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Mr. Tang Fuping Presided Over the 55th Board Meeting of the First Term of Board of Directors of China Minmetals

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On July 26, China Minmetals held the 55th Board Meeting of the first term of Board of Directors (the 3rd regular meeting in 2019). Mr. Tang Fuping, Chairman and Party Group Secretary of China Minmetals, attended and presided over the meeting. Mr. Dong Mingjun, Director and Party Group Deputy Secretary of China Minmetals, Outside Directors Shi Dahua, Lang Jia, Cai Hongping, Pan Zhengyi, Shen Diancheng, and Employee Director Liu Leiyun attended the meeting. Mr. Chang Yuchun, Deputy Head of the First Bureau for the Administration of Corporate Executives under the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), and Mr. Li Ping, Deputy Head of the Fourth Division, were invited to attend the meeting. Related leaders and the Head of the Supervision Bureau (Patrol Office) of China Minmetals attended the meeting.

On the meeting, the participants listened to the Budget Implementation Analysis Report from January to June of China Minmetals, Risk Management Report from January to June of China Minmetals, Report on the Progress of Comprehensively Deepening Reform in the First Half of the Year and Suggestions for the Follow-up Work of China Minmetals, Report on the Implementation of Investment Plans and the Progress of Important Investment Projects of China Minmetals in the First Half of the Year, Internal Audit Work Report of China Minmetals in the First Half of the Year, situations of China Minmetals' key projects that are being implemented and its eco-environment protection work, and the inspection of the 7th Central Committee of the Communist Party of China on Environmental Protection Supervision on China Minmetals.

China Minmetals' work in the first half of the year was well acclaimed by the Board of Directors. The Board of Directors believed that China Minmetals had actively and steadily promoted its businesses, and its economic operation has maintained the momentum of steady and sound development. It had outperformed the progress goals of "completing more than half of the tasks within half a year" and laid a solid foundation for the completion of the annual tasks.

The Board of Directors made five requirements for the work in the second half of the year: Firstly, focus on the incentive mechanism, vigorously promote the overall reform, and strive to achieve breakthroughs in key areas under the guidance of the top-level design of comprehensively deepening the reform; secondly, strengthen the process monitoring of key investment projects, and focus on project compliance and post-investment management, to ensure smooth progress of the projects; thirdly, continue to pay attention to key financial indicators such as net profit and asset-liability ratio that belong to the parent company, and pay close attention to the issues such as clearing of "funds occupied by accounts receivable and inventories", and unprofitable enterprise governance to ensure the realization of annual business objectives; fourthly, achieve full coverage of risk management, leave no blind spots, carry out careful and fine monitoring, and focus on financial and real estate risks; and fifthly, do a good job in the implementation of audit rectification, strengthen audit closed-loop management, make good use of audit work results, and establish a long-term mechanism.

While listening to the progress of relevant projects, the Board of Directors pointed out that it was necessary to expedite relevant work, comprehensively and meticulously conduct due diligence, and draw lessons from past restructuring projects, fully reveal risks and problems, and actively develop solutions.

The Board of Directors requested to further implement Chinese President Xi Jinping's thought on the construction of ecological civilization, and attaches great importance to eco-environmental protection. The Board of Directors should regularly listen to reports on eco-environmental protection, study and implement related issues, and promote eco-environmental protection to a new level to help China Minmetals develop with high-quality.

The Secretary of the Board of Directors of China Minmetals, the General Counsel, the persons chiefly in charge of the Board of Directors, and the persons chiefly in charge of relevant headquarters departments involving in the topics attended the meeting.

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