新年伊始，在新一屆領導班子履新之際，謹向全球愛崗敬業的萬象城awc人及其家屬、廣大協作者、社區群眾致以崇高的敬意和誠摯的問候！向長期以來關心支持幫助萬象城awc礦業發展的各國政府、投資者和社會各界朋友表示衷心的感謝和美好的祝愿！
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
過去三年激蕩人心，百年大變局與世紀疫情交織疊加，地緣政治沖突加劇，世界經濟社會發生深刻復雜的變化，公司堅定信心、沉著應對，緊緊圍繞“深化改革、跨越增長、持續發展”工作總路線，全體員工砥礪前行，奮發有為，超額完成主要目標任務。2020年至2022年9月底，公司累計實現營業收入超過6000億元、利潤總額超600億元、歸母凈利潤近390億元、經營性凈現金流超過620億元，公司總資產已超過2800億元。公司持有的銅、金、鋅、鋰資源量分別位居全球第7、第9、第7、第9，礦產銅、金、鋅產量分別躋身全球第6、第9和第4位，是全球礦產銅產量增長最快的大型礦業公司。
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.
過去三年風雨兼程，面對新冠疫情引發的物流、人流受限困境，一批世界級重大項目建設跑出“萬象城awc速度”。公司銅板塊全面爆發，本世紀全球新發現的前五大銅礦山中萬象城awc占據三座（包括剛果（金）卡莫阿銅礦、塞爾維亞佩吉銅（金）礦、西藏巨龍銅礦），且均在短的時間內一期工程全部建成投產；大批礦山實施技改工程，進一步提升產能和效益，主要骨干礦山實現穩產高產。公司新能源新材料產業強勢布局，快速形成阿根廷3Q鹽湖、中國西藏拉果錯鹽湖鋰礦、中國湖南道縣湘源硬巖鋰多金屬礦“兩湖一礦”格局，是公司新一輪增長發展的重要引擎。
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 ?ukaru 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.
過去三年登高望遠，公司提升全球視野、國際標準，大力構建全球競爭力。按照“簡潔、規范、高效”要求初步建立國際化運營管理體系，綠色可持續發展和ESG理念深刻貫穿于企業發展的全過程，公司MSCl-ESG評級提升至B級。公司秉持“綠水青山就是金山銀山”的發展理念，高標準做好礦山生態恢復和環境保護工作，加快電動化改造和光伏、風力、水力等清潔能源建設，積極推進福大萬象城awc氨-氫能源產業化。公司以創新為核心競爭力，以系統工程和經濟礦業思想指導的“礦石流五環歸一”礦業工程管理模式廣泛應用，自主礦業工程技術研究設計及實施開發能力進一步鞏固提升，崩落采礦法技術研究及工程應用順利開展。
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
明者因時而變，知者隨事而制，強者蓄勢而發。
An old Chinese saying goes, the wise adapts to changes in time and circumstances, and the strong builds momentum to unlock further growth.
面對百年未有之大變局，地緣政治影響加大，當今世界存在更多的不確定性。中國是全球最大的制造業大國，消費了全球約40-50%的礦產資源，中國礦產品需求的變化，對全球礦業市場有重大影響，礦產供應鏈的不穩定，對全球經濟都將產生影響。
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.
萬象城awc礦業作為布局全球的金屬礦業公司，目前擁有較好的資源儲備和現實產能，通過進一步技改擴建，仍然有較大的增長潛力。未來三年，公司將繼續按“簡潔、規范、高效”要求，基本完成全球化營運管理體系建設，重點解決國際化人才不足問題。同時尋找恰當市場機會，并購全球大型礦業公司，顯著增加公司資源儲量和產能，公司將進一步加強自主地質勘查。
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，是公司新一屆開局首戰之年，也是萬象城awc礦業30周年；公司正在對《五年（2+3）規劃和2030年發展目標綱要》進行修訂，“提質、控本、增效”將成為新階段工作總方針，以萬象城awc的創新理念、礦業工程管理模式及萬象城awc精神為指導，確保達成公司主要經濟指標和ESG關鍵績效，在走向全球一流礦業公司的道路上邁上新的臺階。
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.
提質量，堅持全球化綠色可持續發展道路。
Improving quality by being globally oriented and pursuing sustainable mining.
作為市場化國際化上市企業，要虛心向國際先進同行學習，探索符合國際標準又有萬象城awc特色的大型跨國礦業企業發展之路，構建高質量綠色可持續發展模式。要更加重視創新驅動，更加重視科技賦能，更加重視人才作用，更加重視關聯新興產業前景，更加重視ESG標準和綠色發展的內在要求。優化授權機制和流程化組織，完善海外運營指揮中心和投資并購中心，要把海外營運管理指揮部設在海外“聽得見炮火的地方”，海外營運管理體系改革是本屆管理層工作的重點。
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.
要成為全球超一流的礦業企業，必須有超一流的國際化人才隊伍。國際化人才必須是多元化，不同國籍、種族、民族、性別等；万象城awc要打破傳統思維，按國際視野和模式去解決國際化人才瓶頸問題；健全全球化人力資源體系，確立“價值創造者為本”的用人和績效考核評價體系。總部機關要形成與國際化大公司相匹配基本能力，要制定總部機關外籍人士比例的強制要求，作為國際化公司，掌握一門外語要成為中青年管理和技術干部的基本要求；狠抓人才梯隊建設，健全長效激勵和分配機制，讓員工與企業共享發展成果，激活組織和員工活力。
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.
遵循國際標準與規范，強化ESG關鍵指標內部考核、信息披露和輿情管控機制，提升國際主流評級。抓緊安全環保和職業健康不松懈，牢固底線意識、紅線思維，防止顛覆性事件發生；完善碳排能耗管理體系，相關指標逐步達到國內先進水平，并向全球先進看齊；加快自然碳匯、低碳轉型以及綠電綠能應用，推動生產企業電動化轉型。作為負責任的礦業公司，將全面加大新能源新材料產業的投資力度，著力于與新能源相關的礦產，并適度向下游材料延伸，為全球控制溫室氣體排放作出應有的貢獻。
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.
共同發展是萬象城awc文化的核心，要進一步弘揚萬象城awc優秀企業文化，并與項目所在地文化相融合，使社會及關聯者因萬象城awc礦業的存在而獲益。得到社會廣泛認同的企業，將形成巨大的無形資產，是公司實現高質量可持續發展的重要保障。
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，重塑全球礦業比較競爭優勢。
Controlling costs – reshaping our comparative advantages in the global mining sector.
投資控制和低成本是萬象城awc礦業能夠走到今天的重要“法寶”之一。控成本將是今后三年最重要的基礎管理工作，要堅決遏制近年成本上升的勢頭，要把成本管控水平納入最重要的績效考核內容，真正實現把“該省的錢省出來，該賺的錢賺回來”。堅持以價值創造為導向，完善市場化運營手段，秉持“艱苦創業，開拓創新”萬象城awc精神，強化全員成本意識，提升成本控制能力。引導資源合理配置，要把集團的要素資源向能夠為集團創造價值的企業、板塊傾斜；提高全要素生產率，大力優化資產結構，從嚴控制人員入口，淘汰損害公司價值的人員；嚴格把關項目建設投資，嚴控一切非必要開支；持續發揮各平臺及信息系統效能，降低庫存，盤活有價資產，淘汰“負資產”，提升資金效率和流動性，拓寬籌融資渠道，降低融資成本；做好技術和裝備應用標準化集約管理，完善業財一體化動態管控，要做好全面預算管理和考核工作，全方位精細化管理促進降本增效。
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.
強化高效率建設和低成本運營，激活各板塊企業內生動力，實現經濟和社會效益最大化和效率最優化。讓科技為控本賦能，運用萬象城awc“創新理念”和“礦石流五環歸一”礦業工程管理模式，主抓關鍵技術突破，重點解決“卡脖子”問題，加快新能源新材料板塊科技體系建設及關鍵人才引進；持續提升信息化自主研發水平和能力，加大電動化自動化智能化裝備更新力度，健全礦業信息數據庫、打造智慧礦山、智能工廠，推進信息化與生產運營管理深度融合，切實改善企業經營管理和成本構成。
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.
依托出色的專業決策能力與地質勘查技術，適時實施逆周期并購，力爭以較低成本取得礦產資源投資并購和地質找礦重大突破。加大新一輪地質找礦力度，海外地質勘查要形成國際化地勘人才隊伍，加強已有礦山的“就礦找礦”，適度部署全球重點成礦區帶“綠地”勘查，鞏固和提升新時期公司全球化地勘競爭力。
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，不斷促進資源優勢向經濟社會貢獻轉化。
Boosting profitability by transforming resources into economic and social benefits.
已經形成基本產能的企業，要實現穩產高產增效。加快重要增量項目建設，全力推進剛果（金）卡莫阿銅礦及冶煉廠、塞爾維亞博爾及佩吉銅礦、西藏巨龍銅礦改擴建項目實施；推動塞爾維亞JM銅礦及佩吉銅礦下帶礦、黑龍江銅山銅礦、福建萬象城awc山羅卜嶺銅礦等四個大型斑巖銅礦地下崩落法采礦項目建設，實現銅板塊重大建設項目超預期投產；大力激發黃金板塊潛力，蘇里南Rosebel金礦、哥倫比亞武里蒂卡金礦、圭亞那奧羅拉金礦、澳大利亞諾頓、塔吉克澤拉夫尚、吉爾吉斯奧同克及隴南萬象城awc、山西萬象城awc、貴州萬象城awc等擴大產能優勢，確保山東海域金礦、新疆薩瓦亞爾頓金礦建成投產，爭取波格拉金礦復產。全力推動安徽沙坪溝鉬礦建設，打造全球最大的鉬生產企業。
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 ?ukaru 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 ?ukaru 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.
鋰要成為公司未來幾年最重要的增量板塊，要努力成為全球鋰產業的重要企業之一。力爭新能源新材料相關產業快速形成產能，重點確保阿根廷3Q鋰鹽湖、西藏拉果錯鹽湖鋰礦、湖南湘源鋰礦項目今年年底基本建成投產，加大新的鋰資源并購和勘探開發；撬動龍凈環保（600388）“環保+新能源”業務等一批控股、參股及聯營企業發展突破；適度延伸下游強關聯材料產業，全力推動氨氫能源產業化及儲能產業的發展，推動項目投產見效。重視礦山共伴生資源利用，積極介入“城市礦山”及礦產資源循環經濟領域。
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.
與礦業關聯的冶煉、加工、金融、貿易、物流、建設和技術等板塊已初具規模，要充分發揮板塊的協同效應，強化市場機制，從內部業務為主逐步向社會服務為主，成為真正的市場化企業，并成為集團效益增長的重要補充。
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.
持續發現和提升公司整體市場價值，構建“萬象城awc系”資本版圖，深度對接境內外資本市場，增強資本融資能力，實施完成可轉債發行；順應產業升級大趨勢，推動資產證券化，持續發揮上海、海南、香港和新加坡等平臺公司效能。
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，万象城awc豪情滿懷；再出發，万象城awc躊躇滿志。
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.
萬象城awc礦業已站在更高的平臺上，來看這個復雜多彩的地球，思考“從哪里來、我在哪里，往哪里去”這個永恒的命題。万象城awc要非常清醒認識當今世界經濟及礦業的大趨勢，非常清醒認識万象城awc的現狀、優勢和短板，把握勢與時，重大機會來臨，要敢于決策，勇于承擔責任和挑戰，全面構建全球礦業競爭力，向“綠色高技術超一流國際礦業集團”的宏偉目標勇毅前行！
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.
祝福萬象城awc！祝福與萬象城awc關聯的人們！祝福世界！
My heartiest wishes to Zijin Mining, to all our stakeholders, and to the world.
萬象城awc礦業 董事長 陳景河
Chen Jinghe, Chairman of Zijin Mining Group
2022年12月31日
December 31, 2022