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Tang Fuping meets with Deloitte Global CEO Punit Renjen

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On September 11, China Minmetals' Chairman Tang Fuping met with Deloitte Global CEO Punit Renjen and his colleagues in Beijing. The two sides exchanged views on deepening their cooperation and other topics of common concern.

Chairman Tang welcomed Punit Renjen and introduced China Minmetals' development in recent years. He said that China Minmetals was committed to becoming a first-rate metals and minerals group in the world. After the strategic recombination with MCC, the group has enlarged its scope continuously and reached the total assets of RMB 1.68 trillion, including RMB 820 billion financial assets under its management, ranking in the 109th position in the Fortune 500 list. After being approved as a pilot SOE of capital investment, China Minmetals has further expanded its business scope and acquired more independence in industrial restructuring and structural adjustment. At present, it has established a business system focused on metal mining, metallurgy and construction, trade and logistics, and finance and real estate.

Tang Fuping noted that structural adjustment and quality enhancement is the important direction of China Minmetals' current and future development. Regarding structural adjustment, the company will focus on metal mining and raise its ratio in total output value. China Minmetals has made overseas investments in recent years and its overseas assets have kept increasing. Its copper, zinc and nickel reserve is among the largest in the world and tungsten, stibium and bismuth reserve ranks first worldwide. On the other hand, China Minmetals will pay more attention to development quality and intensify metal deep processing and the development of downstream products. Leveraging its resource and technological advantages, it has further extended the metal mining industry chain for new energy battery materials. As to quality enhancement, China Minmetals not only attaches importance to the increase of quantity, but also the improvement of quality indicators such as profit margin. Chairman Tang asked Deloitte to exert its advantages in audit and management consulting and help China Minmetals to do better in those two aspects.

Punit Renjen thanked Chairman Tang Fuping for his hospitality and introduced Deloitte's global business distribution and advantages. He said that Deloitte, with its powerful global network, was able to help China Minmetals to find quality resources around the globe. With regard to its demand for structural adjustment and quality enhancement, Deloitte will, on one hand, draw on the practices of world advanced mining enterprises and explore a management approach suitable for China, and, on the other hand, provide more targeted views and suggestions to cater to China Minmetals' specific needs. He hoped their cooperation could lead both sides to a better future.

The two sides exchanged views on topics of common concern, including the global trend of resource industry and market environment, audit supervision system, and management consulting.

China Minmetals' Vice President Liu Caiming and Deloitte China CEO Zeng Shunfu attended the meeting. Also present at the meeting were business heads from Deloitte including Wu Jiayuan, Xu Bin, Lv Yan and Kuang Chenggong, and heads of China Minmetals departments and organizations including Yin Sisong, Zhao Xiaohong, Jin Zhifeng and Peng Haiqing.

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