Started from Zijinshan Gold Mine in 1993, Zijin Mining Group has developed an extensive product portfolio of gold, copper, lead, zinc, tungsten, iron and other base metals in the past 20 years. Zijin has become a large State-held mining group specializing in gold and metalliferous resource exploration.The Group is developing with subsidiaries in more than 20 provinces, municipalities and autonomous regions across China and in seven foreign countries. Listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange, Zijin ranked 241 among the Top 500 Chinese Enterprises in 2012, 880 on the Forbes Global 2000 and 25 on the Global Mining Companies list in 2013.
Its predecessor was Shanghang Mineral Company, a State-owned entity established in 1986. In August 1993, Shanghang Mineral Company became Shanghang Zijin Mining Company when it dived into developing the Zijinshan gold deposit in Shanghang county. In October 1994, it changed its name to Fujian Minxi Zijin Mining Group Co. Initiated by Minxi Xinghang Industrial Co and seven other parties, including Xinhuadu Industrial Group, Fujian Zijin Mining was incorporated in September 2000. It changed its name first into Fujian Zijin Mining Group in April 2004 and then into Zijin Mining Group in June 2004.
Ziijin Mining went public in Hong Kong (code: 2899) in December 2003 and was listed in Shanghai (code: 601899) in April 2008. Its core asset, the Zijinshan Gold/Copper Mine, was rated as China’s largest gold mine by the China Gold Association in March 2008.
In 2012, the sales revenue of the group was 48.47 billion yuan ($7.92 billion), a year-on-year increase of 21.9 percent. Total profit stood at 8.56 billion yuan, a year-on-year decrease of 7.67 percent. Net profit attributable to the parent company was 5.20 billion yuan, down by 9.02 percent compared with 2011. By the end of 2012, total assets were 67.77 billion yuan, a year-on-year increase of 29.53 percent.
Zijin Mining has always been a leader in terms of geological prospecting, low-grade resource exploitation, and hydrometallurgy. It was approved to build the National Key Laboratory, the Post Doctoral Research Center, and the National Technology Center. Zijinshan Gold/Copper Mine is listed as one of China’s first demonstration bases for comprehensive use of mineral resources. The Malipo Tungsten Mine was awarded as a National Example for Mineral Resources Consolidation by the Ministry of Land and Resources. Zijin Mining College, co-established by the group and Fuzhou University, is also worth mentioning as it has effectively filled the shortage of mining professionals.
Zijin Mining always upholds its banner of: “Life comes first and environment stays a priority”. It sees safety and environmental protection as the lifeblood for survival and development. Both Zijinshan Gold/Copper Mine and the newly constructed Ashele Copper Mine were rated as National Industrial Tourism Demonstration Sites. The former was listed as one of China’s first national mine parks.
Zijin applies its corporate value – “harmony begets wealth; the company, its employees, and society should develop in a coordinated way" – to practice and fulfill its social responsibilities. It has received the China Charity Award three times as well as the National May First Labor Award and Excellent Employer Award for Harmonious Labor Relations. According to preliminary statistics, since 2000, the group has donated 1.7 billion yuan in total, including 179 million yuan in 2012. The Zijin Mining Charity Fund, created by the group with 200 million yuan, has already been approved by the Ministry of Civil Affairs. The primary goal of Zijin Mining is to evolve into an international mining giant featuring high-tech, efficient and profitable operations. It has adopted the “Three-Step Strategy”, which is: first, to be one of China’s top gold miners (realized in 2005); second, to be a leader in the domestic mining industry (achieved in 2009); and third, to join other first class global mining giants by 2020.
