a significant progress in the past. However, Internationalization will be the challenge that Zijin will face with in the coming days. And the real meaning of success will be to play an important role in global mining market and enhance the global competitiveness of its own.
He continued to point out that, many small- and medium-sized mines have been shut down in recent two years because of the supply side reform and environmental protection issues, resulting in a supply shortage and soaring marketing prices in products, which gave a space of breath for most of the existing mining companies.
For now, although Chinese economy slows down its pace of growth and the economic restructuring process accelerates, the level of resilience, sustainability and the relatively high growth speed of the Chinese economy is still foreseeable.
In global markets, not only the revival of the US and other developed economies, but also the rise up of emerging economies including India are propelling the global market to go forward. On the other side, the grade of global mines is continuing to get lower, unit capital expense and unit metal cost are climbing up, while the metal prices are seen to be bottoming out.
Mr. Chen said that, the trend of economic globalization is irreversible. As China is further reforming and opening up, more transnational enterprises with global competitiveness will emerge at this crucial point. Those ambitious Chinese companies should take opportunities to make this happen.