Recently, an organization named "Benguet Corporation" from the Philippines claimed that "Benguet Corporation (Benguet) executed on December 3, 2009, a Memeorandum of Agreement (MOA) with Minmetals International (H.K.) Ltd (MinMetals). The MOA provides for MinMetals to be the funding source through its banking facility to finance the full cost required to bring the Kingking project into full operation, including advances necessary for the project starting from organization, pre-operating material, financial requirements and similar activities that may require project advances, specifically with regard to all necessary confirmation-validation of project surveys, feasibility study, engineering, procurement, and construction of all the necessary facilities and appurtenances that will be needed to fully exploit all the mineral deposits of Kingking within the quickest time possible. The parties are now set to move the project forward and push for the completion of the bankable feasibility study and the full commercial operation of the project." The organization also alleged that "MinMetals is a subsidiary of China MinMetals Corporation, a Global Fortune 500 company."

To this end, China Minmetals Corporation would like to make the following statement:

1、"MinMetals International" is not a subsidiary, nor does it have any connection with China Minmetals Corporation.

2、No subsidiary of China Minmetals Corporation has signed any agreement with Benguet Corporation. China Minmetals Corporation and its subsidiaries are not aware of the aforementioned issue. China Minmetals Corporation shall not be held liable for any commercial activities or its legal consequences conducted in the name of China Minmetals Corporation or its subsidiaries by any organization or entity.

3、China Minmetals Corporation will pay close attention to the development of the aforementioned issue, and reserves all its rights to take further legal actions against any organization or entity that conducts commercial frauds in the name of China Minmetals Corporation.

On the afternoon of February 8, China Minmetals held a New Year's Greeting Party for its former managers at Beijing Shangri-La Hotel. The current leadership of the Corporation, including Zhou Zhongshu, Zhuang Yuanrong, Xu Siwei, Shen Ling, Feng Guiquan, Hai Yan, etc. attended the event. A total of 24 former leaders including Zhou Keren, Liu Zhongliang and Miao Gengshu were present at the greeting party.  

Senior Vice President Feng Guiquan addressed the greeting party on behalf of President Zhou and the Corporation. First of all, he wished the former leaders happy New Year, good health and good luck, and extended best wishes for their families. Then, he made a detailed introduction on the following four characteristics presented in last year's work: First, periodic results had been yielded in fighting the crisis. The production and sales bottomed out, and major economic indicators continued to improve. China Minmetals had achieved an annual turnover of USD 26.8 billion in 2009, meeting all assessment targets assigned by SASAC. Second, significant progress had been made in the adjustment and optimization of industrial structure. Economic scale of non-ferrous sector continued to expand, and business revenues in finance, logistics and real estate sectors had kept increasing. Major business of the Corporation developed in a more coordinated manner. A pool of industrial and mining enterprises and scientific research institutes joined in China Minmetals in succession, which contributed to the sound industrial chain layout featuring the integration of science, industry and trade. Third, good news came forth from home and abroad in terms of M&A and restructuring. China Minmetals had succeeded in acquiring the core assets of Australian OZ Minerals, and implemented the strategic restructuring of Changsha Research Institute of Mining and Metallurgy, Luzhong Metallurgy & Mining Group Corporation and Hunan Nonferrous Metals Corporation Limited. It now has controlling shares of 8 listed companies in total, establishing itself as a group flagship in the capital market. Fourth, the management expertise had been significantly enhanced. The smooth implementation of V5 Project Phase II optimized the IT management platform. The resources of the headquarters had been allocated in a more scientific and efficient manner. China Minmetals had also conducted in-depth studies on investment and corporate economic endurance and on the strategic fitness of projects, and applied the quantitative management tools to investment decision-making. The implementation of comprehensive risk management ensured its healthy development. He finally said that China Minmetals would usher in its 60th anniversary this year. Over the past 60 years, each step of China Minmetals’ growth had condensed the sweat and wisdom of all the former leaders present here today. We would never forget your great contributions, and would inherit and carry forward your spirits of hard work and selfless dedication to create a more brilliant Minmetals in the next 60 years.

Persons in charge of some functional departments and business units also attended the greeting party.