祥龙摆尾，金蛇开元。在喜迎2025年元旦之际，我谨代表紫金矿业集团股份有限公司向奋战在全球的广大紫金人及家属致以亲切的问候和崇高的敬意！向所有关心、支持和帮助紫金矿业的各国政府和社区人民、投资者与各界朋友及广大协作者表示诚挚的感谢和美好的祝福！

As we embrace 2025, the Year of the Snake, I wish you all a happy New Year. On behalf of Zijin Mining, I would like to thank our employees and their families for their dedication and support，as well as all our stakeholders—including host governments and communities, shareholders, and contractors—for their trust and partnership.

“道有夷险，履之者知”。2024翻开了紫金矿业 30周年后再出发的“新篇章”，紫金人不畏艰辛，创新创造，新五年开门画卷写下了精彩的序章！

“Only those who tread the path know its smooth and rough patches.” This ancient saying rings true as we reflect on 2024—a year in which we embarked on a new chapter for Zijin Mining following our 30th anniversary last year. Driven by innovation and devotion, undeterred by challenges, we began our new five-year journey on a strong note.

我们再创佳绩——主要矿产品产量和经营指标创历史新高。矿产铜产量在2023年突破百万吨大关的基础上保持良好增长势头，矿产金产量持续发力增速名列全球同行前茅，成本上升趋势得到有效遏制，公司前三季度归母净利润实现244亿元，同比增长达51%；公司年末总市值4019亿元，同比增长25%，居A股市值第26位。紫金全球竞争力及行业地位进一步提升。

We again delivered robust performance. Our commodity outputs and financial performance hit new records. Building on last year’s milestone of more than one million tonnes, our mined copper output grew steadily. In gold production, we achieved faster growth than most of our global peers. Meanwhile, we successfully curbed rising costs. In the first three quarters, our net attributable profit jumped by 51% year-on-year to RMB 24.4 billion. By the end of 2024, our market capitalization increased by 25% year-on-year to RMB 401.9 billion, ranking 26th in the A-share market and further enhancing our industry standing and global competitiveness.

我们增长可期——世界级增量项目建设跑出新的“加速度”。刚果（金）卡莫阿铜矿三期提前半年建成投产，达产后矿产铜将提升至60万吨以上，成为非洲最大、全球第三大铜矿，配套的50万吨非洲最大铜冶炼厂将在2025年上半年投产；塞尔维亚佩吉铜金矿上矿带新增3000吨/日选厂技改提前两个月竣工并成功试车，下矿带和JM铜矿崩落法采矿前期工作全面提速；巨龙铜矿新增二期20万吨/日（一期15万吨/日）扩建工程加紧建设，力争2025年底投产；朱诺铜矿项目建设获核准，争取2026年6月建成投产。萨瓦亚尔顿金矿建成投产，贵州紫金、山西紫金、哥伦比亚大陆黄金、澳大利亚诺顿金田等项目技改扩建，将推动黄金产能进一步提升。 

We laid the foundation for further growth. We advanced our incremental projects at world-class assets. In the Democratic Republic of Congo(DRC), Phase III of the Kamoa-Kakula Copper Mine was put into production six months ahead of schedule. When it reaches design capacity, Kamoa-Kakula’s overall mined copper output will top 600,000 tonnes, making it the largest copper mine in Africa and the fourth largest globally. Its 500,000 tonne-per-annum smelter, set to be the largest in Africa, is scheduled for startup in the first half of 2025. In Serbia, the Čukaru-Peki Copper-Gold mine’s concentrator expansion increased daily throughput by 3,000 tonnes and was commissioned two months ahead of schedule. We have also stepped up preparatory work for block caving at the lower zone of Čukaru-Peki and the Jama Copper Mine in the country.

In China, the Phase II expansion of our Julong Copper Mine is progressing smoothly. Aiming to begin production by the end of 2025, it will add 200,000 tonnes of daily throughput to the existing Phase I capacity of 150,000 tonnes. Construction permits have been obtained for the Zhunuo Copper Mine, with production targeted to commence in June 2026.

At the same time, our gold output is poised for further growth, driven by the newly operational Sawaya’erdun Gold Mine and expansion projects across multiple operations, including Guizhou Zijin and Shanxi Zijin in China, the Buriticá Gold Mine in Colombia, and Norton Gold Fields in Australia.

我们并购增储——矿产资源斩获丰硕成果。完成对大型在产的加纳Akyem金矿和秘鲁La Arena铜金矿的收购，新增资源储量金293吨、铜279万吨。公司自主找矿勘探捷报频传，巨龙铜矿备案铜金属资源量超过2500万吨，多宝山矿田铜山铜矿深部新增备案铜金属资源量365万吨，塞尔维亚Timok成矿带深部新发现大型品位较高的玛格铜金矿床，刚果（金）马诺诺锂矿东北矿段探明大型优质硬岩锂矿。

We grew our resource base through acquisition and exploration. This year, our efforts in resource expansion have yielded outstanding results. We acquired the Akyem Gold Mine in Ghana, a large producing project, and the La Arena Copper-Gold Mine in Peru, adding 293 tonnes of gold resources and 2.79 million tonnes of copper resources to our portfolio. Our independent exploration programs have also borne rich fruit. As officially recognized through government filings, the Julong Copper Mine now holds over 25 million tonnes of copper resources, while the Duobaoshan project has added 3.65 million tonnes through a discovery at the depth of the Tongshan Copper Mine. In Serbia, we discovered the Malka Golaja deposit, a relatively high-grade copper-gold deposit situated at the depth of the Timok metallogenic belt. In the DRC, a large, high-quality hard-rock lithium deposit was identified in the northeastern section of the Manono Lithium Mine.

我们协同发展——金融、采购、物流、贸易、建设、科技、ESG体系建设等方面取得系列成效，各板块协同发力，为公司“提质、控本、增效”做出了重要贡献。在香港市场面向全球投资人成功“闪电”发行20亿美元可转债和5亿美元H股股票，得到海外市场的高度认可。

We harnessed synergies across our business segments. We made strides in finance, procurement, logistics, trading, construction, technology, and ESG. Synergy across all segments contributed substantially to our push to improve quality, control costs, and boost profitability. Notably, in the Hong Kong securities market, we issued US$ 2 billion in convertible bonds and US$ 500 million in H-shares within a very short space of time, reflecting strong recognition by global investors.

我们改革创新——全球化运营管理体系建设加速推进。集团公司设立了国际事业管理委员会，国际事业部及海外运营中心迁移至塞尔维亚贝尔格莱德，海外运营管理能力得到显著提升。公司发布新五年规划宏伟目标，力争至2028年主要经济指标和主营矿产品产量进入全球前3-5位。

We restructured and embraced new targets. Efforts to improve our global operational and management system have gained momentum: At the headquarters, we established the Overseas Operations Management Committee, while the Overseas Operations Department and the Overseas Operations Center were moved to Belgrade, Serbia. These steps have boosted our capabilities to manage overseas assets. Furthermore, we unveiled an ambitious new five-year plan, aiming to rank among the top 3 to 5 mining companies globally in terms of financial performance and mineral output by 2028.

我们正视问题——公司当前业绩增长的主要驱动因素是矿产品价格高位运行，公司“日益全球化与局限的国内思维及管理方式之间的主要矛盾”解决进程滞后，中高级人才难以适应国际化高速发展，高素质技术工人短缺与不适配人员充塞并存；ESG体系建设存在短板，安全生产距离本质安全有较大差距，重要领域腐败问题时有发生。

We recognize the challenges we face. High commodity prices have been a major driver of our strong financial results. We have been slow in addressing the mismatch between our growing global footprint and our confined Chinese mindset and management style. Many top-tier and mid-level professionals often struggle to keep pace with our rapid global expansion, and we face a shortage of highly competent frontline technical workers. Meanwhile, individuals who are not the right fit for us remain in our workforce. Weaknesses in our ESG framework hinder progress and our safety management practices must be improved to achieve the standards of intrinsic safety. From time to time, corruption cases surface in critical areas of our business.

“百年未有之大变局”对当今局势作了最好的概括，世界在变、时代在变、人们观念也在变。全球格局处于加速解构与重构的动荡中，国际社会经历着罕见的多重风险挑战，不确定性因素显著增加，严重影响社会稳定和经济增长，世界经济或将陷入较长期滞胀。

We are living in an era of great changes unseen in a century: the world, the times, and people’s perspectives are all evolving. Global power dynamics are being rapidly disrupted and reshaped, causing turbulence along the way. The international community is grappling with multi-faceted risks and challenges amid a sharp rise in uncertainty. As a result, social stability and economic growth are under serious strain and the global economy may enter a prolonged period of stagflation.

矿产作为工业和能源的“粮食”，供应安全成为大国重大关切；逆全球化及资源民族主义思潮涌动，供应链、产业链将面临严峻考验。中国工业化对矿产需求造就的超二十年“全球矿业超级周期”落下帷幕。中国需求变化对全球矿产供需格局将产生重大影响，传统大宗矿产将步入低增长甚至负增长时期。

Minerals are the lifeblood of industry and energy. Mineral supply security has become a critical concern for world powers. De-globalization and resource nationalism are posing significant challenges to global supply and value chains. Meanwhile, the global mining super-cycle, fueled by China’s industrialization over the past two decades, has come to an end. Shifts in Chinese demand will profoundly impact the global market, resulting in slow or even negative growth for traditional commodities.

能源革命和智能化浪潮席卷全球，深刻改变人类生产生活方式，催生大批新技术、新产业，关键新产业矿产需求大幅增长，但市场过度“内卷”及价格战，给业内企业带来极为严峻挑战。全球经济面临下行压力，矿业作为原材料产业恐怕难以独善其身，需做好“过冬”准备。

The energy revolution and advances in artificial intelligence are sweeping across the globe, transforming how we live and work while giving rise to numerous new technologies and industries. This has triggered a surge in demand for minerals from emerging and strategic industries. However, companies in these value chains are plagued by excessive competition and fierce price wars. Amid downward pressure on the global economy, the mining sector—the provider of raw materials—will inevitably feel the impact and must brace for a cold winter ahead.

“志不求易者成，事不避难者进”。紫金矿业拥有远大的理想和抱负，我们将坚持“奋发有为、改革创新、高度适配、风险控制”的总体原则，进一步深入贯彻“提质、控本、增效”工作总方针，持续提升比较竞争优势及全球竞争力，以价值创造者为本， 把“为人类美好生活提供低碳矿物原料”的使命推向新高度。

When the going gets tough, the tough get going. At Zijin Mining, we harbor an ambitious vision. We are committed to delivering results by leveraging reform, innovation, tailored systems, and risk control, while maintaining a strategic focus on quality, costs, and profitability. Guided by these principles, we will strengthen our comparative advantages and our global competitiveness and prioritize value creators, scaling new heights in our mission to supply “Greener Metals for a Brighter Future”.

——坚持全球化发展战略不动摇。紫金过去是、现在是、将来仍会是“全球化”发展的坚定践行者，要巩固好非洲、东南欧、南美洲和大洋洲等区域在产项目优势，加大中亚等中国周边地区投资布局，扩大国内重点区域资源勘查及投资开发力度。适时在海外布局资源材料新基地，健全完善全球物流及贸易体系，增强供应链、资金链的灵活性及安全性，提升紫金全球资本及产业协同效率。

Staying committed to our global strategy. Zijin will remain steadfast in pursuing global growth, as we have done so far. We will consolidate the strengths of our producing assets across Africa, Southeast Europe, South America, and Oceania, while increasing investment in China’s neighboring regions such as Central Asia. Within China, we will expand investment and exploration efforts in highly prospective regions. Furthermore, we plan to build overseas resource and material bases and optimize our global logistics and trading networks. These initiatives are designed to make our supply chains and capital flows more agile and secure, as well as to unlock greater synergy across our global capital allocation and business operations.

——加速释放产能及效益。铜板块将加快巨龙铜矿二期、朱诺铜矿建成投产速度，加快开展巨龙铜矿年总采选规模2亿吨的三期工程前期研究，加强塞尔维亚佩吉铜金矿下矿带、JM铜矿、黑龙江铜山矿深部崩落法采矿相关工作，做好刚果（金）卡莫阿三期达产及远景年产100万吨铜规划论证，高起点推动秘鲁La Arena二期铜矿前期工作及相关工程。金板块将夯实及提升哥伦比亚武里蒂卡金矿、苏里南罗斯贝尔金矿、澳大利亚诺顿金田和中国陇南紫金、贵州紫金、山西紫金等主力矿山基本盘；尽快完成加纳Akyem金矿交割，努力打造成公司黄金新基地；支持山东海域金矿加快建成中国最大黄金矿山。锂板块“两湖两矿”争取2025年初具规模并初见成效，三年大见成效，成为公司重要新增长极，进入全球最重要的锂矿生产商前列。同时进一步提升集团各业务板块在价值创造方面的协同，充分激发龙净环保、招金矿业等控（参）股上市公司的活力。

Driving capacity and profit gains. In the copper segment, we will accelerate the construction of the Zhunuo Copper Mine and Phase II of the Julong Copper Mine, while advancing preliminary studies for Phase III of Julong, which will increase the project’s combined throughput to 200 million tonnes per annum. We will promote the application of block caving at three projects: the Čukaru Peki Copper-Gold Mine’s lower zone and the Jama Copper Mine in Serbia, and the Tongshan Copper Mine in Heilongjiang, China. In addition, we will ensure Phase III of Kamoa-Kakula in the DRC reaches nameplate capacity and plan for further expansions to achieve an annual output of 1 million tonnes of copper in the long term. Beginning from its early activities, we will set the standards high for the development of Phase II of the La Arena Copper Mine in Peru.

In the gold business, we will enhance our flagship operations, such as the Buriticá Gold Mine in Colombia; Rosebel Gold Mines in Suriname; Norton Gold Fields in Australia; and Longnan Zijin, Guizhou Zijin, and Shanxi Zijin in China. We will rapidly finalize the acquisition of the Akyem Gold Mine in Ghana and mold it into another major gold producer within Zijin. With construction underway at the Haiyu Gold Mine in Shandong, we will support efforts to develop it into the largest gold project in China.

In our lithium portfolio—comprising two lithium brine deposits and two hard-rock mines—we will strive for initial success in 2025 and deliver significant results within three years. This will position lithium as one of our key growth drivers and establish Zijin as one of the world’s leading lithium producers. In parallel, we will strengthen collaboration across all segments to maximize value creation and help transform majority- and part-owned public companies, such as Fujian Longking and Zhaojin Mining, into stronger, more dynamic businesses.

——强力破解现阶段主要矛盾。我们要按国际规则构筑全球矿业人才聚集高地，提升高层及重要中层国际化需求的适配度，提高海外权属企业非中国籍高管和技术骨干比重；建设市场化国际化的人力资源体系，打造高素质产业工人队伍，以价值创造者为本，共享发展成果。加快建设紫金特色符合国际标准的全球化运营管理体系，改革并完善适配海外业务管理制度体系，通过信息化系统全面提升海外运营管理、工程建设、采购物流等领域管理能力。

Addressing our core challenge with determination. Based on international practices, we must develop Zijin into a hub of global mining talent. We will align the skills of our senior and key mid-level managers with the needs of our global operations and increase the proportion of non-Chinese executives and technical experts at our overseas affiliates. A market-based global HR system and a pool of well-trained blue-collar workers will be developed, with value creators prioritized as we share the fruits of our growth with our people. Simultaneously, we will fast-track the development of a Zijin-specific global operational and management system that is in line with international standards. This includes transforming and refining management structures and policies for our international business, while enhancing overseas operations, project construction, procurement, and logistics through the use of digital systems.

——提升系统控本能力。激发科技创新动能，依托紫金研究、设计、建设强大系统集成能力，发挥全环节自主技术与管理优势，实现有效的建设投资和经营成本控制，提升内生增长动力。全面推广采矿设备电动化，加大清洁能源应用力度，拥抱人工智能技术，培育紫金新质生产力。

Strengthening our capacity for comprehensive cost management. To effectively control construction and operational costs while powering our growth, we will leverage technological innovation, our integrated capabilities in research, engineering and construction, and our in-house technological and managerial expertise across the mining value chain. Furthermore, we will foster Zijin’s new productive forces by deploying electric mining equipment on a large scale, increasing reliance on clean energy, and embracing AI technologies.

——坚持ESG国际标准。建成紫金特色的先进ESG体系，进一步提升集团公司及权属企业的治理水平；高标准、严要求，把环境保护、绿色发展融入到项目建设和运营中，全面提升本质安全水平。增强紫金“软实力”，打造国际化“硬联通”、“软联通”、“心联通”；坚持“共同发展”理念，重视维护利益相关方的关系，让更多的人因紫金的存在而获益。加强监督与反腐败工作，海外项目为重中之重，坚决扫清海外项目反腐败的盲区，使腐败者“虽远必除”。

Upholding the highest ESG standards. We will build a Zijin-specific, leading ESG framework, integrating environmental protection and eco-friendly development into our construction and operational activities while enhancing our level of intrinsic safety. Corporate governance will be enhanced at both the headquarters and across our affiliates. Concurrently, we will bolster our soft power to position Zijin as a truly global company characterized by substantive, cultural and emotional connectivity. Committed to pursuing development for all, we will strengthen relations with our stakeholders and deliver tangible benefits to more and more people. As we intensify supervision and anti-corruption efforts, we will prioritize our overseas projects to eliminate blind spots and ensure that corrupt individuals are held accountable, no matter where they are based.

征途如虹，雯华若锦。我们胸怀崇高使命，把握正确方向，保持奋进步伐，何惧山高水长！紫金矿业“绿色高技术超一流国际矿业集团”伟大目标一定能够实现！

We are on a remarkable journey, with a bright future before us. Guided by a noble mission and the right strategy, we will forge ahead with determination, come what may. With this shared resolve, I have no doubt that we will achieve Zijin Mining’s ambition of becoming a green, high-tech, leading global mining company. 

2025，让我们共同奋斗，再创辉煌！

As 2025 unfolds, let us unite our efforts to reach new milestones on this exciting journey!

紫金矿业集团股份有限公司

董事长 陈景河        

2024年12月31日       

Chen Jinghe         

Executive Chairman   

Zijin Mining Group Co., Ltd.

 December 31, 2024