China Minmetals President Zhou Zhongshu, CISA CPC Committee Secretary Liu Zhenjiang, Director of SASAC Enterprise Reform Bureau Bai Yingzi, CPC Committee Secretary of Shanghai Construction & Transportation Committee Xu Deming, CPC Secretary Yu Jiancheng and Mayor Ma Pingchang from Laiwu, and Lumining General Manager Li Lianhua attended the restructuring conference

On 9 December, the restructuring conference of China Minmetals and Luzhong Metallurgy & Mining Group Corporation (Lumining) was grandly held in Lumining Staff Club in Laiwu, Shandong province. Some 900 people attended the conference, including China Minmetals President Zhou Zhongshu, CFO Shen Ling and Senior Vice President Feng Guiquan, CPC Committee Secretary of China Iron & Steel Association (CISA) Liu Zhenjiang, Director of SASAC Enterprise Reform Bureau Bai Yingzi, CPC Committee Secretary of Shanghai Construction & Transportation Committee Xu Deming, Laiwu CPC Committee Secretary Yu Jiancheng, Mayor Ma Pingchang, and other relevant officials from Laiwu CPC Committee and municipal government, Lumining General Manager Li Lianhua, his management team, as well as heads of relevant departments and subsidiaries of Lumining. The conference was chaired by Ji Junhua, CPC Committee Secretary of Lumining.

At the conference, CFO of China Minmetals Ms. Shen Ling announced the notice issued by SASAC on the restructuring of China Minmetals and Lumining.

Lumining General Manager Li Lianhua said in his speech that restructuring with China Minmetals offered Lumining a crucial strategic opportunity, vast room for development and a new career platform. Lumining will value and seize this opportunity, exert its resource advantages and carry forward the tradition of commitment and dedication. Under the leadership of China Minmetals and according to its overall development plan, Lumining will fully merge with China Minmetals, learn advanced management expertise and strive to make Lumining's mining business stronger and bigger, so as to make due contribution to making China Minmetals a leading international metal and mineral group.

In his address, President Zhou briefly introduced the achievements China Minmetals has scored in implementing the asset-oriented strategic transformation in recent years, as well as its competitive edges in resource, industry chain, talent and technology. Restructuring of the two enterprises is a major step SASAC took to accelerate the adjustment of state-owned sector distribution and industrial structure, and cultivate large enterprises and conglomerates. It is also a win-win choice for both China Minmetals and Lumining to obtain fundamental interests and long-term development, said President Zhou.

According to President Zhou, China is now going through an important period of accelerated industrialization, urbanization and informatization, when growth of national economy has an increasingly larger demand for resource-based products. As a resource enterprise, China Minmetals shoulders critical responsibility for guaranteeing national economic security and stabilizing the supply of metal and mineral products. It has to fully utilize it advantage of "two markets and two sources of resources" and strive for frog-leaping development through multiple means, including domestic and overseas M&A, restructuring and capital operation, so as to quickly strengthen and expand its business and become a metal and mineral group with international competitiveness and global influence. Meanwhile, being a large-scale underground ferrous metallurgy enterprise focused on iron ore mining and dressing, Lumining has high-grade iron ore mines in China that feature large reserve, high quality and grade, and has created successive record performances based on strong ability in scientific research, technological breakthrough, as well as rich production, operation and management experience. Restructuring with Lumining will definitely enable China Minmetals to further optimize its domestic industrial layout, realize pre-set strategic goals, and provide a guarantee for the steady and solid growth of the national economy.

President Zhou raised four requirements for the restructuring of the two enterprises. First, closely center on corporate development strategy and actively promote restructuring and integration; second, speed up to implement various supporting measures and advance the development of Lumining; third, intensify education and training and enhance the fostering of corporate culture; and fourth, try every means to guarantee smooth interface between the two sides in the restructuring of such areas as HR, strategy and planning, finance, investment, information, Party affairs, document and archives.

China Minmetals’ restructuring of  Lumining can complement each other and optimize resource allocation, said Bai Yingzi, director of SASAC Enterprise Reform Bureau. Lumining's technological and equipment level as well as its mining ability will be further enhanced, while China Minmetals will gain a better grasp over scarce resources, improve its deployment of ferrous metals and move toward the goal of becoming a world-leading metal and mineral group.

The restructuring is not only good for Lumining to get bigger and stronger "with focus on mining", but also good for China Minmetals to quickly expand its presence in the mineral resources sector, said Liu Zhenjiang, CPC Committee Secretary of CISA. It will also raise the industrial concentration of state-owned enterprises, which lays a solid foundation to foster internationally competitive metal and mineral groups.

Xu Deming, CPC Committee Secretary of Shanghai Construction & Transportation Committee, said in his speech that the restructuring of China Minmetals with Lumining provides a brand new starting point for Lumining. With China Minmetals' powerful backup and global operation model, modernized management philosophy and approach, Lumining will embrace reform and steer to the fast track of accelerated development.

According to Ma Pingchang, mayor of Laiwu, the restructuring of China Minmetals with Lumining provides a major opportunity for both sides to realize advantage complementation and win-win benefits, especially for Lumining to speed up development and enhance strength. While turning a new page for Lumining's expansion, it will also make greater contributions to local economic development. He said that the municipal CPC Committee and government will diligently carry out the Strategic Cooperation Agreement with China Minmetals, play an active role to remove difficulties, provide quality services and create a good environment for enterprises, so as to achieve win-win development for both the locality and enterprises.

Also present at the restructuring conference were Zong Qingsheng, assistant president and general manager of Investment Management Division; Xing Bo, general manager of HR Division; Xu Zhongfen, deputy general manager (in charge) of Strategy & Planning Division; and Yu Bo, general manager of Financial Division of China Minmetals,, as well as Liu Lijun, commissioner for state-owned assets restructuring; Wang Wenhai, deputy director of General Office; and Liu Qiao, head of Han Xing Metallurgical Mine Administration.