拨开疫情的阴霾，在极其困难情况下，2020年紫金矿业实现了跨越增长，兑现了“首战超预期”诺言。今天我们迎来了2021年新年，我谨代表公司向奋战在全球各地的广大员工及家属、协作者和社区群众致以诚挚的问候！特别要向疫情期间坚守岗位和逆行出征的“紫金英雄”致以崇高的敬意！向所有关心、支持和帮助紫金矿业发展的各国政府、投资者与社会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.

过去的一年，是极其不平凡的一年

2020 has been an incredibly extraordinary year

新冠疫情成为全球最大的“黑天鹅”，给当今世界带来强烈冲击，影响深远。在疫情叠加全球经济衰退的背景下，紫金矿业新一届管理团队坚持“深化改革、跨越增长、持续发展”的工作总路线，率领全体员工负重前行，黄金产量稳产高产，矿山产铜初显爆发增长态势。公司全球行业竞争力稳步提升，国际化运营管理水平不断增强，主要经济指标超预期增长，公司价值得到市场的高度认同，实现翻番增长，彰显出强大抗风险能力和增长潜力。

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.

公司金铜资源储量大幅培厚。新并购的武里蒂卡金矿和圭亚那金田当年交割当年投产，当年实现效益；中国最大的驱龙铜矿的成功并购，确立了紫金在中国铜矿山行业绝对领先地位。公司黄金资源储量超过2300吨、铜超过6200万吨、锌（铅）约1000万吨，为公司跨越式增长提供了坚实的资源保障。

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“项目建设年”取得丰硕成果。哥伦比亚武里蒂卡金矿建成投产，圭亚那奥罗拉金矿恢复生产，陇南紫金10000吨/日技改扩建工程全面投产，贵州紫金、山西紫金、澳大利亚诺顿金田等一批黄金增量项目技改工程全面开工；刚果（金）卡库拉铜矿项目建设超预期推进，塞尔维亚Timok铜金矿上带矿建设进展喜人，塞尔维亚紫金波尔铜业系列技改项目全面提速，西藏巨龙铜业“浴火重生”，在建工程全线复工。

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.

公司高规格召开第六次科技大会，并承办首届中国矿业科技创新与可持续发展论坛。公司独创的“矿石流五环归一”矿业工程管理模式在行业产生深远影响，一批科技成果得到行业高度认可，以创新为代表的行业技术比较优势持续巩固。

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.

公司坚持提升上市公司质量，积极为投资者创造价值，资本市场认可度和影响力大幅提升，公司总市值超过2300亿元，较年初实现翻番增长，并完成了60亿元A股可转债发行。公司对接国际标准，自上而下推动建立环境、社会和管治（ESG）体系架构，可持续发展能力显著增强，绿色生态矿山建设持续向好。

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.

公司进一步强化企业党委、董事会、监事会和经营班子的高效协同，推进“简洁、规范、高效”的全球化运营管理体系建设，企业治理、管理效率和整体活力明显改善。公司积极履行社会责任，共同发展理念得到广泛认同，蝉联第六届“全国文明单位”殊荣。

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.

当今世界正经历百年未有之大变局，新冠疫情推波助澜，国际经济形势波谲云诡。逆全球化思潮使经济存在较多不确定性，全球经济增长放缓甚至衰退是大概率事件；中国大力推动国内大循环为主体、国内国际双循环相互促进的新发展格局，中国经济正由高速增长向高质量发展阶段转型，市场空间仍然广阔，发展韧性强劲。

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.

随着疫苗的全面使用，人类战胜疫情可以预期，中国将继续成为推动全球经济复苏的中坚力量。全球超宽松的货币政策，避险情绪持续升温。矿产资源作为“工业粮食”，在后疫情时代可能出现报复性价格上涨，以“去碳化”为导向的新材料、新能源行业飞速发展，与之相关的金属价格加快回暖，金铜等金属价格有望保持在高位运行。但由于世界经济不确定性增加，当前资产价格上涨与货币超发贬值有关，“滞涨”是一个大概率事件，在相当程度上正在孕育金融和经济危机，务必高度重视风险控制，不因主营金属价格高涨而自我膨胀。

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年是公司深化改革构建全球化运营管理体系方案实施的第一年，也是公司推进跨越增长的关键之年。
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. 

时不我待，只争朝夕

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

——推进改革方案落地生根，确保初步建成全球化运营管理体系取得实质性成果
——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属矿业公司标准，按照深化改革“三步走”的时间表，全面落实第一阶段的改革目标。这次改革从深度和广度上都是前所未有的，要以壮士断腕的决心和勇气进行改革，敢于打破传统“疆界”，充分释放组织活力，争做改革的推动者、领跑者和示范者。
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.

——加快资源优势转化，确保企业跨越增长
——Achieve leapfrogging growth by making good use of resources.

后疫情时期对经济复苏有良好预期，加上极其宽松货币政策，对黄金和基本金属价格形成有力支撑。要采取坚决有效举措，实现多项重大建设项目按期或提前投产、达产及达标，加上已有产能要最大限度提高主要矿产品产量，为今明两年实现经营业绩的跨越增长添砖加瓦。同时，面向全球配置资源，加大地质勘查力度，争取取得地质找矿的重大突破，提升战略性矿产资源拥有量。
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.

——借力资本市场，确保投融资战略支撑体系健康高效运行
——Keep our investment and financing system - our strategic backing - healthy and efficient by working with capital markets.

以提升上市公司质量为根本，进一步对接境内外资本市场，构建多模式的资本平台，促进公司业务板块与资本市场有机融合；拓展境内外融资渠道，持续修复和提升企业市场价值。提升公司资本运营和管理能力，高度重视风险防控，要进一步优化财务和金融资本管理。
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.

——坚持科技创新驱动，形成相匹配的技术研发和信息数字系统
——Develop a R&D system and a digital system that meet our needs through innovation.

充分发挥公司在自主勘查、低品位难选冶矿产资源开发实践中形成的比较竞争优势，重点突破大规模低成本以崩落法采矿为主的地下采矿技术与工程落地，解决一批制约企业和行业发展的关键技术及应用问题。投资与公司业务密切相关的科技型企业，全面加大科技投入，建立与全球化相匹配的技术研发能力，全面构建以技术为先导的全球竞争力。积极推进信息化系统建设，革新矿山技术设备和开发模式，加快信息化、数字化与生产运营管理体系深度融合，推动企业发展的质量变革和效率变革。
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.

——加大人才培养和引进力度，着力解决国际化人才“瓶颈”问题
——Break the skills bottleneck in our globalized operations by stepping up the training and hiring of talent.

以全球化角度和视野，加大国际化人才的招聘、培养和引进力度，争取3-5年内基本解决国际化人才不足的关键问题。坚持市场准则，持续完善人才评价体系，形成高效竞争和优胜劣汰机制，激发组织和人员活力，建立以价值创造者为本的国际化人资保障体系。高度重视技术工人队伍的建设，关注员工对个人价值实现和美好生活的需要，让价值创造者拥有更多的获得感、归属感和成就感。
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.

——按国际标准建设环境、社会和治理（ESG）体系，全面弘扬企业优秀文化
——Build an environmental, social and governance (ESG) system in accordance with international standards, and celebrate our fine corporate culture.

推动公司ESG体系建设，重视环境与生态保护、职业健康与安全、人权保护、反腐败与监督、负责任供应链、社会责任贡献等关键指标，以绿色发展理念建设和运营新型矿山。关爱生命、保护环境是企业生产经营必须遵守的红线和底线，持续提升本质安全水平，打造绿色生态国际品牌。坚持“开发矿业，造福社会”的共同发展的价值观，构建良好的共依共存共同发展的产业生态，让项目所在的国家、社区、员工和投资者以及关联者因公司的存在而获益。
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.

紫金矿业立志成为具有全球竞争力的世界一流金属矿业公司，我们正处于全新的跨越增长的第一阶段，我们已经有良好的基础，尽管山高路远，暗流涌动，只要我们坚定信念，齐心协力，勇于创新和担当，必将创造无愧于时代、无愧于社会、无愧于历史的优异业绩！
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.