Minmetals' production and operation made steady progress in H1

On July 21, China Minmetals Corporation Limited (hereinafter referred to as "China Minmetals") held the 2025 mid-year economic operation analysis meeting. In H1, China Minmetals achieved steady progress in production and operation, meeting the goal of "half the time, half the tasks accomplished". Its resource security capabilities continued to improve, technological innovation made breakthrough progress, management and control improved in quality, and all work tasks were completed with high quality. Its core functions were further enhanced, and its core competitiveness continued to increase.

Since the beginning of this year, China Minmetals has been based on the country's needs and leveraging its own capabilities, adhering to the resource strategy as its top priority, and exerting efforts in the resource, production, supply and marketing, and reserve sectors. In the resource sector, significant breakthroughs have been made through the "three-pronged approach". China Salt Lake Industry Group Co., Ltd. was successfully established, and the "100-Day Integration and Renewal Action" was implemented. Leveraging the integrated advantages of the entire industry chain, the construction of a world-class salt lake industrial base was accelerated. Brazil Nickel was successfully acquired, opening up new channels for the diversified supply of nickel and cobalt resources in China. China Minmetals actively participated in the country's new round of strategic action for breakthroughs in mineral exploration, continuously increasing the intensity of mineral exploration in the deep and marginal parts of its affiliated mines. In the production sector, firstly, the construction of ongoing projects was accelerated. A batch of projects, including the second stope of Las Bambas, the third phase of the 15,000 mt lithium technological transformation, and the 20,000 mt high-quality lithium carbonate project, were completed and put into operation. A batch of projects, including the Chentaigou Iron Mine, the second phase of the Comarcao Copper Mine, and the 40,000 mt integrated basic lithium chemicals project, achieved staged progress. Secondly, the efficient development of operating mines was promoted. The full costs of Las Bambas, Shuikoushan, Shizhuyuan, and Huangshaping mines decreased YoY, respectively. In the supply and marketing sector, long-term agreement businesses and ore blending businesses were vigorously developed. The trade volume of metals such as copper, zinc, nickel, manganese, and chromium increased significantly YoY. In the reserve sector, multimodal transport was deeply promoted. Efforts were intensified to ensure potassium fertilizer production and supply, and to invest in reserves and stabilize prices. The completion rate of potassium fertilizer supply and reserve investment during the critical spring plowing period reached 186%.

China Minmetals has adhered to the "five focuses" and achieved new progress in technological innovation. Institutional mechanisms have been continuously improved. A high-level scientific and technological innovation platform led by the National Innovation Center has been established, and a talent system guided by the "chief mentor system" has been improved. Various working mechanisms have been refined to continuously promote the industrialisation of technological innovation achievements. Innovation achievements have continued to emerge. China Minmetals has independently developed a short-process, green production process for extremely thin and wide high-end stainless steel plates, and produced 22 types of high-end materials, including 8N-grade high-purity antimony, 6N5-grade ultra-high-purity graphite, as well as ultra-high-purity polysilicon, high-purity silicon carbide, and high-purity silicon-based electronic specialty gases. New quality productive forces have been accelerated in formation. Cemented carbide products meet the country's major needs in high-end application fields such as ultra-high-pressure anvil blocks, dental burs, and aerospace processing tools. Recently, Minmetals was awarded four prizes at the 25th China Patent Awards, cultivated 10 national-level manufacturing champion enterprises, and nurtured 20 specialized and sophisticated "little giant" enterprises. Its subsidiary, CISDI Group Co., Ltd., seized the opportunity presented by the Chongqing Hub Port Industrial Park to accelerate the construction of heavy and electrical equipment projects, significantly enhancing the commercialization of proprietary core technologies and the capability for complete equipment sets.

Minmetals adhered to returning to the essence of business operations, further strengthening management and control. It refined the daily monitoring, monthly scheduling, and quarterly benchmarking management system, vigorously implemented the "Three-Year Action for Cost Reduction and Efficiency Improvement, Comprehensive Measures to Reduce Leverage and Mitigate Risks," and comprehensively adopted the Amoeba management model. The practices of operational efficiency through accounting, refined management for enhanced efficiency, and reform and innovation for improved performance became widespread. Meanwhile, it advanced the headquarters' institutional reform with a problem-oriented approach, achieving the dual goals of "streamlining and strengthening" and "improving quality and efficiency."