On Feb 26th 2015, Zijin Mining Group Co.,Ltd(“Zijin”or “the Company”) held its 2015 Annual Work Meeting in its headquarters. Board members, management team and other staff members attended the meeting.
President Wang Jianhua delivered a work report at the meeting, he summarized the work completed in 2014, analyzed the existing problems and gave an overall work plan for2015.
At the back drop of continuous price downturn in ld and base metals, Zijin realized a double-digit growth in net profit of 2.346 billion Yuan(equivalent to USD 381.7 million), an increase of 10.36% when compared with the same period of last year; the sales revenue reached 58.752 billion Yuan(equivalent to USD 9.56 billion), an increase of 18.04%; the total assets amounted to 75.162 billion Yuan(equivalent to USD 12.23 billion), an increase of 12.35%; The market cap by 2014 year end reached 63.5 billion(equivalent to USD 10.33 billion), up 42% compared with 2013 year end. As for work in 2015, the Company will focus on acceleration of reform, maintaining growth and promoting development, be market-oriented, regard value creation as basic rule, actively pursue reform and innovation and carry forward each work step by step.
Chen Jinghe, Chairman of Zijin gave an important speech at the meeting. He pointed out that we will under a comparatively long period of price downturn in mineral resources and mining market. The main constraint to Zijin's new round development is not capital but talents. Therefore, in order to accelerate reform, talent is the first and most urgent problem that needs to be solved. Measures including establishing od employment mechanism and competitive mechanism, and introducing talents with od qualities in foreign languages and professional knowledge will be taken. Secondly, we should make efforts to achieve great reform in management system by information technology and Internet, establish strong E-platform to provide service and strengthen supervision, and set up financial center and logistics and market center on the current basis.
Secondly, maintaining growth is important to achieve sustainable development. Efficiency, cost and enterprise's sustainable development are the eternal themes in our management. The core indicator of growth is net profit. The most effective way to reduce cost is to increase production and the best ways to achieve od benefit are technological and management innovation. Our new projects should be the key regulatory and support, and they will not only form new capacity, but also contribute new profits. In addition, the smelting enterprises are required to make profit, an important aspect to realize economic growth this year.
Thirdly, promoting development is a basic condition to maintain sustainable and rapid development. We should, firstly, sell some small mines and reduce management risk; to obtain large mines and properties by mergers and acquisitions; possess high quality resources to resist the marker risk. Secondly, pay great attention to encourage “innovation”, as it is the key to competitiveness and sustainable development. Thirdly, improve company’s social image. The basic principle is that our development is not at the expense of the environment and not at the sacrifice of life. Fourth, attach great importance to create Zijin mode and Zijin mining culture.