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Excellent Performance of China Minmetals in Both Pandemic Containment and Production in the First Half of 2020

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On July 21, China Minmetals Corporation ("China Minmetals" for short) convened the meeting of the mid-year economic environment analysis. At the meeting, all the attendees earnestly studied the important speeches and instructions given by General Secretary Xi Jinping about ensuring a coordinated progress in both the pandemic containment and the economic & social development. A comprehensive summary of the pandemic containment and the production in the first half of 2020 was made. In addition, it is required that we shall fully implement the policies and plans made by the Central Party of the Communist Party of China (CPC) and the State Council, and the guiding principles put forward in the mid-year video conference organized by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) for the heads of the central state-owned enterprises (SOEs) shall be earnestly implemented. Meanwhile, the analysis of both internal and external environments was made and the plan for the key tasks in the second half of 2020 was developed. Mr. Tang Fuping, China Minmetals' Chairman and Party Group Secretary, and Mr. Guo Wenqing, China Minmetals' President and Deputy Party Group Secretary, attended the meeting and gave speeches.

At the meeting, in light of the actual growth of China Minmetals, Guo Wenqing reported on the comprehensive performance of the first half of 2020 and outlined the plan of the key tasks for the second half of 2020.

Since the outbreak of COVID-19 at the beginning of 2020, China Minmetals has been resolutely implementing the policies and plans made by the Central Party of the CPC. On January 23, through the decisive and swift action, the Emergency Mobilization Order was made by China Minmetals, unveiling a war, with science-based prevention and control as well as targeted measures, against the COVID-19 pandemic. Guo Wenqing recalled that against the backdrop of extremely adverse conditions such as many subsidiaries in Wuhan city and overseas cities as well as the overlapped impact of the COVID-19 outbreak in both China and other countries in the world, we at China Minmetals resolutely put our people's lives and properties at the first place and work hard to ensure a coordinated progress in both the pandemic containment and the production through the strong sense of political responsibility, historic mission and immediate urgency. And we at China Minmetals are united as one to rise to the challenge squarely, achieving great progress in the pandemic containment. As a result, at the beginning of April, China Minmetals' subsidiaries at all levels resumed their production, with zero case found in the workplace.

Guo Wenqing pointed out that under the backdrop of the drastic fluctuation in the prices of metallic mineral products in the first half of 2020, China Minmetals, guided by the goal of "quadrupling in three steps", adhered to the primary task of pursuing growth and endeavored to ensure a stable progress in operation and growth. As a result, the anticipated main operation indicators were achieved, keeping up with the planned progress. In consequence, the economic performance of China Minmetals outpaced the average one of the central SOEs, and the operating revenue still increased by 10 percent over the same period. And the revenue in the metallic ore deposits - the pillar industry of China Minmetals - reached the planned performance specified by SASAC. In addition, the asset-liability ratio fell by 0.1 percentage point compared to the end of last year, and the increase in the receivables and stock occupancy rate was lower than that in the operating revenue. Meanwhile, the asset operating efficiency was improved over the same period, the turnover ratio of liquid assets elevated over the same period, the interest-bearing debt ratio reduced and the operational net cash inflow greatly raised. The anticipated progress in the net profit, total profit, assets-liability ratio, profit margin and investment ratio of R&D expenditure were basically achieved. And there is a stable growth in our operation, displaying a promising future.

Guo Wenqing also pointed out that in light of the adverse impact of COVID-19 on global mines, China Minmetals followed the guiding principles of "putting the production into adjustment and upgrading, the marketing into analysis and observation, and the mergers and acquisitions into the window of opportunities", ensuring a coordinated progress in the production and operation of metal mining business. In the metallurgical construction industry, we increased the efforts in allocating resources and managing the projects, and did our utmost to ensure no shortage in staffing and construction materials, nor disconnection in our organization. For the major projects concerning our country's stability and our people's wellbeing as well as global cooperation on production capacity, such as the National Snowmobile and Sledge Center, a key project for the Beijing 2022 Olympic Winter Games, and Indonesia Dexin Ironmaking Furnace, we ensured no suspension in design and construction, delivering the progress as scheduled. And we worked hard to seize the opportunities found in the policies and markets to effectively expand the space for growth. Meanwhile, we fully taped the potential in the internal market worthing about RMB 100 billion, and worked hard to ensure the supply of construction materials, the coordination of resources and trade, and the synergy in industry and finance, with an amount of RMB 82.67 billion achieved in the first half of 2020. We delegated the personnel with outstanding performance to compete for the market share. As a result, even against the backdrop of severe challenges in domestic and overseas pandemic containment and declining investment in infrastructure over the same period, the contract amount of new projects reached RMB 468 billion, register a year-on-year increase of 19.6 percent. For Caofeidian International Ore Trading Center, we are devoted to building a private brand in the field of iron ore, and the Standard Iron Powder of China Minmetals made its debut in the market, and we ensure its delivery to our target customers.

Guo Wenqing highlighted the efforts for pandemic containment. He said that since the COVID-19 outbreak, China Minmetals acted decisively and quickly to start an all-dimensional inspection of financial risks at various levels, thus effectively revealing, guarding against and defusing the financial risks of various forms and ensuring the bottom line of zero major risk.

In addition, as one of the first group of the central SOEs passing the inspection by the Central Committee of the Communist Party of China on Environmental Protection Supervision, China Minmetals resolutely shouldered the primary responsibility of ecological progress, established a Leading Group of Rectification and a Work Force, swiftly developed the scheme of rectification and drew up the list of issues, responsibilities and tasks to deliver a solid progress in the rectification.

At the meeting, Guo Wenqing developed the plan for the key tasks in the second half of 2020. He requires that all the enterprises under China Minmetals shall correctly follow the development trend, and our thinking and actions shall follow the directions given by the Central Committee of CPC. Moreover, we shall fully implement the guiding principles embodied in the speeches of General Secretary Xi Jinping, and better play the role of China Minmetals, as one of the central SOEs, in shouldering the mission and responsibility of serving as an anchor.

Guo Wenqing requires that: firstly, the enterprises at all levels under China Minmetals shall firm up the confidence and do their best to the overall target of 2020. All the enterprises must be well-prepared, mentally and physically, for the pandemic containment for a long run, and further enhance our capacity in work under the new normal situation. Secondly, we shall ensure the stability to maintain sustained growth and take reasonable measures to ensure the stable fundamental of the operation. The overall picture of the fundamental of China Minmetals is to maintain a team of 200,000 persons, rank us among Top 100 of Fortune Global 500 and achieve the target of an annual profit of RMB 20 billion. We must firmly keep this fundamental in mind to constantly enhance the asset quality and consolidate the development foundation of our enterprises. And the enterprises at all levels must locate their respective positions in the strategic guidance of "quadrupling in three steps" and the fundamental, and define the basic strategic positioning. Thirdly, we shall pursue progress while ensuring stability, foster new opportunities from the crisis and open a new horizon in the changes. On top of that, we shall explore the benefits from the policies, generate vitality in the market and inject power into the innovation to create the environment for innovation. Fourthly, we must focus on the business system featured by "four beams and eight columns" to improve the development level of our main industry. For this reason, we shall advance the ongoing projects of the metal mining industry to ensure a stable production and a high output. MCC shall strive for further improvement, the transformation and adjustment shall be accelerated in trade and logistics business, and the steady and healthy development in the financial service and the real estate business shall be ensured. Fifthly, we shall focus on the foundations and key tasks to improve the management level of the enterprises. In addition, we shall cut the cost in details and increase the efficiency, implement the task of rectification, do a good job in the management of project progress and the rectification in response to the inspection by the Central Committee of the Communist Party of China on Environmental Protection Supervision, as well as work safety.

At the meeting, Mr. Tang Fuping said that he fully recognizes China Minmetals' efforts for pandemic containment and resumption of work in the first half of 2020. He also said that in the first half of 2020, China Minmetals firmly implemented the guiding principles embodied in the speeches of General Secretary Xi Jinping as well as the policies and plans made by the Central Committee of the CPC. Through swift actions and quick response, China Minmetals ensured the progress in both the pandemic containment and operation. As a result, China Minmetals resumed the work relatively earlier to other industries, and actually turned the outcome of resumption of work into the output, thus ensuring great achievements in both the pandemic containment and production. What's more, China Minmetals demonstrated strong resilience in development under the backdrop of downward pressure on the economy, ensured the planned progress and fully completed the tasks made by the SASAC.

The year 2020 witnessed China Minmetals' striving for the coordinated progress in the pandemic containment and resumption of work, but also marks the 70th anniversary of the founding of China Minmetals. Over the past 70 years, China Minmetals experienced two historical periods in China's history, namely the Planned Economy, and the Reform and Opening-up. Facing the complicated domestic and international environments, China Minmetals stood together with the motherland through good times and bad times, turning itself from a trade company only importing / exporting metallic mineral products into China's largest metal mining corporate with the biggest scope of international businesses, and extending its footprint from an alley in Beijing to the global stage of metal mining. The world political and economic landscape is undergoing great changes unseen in a century. The period between the 19th and the 20th National Congress is the period in which the timeframes of the two centenary goals converge. At the critical period of fully achieving "quadrupling in three steps", China Minmetals, endowed with the unique competitive edge of the whole industry chain in the metal mining industry and the presence of global operation, is also confronted by extremely complicated and severe challenges, and ahead of us are arduous task and heavy responsibility.

Mr. Tang Fuping emphasized that in the face of the complicated environment, we shall earnestly study, understand and implement the guiding principles embodied in the speeches of General Secretary Xi Jinping about ensuring a coordinated progress in pandemic containment and economic & social development, and ensure that our thinking and actions are swiftly integrated into the Party's science-based judgement of and overall plans for the environment faced by us. In addition, we need to stick to the development goal and maintain our strategic focus to deeply implement the new philosophy of development, move toward high-quality development and never waver in pursuing further improvement and expanding our business scope. Moreover, we shall use the actual performance as the most realistic and immediate approach to verify the implementation of resolutely upholding General Secretary Xi Jinping's core position on the Party Central Committee and in the Party as a whole, and resolutely upholding the Party Central Committee's authority and its centralized, unified leadership. By doing so, China Minmetals can truly play its role of a pillar at the critical moment and its role of an anchor of the economy at the special moment.

At the meeting, Mr. Tang Fuping put forward the general requirements for the second half of 2020. He pointed out that the short-term impact of the pandemic is waning, but the pandemic also quickened the pace of reverse globalization. As a result, the global political and economic landscape is about to undergo profound changes, and so will the industry market and the competitive environment where China Minmetals. Such kind of profound changes may run through the whole 14th Five-Year Plan (2021-2025). The 14th Five-Year Plan is the critical period for China to achieve socialist modernization and for China Minmetals to build itself into a world-class enterprise. For this reason, we shall think in big-picture terms, aim at high-quality development and continue to ensure the efforts for the two long-term subjects, namely structure upgrading and reform & innovation, to enhance our competitiveness, creativity, control force, influence and anti-risk capability.

Mr. Tang Fuping emphasized that in the second half of 2020, China Minmetals shall follow the general principle of pursuing progress while ensuring stability, and keep the operation goal and task of 2020 unchanged. The enterprises at various levels shall live up to the expectations to withstand the test, give fully play to the role of market entities, strengthen the goals and responsibilities and channel the pressure on operation level by level to ensure the implementation of performance evaluation and the completion of the high-quality work at every aspect of reform and development. The Party organizations at all levels shall exercise full and rigorous self-discipline in the Party, fully perform the duty of building the Party and transform the effect of building the Party into the fruits of development. The managers at all levels shall be aware of the heavy responsibility and shoulder such responsibility to withstand the test, truly enhance the capacity in coping with and defusing the crisis, and work for the production, operation and management to develop real abilities for development during the changes.

In the end, it was emphasized that the efforts for flood control and disaster relief shall be ensured. It was also stressed that the flood control across the country is at a critical moment and we are still confronted with severe challenges in flood control and disaster relief. For China Minmetals, because of its broad scope of businesses, some enterprises under China Minmetals are faced with severe challenges in the safety of the personnel and assets. For this reason, we shall fully implement the important instructions made by General Secretary Xi Jinping, put our people's lives at the first place and define the responsibilities of the enterprises at various levels. In addition, we shall strengthen the inspection of the key places, such as tailings ponds, construction and hazardous chemicals, key industrial fields, key enterprises and weak links. Moreover, we shall strengthen monitoring and early warning, increase the stock of supplies, develop targeted emergency response plan and do a good job in 24-hour shifts for emergency. By doing so, the danger will be timely detected, handled and reported.

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