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 consisted of 95.47 million tonnes of copper, 3,465 tonnes of gold, 22,773 tonnes of silver, 12.40 million tonnes of zinc & lead and 14.11 million tonnes of lithium carbonate equivalent (LCE). Of which, our proved and probable reserves include 44.47 million tonnes of copper, representing 47% of our total copper resources; 1,355 tonnes of gold, 39% of our gold resources; 5.34 million tonnes of zinc & lead, 43% of our zinc and lead resources; 2,921 tonnes of silver, 13% of our silver resources (mainly associated silver); and 5.05 million tonnes of LCE reserves, 36% of our LCE resources.

Minerals	Unit	Reserves	Resources (including reserves)	Proportion of reserves to resources（%）
Copper	Mt (metal)	44.47	95.47	47
Gold	t (metal)	1,355	3,465	39
Zinc & Lead	Mt (metal)	5.34	12.4	43
Sliver	t (metal)	2,921	22,773	13
Lithium carbonate equivalent	LCE Mt	5.05	14.11	36
Molybdenum	Mt (metal)	2.33	4.33	54
Iron ore	Mt	154	513	30

Notes: Resource, reserve, and production figures above are based on a 100% interest in our majority-owned companies, as well as our proportional share in joint ventures and joint operations.

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.