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Guo Wenqing Hosts the 8th Meeting of China Minmetals' President in 2020 to Address the Fight against the COVID-19 Epidemic and Focus on the Resumption of Work and Production for Targeted Performance

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On March 11, Mr. Guo Wenqing, China Minmetals' President and Deputy Party Group Secretary and MCC Chairman, hosted the 7th Meeting of China Minmetals' President in 2020 ("the Meeting" for short).

At the Meeting, Guo focused on hearing reports on the resumption of work and production of China Minmetals’ major projects. Since the outbreak of the COVID-19 epidemic, we have resolutely unified our thinking and actions into the decision-making and deployment of the CPC Central Committee for the keen response, correct decision-making, pragmatic measures and effective implementation. With the joint efforts of the whole staff, the prevention and control work of epidemic has been generally stable, as well as the resumption of work and production has made good progress. As General Secretary Xi Jinping pointed out during his visit to inspect the prevention and control of the COVID-19 epidemic in Wuhan, Hubei Province on March 10, party organizations, members and officials should shoulder responsibilities, adopt sound prevention and control measures and improve their capabilities in the test. We China Minmetals should follow the important instructions by General Secretary Xi Jinping and the decision-making arrangements of the CPC Central Committee for the down-to-earth implementation.

For the further resumption of work and production, five clear requirements were put forward at the Meeting:

Firstly, we must set a precise target to resolutely achieve the performance goal throughout the year. As pointed out at the meeting of the Standing Committee of the Political Bureau of the Central Committee of the People's Republic of China on March 4, the country must accelerate economic recovery and promote the resumption of work and production. China Minmetals must forge ahead to resume work and production on the basis of unabated epidemic prevention and control. The MCC must stand up to the critical moment and effectively play its role as a ballast stone. As for China Minmetals Nonferrous Metals Co., Ltd and MMG, the management system and capability should be further optimized and improved to promote the "two-wheel drive" of mining production and metal trade. Those subsidiary overseas mines shall implement main responsibility and strengthen on-site management. As for Minmetals Development Co., Ltd, Subsidiaries must continue to be optimized and streamlined. At the same time, the long-term cooperation contract signing of the Caofeidian International Ore Trading Center must be continuously strengthened to accelerate the formation of a trading system featured by "two ends outside, two ends locked, big in and big out, closing cycle".

Secondly, we must take a practical approach to securely and actively promote the existing major projects. Adhering to the principles of starting from reality and benefit-oriented, the investment intensity of high-efficiency projects can be increased as well as the quick-acting projects can be accelerated. Meanwhile, the process management and control must be strengthened, project benefits must be tracked and evaluated, and changes in the situation including new technological revolutions must be comprehensively considered, and investments must be scientifically and dynamically optimized. It is necessary to strictly implement the internal coordination, centralized bidding and procurement systems, without any subsidiary making exceptions.

Thirdly, we must make a comprehensive plan to ensure the compliance of overseas projects as scheduled. The work must continue to be strictly implemented in accordance with the requirements of the expansion meeting of the China Minmetals President’s Meeting together with Overseas Production and Operation Meeting held on February 5. Overseas projects should strive to perform on schedule on the basis of preventing and controlling the epidemic, which can not only show the our integrity and responsibility as a central SOE in a great country, but also make a positive contribution to promoting the stability and smoothness of the global industrial chain and supply chain.

Fourthly, we must seize the opportunity to vigorously obtain new projects for high-quality development. The follow-up research on policies should be strengthened to make good use of various supporting policies. The capital market docking must be strengthened to actively carry out low-cost financing. The analysis and judgment of the industry situation must be strengthened to strive for new opportunities of development and to achieve new breakthroughs in high-quality copper and zinc resources and new infrastructure projects.

Fifthly, we must shoulder our responsibilities to promote the resumption of production with high quality and efficiency. The scientific prevention and control and precise measures must be further upheld to advance the high-quality construction with the premise of ensuring health and safety. The subsidiaries located in Beijing should resolutely implement the requirements for epidemic prevention and control of Beijing to win the "Beijing Defense War". Formalism and bureaucracy must be resolutely eliminated with our leadership and execution fully demonstrated.

The report on the adjustment plan of the MCC headquarter was heard at the Meeting, which was pointed out to comply with the requirements of the SASAC's Notice on Central Enterprises’ Special Rectification of Headquarters’ Institutionalization, as well as to meet the overall optimized layout requirements of China Minmetals and the actual development of MCC. The organization and resource allocation of MCC headquarter should be carried out with accurate positioning around the core elements and the key of management and control to clarify what to manage and how to manage in an authoritative, pragmatic and efficient manner.

In addition, the report on the adjustment of the income index of China Minmetals' metal mining industry and the report on the video system construction plan of China Minmetals’ headquarter were also heard at the Meeting. China Minmetals should strive to earnestly shoulder the mission and responsibility of protecting the country and serving the country in metal mining, give full play to the advantages of the entire industry chain, and unswervingly highlight the main responsibility of developing metal mining. The video conference system should be constructed in accordance with the "practical, economical, efficient, and safe" principles to effectively play an important role in ensuring the smooth flow of policies and orders and improving the operational efficiency.

The leaders of China Minmetals including Liu Caiming, Zhang Zhaoxiang, Jiao Jian, Lu Weidong and Reng Zhufeng attended the Meeting. Other attendees were the Chairman of the Labor Union, the Assistant to President and the General Counsel of China Minmetals, members of relevant leading group of MCC, Discipline Inspection and Supervision Officials, and main heads of headquarters departments and directly-administrated organizations of China Minmetals, and main heads of directly-managed subsidiaries of China Minmetals.

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