新年伊始，在新一届领导班子履新之际，谨向全球爱岗敬业的紫金人及其家属、广大协作者、社区群众致以崇高的敬意和诚挚的问候！向长期以来关心支持帮助紫金矿业发展的各国政府、投资者和社会各界朋友表示衷心的感谢和美好的祝愿！
As Zijin Mining ushers in the year 2023 with a newly appointed executive team, I wish a Happy New Year to all our stakeholders in China and around the world. And I thank our employees and their families, our investors, local communities and governments of countries where we operate, for their devotion and support that have made us grow.
（一）
1. Three years of stellar performance
过去三年激荡人心，百年大变局与世纪疫情交织叠加，地缘政治冲突加剧，世界经济社会发生深刻复杂的变化，公司坚定信心、沉着应对，紧紧围绕“深化改革、跨越增长、持续发展”工作总路线，全体员工砥砺前行，奋发有为，超额完成主要目标任务。2020年至2022年9月底，公司累计实现营业收入超过6000亿元、利润总额超600亿元、归母净利润近390亿元、经营性净现金流超过620亿元，公司总资产已超过2800亿元。公司持有的铜、金、锌、锂资源量分别位居全球第7、第9、第7、第9，矿产铜、金、锌产量分别跻身全球第6、第9和第4位，是全球矿产铜产量增长最快的大型矿业公司。
We have had three exceptional years, as we continued to deliver on our targets. Across the world, economies and societies have been undergoing unprecedented changes, with people grappling with challenges posed by a once-in-a-century pandemic and intensifying geopolitical conflicts. Staying calm and confident, we followed the overarching principle of “deepening reform, leapfrog growth and sustainable development”, and outperformed what we had aimed for. Between 2020 and September 2022, our cumulative sales revenue was over RMB 600 billion, our total profit before tax was over RMB 60 billion, our net profit was close to RMB 39 billion, and our net operating cash flow was more than RMB 62 billion. Our total assets have surpassed RMB 280 billion.
We lifted our position into global top miners’ group both by the amount of mineral resources we own and mineral products we produce. In terms of mineral resources, we now rank No.7 in copper, No.9 in gold, No.7 in zinc and No.9 in lithium. And based on metals output, we rank as the world’s No. 6 in copper, No.9 in gold and No.4 in zinc. More importantly, we have the biggest and fastest growth in our mined copper production compared to our peer companies.
过去三年风雨兼程，面对新冠疫情引发的物流、人流受限困境，一批世界级重大项目建设跑出“紫金速度”。公司铜板块全面爆发，本世纪全球新发现的前五大铜矿山中紫金占据三座（包括刚果（金）卡莫阿铜矿、塞尔维亚佩吉铜（金）矿、西藏巨龙铜矿），且均在短的时间内一期工程全部建成投产；大批矿山实施技改工程，进一步提升产能和效益，主要骨干矿山实现稳产高产。公司新能源新材料产业强势布局，快速形成阿根廷3Q盐湖、中国西藏拉果错盐湖锂矿、中国湖南道县湘源硬岩锂多金属矿“两湖一矿”格局，是公司新一轮增长发展的重要引擎。
We have had three fruitful years, overcoming difficulties in the movement of people and goods caused by the pandemic to deliver the defining Zijin Speed in the construction of several world-class projects. Our copper business grew exponentially. We operate or jointly-operate three of the world’s top five copper mines discovered in the 21st century - the Kamoa-Kakula copper mine in DRC, the Čukaru Peki copper-gold Mine in Serbia and the Julong copper mine in Tibet, China. All three have had their Phase 1 projects built and put into operation in a short space of time. Many of our mines have completed debottlenecking or expansion projects, further boosting capacity and efficiency. And our key assets have maintained stable or high production volumes. Zijin Mining expanded into renewable energy and advanced materials, making significant investments in less than two years to acquire “two lakes and one mine” - the 3Q lithium-bearing salar in Argentina, the Lakko Tso salar in Tibet, China, and the Xiangyuan hard-rock lithium mine in Daoxian, Hunan province, China. They will become important engines driving Zijin’s next phase of growth.
过去三年登高望远，公司提升全球视野、国际标准，大力构建全球竞争力。按照“简洁、规范、高效”要求初步建立国际化运营管理体系，绿色可持续发展和ESG理念深刻贯穿于企业发展的全过程，公司MSCl-ESG评级提升至B级。公司秉持“绿水青山就是金山银山”的发展理念，高标准做好矿山生态恢复和环境保护工作，加快电动化改造和光伏、风力、水力等清洁能源建设，积极推进福大紫金氨-氢能源产业化。公司以创新为核心竞争力，以系统工程和经济矿业思想指导的“矿石流五环归一”矿业工程管理模式广泛应用，自主矿业工程技术研究设计及实施开发能力进一步巩固提升，崩落采矿法技术研究及工程应用顺利开展。
We have had three transformational years, as we strengthened our global competitiveness by adopting internationally acceptable standards and benchmarking our performance against the industry’s best practice. Zijin’s global operational and management system, one that is designed to be streamlined, standardized and efficient, is taking shape. MSCI has upgraded our ESG rating to B since we have shown an unwavering commitment to our goal of green, sustainable development as well as prioritizing ESG principles in every action we take. We have put the slogan of “green is gold” in all our operations as we stick to the highest standards in ecological rehabilitation and environmental protection while we accelerate electrification and widely introducing clean energy solutions. Our joint venture project with Fuzhou University on the ammonia-to-hydrogen energy solution has made headway towards commercializing. Zijin Mining’s core competitiveness lies in innovation. Our Five-Pronged Mining and Operational Model, which is based on systemic engineering and mineral economics, has been applied to more mines. Our in-house capabilities in technological research, engineering, and mine development have been further consolidated. And we have been steadily advancing our research on and application of block caving.
（二）
2. Quality, cost control and profitability at the heart of our future strategy
明者因时而变，知者随事而制，强者蓄势而发。
An old Chinese saying goes, the wise adapts to changes in time and circumstances, and the strong builds momentum to unlock further growth.
面对百年未有之大变局，地缘政治影响加大，当今世界存在更多的不确定性。中国是全球最大的制造业大国，消费了全球约40-50%的矿产资源，中国矿产品需求的变化，对全球矿业市场有重大影响，矿产供应链的不稳定，对全球经济都将产生影响。
We live in a world of increasing uncertainties, as profound changes unseen in a century unfold and the impacts of geopolitics on businesses grow. China is the largest manufacturing country in the world, consuming about 40 to 50% of the world’s mineral resources. Changes in China’s demand for minerals have a significant impact on the global mining industry. Any disruptions to mineral supply chains could affect the global economy.
紫金矿业作为布局全球的金属矿业公司，目前拥有较好的资源储备和现实产能，通过进一步技改扩建，仍然有较大的增长潜力。未来三年，公司将继续按“简洁、规范、高效”要求，基本完成全球化营运管理体系建设，重点解决国际化人才不足问题。同时寻找恰当市场机会，并购全球大型矿业公司，显著增加公司资源储量和产能，公司将进一步加强自主地质勘查。
As a global metals miner, Zijin Mining has a sound resource base and mature production capacity. There is huge growth potential for us to unlock through further debottlenecking and expansion projects. In the next three years, Zijin’s global organizational process, one that is streamlined, standardized and efficient, will be put in place, with international competent talent pools at the heart of our endeavor. We will also seek to significantly boost our resource base and production capacity by acquiring large global miners at the right opportunity, while at the same time stepping up our in-house exploration activities.
2023年，是公司新一届开局首战之年，也是紫金矿业30周年；公司正在对《五年（2+3）规划和2030年发展目标纲要》进行修订，“提质、控本、增效”将成为新阶段工作总方针，以紫金的创新理念、矿业工程管理模式及紫金精神为指导，确保达成公司主要经济指标和ESG关键绩效，在走向全球一流矿业公司的道路上迈上新的台阶。
2023 marks the first year in the tenure of our newly elected board of directors and the 30th anniversary of Zijin Mining. We are in the process of revising our Five-Year (2+3) Plan and 2030 Development Goals. In the new phase of our development, we will focus on achieving three objectives: improving quality, controlling costs, and increasing profitability. Our innovation philosophy, holistic project management model and enterprising spirit give us a unique edge. It will guide us as we make every effort to deliver on our financial and ESG performance targets and move even closer to a leading miner status.
提质量，坚持全球化绿色可持续发展道路。
Improving quality by being globally oriented and pursuing sustainable mining.
作为市场化国际化上市企业，要虚心向国际先进同行学习，探索符合国际标准又有紫金特色的大型跨国矿业企业发展之路，构建高质量绿色可持续发展模式。要更加重视创新驱动，更加重视科技赋能，更加重视人才作用，更加重视关联新兴产业前景，更加重视ESG标准和绿色发展的内在要求。优化授权机制和流程化组织，完善海外运营指挥中心和投资并购中心，要把海外营运管理指挥部设在海外“听得见炮火的地方”，海外营运管理体系改革是本届管理层工作的重点。
Zijin is a market-oriented public company operating across the world. We must learn from leading peers, and on this basis, find our own path for high-quality, green and sustainable development, one that aligns with international standards but suits our needs. We will put a stronger focus on innovation, technology, human capital, mining-related future-facing industries, ESG credentials and green development. Reshaping our overseas operational system will be one of the top priorities of our new management team. Through better delegation of powers and improved internal processes, our overseas operational center and our M&A center will be strengthened. The reform on our overseas operational center will be one of the key tasks for our newly elected management team.
要成为全球超一流的矿业企业，必须有超一流的国际化人才队伍。国际化人才必须是多元化，不同国籍、种族、民族、性别等；我们要打破传统思维，按国际视野和模式去解决国际化人才瓶颈问题；健全全球化人力资源体系，确立“价值创造者为本”的用人和绩效考核评价体系。总部机关要形成与国际化大公司相匹配基本能力，要制定总部机关外籍人士比例的强制要求，作为国际化公司，掌握一门外语要成为中青年管理和技术干部的基本要求；狠抓人才梯队建设，健全长效激励和分配机制，让员工与企业共享发展成果，激活组织和员工活力。
To become a leading global mining company, Zijin needs a top-tier workforce made up of internationally competent talent from different countries, races, ethnicities, and gender groups. Our global recruiting programs will help us overcome such issues. We will improve our global HR system, to focus on value creation in recruitment, promotion and performance appraisals. Our headquarters must be equipped with skills and capabilities match for a leading global company. We will therefore set a mandatory target on the proportion of non-Chinese employees at the HQ, as well as a basic requirement for young and middle-aged managers and technicians to be proficient in at least one foreign language. We will also bolster our talent pipeline and improve our mechanisms for long-term incentives and income distribution so that our employees can share our growth, our organizational vitality will be boosted and our workforce will be highly motivated.
遵循国际标准与规范，强化ESG关键指标内部考核、信息披露和舆情管控机制，提升国际主流评级。抓紧安全环保和职业健康不松懈，牢固底线意识、红线思维，防止颠覆性事件发生；完善碳排能耗管理体系，相关指标逐步达到国内先进水平，并向全球先进看齐；加快自然碳汇、低碳转型以及绿电绿能应用，推动生产企业电动化转型。作为负责任的矿业公司，将全面加大新能源新材料产业的投资力度，着力于与新能源相关的矿产，并适度向下游材料延伸，为全球控制温室气体排放作出应有的贡献。
We will take steps to improve our ESG rating published by major ratings agencies. These steps include following international standards and norms, strengthening internal appraisals against key ESG metrics, and stepping up information disclosure and corporate reputation management. The health and safety of our people and environmental protection are at the heart of what we do. We will remain steadfast on this front and keep clear of the red lines, so as to prevent fatal events from happening. We will improve the management of our carbon emissions and energy consumption, striving to become a leader in de-carbonization in China first, and then working towards the levels of world-leading businesses. To drive our own low-carbon transition, we will develop natural carbon sinks, use more clean energy, and electrify various production lines. As a responsible mining company, Zijin Mining will continue to contribute to the global endeavor on mitigating GHG emissions. We will spend more in renewable energy and advanced materials, in particular in battery metals, and branch out into downstream materials industry if business sensible.
共同发展是紫金文化的核心，要进一步弘扬紫金优秀企业文化，并与项目所在地文化相融合，使社会及关联者因紫金矿业的存在而获益。得到社会广泛认同的企业，将形成巨大的无形资产，是公司实现高质量可持续发展的重要保障。
Development for All is a core value in Zijin’s corporate culture. We will integrate company values with the cultures of host jurisdictions and ensure that our stakeholders and society benefit from our presence. Broad social recognition is a huge intangible asset for companies and an important safeguard for our high-quality, sustainable growth.
控成本，重塑全球矿业比较竞争优势。
Controlling costs – reshaping our comparative advantages in the global mining sector.
投资控制和低成本是紫金矿业能够走到今天的重要“法宝”之一。控成本将是今后三年最重要的基础管理工作，要坚决遏制近年成本上升的势头，要把成本管控水平纳入最重要的绩效考核内容，真正实现把“该省的钱省出来，该赚的钱赚回来”。坚持以价值创造为导向，完善市场化运营手段，秉持“艰苦创业，开拓创新”紫金精神，强化全员成本意识，提升成本控制能力。引导资源合理配置，要把集团的要素资源向能够为集团创造价值的企业、板块倾斜；提高全要素生产率，大力优化资产结构，从严控制人员入口，淘汰损害公司价值的人员；严格把关项目建设投资，严控一切非必要开支；持续发挥各平台及信息系统效能，降低库存，盘活有价资产，淘汰“负资产”，提升资金效率和流动性，拓宽筹融资渠道，降低融资成本；做好技术和装备应用标准化集约管理，完善业财一体化动态管控，要做好全面预算管理和考核工作，全方位精细化管理促进降本增效。
Disciplined capital budgeting and expenditure as well as cost management are two key secrets behind Zijin’s success. In the next three years, controlling costs will be the first priority in our corporate management. It will be made the most important indicator in our performance appraisals, to help bring down rising costs we face in recent years and ensure that we “save the money we ought to save and earn the money we ought to earn”. To better control costs, we will focus on value creation, improve our market-oriented practices, follow the company motto of “stay enterprising, stay innovative”, and improve the cost awareness of all employees. More resources will be allocated to subsidiaries and business segments that create value. Our total factor productivity and asset portfolio will be improved. We will be stricter in talent recruitment and weed out those who have damaged company’s interests. We need to have rigorous capital budgeting process that help us avoid thoughtless spending in project construction. Aided by e-platforms and IT systems, we will better manage inventory, revive assets that are still viable, and dispose of loss-making ones. We will also strive to improve our capital and liquidity ratios and expand our financing channels to lower our cost of capital. Fine management will be enhanced through standardized and more centralized management of technologies and equipment, integrated management of business and finances, comprehensive budget management and re-assessment of budgeting.
强化高效率建设和低成本运营，激活各板块企业内生动力，实现经济和社会效益最大化和效率最优化。让科技为控本赋能，运用紫金“创新理念”和“矿石流五环归一”矿业工程管理模式，主抓关键技术突破，重点解决“卡脖子”问题，加快新能源新材料板块科技体系建设及关键人才引进；持续提升信息化自主研发水平和能力，加大电动化自动化智能化装备更新力度，健全矿业信息数据库、打造智慧矿山、智能工厂，推进信息化与生产运营管理深度融合，切实改善企业经营管理和成本构成。
We will further improve our construction efficiency, keep operational costs low and boost the vitality of our affiliates. This will ensure that we achieve optimal efficiency and maximize the economic and social benefits we create. Technology will be an empowering tool. Relying on Zijin’s innovation philosophy and the Five-Pronged Mining and Operational Model, we will keep focusing on making breakthroughs in key technologies and applying new findings and technologies to our operations. We will continue to strengthen our newly built R&D system on renewable energy and advanced materials by recruiting key experts and skilled workforce. The introduction of digital applications and smart tools will help us further improve our business management and cost structure. To this end, we will strengthen our own R&D capabilities in information technology, expand our mining information database, deploy more electric and autonomous equipment, and build smart mines and plants.
依托出色的专业决策能力与地质勘查技术，适时实施逆周期并购，力争以较低成本取得矿产资源投资并购和地质找矿重大突破。加大新一轮地质找矿力度，海外地质勘查要形成国际化地勘人才队伍，加强已有矿山的“就矿找矿”，适度部署全球重点成矿区带“绿地”勘查，巩固和提升新时期公司全球化地勘竞争力。
Zijin Mining has strong expertise in decision making and leading exploration techniques. We are also good at swiftly closing M&A deals in market downturns. These will empower us as we pursue major discoveries and deals at relatively low costs. We will step up our new round of exploration activities. Our focus is to build an international team of geologists for our overseas exploration programs and make discoveries both on brownfield operations and green field projects in the world’s major metallogenic belts. This will sharpen our edge in global exploration in the new era.
增效益，不断促进资源优势向经济社会贡献转化。
Boosting profitability by transforming resources into economic and social benefits.
已经形成基本产能的企业，要实现稳产高产增效。加快重要增量项目建设，全力推进刚果（金）卡莫阿铜矿及冶炼厂、塞尔维亚博尔及佩吉铜矿、西藏巨龙铜矿改扩建项目实施；推动塞尔维亚JM铜矿及佩吉铜矿下带矿、黑龙江铜山铜矿、福建紫金山罗卜岭铜矿等四个大型斑岩铜矿地下崩落法采矿项目建设，实现铜板块重大建设项目超预期投产；大力激发黄金板块潜力，苏里南Rosebel金矿、哥伦比亚武里蒂卡金矿、圭亚那奥罗拉金矿、澳大利亚诺顿、塔吉克泽拉夫尚、吉尔吉斯奥同克及陇南紫金、山西紫金、贵州紫金等扩大产能优势，确保山东海域金矿、新疆萨瓦亚尔顿金矿建成投产，争取波格拉金矿复产。全力推动安徽沙坪沟钼矿建设，打造全球最大的钼生产企业。
To enhance our profitability, producing mines must work towards steady-state production or even higher output; and major copper projects under construction will be fast-tracked for early commissioning. We will speed up the construction of key growth projects - the Phase 3 expansion and smelter project of the Kamoa-Kakula Copper Mine in DRC, the expansion project of the Bor Copper Mine and the Čukaru Peki Copper Mine in Serbia and the Julong Copper Mine in Tibet. The application of block caving will be accelerated for four major porphyry copper deposits - the Jama copper deposit and the Lower Zone of the Čukaru Peki copper deposit in Serbia, the Tongshan copper mine in Heilongjiang province, and the Luoboling copper mine in Fujian province. The potential of our gold operations will be further unlocked. We will seek to increase the capacity of producing assets include the Rosebel Gold Mine in Suriname, the Buriticá Gold Mine in Colombia, the Aurora Gold Mine in Guyana, Norton Gold Fields in Australia, JV Zeravshan in Tajikistan, Altynken in Kyrgyzstan, and Longnan Zijin, Shanxi Zijin, and Guizhou Zijin in China. We will ensure our newly acquired projects - the Haiyu gold mine in Shandong and the Sawaya’erdun gold mine in Xinjiang - to be put into production ahead of schedule and try our best to restart the Porgera Gold Mine in Papua New Guinea. We will also advance the construction of the Shapingou molybdenum mine in Anhui province, to turn Zijin into the largest molybdenum producer in the world.
锂要成为公司未来几年最重要的增量板块，要努力成为全球锂产业的重要企业之一。力争新能源新材料相关产业快速形成产能，重点确保阿根廷3Q锂盐湖、西藏拉果错盐湖锂矿、湖南湘源锂矿项目今年年底基本建成投产，加大新的锂资源并购和勘探开发；撬动龙净环保（600388）“环保+新能源”业务等一批控股、参股及联营企业发展突破；适度延伸下游强关联材料产业，全力推动氨氢能源产业化及储能产业的发展，推动项目投产见效。重视矿山共伴生资源利用，积极介入“城市矿山”及矿产资源循环经济领域。
Lithium will become the most important new business for us in the near future, as we seek to become a major player in the global lithium industry. Our production lines in renewable energy and advanced materials will be put into operation as soon as possible. A particular focus for 2023 is to commission three lithium projects - the 3Q lithium project in Argentina, the Lakkor Tso lithium project in Tibet, and the Xiangyuan hard-rock lithium mine in Hunan. New lithium deals will be also pursued and lithium exploration activities stepped up. On our watch, Fujian Longking (600388), one of our newly acquired subsidiaries will seek to combine its tradition business of exhaust capture and air pollution solutions with the renewable energy service. Major breakthroughs will also be sought in other controlled or part-owned companies and joint ventures. We are expanding into mining-related materials, and advancing ammonia-to-hydrogen energy projects and energy storage operations. Meanwhile, we will try to recover all valuable minerals at our mines and seek business opportunities in metals recycling.
与矿业关联的冶炼、加工、金融、贸易、物流、建设和技术等板块已初具规模，要充分发挥板块的协同效应，强化市场机制，从内部业务为主逐步向社会服务为主，成为真正的市场化企业，并成为集团效益增长的重要补充。
Our mining service businesses such as smelting, fabricating, finance, trading, logistics, and EPCM service have grown to notable sizes. As such, synergy among them must be maximized. Their priority now is to be more market-oriented, shifting from providing services within the group to mainly serving external clients. This will allow them to grow into fully competitive market players and add significant share to Zijin’s profit growth.
持续发现和提升公司整体市场价值，构建“紫金系”资本版图，深度对接境内外资本市场，增强资本融资能力，实施完成可转债发行；顺应产业升级大趋势，推动资产证券化，持续发挥上海、海南、香港和新加坡等平台公司效能。
Efforts will be made to keep identifying and increasing the overall value of Zijin Mining by seizing market opportunities in our subsidiaries and investment portfolios. To this end, we will further open up to global capital markets to improve our financing capability and issue new convertible bonds. We will drive forward the securitization of our assets and make the most of our outposts in Shanghai, Hainan, Hong Kong, and Singapore.
再回首，我们豪情满怀；再出发，我们踌躇满志。
Looking back on our journey, we are filled with joy and pride. Now at the start of a new one, we feel even more confident and ambitious.
紫金矿业已站在更高的平台上，来看这个复杂多彩的地球，思考“从哪里来、我在哪里，往哪里去”这个永恒的命题。我们要非常清醒认识当今世界经济及矿业的大趋势，非常清醒认识我们的现状、优势和短板，把握势与时，重大机会来临，要敢于决策，勇于承担责任和挑战，全面构建全球矿业竞争力，向“绿色高技术超一流国际矿业集团”的宏伟目标勇毅前行！
Facing a world defined by diversity and complexity, Zijin Mining is contemplating on three eternal questions from a new angle : Where do we come from? Where are we now? Where are we going? We must understand the underlying trends of the world economy and the mining industry, and be clear about our own status, strengths and weaknesses. Building on this understanding, we must be bold enough to make critical decisions when great opportunities emerge, and tough enough to take responsibility and rise to challenges. This will enable us to build our own competitiveness in the global mining industry and move towards becoming a green, high-tech, leading global mining company.
祝福紫金！祝福与紫金关联的人们！祝福世界！
My heartiest wishes to Zijin Mining, to all our stakeholders, and to the world.
紫金矿业 董事长 陈景河
Chen Jinghe, Chairman of Zijin Mining Group
2022年12月31日
December 31, 2022