Jinchuan Group Specifies Annual Operation Target in 2010

SHANGHAI, Mar. 24 (SMM) -- Recently, Jinchuan Group's First Session of the 7th Workers Congress as well as the 11th Labor Union Congress was chaired by Yang Zhiqiang who is the president as well as Party committee secretary of Jinchuan Group. Wanghaizhou, the general manager and deputy Party committee secretary, addressed the meeting with a report. When reviewing the work over the past year, it was reported that Jinchuan Group reached operating income RMB 66.5 billion and created profits and taxes RMB 3.3 billion, facing severely negative impact from global financial crisis in 2009. The company also produced nickel products 130 kt, copper products 367 kt, cobalt products 5.8 kt and chemical products 2.06 million mt , fully accomplished the scheduled task.

The report clearly specified major operation target in 2010, which is to reach operating income RMB 70 billion, to create taxes and profits RMB 3.6 billion, including profits RMB 2.2 billion, to produce more than 520 kt of nonferrous metals and to produce more than 2.1 kt of chemical products.

In the Twelfth Five-year Plan, Jinchuan targets to, by 2015, realize the annual output of non-ferrous metals and pressing materials exceeding 1.5 million mt and annual output of chemical products exceeding 4.5 million mt, as well as the sales revenue surpassing RMB 100 billion and operating income surpassing RMB 150 billion.

The long-term perspective aims to enter into the Top 20 great group of China and the Top 500 of the world so as to build up Jinchuan as trans-national mining group.

(Edited by SMM)