Zijin Mining : Hosts 2023 Annual Shareholders Meeting

• Zijin Mining showed robust growth in 2023 despite challenges, becoming a global leader in capacity growth with low production costs.

• The company's market capitalization surged by 27% and 23% in the A-share and H-share markets in 2023, marking a total increase of over 500% in five years.

• Zijin Mining paid out a total dividend of 17.1 billion yuan over the past three years, reinforcing shareholder returns.

On May 17, Zijin Mining convened its 2023 Annual Shareholders Meeting alongside the First A-Shareholders' Meeting and the First H-Shareholders' Meeting for 2024 at its headquarters in Shanghang, Fujian, China.

Seventeen motions were approved, including the "2023 Board of Directors' Work Report" and the "Proposal for Granting the Board of Directors General Authority to Issue A and/or H Shares of the Company."

Chaired by Chairman Chen Jinghe, the meetings combined in-person attendance with online voting, with approximately 70 participants, including shareholders, directors, supervisors, executives, and intermediaries.

Resilience and Growth Amidst Global Challenges

Despite escalating geopolitical tensions and a global economic slowdown in 2023, Zijin Mining achieved remarkable growth in its main commodities production, bucking the industry-wide decline. It is one of the few leading global miners sustaining capacity growth year after year, with globally leading business performance and rapidly expanding strategic resources. The company has kept the costs of its main mineral products among the lowest globally and achieved a strong start to the second phase of its 10-year development journey, reaching a new level in its growth.

The company is well-recognized for its operational performance. Despite a sluggish capital market, its market capitalization soared by 27% and 23% in the A-share and H-share markets in 2023, surpassing 320 billion yuan by year-end. The company's total market cap has exceeded 500 billion yuan, marking a more than 500% increase in the past five years.

Financial Performance and Shareholder Returns

Zijin Mining's commitment to sharing development dividends with shareholders and investors led to a 1.3 billion yuan first semi-annual dividend in 2023, with an anticipated full-year dividend of 5.3 billion yuan. Over the past three years, the company has paid out a dividend of 17.1 billion yuan, reinforcing shareholder returns.

Strategic Expansion and Future Outlook

The company is advancing large-scale production expansion and technological upgrades at its world-class copper production bases in the DRC, Serbia, and Xizang, China, with the potential to add over 500,000 tonnes of production capacity in the next three to five years to the existing projects.

In the lithium segment, Zijin has completed the first phase of the "Two Lakes and One Mine" projects and currently leads the development of the northeast part of Manono, a world-class lithium mine, with the potential to become a leading lithium producer worldwide within five years.

In the first quarter of 2024, Zijin Mining effectively stemmed the rising costs of its main commodities, achieving substantial month-on-month reductions in overall operating expenses, particularly in overseas projects, thereby providing a solid foundation for further growth.

During the meetings, institutional investors and individual shareholders actively asked the executives about financing, project progress, equity incentives, cost control, resource acquisitions, emerging technology applications, and plans for the future.

In 2024, the first year of the new Five-year Plan, Zijin Mining will adhere to its overarching principle of improving quality, controlling costs, and boosting profitability while upholding proactivity, innovation, adaptability, and risk control. The company will bolster its global strategic planning, enhance risk control capabilities, and harness technologies to consolidate competitive advantages, unlock resource potential, and achieve the ambition of becoming a green, high-tech, leading global mining company.

Translator:Jian Reviser: Lin Xinjing Editor-in-Chief: Wang Jie