ANNUAL REPORT Annual Report 2015 2015 CONTENTS

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ANNUAL REPORT Annual Report 2015 2015 CONTENTS ANNUAL REPORT Annual Report 2015 2015 CONTENTS Page Company Profile 2 Mission/Vision/Values 3 Corporate Information 4 Chairman’s Statement 6 Board 8 Management 9 Management Discussion and Analysis 10 Social Responsibility Report 22 Directors and Senior Management 30 Directors’ Report 38 Corporate Governance Report 48 Independent Auditor’s Report 65 Consolidated Statements of Financial Position 67 Consolidated Statement of Profit or Loss and Other Comprehensive Income 69 Consolidated Statement of Changes in Equity 70 Consolidated Statement of Cash Flows 71 Notes to the Consolidated Financial Statements 73 Financial Summary 152 COMPANY PROFILE Chinalco Mining Corporation International (the “Company”) is a resource development company acting as the core platform of Aluminum Corporation of China (“Chinalco”) for the future acquisition, investment, development and operation of non-ferrous and non-aluminum mineral resources and projects outside China. The Company was incorporated in the Cayman Islands on 24 April 2003 as an exempted company under the Companies Law. On 1 October 2007, Peru Copper Inc., the sole shareholder of the Company, was amalgamated with Chinalco Canada B.C. Holdings Ltd to form Chinalco Canada, which thereby became the Company’s sole shareholder. Chinalco Canada transferred its entire shareholding in the Company to Aluminum Corporation of China Overseas Holdings Limited (“COH”) on 12 October 2007. The Company was listed on The Stock Exchange of Hong Kong (“Stock Exchange”) on 31 January 2013. Currently, the Company is focusing on developing the Toromocho Project through Minera Chinalco Peru S.A. (“Chinalco Peru” or “MCP”), a wholly-owned subsidiary of the Company in Peru. The Toromocho Project is located in the central Peru in the core of the Morococha mining district. The Environmental Impact Assessment of the Toromocho Project was approved by the Peruvian government in December 2010. Chinalco Peru obtained the construction permit and begun the construction for the Toromocho Project in July 2011. The commissioning of Toromocho Project commenced on 10 December 2013. The Toromocho Project has commenced commercial production since 17 June 2015. 2 CHINALCO MINING CORPORATION INTERNATIONAL MISSION / VISION / VALUES MISSION / VISION / VALUES As the Company has a corporate spirit which strives for excellence through innovation and competitive work, we constantly promote the development and practice of social responsibility, building a resourceful, efficient, environmentally friendly, and operationally safe company. Mission Our mission is to contribute to the local, national and global progress and the success of the shareholders, through the careful and efficient transformation of natural resources. Vision Our vision is to be recognized as a top mining company due to the high efficiency and quality of our management. Values Integrity We act in an honest, fair, ethical and transparent way in everything we do. Furthermore, we honor our commitments and comply with laws and corporate policies. Collaboration We work together as a team towards a common goal. Responsibility We take responsibility for our decisions, our actions and our results. We give our maximum effort in everything we do and work with high efficiency and quality. Respect We treat all people fairly and equally all the time, showing dignity and courtesy. Innovation We create an environment that promotes new ideas and methods. We develop innovative solutions and encourage new ways of thinking and working. Good neighbor Safety is our top priority. We do our best to ensure our colleagues’ welfare and the integrity of the facilities. We also promote a healthy and constructive coexistence with communities in our environment and are committed to operating with the highest environmental standards in the industry. Annual Report 2015 3 CORPORATE INFORMATION Non-executive Directors Members of the Nomination Committee Liu Jianping (chairman) Liu Jianping (chairman) Luan Shuwei Liu Yuewei (member) Liu Hongjun Scott McKee Hand (member) Wang Dongbo Ronald Ashley Hall (member) Lai Yat Kwong Fred (member) Executive Directors Liu Yuewei Members of the Executive Committee Jin Yanbing Liu Jianping (chairman) Liu Yuewei (member) Independent Non-executive Directors Luan Shuwei (member) Scott McKee Hand Liu Hongjun (member) Ronald Ashley Hall Wang Dongbo (member) Lai Yat Kwong Fred Jin Yanbing (member) Francisco Augusto Baertl Montori Members of the Strategic Investment Members of the Audit Committee Committee Lai Yat Kwong Fred (chairman) Liu Jianping (chairman) Luan Shuwei (member) Liu Yuewei (member) Liu Hongjun (member) Liu Hongjun (member) Scott McKee Hand (member) Wang Dongbo (member) Ronald Ashley Hall (member) Scott McKee Hand (member) Ronald Ashley Hall (member) Members of the Remuneration Committee Scott McKee Hand (chairman) Members of the Futures Risk Liu Jianping (member) Management Committee Jin Yanbing (member) Liu Yuewei (chairman) Ronald Ashley Hall (member) Luan Shuwei (member) Lai Yat Kwong Fred (member) Du Qiang (member) Jin Yanbing (member) Xiao Tianyong (member) Company Secretary Du Qiang 4 CHINALCO MINING CORPORATION INTERNATIONAL CORPORATE INFORMATION Authorized Representatives Hong Kong Share Registrar Liu Yuewei Computershare Hong Kong Investor Services Limited Lai Yat Kwong Fred Shops 1712-1716, 17th Floor Hopewell Centre 183 Queen’s Road East, Wanchai Alternate Authorized Representatives Hong Kong Mok Ming Wai Du Qiang Legal Advisors Slaughter and May Registered Office 47th Floor, Jardine House, PO Box 309, Ugland House One Connaught Place, Central, Grand Cayman Hong Kong KY1-1104, Cayman Islands Auditors Headquarters Ernst & Young No. 62, Xi Zhi Men Bei Da Jie Certified Public Accountants Haidian District, Beijing, PRC 22/F, CITIC Tower, 1 Tim Mei Avenue Central, Hong Kong Principal Place of Business in Hong Kong Principal Bankers 36/F, Tower Two, Times Square The Export-Import Bank of China 1 Matheson Street, China Development Bank Causeway Bay, Banco Bilbao Vizcaya Argentaria S.A. Hong Kong Standard Chartered Bank Banco de Crédito del Perú Website Address www.chinalco-cmc.com Stock Code 3668 Principal Share Registrar and Transfer Office Maples Fund Services (Cayman) Limited PO Box 1093, Boundary Hall, Cricket Square Grand Cayman, KY1-1102, Cayman Islands Annual Report 2015 5 CHAIRMAN’S STATEMENT Dear Shareholders, It is the first time I report on the performance of Chinalco Mining Corporation International (the “Company”) as I severed as Chairman of the Company since January 2016. On 17 June last year, the Company officially announced that the Toromocho Project has commenced commercial operation, indicating that the Toromocho Project has stepped into a stable operation stage in all aspects. It also implies that the production and operation of the Company have been put to the right way, and daily production is expected to be stable. In 2015, the Company produced 763,500 tonnes of copper concentrates, including 182,288 tonnes of copper and 5,294,670 ounces of silver. When we are excited about the commercialized production of the Company, attention shall also be paid that the Toromocho Project is still in the initial period of its production and operation stage, and the Company still faces many challenges in the course of development. For one thing, the price of international commodities (including copper) suffered sharp decrease since last year, though we are always optimistic in long-term price of copper. This will surely bring a company that just stepping into commercialized production stage more challenges to maximize the return to shareholders by satisfactorily achieving production and operation goals. For another, as the Company has just entered into production and operation stage, the production equipment of the Toromocho Project should be further commissioned; members of production and operation team are required to cooperate well with each other; and both the production technicians and management personnel are required to learn and accumulate more knowledge in the context of complicated economic conditions. In spite of challenges facing us on our way forward, we are confident to take challenges and overcome difficulties. Firstly, we have known clearly what the challenges are and made clear the goal for improvement. This is the key for us to overcome difficulties in the next step. Secondly, we have established harmonious relationships with the local society of Peru in all aspects through unremitting efforts, and we have also formed a gradually-improved and mature working team with Peruvian workers after nearly 4-year preparation and nearly 3-year construction. More importantly, as the controlling shareholder of the Company, Aluminum Corporation of China has given great support to the development of the Company, and will create more favorable conditions for the Company to overcome difficulties. This year, the focus of production and operation works of the Company will be cost reduction and efficiency improvement. The Company will further optimize the production and organization by strengthening production management. In the meantime, the Company will be devoted to technical advancement and benefit improvement by technical advancement. 6 CHINALCO MINING CORPORATION INTERNATIONAL CHAIRMAN’S STATEMENT Here, I’d like to reiterate that sustainable development policy and the Health & Safety (“H&S”) principles have formed the cornerstone of our H&S culture. For Mr. Joel Zevallos Osores who passed away in an accident in June last year, the Company
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