From December 30 to the morning of December 31, China Minmetals convened its 2025 Annual Working Conference to review the work done in 2024 and set the targets and priorities for 2025. Chen Dexin, Party Group Secretary and Chairman of China Minmetals, attended the conference and delivered a speech.

It was pointed out at the conference that in 2024, China Minmetals managed to propel an effective improvement in quality and a rational increase in quantity on an ongoing basis by responding to challenges in a positive way, pursuing the principles of “seeking progress while maintaining stability, promoting stability through progress, establishing the new before abolishing the old, and making consistent and coordinated efforts”, and by continuously enhancing its core functions and competitiveness. Additionally, the main responsibilities and businesses were highlighted and the industrial structure was optimized without compromising the fundamentals of the company. It is estimated that the operating volume of major metal and mineral products increased by 12.2% over the previous year. China Minmetals and its subsidiaries have worked in tandem and forged ahead, striving to deliver increasingly better results and attain the goal of “getting off to a good start in Q1, reaching the halfway mark in Q2, picking up steam in Q3, and securing year-round prosperity in Q4”.

In Chen Dexin’s speech, he gave a comprehensive summary of the main highlights of China Minmetal’s performance in 2024. First, China Minmetals has made steady progress in production and operation. China Minmetals and its subsidiaries went all out to achieve the set targets. Among them, some climbed to greater heights, some made up for previous deficits, some outperformed in a downturn, and others proactively took on the challenges and responsibilities. It has achieved company-wide collaboration and coordinated development, as well as steady improvement in sustainability capabilities in 2024. Second, China Minmetals’ key projects have shown remarkable results. In 2024, the Khoemacau Copper Mine Project in Botswana was successfully taken over and showed a steady growth in output; the Kinsevere Copper Mine Expansion Project was completed and put into operation ahead of schedule; the Chentaigou Iron Mining Project outperformed the annual construction plan; the terminal of the International Trade Center in Xiong’an New Area and the North Campus of Beijing Palace Museum (Section One), undertaken by China Minmetals, topped out their steel frame and main structure respectively; the 5600mm rolling mill produced by Zhoukou Base of Henan Iron & Steel Group under the help of China Minmetals, successfully completed the hot run test; and there were an array of projects commencing construction, such as the technical transformation of the beneficiation plant for the newly-mined tungsten in Xianglushan, the Phase III lithium mining process improvement and technical transformation of China Minmetals Salt Lake Co., Ltd., the iron mining and beneficiation in Zhaopingfang, and the peripheral and deep mining of lead and zinc resources in Huangshaping. Third, China Minmetals’ industrial system continued to be optimized. In terms of metal ore mining, it has strengthened the coordination of prospecting, production, supply, storage, and sales chains. On the resource side, it has stepped up efforts in prospecting, with significant gains in the 11 deep and peripheral prospecting projects in Hangshaping, Shuikoushan, Shizhuyuan, Yuanjing Tungsten, and Xikuangshan, and a year-on-year increase in the amount of copper, lead, zinc, nickel, cobalt, tungsten, tin, and antimony. On the production side, it has steadfastly followed the principles of “reaching target output as soon as possible, making up for the shortfall in output, ensuring quantity and quality simultaneously, maintaining stable production whilst at full capacity”. On the supply and sales side, it has cemented partnerships with leading companies, and achieved an year-on-year increase in the trade volume of commodities such as copper concentrates, aluminum ingots, zinc ingots, nickel (metal) and chrome ore. As for engineering construction, it has taken the initiative to improve quality and make transformations at a faster pace. From January to November in 2024, its overseas contract value saw a 99% hike compared to the same period last year. Besides, it successfully won the bid for a batch of ten-billion projects, such as the design, construction, and general contracting of the hotel expansion project at Resorts World Sentosa. China Minmetals has also actively tapped into and expanded its presence in strategic emerging industries. It has accelerated the development of its metallic materials, special materials, equipment manufacturing, digital economy, energy conservation and environmental protection and other businesses. Its new -generation iron phosphate lithium products were sold in bulks. Its high purity graphite production line in Heilongjiang was completed and put into trial operation, and met the standard on the first try. Its ultra-fine hard alloy bars, PK series drill bits, and other products achieved import substitution. In addition, 10 of its subsidiaries were rated as National Manufacturing Single-Product Champion Enterprises, 19 were rated as national specialized, refined, distinctive, and innovative (SRDI) “Little Giant” enterprises, and 13 were shortlisted to engage in the “Technology Reform Demonstration Action” and the “Double-Hundred Action”.

Fourth, reform and innovation brought new momentum, with technology playing a more prominent role. Successfully approved as the first national technology innovation center in the field of mineral resources, China Minmetals accelerated the construction of three original technology hubs in deep earth, deep sea, and metallurgical industrial pollution control, as well as a future industry innovation consortia in fields like deep earth and deep sea. Scientific and technological innovation achievements were increasingly fruitful. Collaborative efforts led to the world’s first 6,000-meter-class intelligent electric-driven deep-sea heavy-duty mining vehicle platform. Our company also developed ultra-high purity graphite products with a purity exceeding 99.99995%, and established comprehensive technologies and equipment for the world’s larger-scale continuous casting slab process, along with the nation’s first production line and process for titanium and titanium alloy electrode blocks exceeding 10,000 tons. These included a series of “core technology + equipment” production lines. Effective invention patents increased by 9.6% year on year. Reform initiatives progressed steadily. For example, we optimized “three lists and one process,” enhanced the construction of boards of directors at all levels, and accelerated the development of “digital enterprise brains.” The supply chain platform and treasury system were fully established.

Chen Dexin pointed out that in 2024, China Minmetals deepened its brand building efforts, earning the title of the first batch of “5A Grade Enterprises for Corporate Culture Building and Management” in China and ranking 190th on the list in its first year of participation of 2024 World’s 500 Most Influential Brands. Actively fulfilling its social responsibilities, China Minmetals solidly carried out various tasks such as rural vitalization, targeted assistance, environmental protection, disaster relief, and community construction, with donations and construction funds exceeding RMB 500 million. The Las Bambas Copper Mine in Peru supported the construction and delivery of the Kutuketai Bridge, while the Kinsevere Copper Mine was honored with the “Outstanding Employer Enterprise” certificate in the Democratic Republic of Congo (DRC). Additionally, the MCC Ramu Nickel and Cobalt Mine was recognized as an outstanding case in “governance” in the Blue Book on Overseas Environmental, Social, and Governance (ESG) of Central State-owned Enterprises (2024).

Chen Dexin emphasized that while the adverse effects of the changing external environment are intensifying, and the Chinese economy still faces numerous difficulties and challenges, the fundamental conditions and long-term positive trends remain unchanged. China Minmetals must accelerate its deep transformation and upgrading, aiming to become a world-class enterprise with outstanding products, a renowned brand, leading innovation, and modern governance. Taking technological innovation as the essential path, China Minmetals will implement the “chain leader and chain master system” to integrate individual points into cohesive systems, link systems into interconnected chains, and foster industrial clusters, ultimately building a modern industrial framework grounded in the real economy. Supported by a strategy of "one industry, one policy" and tailored and precise performance assessments, and guaranteed by comprehensive high-quality party building, China Minmetals will fully leverage its role as a central enterprise in technological innovation, industrial control, and security support, leading the way and setting an example in promoting high-level technological self-reliance and self-strengthening, building a modern industrial system, and developing new quality productivity.

Looking ahead to 2025, Chen Dexin emphasized that China Minmetals must prioritize stable growth as its top priority and make every effort to achieve the annual production and operational targets. This includes adhering to the principle of setting ambitious goals that inspire excellence (“reaching for the higher fruit”), maintaining a profit-driven approach grounded in meticulous planning, enhancing efficiency through refined management practices, and driving improvements through reform and innovation. Second, innovation must be placed at the core, leveraging technological advancements to drive the development of new productive forces. Efforts should focus on building cutting-edge R&D platforms to establish strategic national technological capabilities, enhancing platform research and development capacities to optimize and integrate innovative resources effectively. Addressing critical technological challenges is essential to secure a competitive edge in science and technology. Emphasis should also be placed on accelerating the industrialization of technological achievements by creating comprehensive transformation systems. Additionally, fostering a robust pool of scientific talent to fully mobilize their enthusiasm for innovation. Third, strengthening industries must remain the foundation for China Minmetals, with a focus on building a distinctive modern industrial system tailored to China Minmetals. Efforts should aim to “strengthen key players, enhance value chains, and consolidate clusters,” transforming the advantages of fully integrated industrial chains into a model of multi-chain synergy and development. For base metals, the emphasis should be on aligning resource availability with production and mining capacities, as well as harmonizing mining output with smelting capabilities to accelerate resource development and utilization. For specialty metals, the focus should remain on converting resources into materials, materials into products, and products into industries, extending into the domains of advanced materials and precision processing to produce more high-value-added products. In the ferrous metals sector, expanding resource access and strengthening trade operations are key priorities. In the new energy sector, staying at the forefront of industry technologies and market demands is critical, ensuring coordinated development across the research, production, and sales of cathode and anode materials while enhancing ties with upstream and downstream enterprises. In metallurgical construction, the goal is to significantly improve standardization, industrialization, digitalization, and high-end capabilities in the construction industry, focusing on comparative advantages in areas such as steel structure prefabrication, digital industrialization, and bridges and tunnels to achieve differentiated development and tailored breakthroughs. Financial services should center on the industrial finance positioning, pursuing steady and regulated development aligned with the core business while enhancing the functional role of financial tools. Real estate operations should accelerate the establishment of a new development model, prioritizing light-asset approaches to promote internal collaboration and export management services. Lastly, it is essential to clearly define the essence, positioning, and development model of the technology industry, leveraging technological innovation as a driving force to foster the deep integration of technological and industrial innovation. Fourth, advancing reform must be regarded as a key strategy to continuously enhance standardized management and modern governance. China Minmetals should fully complete the tasks associated with deepening and advancing reform initiatives, ensure the thorough implementation of the modern enterprise system with Chinese characteristics, and consistently improve the standardization of institutional processes. Moreover, it is essential to strictly adhere to rectification requirements of central inspections and accountability audits. Fifth, risk prevention must be upheld as an enduring priority, with a focus on effectively mitigating and addressing potential challenges. This requires accelerating the implementation of comprehensive, multi-level oversight and adopting prudent measures to manage and respond to overseas risks. Sixth, ensuring safety must be established as a fundamental prerequisite to secure the baseline for sustainable development. China Minmetals should implement a safety management system centered on the accountability for safe production, advance the three-year action plan for for addressing fundamental safety challenges, and comprehensively improving the quality of green development. Additionally, efforts should be made to solidly managing public complaints and public opinion control. Finally, strengthening party building must be considered as the paramount achievement, with a focus on continuously improving the quality and effectiveness of party building work. This involves promoting a responsible party building work mechanism, standardizing the construction of party organizations, and normalizing the comprehensive and strict management of the party.

It was particularly emphasized at the conference that China Minmetals should ensure work safety and care more for its employees at the turn of the year, and that it should strengthen overall planning, make work arrangements for the first quarter of 2025 in advance, and work to usher in a good start in January and the first quarter with the mindset of “starting with a sprint and beginning the year with a decisive battle.”