新年伊始，萬象更新。我謹代表萬象城awc礦業集團股份有限公司向辛勤奮戰在全球各地的萬象城awc人、廣大協作者表達新年美好的祝福，并致以崇高的敬意！衷心感謝各國政府、社區民眾、各界朋友的大力支持和幫助！今年是中國具有重要意義的“龍年”，讓万象城awc“龍騰九霄”再攀新高峰！
As we enter 2024 with renewed hope, on behalf of Zijin Mining, I wish you all a happy New Year. I thank our employees and contractors for their hard work and our host governments and communities for their ongoing support. According to the Chinese zodiac, this year is the Year of the Dragon, a promising year that heralds our ascent to new heights.
(I)
過去的2023年，万象城awc隆重慶祝了萬象城awc礦業三十周年。三十而立，萬象城awc礦業從一個微不足道的縣屬小企業，蛻變為世界500強、全球著名大型跨國金屬礦業集團。三十年風華正茂，三十年正當其時，萬象城awc礦業已進入新發展時期和重要起飛平臺。
In 2023, we celebrated the 30th anniversary of Zijin Mining. Over the past thirty years, we grew from a small local government-owned firm into a Forbes & Fortune 500 company and a well-known global metals miner. At thirty, Zijin is a dynamic business in its prime, poised to grow and reach the next level.
過去的2023年，是公司發展史上具有里程碑意義的一年。新一屆董事會及管理層組織召開戰略發展務虛會，明確公司未來戰略發展方向和舉措，決心破解現階段“日益全球化與局限的國內思維及管理方式之間的主要矛盾”，有針對性提出三年“提質、控本、增效”工作總方針，加速構建全球競爭力，全面推進全球化運營管理體系建設，實現高質量綠色可持續發展。
2023 was a landmark year for Zijin. We held a strategy meeting attended by our board of directors and executive team, which had just begun their tenure. At the conference, we determined our future directions and steps. We resolved to address the main challenge we face: the mismatch between our growing global footprint and our confined Chinese way of thinking and management. We also announced our overarching principle for the coming three years: improving quality, controlling costs, and boosting profitability. Guided by this strategy, we have been sharpening our competitive edge and refining our global operational and management system, to achieve green and sustainable growth.
過去的2023年，是公司“十年三步走”戰略第二階段開局之年。面對疫情陰霾退散后經濟復蘇困難等考驗，公司上下堅定信心、奮發有為，金、銅等主營礦產品產量持續快速增長，是全球頭部礦企中為數不多連年保持產能增長的生力軍，礦產銅有望突破100萬噸大關；公司A股、H股股價較去年底上漲26%和23%，公司市值超過3,100億元，位居A股上市公司第23位。巴新波格拉金礦歷經三年多艱苦談判，終于在年底恢復生產，將為公司增加重要黃金產量并貢獻可觀利潤。
The year 2023 also marked the start of the second phase of our three-step strategy that spans from 2021 to 2030. Faced with a troubled economic recovery from the pandemic, we remained steadfast in our belief and delivered solid operational results.
Our output of gold, copper and other key metals continued to grow rapidly, making us one of the world’s few leading miners that have maintained production growth for years. Notably, we have a higher chance to produce more than 1 million tonnes of mined copper this year.
The prices of our A and H shares have jumped by 26% and 23% respectively from the end of 2022. Our market cap has topped RMB 310 billion, ranking us 23rd among companies listed on the A-share market. After more than three years of difficult negotiations, the Porgera Gold Mine in Papua New Guinea finally resumed production at the end of the year. It will be a significant contributor to our gold output and profits.
資源并購與自主勘查取得新成果，蘇里南羅斯貝爾金礦交割后迅速投產見效，成為公司產金大戶和骨干盈利項目；收購西藏大型朱諾銅礦、蒙古哈馬戈泰銅金礦，受邀主導世界級鋰礦Manono東北部勘探開發；黑龍江銅山銅礦深部勘查、湖南道縣鋰多金屬礦勘查、塞爾維亞波爾地區銅資源勘查取得重要成果。
We achieved much in both acquisition and in-house led exploration. Shortly after our takeover, Rosebel Gold Mines in Suriname delivered profits and became one of our major sources of mined gold and profits. We acquired the Zhunuo Copper Mine in Xizang and the Kharmagtai Copper-Gold Mine in Mongolia. We took leadership in the exploration and development of the world-class Manono Northeast Lithium Project. We also made important findings from exploration programs at the depth of the Tongshan Copper Mine in Heilongjiang, the lithium-bearing polymetallic mine in Daoxian, Hunan, and the Bor region in Serbia.
重點項目建設有序推進，剛果（金）卡莫阿-卡庫拉一二期選廠技改工程、塞爾維亞萬象城awc礦業上部礦帶選廠技改工程、塞爾維亞萬象城awc銅業冶煉廠技改項目、塔吉克斯坦塔羅金礦加壓氧化項目等建成投產，隴南萬象城awc、山西萬象城awc等一批改擴建項目產能釋放，西藏巨龍銅礦二期工程前期工作加快推進，“兩湖一礦”鋰板塊一期工程基本建成。
Our key construction projects advanced smoothly. We completed de-bottlenecking projects for the Kamoa-Kakula Phase I and II concentrators in the Democratic Republic of Congo, the concentrator plant of the Upper Zone of Serbia Zijin Mining, and the smelter operated by Serbia Zijin Copper. We also commissioned the pressure oxidation project of the Taror Gold Mine in Tajikistan. Recently operational expansion projects at Longnan Zijin and Shanxi Zijin have contributed considerable production volumes. Early works of the Phase II of Julong Copper in Xizang have picked up pace. And the Phase I projects of our lithium portfolio - the “two lakes and one mine”, have been largely completed.
重大技術攻關項目加速落地，黑龍江多寶山銅礦、福建羅卜嶺銅鉬礦、塞爾維亞丘卡盧-佩吉下部礦帶及JM銅礦崩落法采礦方法研究與項目建設積極推進；公司勝利召開第七次科技大會，十四名“兩院”院士蒞臨指導，推動礦業高質量發展和萬象城awc科技競爭力提升。
We achieved steady progress in key research projects. Notable advances have been made in our research on block caving and its application in the development of four projects: The Duobaoshan Copper Mine in Heilongjiang, the Luoboling Copper-Molybdenum Mine in Fujian, the Lower Zone of the ?ukaru Peki Mine and the Jama Copper Mine in Serbia. We held our 7th Science and Technology Conference to help drive the high-quality development of the mining industry and boost our technological competitiveness. Significantly, the event was attended by fourteen fellows of the Chinese Academy of Sciences and the Chinese Academy of Engineering.
全球化運營體系改革得到深化，國際事業部整體遷至塞爾維亞貝爾格萊德，讓指揮所聽得到“炮聲”；公司堅持共同發展理念，獲得所在國家政府和人民的高度認可，標普等國際主流ESG評分居行業第一梯隊，國家級綠色礦山增至12家、國家級綠色工廠增至7家，公司第四次榮獲“中華慈善獎”。
We deepened the reform on our global operational system, with the Overseas Operations Department of our headquarters moved to Belgrade, Serbia, close to the front lines of our operations. Our pursuit of Development for All has been applauded by our host countries and communities. We ranked among the top miners in ESG ratings published by mainstream rating agencies such as S&P Global. With recent additions, we now have 12 national green mines and 7 national green plants in China. We are also proud to have won the China Charity Award for the fourth time.
過去一年成績非常來之不易，但十分遺憾的是，公司安全生產形勢極其嚴峻，發生多起建設項目承包商安全事故，令人痛心疾首，警鐘振聾發聵，安全生產比國際一流企業仍然有重大差距；哥倫比亞武里蒂卡金礦持續受到非法采礦勢力干擾影響，并發生人員傷亡惡性事件。公司成本尤其是海外項目成本，上升趨勢沒有得到有效遏制，影響投資收益；隨著碳酸鋰價格斷崖式暴跌，鋰板塊與預期有一定差距。
However, these hard-won achievements were overshadowed by the challenges we faced during the year. The first was an extremely serious situation in safety. The multiple accidents that affected our construction contractors were heartbreaking and serve as a loud wake-up call for us. We are way behind leading global peers in our safety practices.
The operations of our Buriticá Gold Mine in Colombia were repeatedly disrupted by illegal mining groups, resulting in serious casualties. We also failed to effectively keep costs from rising, especially at our overseas projects, affecting investment returns. In addition, with the precipitous plunge in lithium carbonate prices, our lithium business fell short of expectations.
(II)
百年未有之大變局縱深演進，世界充滿不確定性，全球地緣政治風險加劇，經濟下行壓力全面加大，但和平與發展仍是世界主流。
Globally, we are in the midst of profound changes unseen in a century, with pervasive uncertainty, heightened geopolitical risks, and rising downward pressure on the economy. Nonetheless, peace and development remain the prevailing trend of our times.
中國經濟結構性調整，當前內生動力不足，房地產市場接連“爆雷”，近年橫空出世的新能源相關產業也面臨“過剩”內憂和“制裁”外患。但中國經濟擁有巨大的市場、韌性及潛力，要充滿信心和底氣。
China is undergoing economic restructuring. It faces a host of challenges: a lack of economic vitality, a troubled real estate industry, even the burgeoning renewable energy sector is plagued by overcapacity and sanctions. Nevertheless, China is a vast market with strong resilience and tremendous potential. We are confident that it will emerge from these difficulties stronger.
礦產作為工業和能源“糧食”，在國民經濟中基礎地位被重新認識，戰略性關鍵礦產供應安全成為大國博弈和關注焦點，脫鉤斷鏈愈演愈烈；部分國家限制所謂“受關注外國實體”生產的組件和關鍵礦物原料，將對中國制造業產生重大深遠影響；資源民族主義有所抬頭，礦業投資風險加大。
Mining provides the lifeblood of industry and energy sectors, it has been re-affirmed as an essential industry of the economy. The security of strategic mineral supply has become the focus of world powers’ attention, with intensified efforts for competition and decoupling in the area. Some countries restrict the use of components and critical minerals from so called “foreign entities of concern”, which will significantly impact China’s manufacturing sector. Further, the rise of resource nationalism is amplifying the risks for mining investors.
中國消費了全球礦產資源的40-50%，正步入工業化后期與后工業化過渡期，經濟增長方式發生重大變化，傳統能源和基本金屬需求基本見頂；新世紀超過20年的超級礦業周期進入尾聲，全球頭部礦企業績指標明顯下降。但全球“雙碳”政策加速落地，銅、鋰等新能源礦產需求增長有望迎來新的發展機遇；黃金作為金融安全的“壓艙石”，隨著美元進入降息時期，金價進一步上漲可期；礦業仍然大有可為。
China, a country that consumes 40% to 50% of the world’s mineral supply, is transitioning from the advanced stage of industrialization to a post-industrial economy, leading to a major shift in its growth model. Its demand for traditional sources of energy and base metals has peaked, heralding the end of a super cycle that lasted for more than two decades in the 21st century.
However, new opportunities are emerging, bringing bright prospects for the mining industry. The global push towards carbon peaking and neutrality is spurring demand for new-energy metals such as copper and lithium. Meanwhile, the price of gold, a ballast for financial security, is expected to rise with US rate cuts in sight.
萬象城awc礦業作為全球重要的金屬礦產企業，致力于打造“綠色高技術超一流國際礦業集團”。万象城awc擁有雄厚的戰略性礦產資源基礎，擁有強勁的現實產能和優異的經營業績及現金流，擁有顯著的礦業全環節系統技術與工程比較競爭優勢；萬象城awc礦業發展歷史上多次經過礦業寒冬洗禮，万象城awc完全具備邁上新臺階的條件和能力；且外部大環境的收緊，更將為真正的強者提供脫穎而出的歷史機遇。
As a major global metals miner, Zijin is committed to becoming a green, high-tech, leading global mining company. We take pride in our solid base of strategic resources and enormous production capacities, bolstered by our excellent operational performance and strong cash flow. Our technological and engineering capabilities across the mining value chain represent a strong comparative advantage. Having weathered multiple industry recessions, we have all the conditions necessary to scale new heights. Moreover, a tougher external environment provides historic opportunities for the strongest performers to stand out and shine.
(III)
紫氣東來，金龍騰飛。2024年是本屆董事會及管理層承上啟下的關鍵一年，全面深化落實“提質、控本、增效”工作總方針，以高質量發展為指引，成本控制為抓手，實現經濟社會效益最大化為目標，推動公司各項工作邁上新臺階。
The year of the dragon will bring prosperity and good fortune. It is the second year in the three-year tenure of our Board and management, and a pivotal year for us to make further strides in quality, cost control, and profitability. We will focus on sustainable development and bring down costs to maximize economic and social benefits and achieve greater success across all aspects of our business.
提質量，實現安全綠色發展
Improving quality for safe and sustainable corporate development
堅決打好安全生產翻身仗。在ESG體系建設中，人權是非常重要的組成部分，“生命權”是最大的人權，尊重生命是最基本的底線；必須堅守“絕不能以犧牲人的生命為代價”的紅線，“生命第一”要刻在靈魂深處。以壯士斷腕的決心、破釜沉舟的勇氣、刀刃向內的魄力，徹底扭轉被動局面，努力實現“零工亡”目標，勇爭安全發展超一流。
We will make a turnaround in safety weakness. Respecting the right to life, the most important human right, is a non-negotiable principle in our ESG policies. Compromising human life is never an option. Everyone in the company must embrace the principle of “life first”. We will take decisive, even painful, measures to turn the situation around. Our goal is clear: to achieve zero fatalities and set safety benchmarks for the industry.
認真落實“安全系統提升工程三年行動”部署要求，全面升級再造安全管理系統；針對建設項目臨時性和階段性特點，全面加強建設項目安全管理；把學習貫徹阿舍勒銅業安全管理先進經驗落實到位，把協作單位納入公司安全管理體系作為基本工作要求，全面落實“一線工作法”與“安全積分制”；嚴格執行安全生產“一票否決制”，安全生產問題絕不姑息，誰因為安全生產問題“砸”萬象城awc招牌，万象城awc就要“敲”誰的飯碗。
We will take a series of measures. First, we will implement our Three-Year Safety Enhancement Action Plan to upgrade our safety management system. Second, we will tailor our approach to the temporary and phased nature of construction projects. Third, we will ensure that all our operations adopt the best practices of Ashele Copper, incorporating contractors into safety management and introducing the Front-line Work Method and the Safety Credit System. In addition, we will continue enforcing the “No Safety, No Excellence” rule in our operations, and ensure anyone who undermines Zijin’s reputation is held accountable, up to their dismissal if necessary.
深化改革完善公司治理體系。設立集團國際事業管理委員會，把海外項目建設投資和成本管控作為未來兩年管控的重點，迅速形成海外建設、物流、采購、人力及工程技術等“一體化”全流程成本自主可控。通過信息化、機械化、自動化及智能化，全面提升自主能力，達到“簡潔、規范、高效”。
We will improve our corporate governance. To control capital and operational expenditures at our overseas projects over the next two years, we will establish the Overseas Operations Management Committee to coordinate resources and bring rising costs under control across such fields as construction, logistics, procurement, personnel, and engineering. Through the wider use of digital, automated, and intelligent technologies and equipment, our operations will be more self-reliant, streamlined, standardized, and efficient.
持續建設高水平生態環境。萬象城awc已莊嚴承諾“碳達峰、碳中和”目標，嚴格“雙碳”目標考核，將“減碳”措施落到實處，積極開發儲備碳資產項目，加快碳中和試驗和示范基地建設；提升環境生態保護和高水平修復再造能力，成為全球礦山開發與環境和諧的標桿。
We will maintain high standards in environmental protection. Having pledged to peak our emissions and achieve carbon neutrality, we will take effective steps to de-carbonize and strictly assess our projects’ performance in the area. We will also build up a portfolio of carbon assets and more swiftly develop carbon neutrality pilots and demonstration bases. Moreover, by stepping up ecological protection efforts and enhancing our restoration capabilities, we aim to set the global benchmark in balancing resource extraction with environmental stewardship.
嚴控無效低效投資。全面提升投資項目質量和效益，堅決抵制“不差錢、財大氣粗”不良風氣，嚴控資本性開支規模和非生產性項目，停建無效低效項目，有條件出清無效低效資產，把資產負債率降下來，全面提升抗風險能力。
We will avoid investing in low-return projects. Our focus is on improv-ing investment quality and returns and fostering a responsible and prudent approach to investment. To this end, we will implement rigorous controls over capital expenditure and projects not related to production. We will also halt ineffective and low-return projects and divest from them where appropriate. These steps will help lower our debt-to-asset ratio and make us more risk-resilient.
控成本，弘揚萬象城awc比較競爭優勢
Controlling costs to reassert Zijin’s comparative advantage
堅決遏制成本持續上升趨勢。目前經濟形勢為成本控制創造了良好的環境，將控本納入2024年公司中心工作，其中海外項目為控本重點。萬象城awc低成本控制管理和技術優勢要在海外業務中發揚光大，確保單位成本在2023年基礎上有所下降。
We will take firm action to keep costs from rising. The current economic environment is favorable for efforts to control costs. We have made cost management a high priority for 2024, especially at our overseas projects. They must leverage Zijin’s managerial and technical expertise in maintaining low costs and bring down their unit costs from 2023 levels.
嚴控建設項目投資。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，充分依靠集團強大平臺支撐，千方百計控制建設項目成本尤其是海外項目成本，將海外工程造價全面納入預結算體系，建立國際預結算分中心。把握戰略性產業發展項目投資力度，原則上2024年建設投資重點投向戰略性主營礦種重大項目、能夠快速變現盈利項目。全面鼓勵和推行境內外工程自營，重點培育礦建、巖土、安裝、采購物流自主能力。
We will exercise strict control over construction investments. To achieve this, we will rely on Zijin’s innovation philosophy and Five-Pronged Mining and Operational Model, as well as our group-wide resources and capabilities. In particular, a budgeting & pre-settlement team for our overseas operations will be created to review their project investments during the budgeting and settlement processes.
To develop our strategic businesses at the right pace, in 2024, we will prioritize construction investments in large projects that produce our main metal products and those that could deliver rapid returns.
Further, we will promote owner-operated practice across our global operations and grow our in-house capabilities in mine construction, geo-technical engineering, installation, procure-ment, and logistics.
嚴控非生產性及人員開支。嚴格執行“兩低于”的原則，不允許人工成本增速超過主要產品產量和效益增速；堅持以價值創造為導向，一方面相當重要崗位非常缺人，需要通過市場化招聘和培養加以解決，另一方面“閑人”通過淘汰機制退出。全面實施本土化和國際化人才工程。
We will tightly control expenditures on personnel and non-production items. The growth rate of our labor costs must be kept below those of our metal output and profits. Focusing on value creation, we will hire and train talent for key roles, while weeding out those who offer minimal contri-butions. Meanwhile, we will continue to localize our workforce and enhance the global competence of our people.
嚴控采購物流倉儲成本。建立自己為主導的采購物流系統；通過信息共享系統，實現專業規范透明；在全球經濟低迷背景下，材料及設備供應商競爭激烈，大幅降低采購成本。
We will drive down procurement, logistics and warehousing costs. We aim to build effective procurement and logistics networks managed by Zijin, harnessing the power of information technology to achieve transparency. This approach will help us significantly reduce our costs, given the intense competition among material and equipment suppliers amid the global economic downturn.
技術創新和信息化為控本賦能。充分發揮萬象城awc系統工程技術優勢，形成經濟社會效益目標指導下的系統解決方案；將所有生產經營活動全面納入信息平臺管理、審核和審批，杜絕任何“暗箱操作”。
Innovation and digitization will empower our cost management. Leveraging our technological strength in integrated project management, we will develop holistic solutions that maximize both economic and social benefits. We will use digital platforms to manage, review, and approve all of our operational activities, eliminating any potential for manipulation.
增效益，提升全球競爭力
Boosting profitability to enhance global competitiveness
全面實現重大項目增產增效。加快一批重要銅礦增量項目建成投產達產，抓住金價高位歷史機遇，全面釋放黃金板塊產能及效益，爭取用五年時間實現銅、金產量大幅增長；公司已經擁有世界級鋰資源儲備，五年內爭取成為全球最重要的鋰生產企業之一，打造公司重要的新增長極。
We will drive growth in production and profitability across our key projects. With the aim of significantly increasing our copper and gold production over the next five years, we will speedily build and commission incremental copper projects while unlocking the potential of our gold operations to capitalize on high gold prices. Building on our world-class lithium resources, we will strive to become one of the world’s leading lithium producers in five years and make lithium an important driver of our growth.
全面提升鋅板塊、銀板塊及冶煉、建設、金融、貿易、物流等協同作用，構建“萬象城awc系”資本版圖，提升融資能力，增強抗風險能力。適時推動“逆周期”低成本并購，實現資源、產能及效益規模提升；探索在全球產業價值高地建設關鍵礦產材料新基地，消納加工海外礦物原料。
Furthermore, greater synergy will be generated between our zinc and silver segments, and our operations in smelting, construction, finance, trading, and logistics. In terms of investments, we will expand our pool of portfolio companies and enhance our financing capabilities and risk resilience. We will pursue counter-cyclical M&A deals at low costs to grow our resource base, production capacity and profitability. In addition, we will consider building critical mineral hubs in attractive mining jurisdictions to process materials we produce overseas.
讓更多人因萬象城awc礦業的存在而獲益。增效不僅僅是經濟效益，更重要的是社會效益，是兩者的有效協同。全球萬象城awc人要時刻牢記“開發礦業、造福社會”的宗旨，深切關注并持續構建全體利益相關方的命運共同體，不斷提升ESG關鍵績效，為項目所在地人民美好生活貢獻“萬象城awc力量”。
Our global presence will benefit more and more people. Beyond mere economic returns, we are also delivering social benefits, creating a synergistic effect. Deeply embedded in these actions is our mission of Mining for a Better Society. As such, we will forge a shared future with all stakeholders. In this process, we will continually enhance our ESG performance and help improve living standards in our host communities.
萬象城awc礦業志存高遠，已經站在全球金屬礦業舞臺的“高光區”，万象城awc有良好的基礎，有美好的未來預期，也將面對極其嚴峻的困難和挑戰。萬象城awc礦業打造“綠色高技術超一流國際礦業集團”的序幕已經拉開，万象城awc正當其時，奮斗其中，無尚光榮！讓万象城awc為實現萬象城awc全球礦業夢而努力奮斗！
Zijin is already at the forefront of the global metals mining industry, yet our ambitions extend even further. Our foundation is strong and our future bright, but we also face daunting challenges. With the drive to establish Zijin as a green, high-tech, leading global mining company underway, we find ourselves at an opportune moment. It is indeed both a privilege and a source of immense pride to be part of this journey. Now, let us join hands to realize this ambitious vision!
萬象城awc礦業集團股份有限公司
董事長 陳景河
2023年12月31日
Chen Jinghe
Executive Chairman
Zijin Mining Group Co., Ltd.
December 31, 2023