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2019 ANNUAL REPORT ZIJIN MINING GROUP CO., LTD. Annual Report 2019 1 CONTENTS 2 Corporate Information 6 Financial Highlights 8 Chairman’s Statement 34 Management Discussion and Analysis 49 Brief Biography of Directors, Supervisors and Senior Management 56 Report of the Directors 87 Report of the Supervisory Committee 93 The Work in the Active Fulfillment of Social Responsibilities 110 Corporate Governance Report 124 Auditor’s Report 128 Consolidated Statement of Financial Position 130 Consolidated Statement of Profit or Loss 132 Consolidated Statement of Changes in Equity 134 Consolidated Statement of Cash Flows 136 Company Statement of Financial Position 138 Company Statement of Profit or Loss 139 Company Statement of Changes in Equity 140 Company Statement of Cash Flows 141 Notes to Financial Statements 2 ZIJIN MINING GROUP CO., LTD. Annual Report 2019 Corporate Information (English translation is for reference only. If there is any discrepancy, Chinese version will prevail.) EXECUTIVE DIRECTORS AUTHORISED REPRESENTATIVE Chen Jinghe (Chairman) Chen Jinghe Lan Fusheng (Vice-chairman) Lan Fusheng (Resigned as President on 29 December 2019) Zou Laichang (President) SUPERVISORS (Appointed as President on 30 December 2019) Lin Hongfu Lin Shuiqing Lin Hongying Fan Wensheng Xie Xionghui (Appointed on 30 December 2019) Xu Qiang Fang Qixue (Resigned on 29 December 2019) Liu Wenhong Cao Sanxing (Appointed on 30 December 2019) NON-EXECUTIVE DIRECTOR Lan Liying (Resigned on 29 December 2019) Li Jian COMPANY SECRETARY INDEPENDENT NON-EXECUTIVE DIRECTORS Fan Cheung Man Zhu Guang PRINCIPAL PLACE OF BUSINESS IN HONG KONG Mao Jingwen (Appointed on 30 December 2019) Li Changqing (Appointed on 30 December 2019) Unit 7503A, Level 75, International Commerce Centre He Fulong (Appointed on 30 December 2019) 1 Austin Road West, Kowloon, Hong Kong Suen Man Tak (Appointed on 30 December 2019) Lu Shihua (Resigned on 29 December 2019) LEGAL ADDRESS AND PRINCIPAL PLACE OF Sit Hoi Wah, Kenneth (Resigned on 29 December 2019) BUSINESS IN THE PRC Cai Meifeng (Resigned on 29 December 2019) 1 Zijin Road, Shanghang County, Fujian Province, the PRC AUDIT AND INTERNAL CONTROL COMMITTEE LEGAL CONSULTANT OF THE COMPANY Li Changqing (Appointed on 30 December 2019) (HONG KONG LAWS) He Fulong (Appointed on 30 December 2019) Chungs Lawyers in association with DeHeng Law Offices Zou Laichang (Appointed as a committee member on 30 December 2019) AUDITORS Lin Hongying (Appointed as a committee member on 30 December 2019) PRC Auditors: Li Jian Ernst & Young Hua Ming LLP Zhu Guang Suen Man Tak (Appointed on 30 December 2019) HONG KONG H SHARE REGISTRAR AND Lu Shihua (Resigned on 29 December 2019) TRANSFER OFFICE Lan Fusheng (Resigned as a committee member on 29 December 2019) Computershare Hong Kong Investor Services Limited Sit Hoi Wah, Kenneth (Resigned on 29 December 2019) Shops 1712-1716, 17th Floor, Hopewell Centre Cai Meifeng (Resigned on 29 December 2019) 183 Queen’s Road East, Wanchai, Hong Kong WEBSITE www.zjky.cn STOCK CODE Hong Kong Stock Exchange: 02899 Shanghai Stock Exchange: 601899 ZIJIN MINING GROUP CO., LTD. Annual Report 2019 3 Corporate Information (continued) (English translation is for reference only. If there is any discrepancy, Chinese version will prevail.) DEFINITION In this report, unless otherwise indicated in the context, the following expressions have the meanings set out below: A Share(s) The domestic share(s) issued by the Company to domestic investors with a nominal value of RMB0.10 each, which are listed on the Shanghai Stock Exchange Altynken Altynken Limited Liability Company, a subsidiary of the Company Bayannur Zijin Bayannur Zijin Non-ferrous Metals Co., Ltd., a subsidiary of the Company BNL Barrick (Niugini) Limited, a company under joint operation of the Company Board, Board of Directors The board of Directors of the Company CAD Canadian dollar, the lawful currency of Canada Chongli Zijin Chongli Zijin Mining Co., Ltd. COMMUS La Compagnie Minière de Musonoie Global Société par Actions Simplifiée, a subsidiary of the Company Company, Zijin, Zijin Mining Zijin Mining Group Co., Ltd.* Continental Gold Continental Gold Inc. CSRC China Securities Regulatory Commission Director(s) The director(s) of the Company DR Congo The Democratic Republic of the Congo Guizhou Zijin Guizhou Zijin Mining Co., Ltd., a subsidiary of the Company H Share(s) The overseas-listed foreign invested share(s) in the Company’s share capital, with a nominal value of RMB0.10 each, which are listed on the Hong Kong Stock Exchange Heilongjiang Zijin Copper Heilongjiang Zijin Copper Co., Ltd., a wholly-owned subsidiary of the Company HKD Hong Kong dollar, the lawful currency of Hong Kong Hong Kong the Hong Kong Special Administrative Region of the PRC Hong Kong Stock Exchange, The Stock Exchange of Hong Kong Limited Stock Exchange Ivanhoe Ivanhoe Mines Ltd. Jilin Zijin Copper Jilin Zijin Copper Co., Ltd., a wholly-owned subsidiary of the Company Listing Rules The Rules Governing the Listing of Securities on the Hong Kong Stock Exchange Longnan Zijin Longnan Zijin Mining Co., Ltd., a subsidiary of the Company Longxing Longxing Limited Liability Company, a subsidiary of the Company 4 ZIJIN MINING GROUP CO., LTD. Annual Report 2019 Corporate Information (continued) (English translation is for reference only. If there is any discrepancy, Chinese version will prevail.) Malipo Tungsten Group Wenshan Malipo Zijin Tungsten Group Co., Ltd., a subsidiary of the Company Minxi Xinghang Minxi Xinghang State-owned Assets Investment Company Limited, a substantial shareholder of the Company Nevsun Nevsun Resources Ltd., a wholly-owned subsidiary of the Company Norton, Norton Gold Fields Norton Gold Fields Pty Limited, a wholly-owned subsidiary of the Company PRC The People’s Republic of China but for the purpose of this report, excludes Hong Kong SAR, Macau SAR and Taiwan Rakita Rakita Exploration d.o.o. Bor, a wholly-owned subsidiary of the Company RMB Renminbi, the lawful currency of the PRC SFO Securities and Futures Ordinance (Cap. 571 of the laws of Hong Kong) Shanxi Zijin Shanxi Zijin Mining Co., Ltd., a wholly-owned subsidiary of the Company Supervisor(s) The supervisor(s) of the Company USD United States dollar, the lawful currency of the United States of America Xinjiang Zijin Non-ferrous Xinjiang Zijin Non-ferrous Metals Co., Ltd., a wholly-owned subsidiary of the Company Zeravshan Joint Venture Zeravshan Limited Liability Company, a subsidiary of the Company Zijin America Zijin (America) Gold Mining Company Limited, a subsidiary of the Company Zijin Bor Serbia Zijin Bor Copper doo Bor, a subsidiary of the Company Zijin Commercial Services Fujian Zijin Commercial Services Co., Ltd., a wholly-owned subsidiary of the Company Zijin Copper Zijin Copper Co., Ltd., a wholly-owned subsidiary of the Company Zijin Zinc Xinjiang Zijin Zinc Co., Ltd., a wholly-owned subsidiary of the Company ZIJIN MINING GROUP CO., LTD. Annual Report 2019 5 Corporate Information (continued) (English translation is for reference only. If there is any discrepancy, Chinese version will prevail.) GENERAL Zijin Mining Group Company Limited* (formerly known as Fujian Zijin Mining Industry Company Limited*) was incorporated on 6 September 2000 with the approval of the People’s Government of Fujian Province as a joint stock limited company in the PRC by Minxi Xinghang State-owned Assets Investment Company Limited, Shanghang County Jinshan Trading Company Limited, Xinhuadu Industrial Group Company Limited, Fujian Xinhuadu Engineering Company Limited, Xiamen Hengxing Group Company Limited, Fujian Xinhuadu Department Store Company Limited, Fujian Gold Group Company Limited and Fujian Minxi Geologist as its promoters. In December 2003, the Company was listed on the Hong Kong Stock Exchange. The Company was the first Mainland gold production enterprise listed overseas. In 2004, 2005, 2006 and 2007, for 4 consecutive years the Company applied reserves to issue new shares, and in April 2008, the Company issued 1.4 billion A Shares at RMB7.13 per share and was listed on the Shanghai Stock Exchange on 25 April 2008 at a nominal value of RMB0.1 each. Pursuant to a resolution in relation to the proposal of conversion of capital reserve into share capital passed at the 2010 annual general meeting, on the basis of 5 new shares for every 10 existing shares, additional 7,270,654,550 shares were issued on the basis of a total of 14,541,309,100 issued shares at the end of 2010. After the conversion, the total number of shares increased to 21,811,963,650 shares. The Company implemented repurchase of H Shares from 21 August 2013 to 13 January 2016 and repurchased 271,220,000 H Shares in total. The shares repurchased mentioned above were cancelled. The total number of shares of the Company decreased by 271,220,000, and the registered capital decreased by RMB27,122,000. After the deduction, the total number of shares of the Company was 21,540,743,650, and the registered capital was RMB2,154,074,365. The Company issued 1,490,475,241 Renminbi-denominated ordinary A Shares under non-public issuance in 2017 and issued 2,346,041,055 Renminbi-denominated ordinary A Shares under public issuance in 2019. The registered capital increased by RMB383,651,629.6. The registered capital of the Company correspondingly changed to RMB2,537,725,994.6. As at 31 December 2019, the registered capital of the Company was RMB2,537,725,994.6 comprising 5,736,940,000 H Shares, representing about 22.61% of the total issued shares, and 19,640,319,946 A Shares, representing about 77.39% of the total issued shares. The Company and its subsidiaries (the “Group”) are mainly engaged in the exploration and mining of gold, copper, zinc and other metal mineral resources, supplemented by refining, processing and sales of related products. Exploitation of gold, copper and zinc mineral resources is the core component of the Group’s business.
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