Seasons change, torches pass, illuminating the road ahead.
Inspired by the trust and expectations of Mr. Chen Jinghe and other pioneers, I would like to express my sincere thanks on behalf of Zijin’s new Board of Directors and management. To our employees and their families: thank you for your incredible dedication. To our host governments and communities, shareholders and all other stakeholders: thank you for your ongoing support. I wish everyone a happy and prosperous new year!
I
We have had three exceptional years of unprecedented growth, achieved against a backdrop of sweeping changes unseen in a century and a profound reconfiguration of the global economy. We navigated this complex environment with a show of initiative and determination, leaving a bold and distinctive Zijin imprint on the global mining industry.
Over the past three years, we have initiated a new golden era. We delivered explosive growth, with our annual mined copper production exceeding one million tonnes and mined gold output expanding at an industry-leading pace. From 2023 to the end of September 2025, we reached significant milestones: Cumulative operating revenue topped RMB 850 billion; profit before tax surpassed RMB 135 billion; net attributable profit exceeded RMB 91 billion; and total assets rose to more than RMB 500 billion.
We successfully spun off and listed our overseas gold business—now managed by Zijin Gold International—on the Hong Kong Stock Exchange. By market capitalization, Zijin Gold International ranks among the world’s top four gold mining companies and is the largest in China. At the same time, the Zijin Mining Group has seen a re-rate in the capital market, with total market cap surging past RMB 903 billion. This places us among the top 14 companies on the A-share market and the top 3 listed global metal miners, alongside BHP and Rio Tinto. These metrics mean that we have reached a key milestone three years ahead of schedule—becoming a “green, high-tech, top-tier global mining company”.
Over the past three years, we have further expanded our resource base through targeted acquisitions and low-cost, in-house exploration, both conducted on a global scale. For the first time, we secured control of an A-share listed miner—Zangge Mining, marking our single largest investment to date. We also acquired major assets worldwide, including the Rosebel Gold Mine in Suriname, the La Arena Copper-Gold Mine in Peru, the Akyem Gold Mine in Ghana, the Raygorodok Gold Mine in Kazakhstan, the Kharmagtai Copper-Gold Mine in Mongolia, and the Shapinggou Molybdenum Mine in Anhui, China.
Our exploration programs also yielded significant discoveries. These include: 14.73 million tonnes of copper resources at our Julong Copper Mine, which is now China’s largest copper mine by mineral resources; 3.65 million tonnes of copper resources at the Tongshan Copper Mine in Heilongjiang, representing the only ultra-large copper deposit discovered in Northeast China over the past four decades; and more than 5 million tonnes of copper equivalent resources at the Malka Golaja deposit in Serbia. In terms of resource holdings, we now rank 5th globally in gold, 5th in copper, 6th in zinc, and 7th in lithium. This huge resource base provides a firm foundation for our sustainable growth.
Over the past three years, we have again delivered our signature Zijin Speed in building growth projects, transforming resources into economic and social value. In our gold business, the Sawaya’erdun Gold Mine was constructed in a short space of time, the Jinshan Gold Mine of Longnan Zijin began production, and debottlenecking projects have been completed at multiple operations, including the Buriticá Gold Mine in Colombia, Aurora Gold Mine in Guyana, Rosebel Gold Mine in Suriname, Norton Gold Fields in Australia, and Guizhou Zijin in China.
In the copper segment, we commissioned the Phase II expansion of our Julong Copper Mine, adding a daily processing throughput of 200,000 tonnes. Construction of the Zhunuo Copper Mine has commenced. In the Democratic Republic of Congo (DRC), the Kamoa-Kakula Copper Complex commissioned its Phase III expansion six months ahead of schedule, elevating it to the world’s fourth-largest copper mine. Its 500,000 tonne-per-annum copper smelter—Africa’s largest—also reached completion. In Serbia, concentrator expansion for the Čukaru Peki Copper-Gold Mine’s Upper Zone is now complete, while preparatory work for block caving at Čukaru Peki’s Lower Zone and Serbia Zijin Copper’s Jama Copper Mine is moving ahead at an accelerated pace.
In our lithium portfolio, we advanced the construction of our four projects with a strategic, patient focus. The Phase I projects of the Tres Quebradas Salar in Argentina, the Lakkor Tso Salar and the Xiangyuan Hard-Rock Lithium Mine in China have all been put into operation. Their Phase II expansions are proceeding as planned. In the DRC, construction at the Manono Northeast Lithium Mine is progressing ahead of schedule despite an extremely challenging environment.
We have also boosted our capabilities in R&D and engineering through initiatives like the establishment of the Zijin Central Research Institute. We have made meaningful progress with key research projects such as the “Green Mining Technology for Large-scale Mines in High-altitude, Frigid and Ecologically Fragile Areas”. Further, Zijin Copper developed and applied its “New-generation Green and Efficient Technology for Refining Precious and Rare Metals”, earning it the Second Prize of China’s National Science and Technology Progress Award.
Over the past three years, we have strengthened our ESG performance. Under our distinct ESG framework, we continued to build “park-style”, eco-friendly mines, bringing the total number of our national-level green mines in China to twelve. The Zijinshan National Mining Park is now an integral part of a newly listed UNESCO Global Geopark—the Longyan Geopark. Our De’erni Copper Mine in Qinghai was recognized as one of China’s first 15 case studies for ecological restoration at producing mines. We also delivered on our de-carbonization commitments, reducing carbon intensity per RMB 10,000 of industrial value added by 35% from our 2020 baseline—meeting our target one year ahead of schedule.
Guided by the belief that “the right to life is the greatest human right”, we launched a three-year program to strengthen safety management, which has brought about overall improvements. Our ESG performance has earned widespread recognition: we remain among the top 1.5% of mining companies in the London Stock Exchange Group’s ESG ratings, received the highest AAA ESG rating from leading financial data provider Wind, and were featured on Fortune’s China ESG Impact List 2025.
Over the past three years, we have consistently extended our care and support to society. Our commitment to “Development for All” is reflected across our global operations. We increased support for local industries and public causes in our host communities, with more than RMB 1 billion in donations made over three years. After the earthquake in Shigatse, Xizang, we immediately sent rescue teams to the affected areas. Following a major fire in Tai Po, Hong Kong, we gave an emergency donation to support rescue efforts, temporary resettlement, and reconstruction—standing with our compatriots through concrete action. We have been honored as a “Civilized Entity” in China for the third consecutive time and received the “China Charity Award” for the fourth time.
II
In a time of constant change, this year stands out as truly extraordinary. Zijin has seen the most significant personnel change in its history. Due to age and family reasons, Mr. Chen Jinghe, the company’s founder, has requested not to be nominated as a candidate for our ninth Board, despite strong appeals from our controlling shareholder and the Board for him to stay on.
Mr. Chen has served as the core leader of Zijin Mining since its inception. His career exemplifies enterprising spirit and phenomenal success, leaving behind a legend that continues to inspire.
He has achieved exceptional results in geological exploration, economic geology research, and the development of mines with low-grade and refractory ores. He led the discovery and delineation of world-class, ultra-large deposits such as the Zijinshan Gold-Copper Mine in Fujian. He also pioneered a multitude of solutions to key technical and engineering challenges relating to resource extraction from low-grade and refractory ores. The “Integrated Five-Process Mining Operations Management Model” that he developed has made the generation of substantial economic and social benefits possible.
With his passion and audacity, Mr. Chen laid the very foundation for Zijin. With vision and wisdom, he then steered its rise from an obscure county-based firm into a leading multinational mining conglomerate. Today, Zijin ranks among the world’s top 500 companies and commands significant influence in the global mining industry.
Mr. Chen devoted his career to the green and efficient development of mineral resources and to providing the minerals humanity needs for a low-carbon future. His contributions to Zijin’s growth are unparalleled.
The company has appointed him as Lifetime Honorary Chairman, an arrangement that has been formalized in our Articles of Association. In doing so, the company aims to uphold the distinctive Zijin innovation philosophy and corporate culture that he championed, as well as to maintain strategic consistency and operational continuity. Through leveraging our mature governance framework and competitive advantages, we will drive sustainable growth in the years ahead. We have the greatest respect for Mr. Chen and extend our best wishes to him.
III
With the baton passed, our priority now is to maintain continuity while forging ahead with renewed commitment.
United, the new leadership will cherish the hard-won achievements we have made and navigate the path forward with a sober mind and firm resolve.
Our guiding principle for this new stage is clear: improve quality, increase production, control costs, and boost profitability. As we grow, we will adhere to proven frameworks while advancing innovation, transforming the company from scale-driven to value-based leadership. This will be achieved by harnessing our significant comparative advantages in quality, efficiency, profitability, and costs, strengthening our resilience to risks, and enhancing our global competitiveness.
We will focus squarely on our core business of mining. Capitalizing on the demand for minerals driven by the energy transition, we will step up acquisition of strategic mineral resources, prioritizing gold and copper—our key commodities, while building a globally competitive lithium segment. We will boost investment in and the development of projects in key regions within China. Proactive action will also be taken to foster greater synergy between our China-based and international operations in mining, refining and downstream industries. Concurrently, we will add fit-for-purpose refining capacity in resource-rich jurisdictions outside China.
We will expand both our production and resource base. Ramping up the output of our main commodities, especially gold and copper, is an absolute priority. Specifically, we will maintain stable and strong production volumes at producing assets while unlocking higher returns from others with untapped potential. A particular emphasis will be placed on the performance and capacity expansion of our lithium portfolio.
We will strive to outperform expectations in progressing a number of major projects, including three in Serbia—the Lower Zone of the Čukaru Peki Copper-Gold Mine, the Jama Copper Mine, and Malka Golaja Copper-Gold Mine; Phase II of the La Arena Copper-Gold Mine in Peru; and three in China—the Zhunuo Copper Mine, the Shapinggou Molybdenum Mine in Anhui, and the Haiyu Gold Mine in Shandong. Successful delivery of these projects will help grow our capacity, increase our global market share in key commodities, and generate huge economic and social benefits. In the meantime, we will strengthen greenfield and brownfield exploration, in a bid to secure major discoveries.
We will remain committed to our global growth strategy. Our global asset and capital footprint will continue to expand. Driven by a bold mindset, we will explore and extract resources in richly endowed regions with significant unrealized potential.
Meanwhile, we will closely monitor M&A opportunities involving high-impact, ultra-large mines or mid-tier mining companies. To bolster our investment value, we will expand our presence in global capital markets appropriately, while supporting controlled and part-owned listed companies with specialized expertise.
We will continue to reshape our management system. Through pursuing a model that builds on Zijin’s strengths and incorporates international standards, we can address the main challenge we face—the mismatch between our growing global footprint and our constrained Chinese management mindset and approaches. Our goal is to establish a lean, structured, and efficient global operations management system. Putting value creators first, we will prioritize the allocation of resources to those who drive results. We will also strengthen our audit and supervision framework, with a particular focus on supervision policies, pathways and processes for overseas assets.
We will strengthen our resilience to evolving global dynamics and risks. Ongoing geopolitical conflicts, de-globalization trends and resource nationalism are creating unprecedented uncertainty worldwide. This raises risks and challenges for the international community, supply chains, and value chains. As a result, the mining sector faces a complex landscape that presents both opportunities and challenges. While maintaining a strong appetite for growth opportunities, we will take a strategic and proactive approach to risk prevention. This includes a thorough analysis of host-country laws and policies and strict investment discipline in high-risk countries.
We will prioritize operational performance and cost discipline.
Operational performance determines how far a company can go, while cost control determines its overall stability. We will therefore strive for both profitability gains and effective cost management to cement our foundation for sustained growth. From planning and design through to commissioning, steady-state production and closure, we will continuously optimize technologies and refine processes for all projects. In parallel, cost and efficiency constraints will be pinpointed, so that we can address them through systematic and continued action, delivering consistent improvements in quality and efficiency.
We will redouble our efforts in technological innovation—Zijin’s core competitiveness. The Integrated Five-Process Mining Operations Management Model remains foundational to our robust growth. We will put a strong focus on block caving; green and efficient mining in high-altitude and deep-underground mines; metal recovery from low-grade and refractory ores; and innovations in key processes and technologies in the fields of renewable energy and new materials.
At the same time, we will embrace AI and digital transformation by establishing high-quality databases and deploying digital platforms across all business operations. These initiatives will forge digital and intelligent capabilities that correspond to Zijin’s global standing.
We will enhance our ESG performance and drive development for all. Standards for our activities in compliance, safety, and environmental protection will be raised. We will also continually refine an ESG framework that aligns with international standards and reflects Zijin’s distinct strengths, to maintain industry-leading ESG performance.
Meanwhile, we will work to ensure that more and more people benefit from Zijin’s presence and growth. To this end, we will focus on local industrial projects to foster community development and expand our network of friends through sincere, concrete actions, thereby building a bright, shared future with all stakeholders.
The new Board and management will also focus on cross-cultural integration, competency development across the company, and more effective incentive mechanisms, to reinforce a culture rooted in dedication and value creation. Furthermore, we will remain relentless in sharpening our core competitive edge. All these steps are aimed at ensuring that our growth is underpinned by greater resilience, health and efficiency.
Looking ahead, expectations are high, calling for committed efforts. At this important juncture, we are drafting new three-year and five-year plans, along with a ten-year roadmap, to achieve our ambition of becoming a green, high-tech, leading global mining company. By building on our existing achievements, we will scale new heights and write another monumental chapter in Zijin’s journey toward fulfilling this ambition.
Zou Laichang
Chairman of the Board
Zijin Mining Group Co., Ltd.