祥龍擺尾，金蛇開元。在喜迎2025年元旦之際，我謹代表紫金礦業集團股份有限公司向奮戰在全球的廣大紫金人及家屬致以親切的問候和崇高的敬意！向所有關心、支持和幫助紫金礦業的各國政府和社區人民、投資者與各界朋友及廣大協作者表示誠摯的感謝和美好的祝福！

As we embrace 2025, the Year of the Snake, I wish you all a happy New Year. On behalf of Zijin Mining, I would like to thank our employees and their families for their dedication and support，as well as all our stakeholders—including host governments and communities, shareholders, and contractors—for their trust and partnership.

“道有夷險，履之者知”。2024翻開了紫金礦業 30周年后再出發的“新篇章”，紫金人不畏艱辛，創新創造，新五年開門畫卷寫下了精彩的序章！

“Only those who tread the path know its smooth and rough patches.” This ancient saying rings true as we reflect on 2024—a year in which we embarked on a new chapter for Zijin Mining following our 30th anniversary last year. Driven by innovation and devotion, undeterred by challenges, we began our new five-year journey on a strong note.

我們再創佳績——主要礦產品產量和經營指標創歷史新高。礦產銅產量在2023年突破百萬噸大關的基礎上保持良好增長勢頭，礦產金產量持續發力增速名列全球同行前茅，成本上升趨勢得到有效遏制，公司前三季度歸母凈利潤實現244億元，同比增長達51%；公司年末總市值4019億元，同比增長25%，居A股市值第26位。紫金全球競爭力及行業地位進一步提升。

We again delivered robust performance. Our commodity outputs and financial performance hit new records. Building on last year’s milestone of more than one million tonnes, our mined copper output grew steadily. In gold production, we achieved faster growth than most of our global peers. Meanwhile, we successfully curbed rising costs. In the first three quarters, our net attributable profit jumped by 51% year-on-year to RMB 24.4 billion. By the end of 2024, our market capitalization increased by 25% year-on-year to RMB 401.9 billion, ranking 26th in the A-share market and further enhancing our industry standing and global competitiveness.

我們增長可期——世界級增量項目建設跑出新的“加速度”。剛果（金）卡莫阿銅礦三期提前半年建成投產，達產后礦產銅將提升至60萬噸以上，成為非洲最大、全球第三大銅礦，配套的50萬噸非洲最大銅冶煉廠將在2025年上半年投產；塞爾維亞佩吉銅金礦上礦帶新增3000噸/日選廠技改提前兩個月竣工并成功試車，下礦帶和JM銅礦崩落法采礦前期工作全面提速；巨龍銅礦新增二期20萬噸/日（一期15萬噸/日）擴建工程加緊建設，力爭2025年底投產；朱諾銅礦項目建設獲核準，爭取2026年6月建成投產。薩瓦亞爾頓金礦建成投產，貴州紫金、山西紫金、哥倫比亞大陸黃金、澳大利亞諾頓金田等項目技改擴建，將推動黃金產能進一步提升。 

We laid the foundation for further growth. We advanced our incremental projects at world-class assets. In the Democratic Republic of Congo(DRC), Phase III of the Kamoa-Kakula Copper Mine was put into production six months ahead of schedule. When it reaches design capacity, Kamoa-Kakula’s overall mined copper output will top 600,000 tonnes, making it the largest copper mine in Africa and the fourth largest globally. Its 500,000 tonne-per-annum smelter, set to be the largest in Africa, is scheduled for startup in the first half of 2025. In Serbia, the ?ukaru-Peki Copper-Gold mine’s concentrator expansion increased daily throughput by 3,000 tonnes and was commissioned two months ahead of schedule. We have also stepped up preparatory work for block caving at the lower zone of ?ukaru-Peki and the Jama Copper Mine in the country.

In China, the Phase II expansion of our Julong Copper Mine is progressing smoothly. Aiming to begin production by the end of 2025, it will add 200,000 tonnes of daily throughput to the existing Phase I capacity of 150,000 tonnes. Construction permits have been obtained for the Zhunuo Copper Mine, with production targeted to commence in June 2026.

At the same time, our gold output is poised for further growth, driven by the newly operational Sawaya’erdun Gold Mine and expansion projects across multiple operations, including Guizhou Zijin and Shanxi Zijin in China, the Buriticá Gold Mine in Colombia, and Norton Gold Fields in Australia.

我們并購增儲——礦產資源斬獲豐碩成果。完成對大型在產的加納Akyem金礦和秘魯La Arena銅金礦的收購，新增資源儲量金293噸、銅279萬噸。公司自主找礦勘探捷報頻傳，巨龍銅礦備案銅金屬資源量超過2500萬噸，多寶山礦田銅山銅礦深部新增備案銅金屬資源量365萬噸，塞爾維亞Timok成礦帶深部新發現大型品位較高的瑪格銅金礦床，剛果（金）馬諾諾鋰礦東北礦段探明大型優質硬巖鋰礦。

We grew our resource base through acquisition and exploration. This year, our efforts in resource expansion have yielded outstanding results. We acquired the Akyem Gold Mine in Ghana, a large producing project, and the La Arena Copper-Gold Mine in Peru, adding 293 tonnes of gold resources and 2.79 million tonnes of copper resources to our portfolio. Our independent exploration programs have also borne rich fruit. As officially recognized through government filings, the Julong Copper Mine now holds over 25 million tonnes of copper resources, while the Duobaoshan project has added 3.65 million tonnes through a discovery at the depth of the Tongshan Copper Mine. In Serbia, we discovered the Malka Golaja deposit, a relatively high-grade copper-gold deposit situated at the depth of the Timok metallogenic belt. In the DRC, a large, high-quality hard-rock lithium deposit was identified in the northeastern section of the Manono Lithium Mine.

我們協同發展——金融、采購、物流、貿易、建設、科技、ESG體系建設等方面取得系列成效，各板塊協同發力，為公司“提質、控本、增效”做出了重要貢獻。在香港市場面向全球投資人成功“閃電”發行20億美元可轉債和5億美元H股股票，得到海外市場的高度認可。

We harnessed synergies across our business segments. We made strides in finance, procurement, logistics, trading, construction, technology, and ESG. Synergy across all segments contributed substantially to our push to improve quality, control costs, and boost profitability. Notably, in the Hong Kong securities market, we issued US$ 2 billion in convertible bonds and US$ 500 million in H-shares within a very short space of time, reflecting strong recognition by global investors.

我們改革創新——全球化運營管理體系建設加速推進。集團公司設立了國際事業管理委員會，國際事業部及海外運營中心遷移至塞爾維亞貝爾格萊德，海外運營管理能力得到顯著提升。公司發布新五年規劃宏偉目標，力爭至2028年主要經濟指標和主營礦產品產量進入全球前3-5位。

We restructured and embraced new targets. Efforts to improve our global operational and management system have gained momentum: At the headquarters, we established the Overseas Operations Management Committee, while the Overseas Operations Department and the Overseas Operations Center were moved to Belgrade, Serbia. These steps have boosted our capabilities to manage overseas assets. Furthermore, we unveiled an ambitious new five-year plan, aiming to rank among the top 3 to 5 mining companies globally in terms of financial performance and mineral output by 2028.

我們正視問題——公司當前業績增長的主要驅動因素是礦產品價格高位運行，公司“日益全球化與局限的國內思維及管理方式之間的主要矛盾”解決進程滯后，中高級人才難以適應國際化高速發展，高素質技術工人短缺與不適配人員充塞并存；ESG體系建設存在短板，安全生產距離本質安全有較大差距，重要領域腐敗問題時有發生。

We recognize the challenges we face. High commodity prices have been a major driver of our strong financial results. We have been slow in addressing the mismatch between our growing global footprint and our confined Chinese mindset and management style. Many top-tier and mid-level professionals often struggle to keep pace with our rapid global expansion, and we face a shortage of highly competent frontline technical workers. Meanwhile, individuals who are not the right fit for us remain in our workforce. Weaknesses in our ESG framework hinder progress and our safety management practices must be improved to achieve the standards of intrinsic safety. From time to time, corruption cases surface in critical areas of our business.

“百年未有之大變局”對當今局勢作了最好的概括，世界在變、時代在變、人們觀念也在變。全球格局處于加速解構與重構的動蕩中，國際社會經歷著罕見的多重風險挑戰，不確定性因素顯著增加，嚴重影響社會穩定和經濟增長，世界經濟或將陷入較長期滯脹。

We are living in an era of great changes unseen in a century: the world, the times, and people’s perspectives are all evolving. Global power dynamics are being rapidly disrupted and reshaped, causing turbulence along the way. The international community is grappling with multi-faceted risks and challenges amid a sharp rise in uncertainty. As a result, social stability and economic growth are under serious strain and the global economy may enter a prolonged period of stagflation.

礦產作為工業和能源的“糧食”，供應安全成為大國重大關切；逆全球化及資源民族主義思潮涌動，供應鏈、產業鏈將面臨嚴峻考驗。中國工業化對礦產需求造就的超二十年“全球礦業超級周期”落下帷幕。中國需求變化對全球礦產供需格局將產生重大影響，傳統大宗礦產將步入低增長甚至負增長時期。

Minerals are the lifeblood of industry and energy. Mineral supply security has become a critical concern for world powers. De-globalization and resource nationalism are posing significant challenges to global supply and value chains. Meanwhile, the global mining super-cycle, fueled by China’s industrialization over the past two decades, has come to an end. Shifts in Chinese demand will profoundly impact the global market, resulting in slow or even negative growth for traditional commodities.

能源革命和智能化浪潮席卷全球，深刻改變人類生產生活方式，催生大批新技術、新產業，關鍵新產業礦產需求大幅增長，但市場過度“內卷”及價格戰，給業內企業帶來極為嚴峻挑戰。全球經濟面臨下行壓力，礦業作為原材料產業恐怕難以獨善其身，需做好“過冬”準備。

The energy revolution and advances in artificial intelligence are sweeping across the globe, transforming how we live and work while giving rise to numerous new technologies and industries. This has triggered a surge in demand for minerals from emerging and strategic industries. However, companies in these value chains are plagued by excessive competition and fierce price wars. Amid downward pressure on the global economy, the mining sector—the provider of raw materials—will inevitably feel the impact and must brace for a cold winter ahead.

“志不求易者成，事不避難者進”。紫金礦業擁有遠大的理想和抱負，我們將堅持“奮發有為、改革創新、高度適配、風險控制”的總體原則，進一步深入貫徹“提質、控本、增效”工作總方針，持續提升比較競爭優勢及全球競爭力，以價值創造者為本， 把“為人類美好生活提供低碳礦物原料”的使命推向新高度。

When the going gets tough, the tough get going. At Zijin Mining, we harbor an ambitious vision. We are committed to delivering results by leveraging reform, innovation, tailored systems, and risk control, while maintaining a strategic focus on quality, costs, and profitability. Guided by these principles, we will strengthen our comparative advantages and our global competitiveness and prioritize value creators, scaling new heights in our mission to supply “Greener Metals for a Brighter Future”.

——堅持全球化發展戰略不動搖。紫金過去是、現在是、將來仍會是“全球化”發展的堅定踐行者，要鞏固好非洲、東南歐、南美洲和大洋洲等區域在產項目優勢，加大中亞等中國周邊地區投資布局，擴大國內重點區域資源勘查及投資開發力度。適時在海外布局資源材料新基地，健全完善全球物流及貿易體系，增強供應鏈、資金鏈的靈活性及安全性，提升紫金全球資本及產業協同效率。

Staying committed to our global strategy. Zijin will remain steadfast in pursuing global growth, as we have done so far. We will consolidate the strengths of our producing assets across Africa, Southeast Europe, South America, and Oceania, while increasing investment in China’s neighboring regions such as Central Asia. Within China, we will expand investment and exploration efforts in highly prospective regions. Furthermore, we plan to build overseas resource and material bases and optimize our global logistics and trading networks. These initiatives are designed to make our supply chains and capital flows more agile and secure, as well as to unlock greater synergy across our global capital allocation and business operations.

——加速釋放產能及效益。銅板塊將加快巨龍銅礦二期、朱諾銅礦建成投產速度，加快開展巨龍銅礦年總采選規模2億噸的三期工程前期研究，加強塞爾維亞佩吉銅金礦下礦帶、JM銅礦、黑龍江銅山礦深部崩落法采礦相關工作，做好剛果（金）卡莫阿三期達產及遠景年產100萬噸銅規劃論證，高起點推動秘魯La Arena二期銅礦前期工作及相關工程。金板塊將夯實及提升哥倫比亞武里蒂卡金礦、蘇里南羅斯貝爾金礦、澳大利亞諾頓金田和中國隴南紫金、貴州紫金、山西紫金等主力礦山基本盤；盡快完成加納Akyem金礦交割，努力打造成公司黃金新基地；支持山東海域金礦加快建成中國最大黃金礦山。鋰板塊“兩湖兩礦”爭取2025年初具規模并初見成效，三年大見成效，成為公司重要新增長極，進入全球最重要的鋰礦生產商前列。同時進一步提升集團各業務板塊在價值創造方面的協同，充分激發龍凈環保、招金礦業等控（參）股上市公司的活力。

Driving capacity and profit gains. In the copper segment, we will accelerate the construction of the Zhunuo Copper Mine and Phase II of the Julong Copper Mine, while advancing preliminary studies for Phase III of Julong, which will increase the project’s combined throughput to 200 million tonnes per annum. We will promote the application of block caving at three projects: the ?ukaru Peki Copper-Gold Mine’s lower zone and the Jama Copper Mine in Serbia, and the Tongshan Copper Mine in Heilongjiang, China. In addition, we will ensure Phase III of Kamoa-Kakula in the DRC reaches nameplate capacity and plan for further expansions to achieve an annual output of 1 million tonnes of copper in the long term. Beginning from its early activities, we will set the standards high for the development of Phase II of the La Arena Copper Mine in Peru.

In the gold business, we will enhance our flagship operations, such as the Buriticá Gold Mine in Colombia; Rosebel Gold Mines in Suriname; Norton Gold Fields in Australia; and Longnan Zijin, Guizhou Zijin, and Shanxi Zijin in China. We will rapidly finalize the acquisition of the Akyem Gold Mine in Ghana and mold it into another major gold producer within Zijin. With construction underway at the Haiyu Gold Mine in Shandong, we will support efforts to develop it into the largest gold project in China.

In our lithium portfolio—comprising two lithium brine deposits and two hard-rock mines—we will strive for initial success in 2025 and deliver significant results within three years. This will position lithium as one of our key growth drivers and establish Zijin as one of the world’s leading lithium producers. In parallel, we will strengthen collaboration across all segments to maximize value creation and help transform majority- and part-owned public companies, such as Fujian Longking and Zhaojin Mining, into stronger, more dynamic businesses.

——強力破解現階段主要矛盾。我們要按國際規則構筑全球礦業人才聚集高地，提升高層及重要中層國際化需求的適配度，提高海外權屬企業非中國籍高管和技術骨干比重；建設市場化國際化的人力資源體系，打造高素質產業工人隊伍，以價值創造者為本，共享發展成果。加快建設紫金特色符合國際標準的全球化運營管理體系，改革并完善適配海外業務管理制度體系，通過信息化系統全面提升海外運營管理、工程建設、采購物流等領域管理能力。

Addressing our core challenge with determination. Based on international practices, we must develop Zijin into a hub of global mining talent. We will align the skills of our senior and key mid-level managers with the needs of our global operations and increase the proportion of non-Chinese executives and technical experts at our overseas affiliates. A market-based global HR system and a pool of well-trained blue-collar workers will be developed, with value creators prioritized as we share the fruits of our growth with our people. Simultaneously, we will fast-track the development of a Zijin-specific global operational and management system that is in line with international standards. This includes transforming and refining management structures and policies for our international business, while enhancing overseas operations, project construction, procurement, and logistics through the use of digital systems.

——提升系統控本能力。激發科技創新動能，依托紫金研究、設計、建設強大系統集成能力，發揮全環節自主技術與管理優勢，實現有效的建設投資和經營成本控制，提升內生增長動力。全面推廣采礦設備電動化，加大清潔能源應用力度，擁抱人工智能技術，培育紫金新質生產力。

Strengthening our capacity for comprehensive cost management. To effectively control construction and operational costs while powering our growth, we will leverage technological innovation, our integrated capabilities in research, engineering and construction, and our in-house technological and managerial expertise across the mining value chain. Furthermore, we will foster Zijin’s new productive forces by deploying electric mining equipment on a large scale, increasing reliance on clean energy, and embracing AI technologies.

——堅持ESG國際標準。建成紫金特色的先進ESG體系，進一步提升集團公司及權屬企業的治理水平；高標準、嚴要求，把環境保護、綠色發展融入到項目建設和運營中，全面提升本質安全水平。增強紫金“軟實力”，打造國際化“硬聯通”、“軟聯通”、“心聯通”；堅持“共同發展”理念，重視維護利益相關方的關系，讓更多的人因紫金的存在而獲益。加強監督與反腐敗工作，海外項目為重中之重，堅決掃清海外項目反腐敗的盲區，使腐敗者“雖遠必除”。

Upholding the highest ESG standards. We will build a Zijin-specific, leading ESG framework, integrating environmental protection and eco-friendly development into our construction and operational activities while enhancing our level of intrinsic safety. Corporate governance will be enhanced at both the headquarters and across our affiliates. Concurrently, we will bolster our soft power to position Zijin as a truly global company characterized by substantive, cultural and emotional connectivity. Committed to pursuing development for all, we will strengthen relations with our stakeholders and deliver tangible benefits to more and more people. As we intensify supervision and anti-corruption efforts, we will prioritize our overseas projects to eliminate blind spots and ensure that corrupt individuals are held accountable, no matter where they are based.

征途如虹，雯華若錦。我們胸懷崇高使命，把握正確方向，保持奮進步伐，何懼山高水長！紫金礦業“綠色高技術超一流國際礦業集團”偉大目標一定能夠實現！

We are on a remarkable journey, with a bright future before us. Guided by a noble mission and the right strategy, we will forge ahead with determination, come what may. With this shared resolve, I have no doubt that we will achieve Zijin Mining’s ambition of becoming a green, high-tech, leading global mining company. 

2025，讓我們共同奮斗，再創輝煌！

As 2025 unfolds, let us unite our efforts to reach new milestones on this exciting journey!

紫金礦業集團股份有限公司

董事長 陳景河        

2024年12月31日       

Chen Jinghe         

Executive Chairman   

Zijin Mining Group Co., Ltd.

 December 31, 2024