◎Highlight: In 2021, three world-class, ultra-large copper mines, namely the Kamoa-Kakula Copper Mine in the DR Congo, the Čukaru Peki Copper and Gold Mine in Serbia and the Julong Copper Mine in Tibet (China’s largest porphyry copper mine), completed construction and commenced production ahead of schedule.

According to China Mineral Resources Report 2021 prepared by the Ministry of Natural Resources of the PRC, China’s copper reserves were 27.013 million tonnes, while the copper reserves of the Group were 20.3283 million tonnes, representing approximately 75.25% of the total volume in China. In accordance with the statistics disclosed by the China Nonferrous Metals Industry Association, China’s mined copper production volume in 2021 was 1.8547 million tonnes, while the Group’s mined copper production volume was 584,000 tonnes, representing approximately 31.49% of the total volume in China.

◎ Resources: Copper resources continue to grow, reaching 62.7705 million tonnes; and copper reserves stood at 20.3283 million tonnes.

◎ Production: The Group produced 1,205,499 tonnes of copper in 2021, representing an increase of 17.14% year-on-year (same period in 2020: 1,029,090 tonnes).

Of which, 584,165 tonnes of mined copper were produced, representing an increase of 28.83% compared with the same period last year (same period last year: 453,447 tonnes).

621,334 tonnes of copper were produced by our smelters, an increase of 7.94% year-on-year (same period in 2020: 575,643 tonnes).

◎ Costs: We have a comparative advantage in controlling the costs of mine-produced copper. In 2021, the unit sales cost of mined copper was RMB18,194/tonne, representing a decrease of 9.46% year-on-year (same period in 2020: RMB20,095/tonne).

◎ Contribution: Sales income from the copper business represented 24.28% (after offsets) of the total operating income during the reporting period. Gross profit of the copper business represented 52.63% of the gross profit of the Group.

◎ Growth potential: The Group is the world’s top major copper mining company in terms of speed of growth and volume. Several world-class projects have completed construction, commenced production and reached designated production capacity. Rich resources have become the direct driving force for the high growth of copper business. With future mergers and acquisitions and in-house exploration, resources and reserves are expected to continue to grow.