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??ANNUALInthisSummaryCorporateFinancialfinancialsummaryseepage4Chairman’sseepage7PAGE2PAGE2AnnualReport201AnnualAnnualReport201 ZijinZijinMiningGroupCo.,CorporateChenJinghe(Chairman)LuoYingnanLiuXiaochu(Resignedon28March2012)LanFushengHuangXiaodongZouLaichangPengSuCongfuLinYongjingWangXiaojunLinShuiqingXuQiangLinXinxiZhangYuminLiuXianhuaFanCheungAUDITANDINTERNALCONTROLLinYongjingSuCongfuWangXiaojunPengJiaqingChenJinghe(Chairman)(Appointedon27April2011)LuoYingnan(President)(Appointedon27April2011)LiuXiaochu(Resignedon27April2011)ChenLiuXiaochu(Resignedon28March2012)LanFusheng(Appointedon28March2012)

INHONGKONGSuites3712-15,37/F.,Tower2,TimesSquare,1MathesonStreet,CausewayBay,HongOFBUSINESSINTHEPRC1ZijinRoad,ShanghangCounty,FujianProvince,(HONGKONGLAWS)Li&PRCErnst&YoungHuaHONGKONGHSHAREREGISTRARANDTRANSFEROFFICEComputershareHongKongInvestorServicesLimitedShops1712-1716,17thFloor,HopewellCentre,183Queen’sRoadEast,Wanchai,HongZijinZijinMiningGroupCo.,ZijinMiningGroupCompanyLimited(the“Company”)(formerlyknownasFujianZijinMiningIndustryCompanyLimited)wasincorporatedon6September2000withtheapprovalofthePeople’sGovernmentofFujianProvinceasajointstocklimitedcompanyinthePeople’sRepublicofChina(the“PRC”)byMinxiXinghangState-ownedAssetsInvestmentCompanyLimited,ShanghangCountyJinshanTradingCompanyLimited,XinhuaduIndustrialGroupCompanyLimited,FujianXinhuaduEngineeringCompanyLimited,XiamenHengxingGroupCompanyLimited,FujianXinhuaduDepartmentStoreCompanyLimited,FujianGoldGroupCompanyLimitedandFujianMinxiGeologistasitspromoters.InDecember2003,theCompanywaslistedonTheStockExchangeofHongKongLimited(“StockExchange”).TheCompanywasthefirstMainlandgoldproductionenterpriselistedoverseas.In2004,2005,2006and2007,theCompanyhadcontinuouslyappliedreservestoissuenewsharesfourtimesandinApril2008,theCompanyissued1.4billionofAsharesatRMB7.13pershareandwaslistedontheShanghaiStockExchangeon25April2008atanominalvalueofRMB0.1each.Pursuanttoaresolutionpassedatthe2010annualgeneralmeetingheldforthepurposeofapproving,amongothermatters,theproposalofconversionofcapitalreserveintosharecapital,onthebasisof5newsharesforevery10existingshares,additional7,270,654,550shareshavebeenissuedonthebasisoftotal14,541,309,100sharesinissueattheendof2010.Aftertheconversion,thetotalnumberofshareincreasedto21,811,963,650shares.Asat31December2011,theCompanyhasatotalof21,811,963,650ordinaryshares(NominalvalueofRMB0.1each)ofwhich6,008,160,000shares(Hshares)listedontheStockExchange,representingabout27.55%ofthetotalissuedshares,and15,803,803,650shares(Ashares)listedonShanghaiStockExchange,representingabout72.45%ofthetotalissuedshares.TheCompanyanditssubsidiaries(the“Group”)areacomprehensiveminingconglomerateinthePRCprimarilyengagedingoldproduction,andspecificallyengagedintheexploration,mining,andsaleofgoldandothernon-ferrousmetals.TheCompanyproducedabout86.17tonnesofgold(including28.62tonnesofmine-producedgold)inyear2011.TheCompanyisoneofthelargestandthemostefficientmine-producedgoldproducersinthePRC.Asattheendof2011,theGroupowns59miningrightswithatotalareaof150squarekilometersand213explorationrightswithatotalareaof4,352squarekilometers.ThisreportispublishedinbothChineseandEnglish.Incaseofanydiscrepancies,theChineseversionshallprevailoveritsEnglishversion.ZijinMiningGroupCo.,FinancialInthisannualreport,unlessotherwisestated,monetaryunitsaredenominatedin2011AND2010FINANCIALINFORMATIONASPREPAREDINACCORDANCEWITHCHINAACCOUNTINGSTANDARDSFORBUSINESSENTERPRISES(“CAS”)ANDTHERELATEDLAWSANDREGULATIONS,2009TO2007FINANCIALINFORMATIONASFortheyearended31DecemberLess:Costofjointly-controlledentitiesLess:IncometaxNETOTHERCOMPREHENSIVETOTALCOMPREHENSIVEINCOMEFORTHEZijinMiningGroupCo.,FinancialFortheyearended31CostofGrossOtherincomeandSellinganddistributionAdministrativeOtherFinanceShareofprofitsJointly-controlledProfitbeforeIncomeProfitfortheAttributableOwnersoftheNon-controllingFortheyearended31AssetsandliabilitiesTotalassetsTotalNon-controllingEquityholdersoftheZijinMiningGroupCo.,FinancialCashandcashCurrentratioTradereceivablesturnoverEFFECTSOFSIGNIFICANTDIFFERENCESBETWEENIFRSANDThedifferenceinnetprofitandnetassetsinthefinancialreportsdisclosedinaccordancewithbothIFRSandCASUnit:YuanCurrency:productionmaintenancefeeExplanationofthedifferencebetweenIFRSandPursuantto“ExplanatoryNotestoEnterpriseAccountingStandardsNo.3”issuedbytheMinistryofFinance,theGroupisrequiredtomakeprovisionforworksafetyfeeandproductionmaintenancefeebasedonthequantityofmining.Theaccrualexpenseswillbetransferredtoaspecialreserveaccountunderequityattributabletotheholdersfortheyear.Whenthefixedassetisrecognizedanditscostisbeingmeasured,withinthespecialuseconditions,fullamountofrelevantincurredfundrecordedasspecialreservewillbecreditedtotheaccumulateddepreciationsimultaneously.PursuanttotheIFRS,theseexpendituresshouldberecognisedwhenincurred,relevantcapitalexpendituresarerecognizedasfixedassetswhentheyareincurredanddepreciatedaccordingtotherespectivedepreciationpolicy.ZijinMiningZijinMiningGroupCo.,Chairman’sZijinMiningZijinMiningGroupCo.,Chairman’sAnnualAnnualReport201 AnnualReport201ToallIwishtotakethisopportunitytoexpressmysinceregratitudeforyourtrustandsupporttoZijinMiningGroupCompanyLimited.IampleasedtoreportherewiththeoperatingresultsoftheGroupfortheyearended31December2011asfollows:In2011,theGroupachievedasalesincome(turnover)ofRMB39,763,915,441,representinganincreaseof39.33%overthepreviousyear,andachievedanetprofitaftertax(netprofitattributabletoshareholdersoftheparent)ofRMB5,712,569,100,representinganincreaseof18.32%overthepreviousyear.Earningspershare(basic)wasRMB0.26,representinganincreaseof18.18%overthepreviousyear.(ThecalculationofearningspershareisbasedontheprofitfortheyearattributabletoshareholdersoftheparentofRMB5,712,569,100(2010:RMB4,827,916,726)andthenumberof21,811,963,650ordinaryshares(2010:21,811,963,650shares)inissueduringtheyear).Reviewingthegoldmarketof2011,thegoldpricerepeatedlyhittherecordhighsduetothemixedimpactsoftheEuropeandebtcrisis,liquidityfactors,andgeopoliticalreasons.In2011,theinternationalspotgoldopeningpricewasUS$1,421.38/oz.ThehighestpricewasUS$1,920.38/ozandthelowestpricewasUS$1,308.13/oz.Theyear-endclosingpricewasUS$1,565.02/oz,representinganincreaseof10.08%.In2011,undertheimpactoftheEuropeandebtcrisisandtheglobaleconomicslowdown,andthepricesofnon-ferrousmetalsremainedatlowtrendwithfluctuations,theopeningpriceof3-monthforwardcontractsofcopperofLondonMetalsExchange(“LME”)wasUS$9,685/tonne,ofwhichthehighestpricewasUS$10,190/tonne,andthelowestpricewasUS$6,636/tonne.Theyear-endclosingpricewasUS$7,557/tonne.Thetrendsofthecopperpriceinbothinternationalmarketanddomesticmarketweresimilar.In2011,anoversupplyandslowdowninmarketdemandappearedinthedomesticzincmarket.Thepriceofzincbouncedwithinarange.In2011,theopeningpriceof3-monthforwardcontractsofzincofLMEwasUS$2,430/tonne,ofwhichthehighestpricewasUS$2,599.75/tonneandthelowestpricewasUS$1,718.5/tonne.Theyear-endclosingpricewasUS$1,845/tonne.POSITIONINTHEAccordingtothestatisticsoftheChinaGoldAssociation,the2011nationalgoldproductioninthePRCamountedto360.957tonnesinwhich301.996tonneswasmine-producedgold.In2011,theGroupproduced86.17tonnesofgold,ofwhich,28.62tonneswasmine-producedgold,representingapproximately9.48%ofmine-producedgoldinthePRC.ThegoldproductionenterprisesofthePRCrecordedtotalprofitofRMB33.5258billion(includingprofitsotherthangoldproduction)andtheGrouprecordedprofitbeforetaxintheamountofRMB9.276billion,representing27.67%oftheaggregateprofit(includingprofitsotherthangoldproduction)generatedbygoldproductionenterprisesofthePRC.TheGroupisoneofthelargestandthemostefficientgoldproducersinthePRC.Duringthereportingperiod,theGrouprealizedturnoverofRMB39.764billion,representinganincreaseof39.33%whencomparedwithlastyear(2010:RMB28.54billion),andnetprofitattributabletoownersoftheparentofRMB5.713billion,representinganincreaseof18.32%whencomparedwithlastyear(2010:RMB4.828billion).Asattheendof2011,theGroup’stotalassetswasRMB52.320billion,representinganincreaseof36.25%whencomparedwithlastyear(2010:RMB38.401billion),andnetassetsattributabletoownersoftheparentofRMB25.009billion,representinganincreaseof14.55%whencomparedwithlastyear(2010:RMB21.832billion).Thegrowthrateofnetprofitattributabletoownersoftheparentin2011was8.21%lowerthanthegrowthrateoftotalprofit,whichwasmainlyattributabletotheexpiryoftaxconcessionpolicyinsomemajorminingentitiesincludingAsheleCopperMine,WestCopperMine,HunchunZijinandWulateZijin,etc.Duringthereportingperiod,theGroupproducedatotalof86,170.80kg(2,770,453ounces)ofgold,representinganincreaseof24.76%whencomparedwithsameperiodlastyear(2010:Duringthereportingperiod,theGroupproducedatotalof28,628.37kg(920,423ounces)ofmine-producedgold,representingadecreaseof1.88%whencomparedwithsameperiodlastyear(2010:29,177.05kg);inwhich16,165.13kg(519,721ounces)wasproducedfromZijinshanGoldMine,2,334.51kg(75,056ounces)wasproducedfromHunchunShuguangGoldandCopperMine,2,100kg(67,517ounces)wasproducedfromGuizhouShuiyindongGoldMineand8,028.73kg(258,129ounces)ofmine-producedgoldwasproducedfromotherentitiesintheGroup.Duringthereportingperiod,theGroupproducedatotalof57,542.43kg(1,850,031ounces)ofrefinerygold,representinganincreaseof44.24%overlastyear(2010:39,894.10kg),ofwhichHenanLuoyangZijinYinhuiGoldRefineryCompanyLimitedproduced35,803.39kg(1,151,105ounces)ofrefinerygold,theCompany’srefineryplantproduced16,401.11kg(527,308ounces),FujianJinshanGoldRefineryPlantproduced4,073.06kg(130,952ounces),andotherentitiesintheGroupproduced1,264.87kg(40,667ounces)refinerygold.SalesincomefromthegoldbusinessoftheGrouprepresentedabout68.90%(afterelimination)ofthetotalannualsalesincome,andthenetprofitofthegoldbusinessrepresentedabout68.10%ofthetotalnetprofitattributabletoequityholdersoftheparent.(1troyounce=Duringthereportingperiod,theGroupproducedatotalof88,070.71tonnescopper,representingadecreaseof2.46%overlastyear(2010:90,287.38tonnes),inwhich3,677.41tonneswasmine-producedcoppercathodes,representingadecreaseof51.78%(2010:7,626.56tonnes);theGroupproducedcopperconcentratescontainingcopperof81,791.20tonnes,representinganincreaseof1.97%(2010:80,212.17tonnes),andcopperrefineryproduced2,602.10tonnescopper,inwhich,AsheleCopperMineproducedcopperconcentratescontainingcopperof32,693.91tonnes;QinghaiDeerniCopperMineproducedcopperconcentratescontainingcopperof28,143.39tonnes;HunchunShuguangGoldandCopperMineproducedcopperconcentratescontainingcopperof9,048.91tonnes.ZijinshanCopperMineproduced1,409.88tonnesofcoppercathodesandproducedcopperconcentratescontainingcopperof7,494.22tonnes.Salesincomefromthecopperminebusinessrepresented10.91%(afterelimination)oftheannualtotalsalesincome,whileitrepresentedabout21.73%ofthetotalnetprofitattributabletoequityholdersoftheparent.LEADANDZINCMINEDuringthereportingperiod,theGroupproducedzincof222,702.36tonnes,representingadecreaseof0.50%(2010:223,832.61tonnes),inwhich187,616tonneswaszincbullion,representinganincreaseof1.36%(2010:185,097.98tonnes);andtheGroupproducedzincconcentratescontainingzincof35,086.36tonnes,representingadecreaseof9.42%(2010:38,734.63tonnes).BayannaoerZijinZincRefineryPlantproduced187,616tonneszincbullion,WulatehouqiZijinproducedzincconcentratescontainingzincof19,527.78tonnes,AsheleCopperMineproducedzincconcentratescontainingzincof13,392.10tonnesandotherentitiesintheGroupproduced2,166.48tonnesofzinc.Duringthereportingperiod,theGroupproducedleadconcentratescontainingleadof3,590.99tonnes,representingadecreaseof27.26%whencomparedwithsameperiodlastyear(2010:4,936.94tonnes).Salesincomefromleadandzincminebusinessrepresentedabout7.16%(afterelimination)oftotalannualsalesincome,whilenetprofitfromleadandzincminebusinessrepresentedabout0.36%ofthetotalnetprofitattributabletoequityholdersoftheparent.IRONMINE,SILVERANDOTHERDuringthereportingperiod,theGroupproducedsilverof145,509.46kg(2010:122,419.22kg),ofwhichWupingZijinproduced35,168.75kgofsilver,AsheleCopperMineproducedsilverconcentratescontainingsilverof26,663.63kg,ShanxiZijinproducedsilverof22,216.04kg,WuhouZijinproducedsilverconcentratescontainingsilverof11,228.07kg,YunnanHuaxiproducedsilverconcentratescontainingsilverof5,737.24kg,andotherentitiesintheGroupproducedsilverof15,032.26kgandprocessedrefinerysilverof29,463.47kg.Duringthereportingperiod,theGroupproducedironconcentratesof1,956,900tonnes,representinganincreaseof11.06%whencomparedwithsameperiodlastyear(2010:1,762,000Salesincomefromiron,silverandothermineralproductsrepresentedabout13.03%(afterelimination)oftotalannualsalesincome,whichrepresentedabout9.81%ofthetotalnetprofitattributabletoequityholdersoftheparent.SignificantachievementsforgeologicalexplorationDuringthereportingperiod,theCompanyinvestedRMB304millioningeologicalexplorationwhichincreasedtheexplorationresources/reserves(unaudited)asfollows:76.48tonnesofgold,591,800tonnesofcopper,1.5252milliontonnesofleadandzinc,59,400tonnesofmolybdenum272.46tonnesofsilverfromotherassociatedmetals.Thereservesofthefollowingminesincreasedremarkably:ZijinshanCopperMineLuoboling,JintonghuMiningSection,GuizhouShuiyindongGoldMineNayangMiningSection,HebeiChongliDongpingGoldMineanditssurroundingarea,XinjiangWulagenZincMineetc.TheexplorationworkofLuoningHuataiGoldMine,AsheleCopperMine,ZGCTarorGoldMineetc.,achievednewbreakthroughs.Integrationofresourcesandexplorationpreparationworkarethekeypointsinexplorationwork,theintegrationofresourcesandexplorationpreparationworkofMalipoTungstenMine,beingthefirstbatchinthecountry,obtainedtherecognitionofadvancedintegrationofmineralresourcesminefromtheMinistryofLandandResourcesofthePeople’sofRepublicofChina;thesupplementaldetailedsurveyofZGCTarorGoldMinereceivedRMB2.48millionfromthenationaloverseasexplorationriskfund;andtheCompanyactivelypromotedtosetupexplorationprojectatZijinshananditssurrounding.Asattheendof2011,theGroupowns59miningrightswithatotalareaof150squarekilometersand213explorationrightswithatotalareaof4,352squarekilometers.ResourcesandReservesoftheAsattheendof2011,theGroup’smajormineswhichmaintainedresourcesreserveswith333oraboveareasfollows:1,043.39tonnesofgold(including117.07tonnesofgoldassociatedwithothermetals)representinganincreaseof39.09%overlastyear;11.6129milliontonnesofcopperrepresentinganincreaseof9.78%overlastyear;1,548.6tonnesofsilver,5.3973milliontonnesofzincrepresentinganincreaseof23.15%overlastyear,1.06milliontonnesofleadrepresentinganincreaseof24.16%overlastyear,352,300tonnesofmolybdenum,173,400tonnesoftungsten,99,300tonnesoftin,21,600tonnesofcobalt,607,100tonnesofnickel,83.7milliontonnesofsulfurore,214milliontonnesofironoreand459milliontonnesofcoal.Theabove-mentionedresourcesreservesexcludeZijinshanLuobulingcoppermolybdenummine,whichwasrecognizedunder“NI43-101”technicalstandardsascontaining(measuredandindicated)resourcesof1,367,700tonnesofcoppermetaland132,400tonnesofmolybdenum.(Thesourceoftheabove-mentionedinformation:1.domesticprojectswerereviewedaccordingtodomesticstandards;2.allresourcesreservesfromcontrollingsubsidiarieshasbeenincludedandthosefromassociatecompanieshasbeencalculatedbasedonshareholdingpercentage;3.overseasprojects’datawasextractedfromtheirresourcesreservesdataannouncedtothepublic).Inthesecondhalfof2011,theGroupappointedGolderAssociatesConsultingLimitedtoconductmineralresourcesandorereservesreviewoftheminesownedbytheCompanyinaccordancewiththe“NI43-101”technicalstandards,andsubmitthemineralresourcesreportsignedbythecompetentpersons.Asatthereportingdate,fourteen“NI43-101”technicalstandardsmineralresourcesdisclosurereportsand2reservesdisclosurereportshavebeensubmittedsofar.Amongstwhich,13mines’domesticreviewreportshavebeensubmitted.Table1belowsetsoutthecomparisonbetweentheresourcesamountsofthose13minesrecognizedunderdomesticstandardsandinternationalstandards.Inthatcomparison,itshowsthattheresourcesamountrecognizedunderinternationalstandardsisapparentlyhigherthantheresourcesamountrecognizedunderdomesticstandards.Inwhich,thegoldresourcesisincreasedby16.4%,copperresourcesisincreasedby7.03%,zincresourcesisincreasedby82.75%,silverresourcesisincreasedby104.3%andonlypartofthenon-coreresourcesshowsadecrease.Also,duetoadiscrepancyinrecognitionof2Yunnanmines,theirmeasuredandindicatedresourceshavenotbeenrecognized.ItcanbepreliminarilyconcludedthatZijinMining’sresourcesamountpreparedunderdomesticstandardsisrelativelymoreconservativeandreliable. Thecomparisonbetweenthemineralresourcesamountrecognizedby“NI43-101”technicalstandardsanddisclosedaccordingtodomesticstandardsofthe13minesisasfollows:1234556788 99 1 77077 7AnnualReport201AnnualAnnualReport201 ZijinMiningGroupCo.,Chairman’sThereisareportofadomesticminewhichhasnotyetbeensubmittedunderdomesticstandards.Theresourcesofsuchmineidentifiedbyatechnicalstandardmineralresourcesreportunder“NI43-101”technicalstandardsisasfollows: Report FujianZijinshanOreFieldZijinshanGold andCopperMine XinjiangFuyunMengkuIronMine ZijinMiningGroupCo.,Chairman’sTherearetwo“NI43-101”technicalstandardsmineralreservesdisclosurereportswhichhavebeencompleteduntilnow,thereservesareasfollows:ZijinshanGoldandCopperZijinshanGoldMinereserves(cut-offgrade Note:Asat1December2011,themetalreservesofZijinshanGoldMineaccountsfor85.07%ofitsmetalresources. Heapleaching Category Grade(grade0.3%) Gradeofitsmetalresources.AnnualReport201AnnualAnnualReport201 ZijinMiningGroupCo.,Chairman’sJilinHunchunXiaoxinanchaGoldandCopperJilinHunchunXiaoxinanchaGoldandCopperMinereservestable(cut-offgradeequivalenttogold0.45g/t)Goldore Note:Asat1December2011,thegoldmetalreservesofHunchunXiaoxinanchaGoldandCopperMineaccountsfor71.89%ofitsgoldmetalvolumeresources,thecoppermetalreservesaccountsfor69.84%ofitsmetalvolumeresources.EquivalenttogoldSignatoriesof“NI43-101”technicalstandardsmineralreservesdisclosurereport: Sofar,GolderAssociatesConsultingLimitedhasnotyetcompletedtheverificationofresources/reservesofalltheCompany’smines.TheCompanywillbaseontheprogressofresourcesverificationtograduallydisclosetheamountofresources/reservesverifiedby“NI43-101”technicalstandardsuntilitisfullytransitedtotheinternationalstandards,anddisclosetheamountofresourcesandreservesidentifiedbydomesticstandardsatthesametime.ZijinMiningZijinMiningGroupCo.,Chairman’sZijinMiningZijinMiningGroupCo.,Chairman’sStrengtheningofSafetyandEnvironmentalProtectionAwareness;IncreaseofInvestmentinTheCompanyprofoundlylearntfromthepainfullessonsofthe“7.3”,“9.21”incidents.Throughtheintensivedevelopmentoftheactivitiesof“EnvironmentalSafetyMonth”,thestrengtheningofintegratedandspecialinspectionandfocusingonthesafetyrisksrectification,theawarenesstosafetyandenvironmentalprotectionandtostandardizemanagementofdifferentlevelsofmanagementpersonnelanddifferentownedenterpriseswassignificantlyenhanced,andthefoundamentalworkwasfurtherstrengthened.Throughtheincreasedinput,thefortificationstandardswerecomprehensivelyimproved,theimprovementofinfrastructureinrelationtosafetyandenvironmentalprotectionwasachieved,andtheoverallsituationregardingthesafetyandenvironmentalprotectionwasgenerallystable.ThereconstructionofZijinshanCopperMinehydro-metallurgicalplantandthesubsequentrectificationofitsmainstructurewerebasicallycompleted.TheDadongbeiminetailingsofZijinshanGoldandCopperMine,andthesafetyfacilitiesofthejointdevelopmentprojecthavepassedthecompletionacceptanceexaminationorganisedbytheStateAdministrationofWorkSafety.NationalZijinshanMineParkpassedtheacceptanceexaminationanddulyopenedwithunveilingofmonument,achievingorganicunityofdevelopment,protectionandutilizationofminingresources.TheSteadyProgressofMergerandAcquisitionDuringthereportingperiod,theCompanyachievednewandmajorbreakthroughinmergerandacquisitionofprojectsmadebyadheringtothegeneralideaandrequirementsof“upholdingtheminingasthemainbusiness,gold-priority,miningofbasicmetalssimultaneously,speedinguptheprocessofinternationalization”.Inrelationtothemergerandacquisitionofminingresourcesprojects,104projectswerecarriedoutwithscreening,evaluationandinvestigationbytheCompany.ThenewlyacquireddomesticprojectsincludeLibaandJinshangoldminesofLiCountyinGansuProvince,leadandzincmineinWuqiaHuaxinofXinjiang,XiaohegoldmineandAnkangLiushupinggoldmineofShaanxiProvince,Huakousilvermulti-metalsmineinShacounty,Fujian,etc.,andacquisitionof45%interestsinGoldEagleMiningInvestmentLimitedbyenteringintoagreementwithJinchuanGroupLimitedsoastojointlydevelopTibetXietongmenlarge-scalegold-coppermine.TheoverseasprojectsincludesuccessfulacquisitionofTaldy-BulakLevoberejnyField(ZuoanGoldMine)inKyrgyzRepublic,subscriptionofsharesofNortonGoldfromAustraliatobecomeitslargestsubstantialshareholder,subscriptionoffurtherissuedsharesofCASAMiningLtd.andEquitasResourcesCorp.etc.,andthesaleofconvertiblebondsissuedbyGlencoreFinance(Europe)S.A.intheappropriateAccordingtotheprincipleof“Acquisitionoflargeprojectswhileleavingsmallones”,theCompanyhasdisposedtheprojectssuchasJiuzhaigouZijin,HunanZijin,QiubeiyunCopper,etc.andde-registeredcompaniessuchasHeilongjiangZijinInvestment,MalipoJinhui,XinjiangJinhuisoastoincreasetheCompany’sassetsandpromotethequalityofminingrightsoftheCompany.AnnualReport201AnnualAnnualReport201 KeyProjectsConstructionsinanOrderly200,000tonnesofcopperrefineryprojectwasinpilotproductionbytheendof2011.MongoliaTianhongNarentaolegaiGoldMinebecomesthesecondforeignprojectinproductionafterZGCproject.TheprojectofcomprehensiveutilizationofresourcesinQinghaiZijinprocessing300,000tonnesoftailings(pyrite)perannumwascompletedandputintoproduction.Thefollowingprojectswerebasicallycompleted:ZijinshanDalonglicoppermineflotationprocessproject,WengfuZijinphosphoruschemicalproject,ZGCTarorgoldoxideore2,000t/daytechnicalinnovationproject,XinjiangWulagenleadandzincproject,InnerMongoliaBayanhaergoldmine,etc.Thefollowingprojectsareexpectedtobecompletedinthefirsthalfof2012:HeilongjiangDuobaoshanCopperMineproject,XinjiangKuituntailingresourcescomprehensiveutilizationproject,GuizhouZijinZhenfengRefineryPlant,HenanLuoningZijinGoldRefineryPlant,etc.ThecompletionoftheaboveprojectsprovidesaneffectiveguaranteefortheCompany’sproductionandoperationscaleandgrowthofeconomicbenefitsin2012.TheGrouphasachievedgreatprogressforthefollowingmajorconstruction(technologicalLeadMineproject,TaipingdongGoldMine,ChangtianGoldMine,andreconstructionofZijinshanCopperMinehydro-metallurgicalplant,etc.Mostoftheseprojectswillstartproductionbytheendof2012.TheconstructionforGansuYate6,000tonnes/dayprocessprojectwascommenced;thepreliminaryworkforXinjiangJinnengCompany’sintegrationofcoalandelectricityprojectachievedagreatprogress;overalldevelopmentplanofZijinshanCopperMinewasofficiallylaunchedandtheinternalplanning(initialdraft)wascompleted.AchievingBreakthroughwithInnovativeDuringthereportingperiod,duetotheadjustmentstonationalmonetaryandcreditpolicy,theCompanymadeacomprehensiveanalysisonthesituationinthedomesticandinternationalcapitalmarketsandbankfinancingproducts,furtherstrengthenedcommunicationandcoordinationwithbankstoexploresomeinnovativefinancingchannelsandtools,andopenedupfinancingofgoldleasingbusinessandissuedUSdollarsbondsoverseastoprovidesecure,reliableandlow-costfundingfortheproductionandoperation.Asanon-bankfinancialinstitutionservingtheGroup,ZijinFinanceCompanyhasgraduallydevelopedseveralbusinesseslikeReminbidepositsandloans,insuranceagency,bills,investmentandwealthmanagementetc.,realizedthegoaltocentralizet