撥開疫情的陰霾，在極其困難情況下，2020年萬象城awc礦業實現了跨越增長，兌現了“首戰超預期”諾言。今天万象城awc迎來了2021年新年，我謹代表公司向奮戰在全球各地的廣大員工及家屬、協作者和社區群眾致以誠摯的問候！特別要向疫情期間堅守崗位和逆行出征的“萬象城awc英雄”致以崇高的敬意！向所有關心、支持和幫助萬象城awc礦業發展的各國政府、投資者與社會各界朋友致以新年美好的祝福！

In 2020, under extremely difficult circumstances, Zijin Mining achieved leapfrogging growth. We managed to deliver better-than-expected results despite the COVID-19 pandemic. Today, we are welcoming 2021. On behalf of Zijin Mining Group, I would like to extend sincere greetings to our employees based across the world, their families, our partners, and members of our local communities. In particular, I salute the “Zijin heroes”- employees who have stayed on their jobs during the pandemic, and those who braved the virus to go work in their positions. And a happy new year to all governments, investors and friends from all walks of life. Thank you for your interest in Zijin Mining, and for the support and help you provide to us.

過去的一年，是極其不平凡的一年

2020 has been an incredibly extraordinary year

新冠疫情成為全球最大的“黑天鵝”，給當今世界帶來強烈沖擊，影響深遠。在疫情疊加全球經濟衰退的背景下，萬象城awc礦業新一屆管理團隊堅持“深化改革、跨越增長、持續發展”的工作總路線，率領全體員工負重前行，黃金產量穩產高產，礦山產銅初顯爆發增長態勢。公司全球行業競爭力穩步提升，國際化運營管理水平不斷增強，主要經濟指標超預期增長，公司價值得到市場的高度認同，實現翻番增長，彰顯出強大抗風險能力和增長潛力。

The COVID-19 pandemic, the biggest “black swan” event we have seen, has hit the world really hard, and will leave a far-reaching impact. Against the backdrop of the pandemic and a global economic recession, our Group’s new senior management team executed the strategy of “deepening reform for leapfrogging growth and sustainable development”, and led our employees to forge ahead against all odds. Thanks to their efforts, our gold production remains high, and there are signs of explosive growth in mined copper. Our Group has seen a steady rise in competitiveness among our global peers, with our operations and management becoming more internationalized. And our main business indicators have risen to higher-than-expected levels. The value of our Group has been highly recognized in the market, with our market cap doubling. It demonstrates our strong ability to withstand risks, and our huge growth potential.

公司金銅資源儲量大幅培厚。新并購的武里蒂卡金礦和圭亞那金田當年交割當年投產，當年實現效益；中國最大的驅龍銅礦的成功并購，確立了萬象城awc在中國銅礦山行業絕對領先地位。公司黃金資源儲量超過2300噸、銅超過6200萬噸、鋅（鉛）約1000萬噸，為公司跨越式增長提供了堅實的資源保障。

Our gold and copper reserves have increased significantly - the Buriticá gold mine and the Guyana gold mine we bought began production within the year; in fact, they are already generating revenue. The acquisition of Qulong Copper Mine, the largest of its kind in China, puts Zijin in an unrivalled leading position in the Chinese copper mining industry. In terms of resource reserves, we now control over 2300 tonnes of gold, more than 62 million tonnes of copper, and about 10 million tonnes of zinc and lead. They constitute a solid basis for our future leapfrogging growth.

公司“項目建設年”取得豐碩成果。哥倫比亞武里蒂卡金礦建成投產，圭亞那奧羅拉金礦恢復生產，隴南萬象城awc10000噸/日技改擴建工程全面投產，貴州萬象城awc、山西萬象城awc、澳大利亞諾頓金田等一批黃金增量項目技改工程全面開工；剛果（金）卡庫拉銅礦項目建設超預期推進，塞爾維亞Timok銅金礦上帶礦建設進展喜人，塞爾維亞萬象城awc波爾銅業系列技改項目全面提速，西藏巨龍銅業“浴火重生”，在建工程全線復工。

We have achieved much through our “Project Construction Year” campaign. The Buriticá gold mine in Colombia began production after construction was completed. The Aurora Gold Mine in Guyana resumed production. The technical upgrade project for the capacity of 10, 000 tonnes per day at Longnan Zijin Gold Mine has been completed and is in production. Technical upgrades to gold mines held by Guizhou Zijin Mining, Shanxi Zijin Mining, Norton Gold Fields of Australia, and AGM of Guyana, which are our additional sources of gold, have been kicked off. The construction of the Kakula Copper Mine in the Democratic Republic of the Congo is ahead of schedule. Underground development of the Upper Zone of the Timok Copper-gold mine in Serbia is encouraging. Technical upgrades to copper mines at Serbia Zijin Copper Doo Bor are picking up pace. Tibet Julong Copper had a “rebirth” under our watch, with all of its preceding construction activities resumed.

公司高規格召開第六次科技大會，并承辦首屆中國礦業科技創新與可持續發展論壇。公司獨創的“礦石流五環歸一”礦業工程管理模式在行業產生深遠影響，一批科技成果得到行業高度認可，以創新為代表的行業技術比較優勢持續鞏固。

We held our 6th Science and Technology Symposium, with the participation of high-level delegates. We also hosted the first Forum on Innovation and Sustainable Development for the Chinese Mining Industry. Our unique “Five in One” mining model, a holistic approach to geological exploration, extraction, mineral processing, smelting and environmental protection, has had a wide-ranging impact in the sector. A number of our research findings have been highly recognized in the industry. Our comparative advantages in technology, which are driven by innovation, continue to be strengthened.

公司堅持提升上市公司質量，積極為投資者創造價值，資本市場認可度和影響力大幅提升，公司總市值超過2300億元，較年初實現翻番增長，并完成了60億元A股可轉債發行。公司對接國際標準，自上而下推動建立環境、社會和管治（ESG）體系架構，可持續發展能力顯著增強，綠色生態礦山建設持續向好。

As a public company, we are committed to increasing the quality of our business, and creating value for investors. Our Group’s recognition and influence in the capital market have increased significantly. Our market cap now totals more than RMB 230 billion, doubling that from the beginning of the year. We issued RMB 6 billion in convertible bonds in the A-share market. On the basis of international standards, we have been building our environmental, social and governance (ESG) system from top to bottom. Our capability for sustainable development has been increased significantly, and we are making our mines greener and more environment-friendly.

公司進一步強化企業黨委、董事會、監事會和經營班子的高效協同，推進“簡潔、規范、高效”的全球化運營管理體系建設，企業治理、管理效率和整體活力明顯改善。公司積極履行社會責任，共同發展理念得到廣泛認同，蟬聯第六屆“全國文明單位”殊榮。

We have strengthened coordination among our board of directors, board of supervisors and senior management. We have been pushing for the establishment of a globalized operations and management system that is “lean, well-structured, and efficient”. This has brought about marked improvements to our corporate governance, management efficiency and overall vitality. We have been active in fulfilling our corporate social responsibilities. Our concept of common development has been widely recognized - the winning of “Sixth National Civilized Entity” award is a testimony of this.

當今世界正經歷百年未有之大變局，新冠疫情推波助瀾，國際經濟形勢波譎云詭。逆全球化思潮使經濟存在較多不確定性，全球經濟增長放緩甚至衰退是大概率事件；中國大力推動國內大循環為主體、國內國際雙循環相互促進的新發展格局，中國經濟正由高速增長向高質量發展階段轉型，市場空間仍然廣闊，發展韌性強勁。

The world is undergoing momentous changes unseen in a century. The COVID-19 pandemic is still raging. As such, the world economic situation is complicated and unpredictable. The headwinds of de-globalization have resulted in many uncertainties in the economy. The world economy is highly likely to suffer a slowdown or even a recession. The Chinese government is promoting a new development dynamic, in which the domestic economy is the mainstay, and domestic and international markets reinforce each other. The Chinese economy is transitioning from rapid growth to high-quality development. With a massive market, China is still a resilient economy.

隨著疫苗的全面使用，人類戰勝疫情可以預期，中國將繼續成為推動全球經濟復蘇的中堅力量。全球超寬松的貨幣政策，避險情緒持續升溫。礦產資源作為“工業糧食”，在后疫情時代可能出現報復性價格上漲，以“去碳化”為導向的新材料、新能源行業飛速發展，與之相關的金屬價格加快回暖，金銅等金屬價格有望保持在高位運行。但由于世界經濟不確定性增加，當前資產價格上漲與貨幣超發貶值有關，“滯漲”是一個大概率事件，在相當程度上正在孕育金融和經濟危機，務必高度重視風險控制，不因主營金屬價格高漲而自我膨脹。

With the roll-out of vaccines, mankind is expected to prevail over the pandemic. China will continue to be a key driver for global recovery. Ultra-loose global monetary policies have heightened risk-averse sentiments in the market. Mineral resources, the “food” for industries, have seen their prices surge in the post-pandemic era. New materials and new energy industries, which contributes to the de-carbonization movement, are developing rapidly. As a result, prices of metals required by these sectors are rebounding; gold and copper prices are also expected to remain high. However, the current price hikes are linked to the over-supply and depreciation of money, caused by rising uncertainties in the global economy. The probability of stagflation is high. To a large extent, there is a financial and economic crisis brewing. We must take risk management seriously, and shouldn’t become over-confident as the prices of our main metal products run high.

2021年是公司深化改革構建全球化運營管理體系方案實施的第一年，也是公司推進跨越增長的關鍵之年。
2021 is the first year for us to implement our Reform Plan, in order to build a globalized operations and management system. It is also a crucial year in our push for leaping growth. 

時不我待，只爭朝夕

Time and tide wait for no man. We will seize the day.

——推進改革方案落地生根，確保初步建成全球化運營管理體系取得實質性成果
——Carry out the Reform Plan, and deliver substantial results in the initial establishment of a globalized operations and management system.

要按照打造世界一流金屬礦業公司標準，按照深化改革“三步走”的時間表，全面落實第一階段的改革目標。這次改革從深度和廣度上都是前所未有的，要以壯士斷腕的決心和勇氣進行改革，敢于打破傳統“疆界”，充分釋放組織活力，爭做改革的推動者、領跑者和示范者。
On the basis of building a world-class metals and mining companies and our “three-step” timetable for further reform, we will put in place a leading, globalized operations and management system. This reform is going to be unprecedented in depth and breadth. We must see it through with unprecedented determination and courage, like a hero slashing his own wrist to rid himself of poison. We must break traditional “boundaries” to unleash the vitality of our organization, take the lead in carrying out the reform, and set a good example.

——加快資源優勢轉化，確保企業跨越增長
——Achieve leapfrogging growth by making good use of resources.

后疫情時期對經濟復蘇有良好預期，加上極其寬松貨幣政策，對黃金和基本金屬價格形成有力支撐。要采取堅決有效舉措，實現多項重大建設項目按期或提前投產、達產及達標，加上已有產能要最大限度提高主要礦產品產量，為今明兩年實現經營業績的跨越增長添磚加瓦。同時，面向全球配置資源，加大地質勘查力度，爭取取得地質找礦的重大突破，提升戰略性礦產資源擁有量。
Positive expectations for post-pandemic recovery, and extremely loose monetary policies, will provide strong support for the prices of gold and base metals. We will take effective measures to finish a number of major construction projects, so that they can start producing on or ahead of schedule, and reach full capacity or meet required standards. On the other hand, we will work to maximize the output of major products from existing operations. The aim is to contribute to the leapfrogging of our business performance this year and next year. At the same time, we will allocate resources globally and add strategic mineral resources, through more active exploration activities, and efforts aimed for major breakthroughs in discovering mines.

——借力資本市場，確保投融資戰略支撐體系健康高效運行
——Keep our investment and financing system - our strategic backing - healthy and efficient by working with capital markets.

以提升上市公司質量為根本，進一步對接境內外資本市場，構建多模式的資本平臺，促進公司業務板塊與資本市場有機融合；拓展境內外融資渠道，持續修復和提升企業市場價值。提升公司資本運營和管理能力，高度重視風險防控，要進一步優化財務和金融資本管理。
With a view to increasing the quality of our business, we will better engage with domestic and international capital markets, and build a capital platform that supports multiple models. We want to further synergize our business segments with capital markets. Meanwhile, we will expand financing channels in China and overseas, and see to it that our corporate valuation rally and rise. We will improve our capabilities in the management and use of capital, and take risk prevention and control very seriously. Further, we will optimize the management of our own finances and that of financial capital.

——堅持科技創新驅動，形成相匹配的技術研發和信息數字系統
——Develop a R&D system and a digital system that meet our needs through innovation.

充分發揮公司在自主勘查、低品位難選冶礦產資源開發實踐中形成的比較競爭優勢，重點突破大規模低成本以崩落法采礦為主的地下采礦技術與工程落地，解決一批制約企業和行業發展的關鍵技術及應用問題。投資與公司業務密切相關的科技型企業，全面加大科技投入，建立與全球化相匹配的技術研發能力，全面構建以技術為先導的全球競爭力。積極推進信息化系統建設，革新礦山技術設備和開發模式，加快信息化、數字化與生產運營管理體系深度融合，推動企業發展的質量變革和效率變革。
We will leverage our comparative competitiveness, gained through proprietary exploration and development of low-grade, refractory minerals, to develop and adopt low-cost underground mining technologies for large-scale mining, which will be mainly based on the caving method. This will provide key technologies and solve practical problems that hinder our own development and that of the industry. We will invest in tech firms closely linked to our businesses. We will also invest more in science and technology, and develop our global competitiveness by increasing our research and development capabilities to meet our needs for globalized operations. We will continue to develop our IT systems, and introduce innovative mining technology, equipment and development models. We will further integrate information technology and digital applications into our production, operations and management system. The purpose of these initiatives is to boost the quality and efficiency of our development.

——加大人才培養和引進力度，著力解決國際化人才“瓶頸”問題
——Break the skills bottleneck in our globalized operations by stepping up the training and hiring of talent.

以全球化角度和視野，加大國際化人才的招聘、培養和引進力度，爭取3-5年內基本解決國際化人才不足的關鍵問題。堅持市場準則，持續完善人才評價體系，形成高效競爭和優勝劣汰機制，激發組織和人員活力，建立以價值創造者為本的國際化人資保障體系。高度重視技術工人隊伍的建設，關注員工對個人價值實現和美好生活的需要，讓價值創造者擁有更多的獲得感、歸屬感和成就感。
With a global vision, we will step up the training and hiring of talent needed for globalized operations. We will strive to make up for the talents shortage within 3 to 5 years. On the basis of market norms, we will improve our employee appraisal system, to foster competition and add the survival-of-the-fittest element; we will also work to boost the vitality of our organization, and motivate our staff. We will put in place a globalized human resources system that puts value creators first. We will pay close attention to the development of our team of skilled workers, helping them to realize their own value and to meet their aspirations for a better life. The value creators will have a more rewarding and fulfilling career working with us, and will get a stronger sense of belonging.

——按國際標準建設環境、社會和治理（ESG）體系，全面弘揚企業優秀文化
——Build an environmental, social and governance (ESG) system in accordance with international standards, and celebrate our fine corporate culture.

推動公司ESG體系建設，重視環境與生態保護、職業健康與安全、人權保護、反腐敗與監督、負責任供應鏈、社會責任貢獻等關鍵指標，以綠色發展理念建設和運營新型礦山。關愛生命、保護環境是企業生產經營必須遵守的紅線和底線，持續提升本質安全水平，打造綠色生態國際品牌。堅持“開發礦業，造福社會”的共同發展的價值觀，構建良好的共依共存共同發展的產業生態，讓項目所在的國家、社區、員工和投資者以及關聯者因公司的存在而獲益。
We will put in place an ESG system that gives priority to key indicators, including environmental protection, occupational health and safety, human rights protection, supervision and the fight against corruption, responsible supply chains, and social contributions. We will build and operate a new type of mines on the basis of green development. Protecting lives and the environment is both a minimum standard that must be met, and a red line that we can’t cross. We will continue to improve our level of inherent safety, and build an international brand name underpinned by green and eco-friendly practices. Following the principles of “mining with a social vision” and common development, we will foster an ecosystem of co-dependence and coexistence, allowing governments and local communities where our projects are located, as well as our employees, investors, and other stakeholders, to benefit from our Group’s existence.

萬象城awc礦業立志成為具有全球競爭力的世界一流金屬礦業公司，万象城awc正處于全新的跨越增長的第一階段，万象城awc已經有良好的基礎，盡管山高路遠，暗流涌動，只要万象城awc堅定信念，齊心協力，勇于創新和擔當，必將創造無愧于時代、無愧于社會、無愧于歷史的優異業績！
Zijin Mining is committed to becoming a world-class metals and mining company with global competitiveness. We are in the first phase of a new leapfrogging period. The road ahead is long, and full of challenges. Building on our sound development, we will stay determined, pull together, become more innovative, and take the challenge head on. We are confident that we will deliver excellent results that could withstand the test of the times and of the history, and that meet the expectations of the society at large.