Engineering & Mining Journal

DEC 2018

Engineering and Mining Journal - Whether the market is copper, gold, nickel, iron ore, lead/zinc, PGM, diamonds or other commodities, E&MJ takes the lead in projecting trends, following development and reporting on the most efficient operating pr

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Page 45 of 115

CHINA MINING 2018 44 E&MJ • DECEMBER 2018 International Cooperation Zijin Mining Group is a leading Chinese mining company, especially when it comes to partnering with mining projects around the world. The company is mainly engaged in the exploration and mining of gold, cop- per, zinc and other metals. In 2017, it was ranked third among the world's publicly held gold miners. Listed in Hong Kong and Shanghai, Zijin has developed an exten- sive portfolio of mines and smelters in 24 provinces across China and in nine foreign countries. The company also holds exten- sive reserves and it has been among the most profitable in the industry for years. Zijin's Chairman Chen Jinghe delivered a presentation on the history and future de- velopment of the Chinese mining industry during the keynote session. "With China's reform and opening up policy and the rapid development of Chinese economy, Zijin has achieved significant progress in the past," Jinghe said. "However, internationalization will be the challenge that Zijin will face in the coming days. And the real meaning of success will be to play an important role in global mining markets and enhance the global competitiveness of its operations." He explained that many small- and me- dium-sized mines have been shut down in the last two years because of the previously mentioned supply-side reforms and envi- ronmental protection issues, resulting in a supply shortage and soaring marketing prices for some products, but it also gave mining companies a chance to catch their breath. "For now, as the pace of growth for the world economy slows and the economic restructuring process accelerates, the level of resilience, sustainability and the relative- ly high growth speed of the Chinese econo- my is still foreseeable," Jinghe said. The revival of the U.S. and other developed economies, and the rise of emerging economies including India are propelling the global market, Jinghe ex- plained. Meanwhile, the average grade for global mines continues to decrease as capital expenses and unit metal costs climb, while the metal prices drift lower. "The trend of economic globalization is irreversible," Jinghe said. "As China is fur- ther reforming and opening up, more trans- national enterprises with global compet- itiveness will emerge at this crucial point. Those ambitious Chinese companies should take opportunities to make this happen." Echoing those sentiments, Jiao Jian, vice general manager for China Minmet- als Corp., discussed how the new open model for cooperation relates to B&RI and its influence on the mining business. "Looking at the global picture, there are fluctuations everywhere," Jian said. "The dollar has gained strength. Market in- stability is high. But, as far as mid- and long-term development prospects for the mining industry, we are still confident." He said his confidence was based on three areas: • China has unsustainable needs and it will incent the development of the glob- al mining industry; • More than 20 countries have industri- alization rates that are too low. As peo- ple seek a better life, the demand for metals will only increase; and • Similar to China, other countries, possi- bly India or Brazil, will emerge with sim- ilar demands for natural resources. "The B&RI has now become a reality bringing economic development to China and neighboring countries," Jian said. "It will improve the demand for minerals resources for infrastructure, ports, trans- portation, energy transmission, etc. Neigh- boring B&RI countries have great potential for mineral exploration and mining devel- opment." He specifically noted uranium, iron ore, as well as rare earth minerals. "Globally, the opportunity for mining ex- ploration and major discoveries are shrink- ing. In fact, some countries have already given up, but the B&RI countries boast a large potential," Jian said. "The investment in the mining sector will create more job opportunities for local communities. The B&RI will become an important historical opportunity for metal mining development." "China Minmetals has been working with B&RI countries and it also has great experience with international coopera- tion," Jian said. "We will continue to work together with colleagues to continuously grow with B&RI." Born from the strategic recombination of the former China Minmetals and the MCC Group, China Minmetals is China's biggest and most international metal ore mining company. It is the world's largest metallurgical engineering service provid- er. Headquartered in Beijing, it operates branches, resource projects, and con- tracted engineering projects in more than 60 countries and regions. China Minmetals possesses a unique, competitive edge. It was the first multina- tional metal miner to establish a presence in the full industrial chain from resource acquisition, investigation, design, con- struction, operation to logistics, and min- eral processing. With a rich reserve of metal mineral resources, it owns high-quality mines at home and in Australia, South America, Africa and other parts of Asia. It has one of the world's biggest reserves of copper, zinc and nickel, and the world's largest re- serves of tungsten, antimony and bismuth. The discussion on New Pattern of Open- ing, New Model for Cooperation conclud- ed with a presentation from Li Chaochun, chairman, China Molybdenum Co. (CMOC). "CMOC is more than just molybdenum," Chaochun said. "We also have uranium and As inefficient capacity was idled, China's iron ore production declined. In 2017, China invested 19.8 billion RMB ($2.9 billion) in mineral exploration. Source: Ministry of Natural Resources Source: Ministry of Natural Resources

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