Gratitude, Acknowledgments, and Reflections

Chen Jinghe

January 1, 2026

In January 1982, immediately after graduating from Fuzhou University with a degree in geology, I joined a provincial exploration team to prospect for gold at Zijinshan Mountain in Fujian Province. In 1992, I was hired by Shanghang County to lead the development of the Zijinshan Gold-Copper Mine. Looking back, I have spent almost my entire 44-year career here with Zijin Mining and the Zijinshan Gold-Copper Mine. Zijin has left a deep mark on my life.

The geological hammer I carried back in the day opened the door to my life. It was a great honor to lead the Zijinshan Mountain exploration and research program. After ten years of relentless, arduous efforts, we discovered and delineated an ultra-large copper-gold deposit at Zijinshan, the first of its kind ever identified along China’s southeastern coast. That discovery was later awarded the First Prize of China’s National Science and Technology Progress Award.

In 1993, I founded Zijin Mining. With limited capital and human resources, and virtually no technology, I led a group of young colleagues through a process of systematic, transformative innovation. This turned a once small, economically unviable mine into a world-class gold asset — the largest in China by scale, the lowest in grade, yet among the most profitable. At the same time, with ingenuity, we managed to extract copper from Zijinshan’s low-grade resources. Through this process, we accumulated capital, and more importantly, we trained innovative talent and developed the ideas and technologies that continue to underpin Zijin today.

In 2000, Zijin Mining completed a landmark restructuring to become a joint-stock company. We then mustered the courage to move beyond the Zijinshan mine and expanded across China. Over the past decade and more, we have accelerated our push for global expansion, building a portfolio of operations across five continents. Today, our overseas operations surpass our China-based assets in mineral resources, production volumes, and profits. Zijin has emerged as one of the world’s top producers of copper, gold, zinc, lead, and silver. In the future, it will also become one of the most important global suppliers of rare metals such as lithium and molybdenum.

Once a small, obscure firm, Zijin now stands among the Fortune Global 500, with a market capitalization exceeding RMB 900 billion, ranking proudly among the world’s top three metals and mining companies. Moreover, Zijin holds controlling stakes in three listed companies —Zijin Gold International, Zangge Mining, and Fujian Longking Environmental Protection—whose combined market value exceeds RMB 1.4 trillion.

I am now 69 years old, and after I strongly requested retirement, which I said was my right, the company’s largest shareholder consented. Through a career of 44 years, I have developed an inseparable bond with Zijin. Many leaders, colleagues, investors, as well as friends who follow developments relating to both Zijin Mining and me, have expressed their regret and reluctance to see me step down, and, in some cases, their puzzlement at my decision.

I am well aware that the company’s core commodities are currently reaching record-high prices. With major debottlenecking and expansion projects worldwide, the commissioning of new mines, and ongoing acquisitions, the company’s performance and value will continue to grow. However, leadership succession is essential for the company to be a lasting business. Stepping down proactively during a period of upward momentum is a responsible act for the company’s sustainable growth, whereas passing the baton hastily during a downturn would be an irresponsible move.

The new executive directors of the Board and senior management are drawn from the company’s core talent, nurtured and proven over years of service. Chairman Zou Laichang and President Lin Hongfu joined the company’s management team in 2003 and 2006, respectively, and have long been my trusted deputies and pillars of Zijin’s success. The rest of the team has also been tested across multiple roles, bringing energy, skill, and a rare combination of international perspective and professional expertise — exactly what Zijin needs to thrive on a global stage. The independent directors, drawn from top experts across diverse fields, add a cross-disciplinary edge to decision-making and governance.

I have no doubt that this new Board and management, with Zou Laichang and Lin Hongfu at the helm, will implement Zijin’s established strategy while adapting it wisely to changing internal and external circumstances. They are fully capable of taking the company to new heights, creating even greater value for society, investors, employees, and all other stakeholders.

At this moment, I wish to express my gratitude and acknowledgments, and offer a few personal reflections.

Gratitude

Gratitude runs like an ore vein, deeply embedded in the bedrock of my mind. What I have achieved today stems from the gifts of our time, the support of society, and the help, immense strength and expectations from people around me.

I am deeply grateful to my parents. They gave me my life, supporting me since the beginning of my journey. They endured extraordinary hardship to raise me in a time of poverty. Above all, their integrity, kindness, and diligence have become part of me. I am deeply grateful to my late wife Jinlian, who passed away from illness years ago. She was my high school classmate; in those turbulent days, she chose me and stayed by my side, without any complaint or regret throughout the years. Without her support, it would be hard for me to accomplish what I have today. I am also grateful to my current wife Qianqian. She is full of positivity, rekindling my youthful drive and fueling my entrepreneurial spirit. Over the past five years, Zijin’s market capitalization has grown more than fivefold, fulfilling the goal of “ranking among the world’s top 3 to 5 metals miners”. I also want to express my gratitude to all my family members. They have always had my back, never creating any trouble, and always offering me tremendous support and warmth in times of difficulty.

I am truly grateful to this great era. China’s reinstatement of the university entrance examination in 1977 was like a beam of light breaking through the darkness, giving me the opportunity to leave rural life and enroll in the geology program at Fuzhou University, which laid the foundation for my career in the mining industry. My career has been closely intertwined with the grand narrative of China’s reform and opening-up. Driven by the rapid development of the market economy and industrialization, various industries in China have thrived, spawning an unprecedented super-cycle for commodities, including minerals. Keeping in step with the pulses of the nation, we acted in line with the trend, took responsibility, and seized the opportunities of the times. With highly suited innovations, we left our generation’s mark in society.

I am really grateful to Western Fujian. It is not only the hometown that nurtured me, but also the cradle of Zijin Mining. In particular, the Zijinshan Gold-Copper Mine in Shanghang is the root of Zijin Mining. It’s where the company’s phenomenal journey began, and it provided me with a stage to pursue big undertakings. Historical opportunities have served as a bond, closely linking me with Zijin Mining and Zijinshan. Underlying every step I took was the wisdom and nourishment from this great land.

Acknowledgments

Life is a splendid encounter, a grand rendezvous. Throughout my career, numerous leaders, colleagues, and friends have given me great support and guidance. Words fail to express my gratitude; I can only say thank you, from the bottom of my heart.

I am truly thankful to the company’s largest shareholder and the people of Shanghang for always placing great trust in and providing strong support for Zijin Mining and me. By nature, I am not good at socializing and do not engage in flattery, yet many leaders have tolerated my shortcomings with an open mind. I am deeply aware that without the strong trust and authorization of the largest shareholder, there would be no efficient, market-based governance at Zijin Mining as it has today, let alone its astonishing success. I am really thankful to the villages and villagers living near the Zijinshan mine for their generosity and support throughout the exploration and development process.

I am very thankful to the colleagues who participated in the exploration at the Zijinshan Mountain. We worked side by side under extremely harsh conditions, living in a temple together and carrying out exploration at cliffs. Those dedicated efforts ultimately led to a major discovery. I am also really thankful to all my colleagues at Zijin Mining. Together, we have innovated and created, overcoming technical challenges in the development of mines with low-grade and refractory ore and seizing opportunities to build a global presence regardless of hardships and dangers.

The Zijin flag and Zijin employees can be seen everywhere — in the desert, along national borders, on the snow-capped plateaus, across the African continent, in Oceania, and in the Andes Mountains. We have travelled an incredible, entrepreneurial journey together. The perseverance and dedication of our people, along with their outstanding professional competence, have earned widespread respect and recognition in the industry.

My special thanks go to the people and events that played a pivotal role at critical junctures in Zijin Mining’s history. In 1998, the Zijinshan Gold-Copper Mine faced a crisis—it was about to be sold. At that time, a senior official of Shanghang County led a team to Beijing to brief the top officials of the State Gold Administration. Based on the State Council’s gold mining policies, Zijinshan’s mining license was ultimately preserved, which made it possible for Zijin Mining to be what it is today. In 2010, an acidic wastewater leakage at the Zijinshan Copper Mine triggered a major public relations crisis. The task force dispatched by the State Council handled the incident in a science-based and appropriate manner, with objective and impartial decisions made regarding Zijin and its key executives. That approach prevented Zijin’s growth from coming to a sudden halt.

I express my deep appreciation to Zijin’s host governments and communities worldwide for their support. From approval procedures for projects to the guidance and help provided in challenging situations, their kind acts have enabled the successful construction and operation of our assets, fulfilling the aspirations for value creation and development for all.

I also want to thank the investors, analysts, regulators, and intermediaries. Their support to Zijin has enabled the in-depth integration and mutual growth of the company with the capital markets, creating remarkable success stories for Zijin and other listed companies it controls.

Reflections

Driven by its reform and opening up program, China ushered in a great era, with its economy growing rapidly. I still vividly remember the poverty and hardship I saw in my youth. From the years of school education through to my entire career, I innovated, created and built businesses with passion. I, along with many of you, personally witnessed the exceptionally fast expansion of China’s economy and the mining industry. Along the way, there were moments of glory, and there were also the darkest of times. I know full well that I am not an especially smart person, and I firmly believe that “simple people have simple blessings”. So I stuck to these foundational qualities: honesty, kindness, reading the situation, taking responsibility, obeying laws and rules, fearing no hardship or loss, being adept at learning and innovation, and moving forward with persistence toward a well-thought-out goal. Over the course of my career, I have had many realizations:

Ideals and ambitions are the compass that guides you to achieve your goals. As the first group of university students after the reinstatement of the university entrance examination in China, we studied tirelessly and worked diligently with the commitment to contributing to the country’s “Four Modernizations”. We focused on well-considered goals and remained unwavering. Only with firm conviction can one press forward through adversity, neither shrinking from difficulty nor sinking into despair after setbacks. Great ambitions are founded on the pursuit of the greater good and must never be abandoned for private interests. One should choose the road of climbing upward against the odds and not the path of drifting downstream with the current. Where there is will, there is a way. Only by aspiring high can one accomplish great undertakings. And I have been one of those who benefited from these principles.

Perseverance is the secret to rising above the ordinary. Although mining is a tough industry to work in, I have always remained committed to it and never wavered. I know that in other industries, there are so many smart people. Choosing a difficult yet relatively less competitive industry makes it far more probable for one to succeed. Indeed, no pain, no gain. In other words, there is no true growth in the comfort zone; growth comes from pushing one’s limits through perseverance. Perhaps because I was “not clever enough”, I regarded perseverance as a virtue, choosing to keep studying diligently, conducting research and working earnestly, and building a competitive advantage. That gave me a better chance to stand out as a leader in the industry in both technology and management.

Moving in the counter-intuitive direction is the shortcut to success in life. I chose to study the unpopular major of geology in university, one that would lead to demanding working conditions. Shortly after I started my career, I was once transferred to the provincial geology research institute to do research, but I later requested to return to the harsh conditions at the Zijinshan Mountain, settling down there with my wife and son. After delineating Zijinshan’s large copper and gold deposits and becoming a role model in the industry, I once again moved against the trend by transferring to work in a county for mine development. During the wave of government-led investment promotion, I resisted the temptations of high salaries and fought to secure the license to the Zijinshan Gold-Copper Mine, thus preventing Zijin Mining from being closed down not long after its establishment. Perhaps if I had followed the mainstream path, I might have become a high-ranking official or made a lot of money, but I am very happy and proud of the outcome I have got today. This is because what I care about is how much social value I create, not how high my position is or how much money I earn.

Innovation is the “soul” that keeps companies and individuals evergreen. I summarize Zijin’s innovation philosophy in three points. First, innovation is the effective application of universally applicable scientific principles in objective realities. Second, the innovation that suits you the most is the best. Third, innovation is a process of continually reinventing yourself. The third point is especially important to Zijin Mining and to me. I often tell people that the one who most needs “criticizing” and “reinventing” at Zijin Mining is Chen Jinghe—yours truly. A person can never be idealized because of a company’s success. That would result in arbitrary decision-making and one claiming all wisdom as his or her own while blaming all problems and mistakes on team members. Only by constantly reflecting on and examining one’s shortcomings and errors can one continue to make correct decisions and win the support and sincere respect of one’s colleagues. Authority and respect come from the heart; they are not bestowed by power.

Collaboration and leading by example are the “source of strength” for successful operations. Zijin Mining’s ability to achieve rapid and steady growth is attributed to strong teamwork and the exemplary role of the management. We grant front-line managers full authorization within the framework of rules, while also providing strong back-end support and effective oversight. It is essential to have effective collaboration between the front and back end of the company, between team leaders and team members, among departments in a company, and with external partners, governments and communities. Shirking responsibility is never allowed. That is key to the great performance of mining operations. Leading by example means that at every level, managers must do first what they require others to do, and lead responsibly by saying “Follow my lead” instead of “You do it”. A united team that works closely together and pushes hard to excel is Zijin’s winning formula. I believe in the power of collaboration and setting examples, and I strive to live by this principle every day.

Driving development for all is a core part of Zijin’s DNA. At a time of intensifying geopolitical pressures and rising resource nationalism, it is ever more important to establish a well-suited ESG framework that is aligned with international standards and reflects Zijin’s distinct characteristics, and to translate the concept of “development for all” into real action. While we put people who create value first, we also emphasize that mining must never harm other people’s interests. Instead, we work to ensure that more and more people benefit from Zijin’s presence and growth.

Beyond these reflections, there are many things I did not do well, and I feel deeply regretful about them. On the surface, Zijin Mining appears “riding high”, but in reality, because of errors in our decision-making, the company has missed multiple major opportunities. Our progress in addressing the primary challenge we face between our growing global footprint and our Chinese management mindset and approaches falls short of expectations. Our efforts and methods in recruiting and cultivating outstanding talent have been insufficient. In particular, shortages of top-tier talent and internationally competent professionals have become a key bottleneck constraining the company’s growth. We also lag significantly in applying digital and information technologies as essential management tools. These issues remain for the new leadership team to resolve in the future.

Today, I formally retire. From an inexperienced young man to an age with gray hair, the Zijinshan mine and Zijin Mining have left the most profound imprint on my career. The title of Lifetime Honorary Chairman, an honorary designation, represents a high recognition of the work I have done. I will, of course, continue to follow Zijin Mining's trajectory. As a senior advisor to the company, I will “advise only when consulted”, offering suggestions only and refraining from interfering in its management or participating in decision-making.

Finally, I wish Zijin tremendous progress in the years ahead. I look forward to seeing it claim the top spot as soon as possible.

Happy New Year. May you and I enjoy good health, success, and happiness.