2020 marked the fifth year of restructuring for China Minmetals Corporation Limited (hereinafter referred to as "China Minmetals"). From the strategic restructuring with China Metallurgical Group Corporation in 2015, to being listed as a pilot state-owned capital investment company by the State-owned Assets Supervision and Administration Commission of the State Council in 2016, and then to completing the corporate reform in 2017, transforming from a wholly state-owned enterprise to a wholly state-owned company... Today's China Minmetals has become a metal mining enterprise group with total assets exceeding one trillion yuan, thousands of wholly-owned and holding subsidiaries, 200,000 employees, and annual operating revenue exceeding 600 billion yuan.
China Minmetals Group recently announced its 2020 operating performance. In 2020, the company's operating revenue reached 701.6 billion yuan, a year-on-year increase of 15%, net profit increased by 36% year-on-year, and net cash inflow from operating activities reached 42.3 billion yuan, achieving the best operating performance in history.
Last year, against the backdrop of the sudden COVID-19 pandemic and significant fluctuations in metal mineral product prices, China Minmetals' achievement was not easy. Challenges were faced in various aspects, including pandemic response, production recovery, and integrated management and business expansion. China Minmetals responded quickly and delivered excellent results.
I. Rapid Growth in Total Assets
Data shows that from 2015 to 2020, China Minmetals' total assets increased from 705.7 billion yuan to 987.7 billion yuan (excluding financial management assets of 1.1 trillion yuan), with an average annual growth of 7%; operating revenue increased from 421.5 billion yuan to 701.6 billion yuan, with an average annual growth of 11%, and total profits and economic added value increased significantly. During the "13th Five-Year Plan" period, the company achieved a cumulative profit of 66.9 billion yuan and paid a cumulative tax of 105.1 billion yuan.
II. Firmly Holding Market Share and Continuously Consolidating its Position in the World's Top Metallurgical Team
In terms of ensuring national resource supply, China Minmetals has developed and operated world-class mining resources such as the Bambas copper mine and the Dugald River zinc mine. Overseas mines are located in major resource areas across Asia, Australia, South America, and Africa, and overseas institutions and engineering projects are spread across more than 60 countries and regions. China Minmetals' scale has surpassed the three major mining giants BHP Billiton, Rio Tinto, and Vale, making it a true "aircraft carrier" in the global metal mining industry. The highly efficient construction of the Peruvian Bambas copper mine completed the transition from commissioning to full production within 6 months and entered commercial operation on schedule; the successful development of the Dugald River zinc mine, one of the world's top ten zinc mines in Australia, marks China Minmetals' achievement of internationally leading capabilities in the independent design, construction, and operation of world-class, super-large metal mines in complex overseas environments. A number of benchmark projects have been completed, including the Baosteel Zhanjiang Steel Base and the Formosa Plastics Vietnam Ha Tinh Steel Plant project, firmly holding 90% of the domestic market share and 60% of the global market share, continuously consolidating its position as the world's leading metallurgical construction national team.
III. Continued Steady Development in the Future
Currently, among China Minmetals' 45 mines, 15 overseas mines are operating steadily, with domestic iron ore and copper operating volumes increasing by 50% and 15% year-on-year respectively. The overall performance of major products shows a positive trend of "stable production, increased trade, and reduced costs".
It is understood that, facing the "14th Five-Year Plan", China Minmetals will continue to promote high-quality development and unswervingly strive to become stronger, better, and larger. Tang Fuping, Chairman of China Minmetals, stated that 2021, the opening year of the "14th Five-Year Plan", the company will accelerate the implementation of six key strategic actions, effectively promoting work in areas such as innovative development, state-owned enterprise reform, restructuring and integration, competitiveness improvement, capital operation, and talent development.
