新年伊始，万象更新。我谨代表紫金矿业集团股份有限公司向辛勤奋战在全球各地的紫金人、广大协作者表达新年美好的祝福，并致以崇高的敬意！衷心感谢各国政府、社区民众、各界朋友的大力支持和帮助！今年是中国具有重要意义的“龙年”，让我们“龙腾九霄”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)
过去的2023年，我们隆重庆祝了紫金矿业三十周年。三十而立，紫金矿业从一个微不足道的县属小企业，蜕变为世界500强、全球著名大型跨国金属矿业集团。三十年风华正茂，三十年正当其时，紫金矿业已进入新发展时期和重要起飞平台。
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.
过去的2023年，是公司发展史上具有里程碑意义的一年。新一届董事会及管理层组织召开战略发展务虚会，明确公司未来战略发展方向和举措，决心破解现阶段“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”，有针对性提出三年“提质、控本、增效”工作总方针，加速构建全球竞争力，全面推进全球化运营管理体系建设，实现高质量绿色可持续发展。
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.
过去的2023年，是公司“十年三步走”战略第二阶段开局之年。面对疫情阴霾退散后经济复苏困难等考验，公司上下坚定信心、奋发有为，金、铜等主营矿产品产量持续快速增长，是全球头部矿企中为数不多连年保持产能增长的生力军，矿产铜有望突破100万吨大关；公司A股、H股股价较去年底上涨26%和23%，公司市值超过3,100亿元，位居A股上市公司第23位。巴新波格拉金矿历经三年多艰苦谈判，终于在年底恢复生产，将为公司增加重要黄金产量并贡献可观利润。
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.
资源并购与自主勘查取得新成果，苏里南罗斯贝尔金矿交割后迅速投产见效，成为公司产金大户和骨干盈利项目；收购西藏大型朱诺铜矿、蒙古哈马戈泰铜金矿，受邀主导世界级锂矿Manono东北部勘探开发；黑龙江铜山铜矿深部勘查、湖南道县锂多金属矿勘查、塞尔维亚波尔地区铜资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.
重点项目建设有序推进，刚果（金）卡莫阿-卡库拉一二期选厂技改工程、塞尔维亚紫金矿业上部矿带选厂技改工程、塞尔维亚紫金铜业冶炼厂技改项目、塔吉克斯坦塔罗金矿加压氧化项目等建成投产，陇南紫金、山西紫金等一批改扩建项目产能释放，西藏巨龙铜矿二期工程前期工作加快推进，“两湖一矿”锂板块一期工程基本建成。
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.
重大技术攻关项目加速落地，黑龙江多宝山铜矿、福建罗卜岭铜钼矿、塞尔维亚丘卡卢-佩吉下部矿带及JM铜矿崩落法采矿方法研究与项目建设积极推进；公司胜利召开第七次科技大会，十四名“两院”院士莅临指导，推动矿业高质量发展和紫金科技竞争力提升。
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 Čukaru 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.
全球化运营体系改革得到深化，国际事业部整体迁至塞尔维亚贝尔格莱德，让指挥所听得到“炮声”；公司坚持共同发展理念，获得所在国家政府和人民的高度认可，标普等国际主流ESG评分居行业第一梯队，国家级绿色矿山增至12家、国家级绿色工厂增至7家，公司第四次荣获“中华慈善奖”。
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.
过去一年成绩非常来之不易，但十分遗憾的是，公司安全生产形势极其严峻，发生多起建设项目承包商安全事故，令人痛心疾首，警钟振聋发聩，安全生产比国际一流企业仍然有重大差距；哥伦比亚武里蒂卡金矿持续受到非法采矿势力干扰影响，并发生人员伤亡恶性事件。公司成本尤其是海外项目成本，上升趋势没有得到有效遏制，影响投资收益；随着碳酸锂价格断崖式暴跌，锂板块与预期有一定差距。
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)
百年未有之大变局纵深演进，世界充满不确定性，全球地缘政治风险加剧，经济下行压力全面加大，但和平与发展仍是世界主流。
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.
中国经济结构性调整，当前内生动力不足，房地产市场接连“爆雷”，近年横空出世的新能源相关产业也面临“过剩”内忧和“制裁”外患。但中国经济拥有巨大的市场、韧性及潜力，要充满信心和底气。
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.
矿产作为工业和能源“粮食”，在国民经济中基础地位被重新认识，战略性关键矿产供应安全成为大国博弈和关注焦点，脱钩断链愈演愈烈；部分国家限制所谓“受关注外国实体”生产的组件和关键矿物原料，将对中国制造业产生重大深远影响；资源民族主义有所抬头，矿业投资风险加大。
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.
中国消费了全球矿产资源的40-50%，正步入工业化后期与后工业化过渡期，经济增长方式发生重大变化，传统能源和基本金属需求基本见顶；新世纪超过20年的超级矿业周期进入尾声，全球头部矿企业绩指标明显下降。但全球“双碳”政策加速落地，铜、锂等新能源矿产需求增长有望迎来新的发展机遇；黄金作为金融安全的“压舱石”，随着美元进入降息时期，金价进一步上涨可期；矿业仍然大有可为。
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.
紫金矿业作为全球重要的金属矿产企业，致力于打造“绿色高技术超一流国际矿业集团”。我们拥有雄厚的战略性矿产资源基础，拥有强劲的现实产能和优异的经营业绩及现金流，拥有显著的矿业全环节系统技术与工程比较竞争优势；紫金矿业发展历史上多次经过矿业寒冬洗礼，我们完全具备迈上新台阶的条件和能力；且外部大环境的收紧，更将为真正的强者提供脱颖而出的历史机遇。
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)
紫气东来，金龙腾飞。2024年是本届董事会及管理层承上启下的关键一年，全面深化落实“提质、控本、增效”工作总方针，以高质量发展为指引，成本控制为抓手，实现经济社会效益最大化为目标，推动公司各项工作迈上新台阶。
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.
提质量，实现安全绿色发展
Improving quality for safe and sustainable corporate development
坚决打好安全生产翻身仗。在ESG体系建设中，人权是非常重要的组成部分，“生命权”是最大的人权，尊重生命是最基本的底线；必须坚守“绝不能以牺牲人的生命为代价”的红线，“生命第一”要刻在灵魂深处。以壮士断腕的决心、破釜沉舟的勇气、刀刃向内的魄力，彻底扭转被动局面，努力实现“零工亡”目标，勇争安全发展超一流。
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.
认真落实“安全系统提升工程三年行动”部署要求，全面升级再造安全管理系统；针对建设项目临时性和阶段性特点，全面加强建设项目安全管理；把学习贯彻阿舍勒铜业安全管理先进经验落实到位，把协作单位纳入公司安全管理体系作为基本工作要求，全面落实“一线工作法”与“安全积分制”；严格执行安全生产“一票否决制”，安全生产问题绝不姑息，谁因为安全生产问题“砸”紫金招牌，我们就要“敲”谁的饭碗。
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体系。设立集团国际事业管理委员会，把海外项目建设投资和成本管控作为未来两年管控的重点，迅速形成海外建设、物流、采购、人力及工程技术等“一体化”全流程成本自主可控。通过信息化、机械化、自动化及智能化，全面提升自主能力，达到“简洁、规范、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.
持续建设高水平生态环境。紫金已庄严承诺“碳达峰、碳中和”目标，严格“双碳”目标考核，将“减碳”措施落到实处，积极开发储备碳资产项目，加快碳中和试验和示范基地建设；提升环境生态保护和高水平修复再造能力，成为全球矿山开发与环境和谐的标杆。
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.
严控无效低效投资。全面提升投资项目质量和效益，坚决抵制“不差钱、财大气粗”不良风气，严控资本性开支规模和非生产性项目，停建无效低效项目，有条件出清无效低效资产，把资产负债率降下来，全面提升抗风险能力。
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，弘扬紫金比较竞争优势
Controlling costs to reassert Zijin’s comparative advantage
坚决遏制成本持续上升趋势。目前经济形势为成本控制创造了良好的环境，将控本纳入2024年公司中心工作，其中海外项目为控本重点。紫金低成本控制管理和技术优势要在海外业务中发扬光大，确保单位成本在2023年基础上有所下降。
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.
严控建设项目投资。运用紫金“创新理念”和“矿石流五环归一”矿业工程管理模式，充分依靠集团强大平台支撑，千方百计控制建设项目成本尤其是海外项目成本，将海外工程造价全面纳入预结算体系，建立国际预结算分中心。把握战略性产业发展项目投资力度，原则上2024年建设投资重点投向战略性主营矿种重大项目、能够快速变现盈利项目。全面鼓励和推行境内外工程自营，重点培育矿建、岩土、安装、采购物流自主能力。
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.
严控非生产性及人员开支。严格执行“两低于”的原则，不允许人工成本增速超过主要产品产量和效益增速；坚持以价值创造为导向，一方面相当重要岗位非常缺人，需要通过市场化招聘和培养加以解决，另一方面“闲人”通过淘汰机制退出。全面实施本土化和国际化人才工程。
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.
严控采购物流仓储成本。建立自己为主导的采购物流系统；通过信息共享系统，实现专业规范透明；在全球经济低迷背景下，材料及设备供应商竞争激烈，大幅降低采购成本。
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.
技术创新和信息化为控本赋能。充分发挥紫金系统工程技术优势，形成经济社会效益目标指导下的系统解决方案；将所有生产经营活动全面纳入信息平台管理、审核和审批，杜绝任何“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，提升全球竞争力
Boosting profitability to enhance global competitiveness
全面实现重大项目增产增效。加快一批重要铜矿增量项目建成投产达产，抓住金价高位历史机遇，全面释放黄金板块产能及效益，争取用五年时间实现铜、金产量大幅增长；公司已经拥有世界级锂资源储备，五年内争取成为全球最重要的锂生产企业之一，打造公司重要的新增长极。
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.
全面提升锌板块、银板块及冶炼、建设、金融、贸易、物流等协同作用，构建“紫金系”资本版图，提升融资能力，增强抗风险能力。适时推动“逆周期”低成本并购，实现资源、产能及效益规模提升；探索在全球产业价值高地建设关键矿产材料新基地，消纳加工海外矿物原料。
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.
让更多人因紫金矿业的存在而获益。增效不仅仅是经济效益，更重要的是社会效益，是两者的有效协同。全球紫金人要时刻牢记“开发矿业、造福社会”的宗旨，深切关注并持续构建全体利益相关方的命运共同体，不断提升ESG关键绩效，为项目所在地人民美好生活贡献“紫金力量”。
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.
紫金矿业志存高远，已经站在全球金属矿业舞台的“高光区”，我们有良好的基础，有美好的未来预期，也将面对极其严峻的困难和挑战。紫金矿业打造“绿色高技术超一流国际矿业集团”的序幕已经拉开，我们正当其时，奋斗其中，无尚光荣！让我们为实现紫金全球矿业梦而努力奋斗！
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!
紫金矿业集团股份有限公司
董事长 陈景河
2023年12月31日
Chen Jinghe
Executive Chairman
Zijin Mining Group Co., Ltd.
December 31, 2023