Announcement

Unaudited Interim Results for the Six Months Ended 30 June 2024

For the six months ended 30 June 2024, the Group realised operating income of RMB150.417 billion,
which basically remained stable compared with the same period last year (same period last year:
RMB150.334 billion).

For the six months ended 30 June 2024, the Group realised profit before tax of RMB21.588 billion,
representing an increase of 38.87% compared with the same period last year (same period last year:
RMB15.545 billion).

For the six months ended 30 June 2024, the Group realised net profit attributable to owners of the listed
company of RMB15.084 billion, representing an increase of 46.42% compared with the same period
last year (same period last year: RMB10.302 billion).

As at 30 June 2024, the Group’s total assets was RMB368.876 billion, representing an increase of 7.54%
compared with the beginning of the year (beginning of the year: RMB343.006 billion).

As at 30 June 2024, the Group’s net assets attributable to owners of the listed company was
RMB126.442 billion, representing an increase of 17.61% compared with the beginning of the year
(beginning of the year: RMB107.506 billion).

The board of directors (the “Board”) of Zijin Mining Group Co., Ltd.* (the “Company”) is pleased to
announce the unaudited interim results of the Company and its subsidiaries (collectively the “Group”) for
the six months ended 30 June 2024 (the “current period”/“reporting period”). This unaudited interim
results has been reviewed and approved by the Board and the audit and internal control committee (the
“Audit and Internal Control Committee”) of the Company.

The following unaudited consolidated financial information was prepared in accordance with the Basic
Standards and the Specific Standards of the Accounting Standards for Business Enterprises (“ASBE”)
issued by the Ministry of Finance of the PRC (“MOF”), and Application Guidance for ASBE,
interpretations and other relevant regulations issued and revised thereafter (hereafter referred to as “CAS”).

This announcement contains forward-looking statements including future plans of the Company, which
will not constitute any actual commitments by the Company to investors. Investors are advised to pay
attention to investment risks.

1
I. GROUP’S FINANCIAL STATEMENTS (AS PREPARED IN ACCORDANCE
WITH CAS)
In this announcement, unless otherwise indicated in the context, the currency is RMB.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2024

ASSETS Note 30 June 2024 31 December 2023

(Unaudited) (Audited)
RMB RMB

CURRENT ASSETS
Cash and cash equivalents 25,190,025,947 18,448,716,808
Held for trading financial assets 5,875,897,135 5,307,044,685
Including: Derivative financial assets 513,298,879 353,193,503
Bills receivable 203,335,571 553,119,452
Trade receivables 15 7,218,015,637 7,777,908,320
Receivables financing 1,371,319,831 2,798,769,858
Prepayments 3,043,738,689 2,677,321,890
Other receivables 4,484,110,270 2,834,011,778
Inventories 33,696,665,459 29,289,613,313
Contract assets 1,040,355,503 1,143,837,782
Held for sale assets - 26,351,841
Current portion of non-current assets 854,206,737 708,232,962
Other current assets 6,807,898,755 6,063,611,366

Total current assets 89,785,569,534 77,628,540,055

NON-CURRENT ASSETS
Debt investments 943,666,374 379,661,490
Long-term equity investments 33,723,889,721 31,632,272,017
Other equity instrument investments 17,458,567,869 13,719,080,444
Investment properties 346,201,271 327,295,982
Fixed assets 83,586,610,037 81,465,916,360
Construction in progress 38,982,222,997 35,926,774,177
Right-of-use assets 314,802,939 334,369,349
Intangible assets 67,255,686,456 67,891,999,037
Goodwill 692,156,206 692,156,206
Long-term deferred assets 2,604,224,889 2,534,183,746
Deferred tax assets 2,395,618,414 2,079,296,604
Other non-current assets 30,787,165,294 28,394,160,545

Total non-current assets 279,090,812,467 265,377,165,957

TOTAL ASSETS 368,876,382,001 343,005,706,012

2
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 30 June 2024

LIABILITIES AND OWNERS’ EQUITY Note 30 June 2024 31 December 2023

(Unaudited) (Audited)
RMB RMB

CURRENT LIABILITIES
Short-term borrowings 23,190,715,549 20,989,471,669
Held for trading financial liabilities 2,795,876,735 1,688,823,180
Including: Derivative financial liabilities 2,795,876,735 1,688,823,180
Bills payable 1,583,396,003 1,855,810,350
Trade payables 16 14,730,267,236 14,428,441,602
Receipts in advance 87,572,429 86,862,972
Contract liabilities 5,908,947,393 6,163,764,972
Employee benefits payable 2,136,311,788 2,826,433,455
Taxes payable 4,040,071,587 3,437,761,165
Other payables 14,280,025,411 13,926,373,967
Held for sale liabilities - 12,857,294
Current portion of non-current liabilities 14,890,188,465 18,028,890,491
Other current liabilities 761,943,244 736,941,988

Total current liabilities 84,405,315,840 84,182,433,105

NON-CURRENT LIABILITIES
Long-term borrowings 69,134,572,205 77,530,909,080
Bonds payable 38,842,067,125 25,286,676,862
Including: Preference shares 1,069,020,222 1,062,404,958
Lease liabilities 176,964,693 81,012,179
Long-term payables 3,129,417,311 3,434,886,729
Long-term employee benefits payable 61,564,518 63,429,262
Provisions 4,335,712,259 4,306,965,597
Deferred income 588,872,327 628,719,334
Deferred tax liabilities 7,296,182,604 7,470,695,107
Other non-current liabilities 1,013,038,189 1,657,182,439

Total non-current liabilities 124,578,391,231 120,460,476,589

TOTAL LIABILITIES 208,983,707,071 204,642,909,694

3
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 30 June 2024

LIABILITIES AND OWNERS’ EQUITY Note 30 June 2024 31 December 2023

(CONTINUED) (Unaudited) (Audited)
RMB RMB

EQUITY
Share capital 2,657,788,894 2,632,657,124
Other equity instruments 1,605,675,517 -
Capital reserve 29,111,982,598 25,866,060,607
Less: Treasury shares 480,753,679 778,090,664
Other comprehensive income 13 12,854,482,504 8,960,434,573
Special reserve 278,533,403 187,666,512
Surplus reserve 1,367,003,719 1,367,003,719
Retained earnings 17 79,047,256,584 69,270,211,452

Equity attributable to owners of the parent 126,441,969,540 107,505,943,323

Non-controlling interests 33,450,705,390 30,856,852,995

TOTAL EQUITY 159,892,674,930 138,362,796,318

TOTAL LIABILITIES AND OWNERS’ EQUITY 368,876,382,001 343,005,706,012

4
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
For the six months ended 30 June 2024

Note For the six months For the six months

ended 30 June 2024 ended 30 June 2023
(Unaudited) (Unaudited)
RMB RMB

OPERATING INCOME 2 150,416,514,457 150,333,695,834

Less: Operating costs 2 121,607,748,070 128,308,837,185
Taxes and surcharges 3 2,709,505,033 2,230,243,014
Selling expenses 343,937,362 342,305,147
Administrative expenses 3,424,310,598 3,542,239,775
Research and development expenses 708,157,968 733,163,941
Finance expenses 4 1,356,717,014 1,471,283,761
Including: Interest expenses 2,491,258,965 2,388,896,660
Interest income 1,231,787,402 892,545,563
Add: Other income 273,259,898 276,060,748
Investment income 5 2,030,442,080 1,503,255,518
Including: Share of profits of
associates and joint
ventures 1,759,908,439 1,794,350,521
(Losses)/Gains on changes in
fair value 6 (579,347,644) 176,090,399
Reversal of credit impairment losses 7 13,045,158 83,148,158
Impairment losses on assets 8 (9,067,362) (11,222,785)
(Losses)/Gains on disposal of
non-current assets (10,405,468) 9,907,039

OPERATING PROFIT 21,984,065,074 15,742,862,088

Add: Non-operating income 9 45,797,409 41,107,054
Less: Non-operating expenses 10 442,172,958 238,929,495

PROFIT BEFORE TAX 21,587,689,525 15,545,039,647

Less: Income tax expenses 11 3,111,908,112 2,712,011,103

NET PROFIT 18,475,781,413 12,833,028,544

Classification according to the continuity

of operation
Net profit from continuing operations 18,475,781,413 12,833,028,544

Attributable to:
Owners of the parent 15,084,385,658 10,302,151,544
Non-controlling interests 3,391,395,755 2,530,877,000

5
CONSOLIDATED STATEMENT OF PROFIT OR LOSS (CONTINUED)
For the six months ended 30 June 2024

Note For the six months For the six months

ended 30 June 2024 ended 30 June 2023
(Unaudited) (Unaudited)
RMB RMB

OTHER COMPREHENSIVE INCOME,

NET OF TAX

Other comprehensive income attributable to

owners of the parent, net of tax 3,851,905,193 4,736,369,767

Other comprehensive income that will not be

reclassified to profit or loss in subsequent
periods
Changes in fair value of other equity
instrument investments 3,561,964,992 2,214,724,288

Other comprehensive income/(loss) that may

be reclassified to profit or loss in subsequent
periods
Other comprehensive (loss)/income that
may be reclassified to profit or loss in
subsequent periods under the equity
method (41,768,492) 317,285
Changes in fair value of receivables
financing 27,474,525 8,692,397
Provision for credit impairment losses on
receivables financing 69,738 -
Hedging costs - forward elements (53,847,311) 60,028,956
Exchange differences arising from
translation of financial statements
denominated in foreign currencies 358,011,741 2,452,606,841

Other comprehensive income attributable to

non-controlling interests, net of tax 91,496,069 494,021,465

Subtotal of other comprehensive income,

net of tax 3,943,401,262 5,230,391,232

TOTAL COMPREHENSIVE INCOME 22,419,182,675 18,063,419,776

Attributable to:
Owners of the parent 18,936,290,851 15,038,521,311
Non-controlling interests 3,482,891,824 3,024,898,465

Earnings per share 12

Basic earnings per share 0.574 0.391
Diluted earnings per share 0.573 0.391

6
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2024

For the six months For the six months

ended 30 June 2024 ended 30 June 2023
(Unaudited) (Unaudited)
RMB RMB

I. CASH FLOWS FROM OPERATING ACTIVITIES:

Cash receipts from sale of goods and rendering of services 166,409,046,251 160,997,408,068
Refund of taxes 1,264,211,684 1,141,673,145
Other cash receipts relating to operating activities 689,796,244 987,985,217

Subtotal of cash inflows from operating activities 168,363,054,179 163,127,066,430

Cash payments for goods purchased and services received 130,285,762,131 132,755,634,886
Cash payments to and on behalf of employees 6,605,789,317 6,045,180,167
Payments of various types of taxes and surcharges 8,368,337,227 6,902,933,596
Other cash payments relating to operating activities 2,656,335,670 1,395,610,504

Subtotal of cash outflows from operating activities 147,916,224,345 147,099,359,153

Net cash flows from operating activities 20,446,829,834 16,027,707,277

II. CASH FLOWS FROM INVESTING ACTIVITIES:

Cash receipts from disposals and recovery of investments 2,788,844,239 2,048,160,153

Cash receipts from investment income 702,060,344 828,554,874
Net cash receipts from disposals of fixed assets, intangible
assets and other non-current assets 10,584,740 3,436,007
Net cash receipts from disposals of subsidiaries and other
business units 192,782,319 -
Other cash receipts relating to investing activities 242,887,883 2,220,796,057

Subtotal of cash inflows from investing activities 3,937,159,525 5,100,947,091

Cash payments for purchase or construction of

fixed assets, intangible assets and other non-current assets 12,148,694,675 12,641,375,660
Cash payments for investments 3,803,553,518 4,292,292,512
Net cash payments for acquisitions of subsidiaries and
other business units - 1,950,963,992
Other cash payments relating to investing activities 1,678,542,933 1,067,658,496

Subtotal of cash outflows from investing activities 17,630,791,126 19,952,290,660

Net cash flows used in investing activities (13,693,631,601) (14,851,343,569)

7
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
For the six months ended 30 June 2024

For the six months For the six months

ended 30 June 2024 ended 30 June 2023
(Unaudited) (Unaudited)
RMB RMB

III. CASH FLOWS FROM FINANCING ACTIVITIES:

Cash receipts from capital contributions 3,938,359,798 80,563,000

Including: Cash receipts from capital contributions
from non-controlling shareholders of
subsidiaries 46,287,554 80,563,000
Cash receipts from borrowings 26,816,776,881 30,116,355,509
Cash receipts from the gold leasing business 4,983,139,853 3,608,896,848
Cash receipts from issuance of bonds and ultra
short-term financing bonds 16,107,255,065 2,747,900,000
Other cash receipts relating to financing activities - 21,884,148

Subtotal of cash inflows from financing activities 51,845,531,597 36,575,599,505

Cash repayments of borrowings 36,032,954,267 24,084,544,316

Cash repayments of the gold leasing business 4,532,084,600 1,987,358,000
Cash repayments of bonds and ultra short-term
financing bonds 1,500,000,000 1,502,500,000
Cash payments for distribution of dividends or profits or
settlement of interest expenses 9,213,120,098 8,476,567,993
Including: Payments for distribution of dividends
or profits to non-controlling shareholders
of subsidiaries 1,282,475,469 940,177,339
Other cash payments relating to financing activities 587,460,316 2,440,000,893

Subtotal of cash outflows from financing activities 51,865,619,281 38,490,971,202

Net cash flows used in financing activities (20,087,684) (1,915,371,697)

IV. EFFECT OF FOREIGN EXCHANGE RATE

CHANGES ON CASH AND CASH EQUIVALENTS (63,910,456) 822,599,057

V. NET INCREASE IN CASH AND CASH

EQUIVALENTS 6,669,200,093 83,591,068
Add: Opening balance of cash and cash equivalents 17,692,467,027 19,666,678,538

VI. CLOSING BALANCE OF CASH AND CASH

EQUIVALENTS 24,361,667,120 19,750,269,606

8
Notes:

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements were prepared in accordance with the Basic Standards and the Specific
Standards of Accounting Standards for Business Enterprises (“ASBE”) issued by the Ministry of Finance
(“MOF”), and Application Guidance for ASBE, interpretations and other relevant regulations issued and
revised thereafter (hereafter referred to as “CAS”). In addition, these financial statements have also
disclosed the relevant financial information in accordance with “Rules for the Preparation of Information
Disclosure by Companies Making Public Offering of Securities No. 15 - General Provisions on Financial
Reporting”.

These financial statements have been prepared on a going concern basis.

As at 30 June 2024, the Group recorded current assets of RMB89,785,569,534 and current liabilities of
RMB84,405,315,840. The balance of the current assets was larger than that of the current liabilities. The
Group has adequate working capital to continue its operation.

2. OPERATING INCOME AND OPERATING COSTS

For the six months ended 30 June 2024 For the six months ended 30 June 2023
Operating income Operating costs Operating income Operating costs
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
RMB RMB RMB RMB

Principal operations 149,644,328,650 121,197,544,284 149,589,530,239 127,625,077,550

Other operations 772,185,807 410,203,786 744,165,595 683,759,635

Total 150,416,514,457 121,607,748,070 150,333,695,834 128,308,837,185

3. TAXES AND SURCHARGES

For the six months For the six months ended

ended 30 June 2024 30 June 2023
(Unaudited) (Unaudited)
RMB RMB

Resource tax 1,962,976,428 1,556,170,579

Mine-produced gold income tax (Note 1) 162,319,931 109,308,378
Property tax 71,617,216 64,603,152
Road tax (Note 2) 18,129,200 28,903,237
Customs tax (Note 3) 51,311,355 49,018,417
Stamp duty 101,103,632 102,377,909
Education surcharges 88,924,384 59,678,312
City construction and maintenance tax 85,521,123 50,045,553
Mineral concentrates tax (Note 3) 8,912,270 15,256,688
Local development fund 19,553,438 16,140,440
Land use tax 25,710,954 24,725,427
Environmental protection tax 8,655,880 10,543,522
Others 104,769,222 143,471,400

Total 2,709,505,033 2,230,243,014

9
3. TAXES AND SURCHARGES (CONTINUED)

Note 1: Mine-produced gold income tax was the tax payable by Altynken, an overseas subsidiary of
the Group, for mining and sales of gold mineral products, the tax was imposed on the
revenue from gold mineral products ranging at the rates from 1% to 20% depending on the
range of gold price.

Note 2: Road tax was the tax payable by COMMUS, an overseas subsidiary of the Group, for the
purchase or sales of mineral products.

Note 3: Customs tax and mineral concentrates tax were the taxes payable by COMMUS, an overseas
subsidiary of the Group, for the purchase or sales of mineral products.

4. FINANCE EXPENSES

For the six months For the six months

ended 30 June ended 30 June
2024 2023
(Unaudited) (Unaudited)
RMB RMB

Interest expenses 2,959,144,469 2,606,056,999

Including: Bank borrowings 2,483,085,132 2,163,494,539
Bonds payable 476,059,337 426,397,528
Ultra short-term financing bonds - 16,164,932
Less: Interest income 1,231,787,402 892,545,563
Less: Capitalised interest expenses 581,313,276 322,041,971
Exchange differences 10,962,793 (90,657,687)
Bank charges 86,282,658 65,590,351
Amortisation of unrecognised finance expenses (Note 1) 113,427,772 104,881,632

Total 1,356,717,014 1,471,283,761

Note 1: Unrecognised finance expenses consisted of amortisation of unrecognised interest expenses

of provisions of RMB68,496,944 (six months ended 30 June 2023: RMB56,246,466),
amortisation of interest expenses of lease liabilities of RMB8,037,111 (six months ended 30
June 2023: RMB9,123,590) and amortisation of unrecognised interest expenses of other non-
current liabilities of RMB36,893,717 (six months ended 30 June 2023: RMB39,511,576).

Capitalised interest expenses for the six months ended 30 June 2024 were included in construction in
progress. None of the above interest income was generated from impaired financial assets during the
six months ended 30 June 2024 and 30 June 2023.

10
5. INVESTMENT INCOME

For the six months For the six months

ended 30 June 2024 ended 30 June 2023
(Unaudited) (Unaudited)
RMB RMB

Investment income from long-term equity investments under

the equity method 1,759,908,439 1,794,350,521
Investment income from disposal of long-term equity
investments 449,426,562 2,257,922
Dividend income from other equity instrument investments
during the holding period 27,516,930 21,779,502
Investment losses from disposal of financial assets and
liabilities at fair value through profit or loss (Note 1) (237,791,156) (336,520,882)
Others 31,381,305 21,388,455

Total 2,030,442,080 1,503,255,518

Note 1: Investment losses from disposal of financial assets and liabilities at fair value through profit or
loss are as follows:

For the six months For the six months

ended 30 June 2024 ended 30 June 2023
(Unaudited) (Unaudited)
RMB RMB

1. Held for trading equity instrument investments - 18,239,496 (71,917,641)

Investment income/(losses) arising from stock
investments
2. Investment income arising from gold leasing at fair value - 4,094
3. Investment losses arising from derivative instruments (264,210,521) (288,426,540)
without designated hedging relationship
(3-1) Foreign currency forward contracts (12,831,021) (78,995,731)
(3-2) Commodity hedging contracts (207,766,942) (219,409,392)
(3-3) Equity swap contracts (21,686,131) 13,244,851
(3-4) Share option contracts (21,926,427) (3,266,268)
4. Others 8,179,869 23,819,205

Total (237,791,156) (336,520,882)

6. (LOSSES)/GAINS ON CHANGES IN FAIR VALUE

For the six months For the six months

ended 30 June 2024 ended 30 June 2023
(Unaudited) (Unaudited)
RMB RMB

Financial assets at fair value through profit or loss (199,749,464) 482,909,316

Financial liabilities at fair value through profit or loss (379,598,180) (306,818,917)

Total (579,347,644) 176,090,399

11
6. (LOSSES)/GAINS ON CHANGES IN FAIR VALUE (CONTINUED)

(Losses)/Gains on changes in fair value are as follows:

For the six months For the six months

ended 30 June ended 30 June
2024 2023
(Unaudited) (Unaudited)
RMB RMB

1. Held for trading equity instrument investments - Losses

on changes in fair value of stock investments (42,604,706) (79,388,743)
2. Losses on changes in fair value of gold leasing at fair
value (78,280,630) (21,609,296)
3. Hedging instruments - Gains on changes in fair value of
ineffectively hedged derivative instruments 944,922 2,825,204
4. (Losses)/Gains on changes in fair value of derivative
instruments without designated hedging relationship (412,285,535) 128,195,645
(4-1) Foreign currency forward contracts (4,555,642) (32,193,472)
(4-2) Commodity hedging contracts (380,110,912) 160,389,117
(4–3) Equity swap contracts (27,510,626) -
(4–4) Over-the-counter options (108,355) -
5. Provisional pricing arrangements - 105,054,997
6. Others (47,121,695) 41,012,592

Total (579,347,644) 176,090,399

7. REVERSAL OF CREDIT IMPAIRMENT LOSSES

For the six months For the six months

ended 30 June ended 30 June
2024 2023
(Unaudited) (Unaudited)
RMB RMB

Reversal of bad debt provision/(Bad debt provision) for

trade receivables 5,638,375 (12,260,436)
Reversal of bad debt provision for other receivables 6,962,808 91,750,752
Impairment losses on current portion of long-term
receivables (1,146,786) (1,133,390)
Reversal of impairment losses on bills receivable 1,906,273 2,853,707
(Impairment losses)/Reversal of impairment losses on long-
term receivables (385,250) 1,470,809
Reversal of impairment losses on receivables financing 69,738 466,716

Total 13,045,158 83,148,158

12
8. IMPAIRMENT LOSSES ON ASSETS

For the six months For the six months

ended 30 June 2024 ended 30 June 2023
(Unaudited) (Unaudited)
RMB RMB

(Impairment losses)/Reversal of impairment losses on

contract assets (10,067,952) 3,687,992
Impairment losses on prepayments (1,931,083) -
Impairment losses on other non-current assets (5,981,458) (11,526,237)
Reversal of provision for/(Provision for) decline in value of
inventories 8,913,131 (3,384,540)

Total (9,067,362) (11,222,785)

9. NON-OPERATING INCOME

Non-recurring
profit or loss
For the six months For the six months for the six months
ended 30 June 2024 ended 30 June 2023 ended 30 June 2024
(Unaudited) (Unaudited) (Unaudited)
RMB RMB RMB

Default penalties 18,364,879 17,069,800 18,364,879

Others 27,432,530 24,037,254 27,432,530

Total 45,797,409 41,107,054 45,797,409

10. NON-OPERATING EXPENSES

Non-recurring
profit or loss
For the six months For the six months for the six months
ended 30 June 2024 ended 30 June 2023 ended 30 June 2024
(Unaudited) (Unaudited) (Unaudited)
RMB RMB RMB

Losses on write-off of non-current

assets 50,893,626 12,929,741 50,893,626
Donations 109,642,417 154,691,361 109,642,417
Penalties, compensations and
overdue charges 238,399,880 19,870,168 238,399,880
Others 43,237,035 51,438,225 43,237,035

Total 442,172,958 238,929,495 442,172,958

13
11. INCOME TAX EXPENSES

For the six months For the six months

ended 30 June 2024 ended 30 June 2023
(Unaudited) (Unaudited)
RMB RMB

Current income tax expenses 3,604,390,294 2,856,252,468

Deferred tax expenses (492,482,182) (144,241,365)

Total 3,111,908,112 2,712,011,103

Reconciliation of income tax expenses to profit before tax is as follows:

For the six months For the six months

ended 30 June 2024 ended 30 June 2023
(Unaudited) (Unaudited)
RMB RMB

Profit before tax 21,587,689,525 15,545,039,647

Tax at the statutory tax rate (Note 1) 5,396,922,381 3,886,259,912

Effect of different tax rates applicable to certain subsidiaries
(Note 1) (1,968,725,394) (987,967,059)
Adjustments in respect of current tax of previous periods 67,434,982 61,898,831
Income not subject to tax (Note 2) (350,976,120) (307,863,329)
Effect of non-deductible costs, expenses and losses 26,625,484 11,100,470
Effect of utilisation of deductible losses from unrecognised
deferred tax assets of previous periods (193,684,325) (130,189,337)
Effect of deductible temporary differences from deferred
tax assets unrecognised in current period or effect of
deductible losses 134,311,104 178,771,615

Income tax expenses 3,111,908,112 2,712,011,103

Note 1: Provision for the PRC corporate income tax expenses has been made at the applicable tax
rates based on the estimated taxable profits. Provision for Hong Kong profits tax expenses for
the reporting period has been made at the applicable tax rate based on assessable profits
generated in Hong Kong. Taxes on profits assessable elsewhere have been calculated at the
prevailing tax rate and in accordance with current laws, interpretations and customs in the
countries/jurisdictions in which the Group operates.

Note 2: For the six months ended 30 June 2024, income not subject to tax included investment income
from long-term equity investments under the equity method of RMB1,785,684,340 and sales
revenue from certain products of the Group that met the national industrial policy and enjoyed
tax exemption totalling RMB201,140,676.

12. EARNINGS PER SHARE

For the six months For the six
ended 30 June months ended 30
2024 June 2023
(Unaudited) (Unaudited)
RMB/Share RMB/Share

Basic earnings per share

Continuing operations 0.574 0.391
Diluted earnings per share
Continuing operations 0.573 0.391

Basic earnings per share is calculated by dividing the consolidated net profit for the current period
attributable to ordinary shareholders of the Company by the weighted average number of ordinary
shares outstanding.
14
13. OTHER COMPREHENSIVE INCOME

The accumulated balance of other comprehensive income attributable to owners of the parent in the
consolidated statement of financial position is as follows:

30 June 2024
Opening balance Movements Closing balance
Income tax
(Unaudited) Amount before tax expenses Amount after tax (Unaudited)
RMB (Unaudited) (Unaudited) (Unaudited) RMB
RMB RMB RMB
Changes in fair value and transferred to
retained earnings of other equity
instrument investments (Note 1) 7,530,785,313 3,572,073,618 32,034,112 3,604,107,730 11,134,893,043
Changes arising from re-measurement
of defined benefit plan (20,422,345) - - - (20,422,345)
Other comprehensive loss that may be
reclassified to profit or loss in
subsequent periods under the equity
method (8,292,157) (41,768,492) - (41,768,492) (50,060,649)
Changes in fair value of receivables
financing (34,789,638) 27,474,525 - 27,474,525 (7,315,113)
Provision for impairment losses on
receivables financing 7,754,193 69,738 - 69,738 7,823,931
Hedging costs - forward elements 38,162,874 (53,847,311) - (53,847,311) (15,684,437)
Exchange differences arising from
translation of financial statements
denominated in foreign currencies 1,447,236,333 358,011,741 - 358,011,741 1,805,248,074

Total 8,960,434,573 3,862,013,819 32,034,112 3,894,047,931 12,854,482,504

31 December 2023
Opening balance Movements Closing balance
Income tax
(Audited) Amount before tax expenses Amount after tax (Audited)
RMB (Audited) (Audited) (Audited) RMB
RMB RMB RMB
Changes in fair value and transferred
to retained earnings of other equity
instrument investments (Note 1) 4,801,153,392 2,998,954,769 (269,322,848) 2,729,631,921 7,530,785,313
Changes arising from re-measurement
of defined benefit plan (31,241,055) 10,818,710 - 10,818,710 (20,422,345)
Other comprehensive income/(loss)
that may be reclassified to profit or
loss in subsequent periods under
the equity method (29,308,692) 21,016,535 - 21,016,535 (8,292,157)
Changes in fair value of receivables
financing (36,954,030) 2,164,392 - 2,164,392 (34,789,638)
Provision for impairment losses on
receivables financing 4,921,131 2,833,062 - 2,833,062 7,754,193
Hedging costs - forward elements (2,563,765) 40,726,639 - 40,726,639 38,162,874
Exchange differences arising from
translation of financial statements
denominated in foreign currencies 355,343,450 1,091,892,883 - 1,091,892,883 1,447,236,333

Total 5,061,350,431 4,168,406,990 (269,322,848) 3,899,084,142 8,960,434,573

Note 1: Changes in fair value were mainly due to the changes in fair value of the shares of Ivanhoe.

15
 13. OTHER COMPREHENSIVE INCOME (CONTINUED)

Total amount of other comprehensive income recognised in the statement of profit or loss during the
current period:

For the six months ended 30 June 2024

Less: Amount of
Less: Amount of other
other comprehensive comprehensive
income recognised income recognised
in the previous in the previous
periods transferred periods transferred
into profit or loss into retained Attributable to
Amount before during the current earnings during the Less: Income Attributable to the non-controlling
tax period current period tax parent interests
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
RMB RMB RMB RMB RMB RMB
Other comprehensive income that will not
be reclassified to profit or loss in
subsequent periods
Changes in fair value of other equity
instrument investments and other
investments 3,574,120,440 - 42,142,738 (31,522,508) 3,561,964,992 1,535,218
Changes arising from the re-measurement
of defined benefit plan - - - - - -
Other comprehensive income/(loss) that
may be reclassified to profit or loss in
subsequent periods
Other comprehensive loss that may be
reclassified to profit and loss in
subsequent periods under the equity
method (41,768,492) - - - (41,768,492) -
Changes in fair value of receivables
financing 27,474,525 - - - 27,474,525 -
Provision for impairment losses on
receivables financing 69,738 - - - 69,738 -
Hedging costs - forward elements (117,723,531) (63,283,502) - - (53,847,311) (592,718)
Exchange differences arising from
translation of financial statements
denominated in foreign currencies 448,565,310 - - - 358,011,741 90,553,569

Total 3,890,737,990 (63,283,502) 42,142,738 (31,522,508) 3,851,905,193 91,496,069

16
 13. OTHER COMPREHENSIVE INCOME (CONTINUED)

Total amount of other comprehensive income recognised in the statement of profit or loss during the
current period: (Continued)

For the year ended 31 December 2023

Less: Amount of
other Less: Amount of
comprehensive other
income comprehensive
recognised in the income recognised
previous periods in the previous
transferred into periods transferred
profit or loss into retained Attributable to
Amount before during the current earnings during the Less: Income Attributable to the non-controlling
tax period current period tax parent interests
(Audited) (Audited) (Audited) (Audited) (Audited) (Audited)
RMB RMB RMB RMB RMB RMB

Other comprehensive income that will not be

reclassified to profit or loss in subsequent
periods
Changes in fair value of other equity
instrument investments and other
investments 2,997,102,229 - 28,479,163 269,059,925 2,701,152,758 (1,589,617)
Changes arising from the re-measurement
of defined benefit plan 17,172,555 - - - 10,818,710 6,353,845
Other comprehensive income that may be
reclassified to profit or loss in subsequent
periods
Other comprehensive income that may be
reclassified to profit and loss in
subsequent periods under the equity
method 21,016,535 - - - 21,016,535 -
Changes in fair value of receivables
financing 2,164,392 - - - 2,164,392 -
Provision for impairment losses on
receivables financing 2,833,062 - - - 2,833,062 -
Hedging costs - forward elements 53,055,797 - - - 40,726,639 12,329,158
Exchange differences arising from
translation of financial statements
denominated in foreign currencies 1,459,081,861 - - - 1,091,892,883 367,188,978

Total 4,552,426,431 - 28,479,163 269,059,925 3,870,604,979 384,282,364

17
14. OPERATING SEGMENT INFORMATION

For management purposes, the Group is organised into business units based on its products and services
and has four reportable operating segments as follows:

(1) the products of mining products segment are mine-produced copper, mine-produced gold, mine-
produced zinc concentrate, mine-produced lead concentrate, mine-produced silver, iron ore,
tungsten concentrate and molybdenum concentrate, involving integrated processes of the Group’s
mining enterprises, e.g., mining, processing and refining;

(2) the products of refined products segment are refined copper, refined, processed and trading gold,
refined zinc bullion, refined silver as by-product and sulphuric acid;

(3) the trading segment comprises, principally, the trading income from commodities including
copper cathodes; and

(4) segment of “others” comprises, principally, environmental protection income, sales income from
copper pipe, copperplate, etc.

The management monitors the operating performance of the Group’s operating segments separately
for the purpose of making decisions about resource allocation and performance assessment. Segment
performance is evaluated based on reportable segment profit, which is a measure of adjusted operating
profit before tax. The adjusted operating profit before tax is measured consistently with the Group’s
operating profit before tax except that interest income, finance costs, dividend income, gains or losses
from changes in fair value of financial instruments as well as head office and corporate expenses are
excluded from this measurement.

Segment assets exclude cash and cash equivalents, deferred tax assets, equity investments at fair value
through profit or loss, derivative financial instruments and other unallocated head office and corporate
assets as these assets are managed on a group basis.

Segment liabilities exclude financial liabilities at fair value through profit or loss, derivative financial
instruments, bank and other borrowings, deferred tax liabilities, taxes payable, bonds payable and other
unallocated head office and corporate liabilities as these liabilities are managed on a group basis.

Intersegment transfer pricing is determined with reference to the selling prices used for sales made to
third parties.

18
14. OPERATING SEGMENT INFORMATION (CONTINUED)
(Unaudited)
RMB

For the six months ended 30 June 2024

Items Mining products Refined products Trading Others Eliminations Total

I. Operating income 46,026,934,901 89,270,279,020 20,713,766,183 25,768,993,311 (31,363,458,958) 150,416,514,457

Including: Sales to
external customers 36,261,738,545 85,988,760,204 20,713,766,183 7,452,249,525 - 150,416,514,457
Intersegment sales 9,765,196,356 3,281,518,816 - 18,316,743,786 (31,363,458,958) -
II. Segment profit 17,320,189,848 509,361,557 154,164,693 492,065,315 - 18,475,781,413

III. Segment assets 181,827,787,638 26,317,180,074 15,104,121,981 341,383,201,693 (251,214,947,014) 313,417,344,372

Unallocated assets - - - - - 55,459,037,629
Total assets - - - - - 368,876,382,001

IV. Segment liabilities 96,476,955,831 18,311,673,200 9,538,764,039 63,586,032,693 (38,221,436,934) 149,691,988,829

Unallocated liabilities - - - - - 59,291,718,242
Total liabilities - - - - - 208,983,707,071

V. Supplemental information
1. Depreciation and
amortisation 4,388,909,882 407,139,418 4,612,603 734,697,303 - 5,535,359,206
2. Capital expenditure 10,012,776,389 151,641,331 23,390,281 1,718,002,368 - 11,905,810,369

19
14. OPERATING SEGMENT INFORMATION (CONTINUED)
(Unaudited)
RMB

For the six months ended 30 June 2023

Items Mining products Refined products Trading Others Eliminations Total

I. Operating income 38,109,638,711 78,486,913,857 33,254,741,407 27,066,357,636 (26,583,955,777) 150,333,695,834

Including: Sales to
external customers 31,743,869,105 72,795,656,911 33,254,741,407 12,539,428,411 - 150,333,695,834
Intersegment sales 6,365,769,606 5,691,256,946 - 14,526,929,225 (26,583,955,777) -
II. Segment profit 11,041,116,508 727,962,683 219,252,094 844,697,259 - 12,833,028,544

III. Segment assets 154,473,576,514 23,183,233,393 12,626,128,426 259,092,700,360 (175,578,038,599) 273,797,600,094

Unallocated assets - - - - - 52,752,493,655
Total assets - - - - - 326,550,093,749

IV. Segment liabilities 74,687,830,383 15,309,284,728 9,325,292,831 65,360,273,492 (32,806,923,024) 131,875,758,410

Unallocated liabilities - - - - - 60,593,107,610
Total liabilities - - - - - 192,468,866,020

V. Supplemental information
1. Depreciation and
amortisation 4,168,648,634 417,666,365 7,169,340 637,262,281 - 5,230,746,620
2. Capital expenditure 7,115,868,319 350,792,586 429,649,262 5,278,936,811 - 13,175,246,978

20
14. OPERATING SEGMENT INFORMATION (CONTINUED)
#
Segment profit/loss, which excludes intersegment transaction revenue/cost, is the operating profit/loss from
external customers.

Geographical information

During the six months ended 30 June 2024, 73% (six months ended 30 June 2023: 83%) of the Group’s operating
income was derived from customers in Mainland China, and 54% (2023: 61%) of the Group’s assets were located
in Mainland China.

Information about a major customer

During the six months ended 30 June 2024, the Group’s income from the Shanghai Gold Exchange was
RMB49,565,950,162 (six months ended 30 June 2023: RMB44,967,762,701), which was mainly derived from
the refined products segment.

15. TRADE RECEIVABLES

30 June 2024 31 December 2023

(Unaudited) (Audited)
RMB RMB

Trade receivables at fair value through profit or loss

- Trade receivables with provisional pricing terms
(Note) 900,119,136 1,912,712,667
Trade receivables measured at amortised cost 6,317,896,501 5,865,195,653

Total 7,218,015,637 7,777,908,320

Note: Certain product sale contracts of the Group contain provisional pricing terms. Under the CAS,
embedded derivative instruments shall not be separated from the trade receivables arising from product
sale contracts with such terms, and such trade receivables shall be classified as a whole.

An ageing analysis of the trade receivables measured at amortised cost is as follows:

30 June 2024 31 December 2023

(Unaudited) (Audited)
RMB RMB

Within 1 year 4,690,344,435 4,431,620,079

Over 1 year but within 2 years 1,195,954,177 1,058,533,960
Over 2 years but within 3 years 594,195,245 560,983,474
Over 3 years 771,667,097 757,916,157
7,252,160,954 6,809,053,670

Less: Bad debt provision for trade receivables 934,264,453 943,858,017

Total 6,317,896,501 5,865,195,653

The ageing of trade receivables is calculated based on the sales invoice dates.

21
15. TRADE RECEIVABLES (CONTINUED)

30 June 2024
Carrying amount Bad debt provision Net book value
Percentage
Proportion of provision
Amount (%) Amount (%)
(Unaudited) (Unaudited) (Unaudited)
RMB RMB RMB

For which bad debt provision has been

made individually 116,934,276 1.61 116,934,276 100 -
Bad debt provision based on credit risk
characteristics
Among which: Group of non-ferrous
metal business 3,055,788,777 42.14 20,620,734 0.67 3,035,168,043
Group of geological
prospecting business 253,662,777 3.50 84,955,325 33.49 168,707,452
Group of environmental
protection business 3,825,775,124 52.75 711,754,118 18.60 3,114,021,006

Total 7,252,160,954 100.00 934,264,453 12.88 6,317,896,501

31 December 2023
Carrying amount Bad debt provision Net book value
Percentage
Proportion of provision
Amount (%) Amount (%)
(Audited) (Audited) (Audited)
RMB RMB RMB

For which bad debt provision has been

made individually 121,600,308 1.79 121,600,308 100.00 -
Bad debt provision based on credit risk
characteristics
Among which: Group of non-ferrous
metal business 2,502,640,190 36.75 20,150,867 0.81 2,482,489,323
Group of geological
prospecting business 347,616,325 5.11 73,294,906 21.09 274,321,419
Group of environmental
protection business 3,837,196,847 56.35 728,811,936 18.99 3,108,384,911

Total 6,809,053,670 100.00 943,858,017 13.86 5,865,195,653

If there is objective evidence that a trade receivable is credit-impaired, the Group makes bad debt provision for
the trade receivable individually and recognises expected credit losses.

As at 30 June 2024, the Group had no individually material trade receivables with bad debt provision.

The movements of bad debt provision for trade receivables are as follows:

Acquisitions of
subsidiaries not
At the involving
beginning entities under Recovery or At the end of
of the year Additions common control reversal Write-off the period
RMB RMB RMB RMB RMB RMB

30 June 2024 (Unaudited) 943,858,017 21,969,572 - (27,607,947) (3,955,189) 934,264,453

31 December 2023 (Audited) 823,545,020 94,237,761 78,744,500 (20,429,599) (32,239,665) 943,858,017

There were no recoveries or reversals of bad debt provision for trade receivables which were individually
material during the current period.

There were no material write-offs during the current period.

22
16. TRADE PAYABLES

30 June 2024 31 December 2023

(Unaudited) (Audited)
RMB RMB

Trade payables 14,730,267,236 14,428,441,602

As at 30 June 2024, an ageing analysis of the trade payables, based on the invoice dates, is as follows:

30 June 2024 31 December 2023

(Unaudited) (Audited)
RMB RMB

Within 1 year 13,761,659,026 13,131,592,870

Over 1 year but within 2 years 588,064,601 686,055,581
Over 2 years but within 3 years 236,134,659 288,607,847
Over 3 years 144,408,950 322,185,304

Total 14,730,267,236 14,428,441,602

17. RETAINED EARNINGS

30 June 2024 31 December 2023

(Unaudited) (Audited)
RMB RMB

At the beginning of the year 69,270,211,452 54,757,893,854

Net profit attributable to owners of the parent 15,084,385,658 21,119,419,571
Less: Other comprehensive income transferred to retained
earnings 42,142,738 28,479,163
Dividends payable in cash for ordinary shareholders 5,265,197,788 6,578,622,810

At the end of the period 79,047,256,584 69,270,211,452

Pursuant to the resolution of the shareholders’ general meeting on 17 May 2024, the Company distributed a cash
dividend of RMB0.20 per share (2023: RMB0.25 per share) to all shareholders, calculated on the basis of the
number of issued shares, i.e., 26,325,988,940 (2023: 26,314,491,240), with an aggregate amount of
RMB5,265,197,788 (2023: RMB6,578,622,810).

18. NET CURRENT ASSETS/(LIABILITIES)

30 June 2024 31 December 2023

(Unaudited) (Audited)
RMB RMB

Current assets 89,785,569,534 77,628,540,055

Less: Current liabilities 84,405,315,840 84,182,433,105

Net current assets/(liabilities) 5,380,253,694 (6,553,893,050)

23
19. TOTAL ASSETS LESS CURRENT LIABILITIES

30 June 2024 31 December 2023

(Unaudited) (Audited)
RMB RMB

Total assets 368,876,382,001 343,005,706,012

Less: Current liabilities 84,405,315,840 84,182,433,105

Total assets less current liabilities 284,471,066,161 258,823,272,907

20. PROVISION FOR DEPRECIATION

For the six months For the six months

ended 30 June ended 30 June
2024 2023
(Unaudited) (Unaudited)
RMB RMB

Depreciation of fixed assets 3,794,767,235 3,458,151,863

Depreciation and amortisation of investment
properties 26,246,507 38,129,381

21. CHANGES IN ACCOUNTING POLICIES

On 25 October 2023, the MOF issued the Notice on Issue of Accounting Standards for Business Enterprises
Interpretation No.17 (Cai Kuai [2023] No. 21) (“Interpretation No. 17”), which provided further standardisation
and clarification on three aspects including “classification of liabilities as current or non-current”, “disclosure of
supplier finance arrangements” and “accounting treatment for sale and leaseback transactions”. Interpretation
No. 17 has been implemented since 1 January 2024.

The Group has adopted Interpretation No. 17 since its implementation date. The adoption of Interpretation No.
17 has no material impact on the financial statements for the reporting period.

24
II. MANAGEMENT DISCUSSION AND ANALYSIS

INFORMATION ON THE CONDITIONS OF THE INDUSTRY TO WHICH THE COMPANY

BELONGS AND MAJOR BUSINESSES DURING THE REPORTING PERIOD

INDUSTRY SITUATION
During the reporting period, the global macroeconomic environment experienced a turbulent progression.
Recovery of the manufacturing industry showed fluctuations, and metal prices were highly volatile. Gold and
copper prices hit record highs in the second quarter. Subsequently, prices for industrial metals like copper
retreated due to the rising expectations of economic recession in Europe and the U.S. The metal mining
industry received increasing attention. Geopolitical risks intensified and U.S. government debt remained high,
leading to further market recognition of the value preservation and safe-haven attributes of gold. Mergers and
acquisitions in the metal mining industry were turbulent, with copper assets being particularly sought after,
continuing to demonstrate the scarcity of these assets.

Changes of the
average price
Average price Average price
Mineral type Unit compared with
in H1 2024 in H1 2023
the same period
last year (%)
Price in London USD/ounce 2,203 1,932 14.0
Gold
Price in China RMB/g 521 434 20.0
Price in London USD/ounce 26 23 13.0
Silver
Price in China RMB/kg 6,790 5,296 28.2
Price in London USD/tonne 9,206 8,729 5.5
Copper
Price in China RMB/tonne 74,668 67,900 10.0
Price in London USD/tonne 2,676 2,828 -5.4
Zinc
Price in China RMB/tonne 22,191 22,067 0.6
Note: The gold and silver prices in London are the spot prices from the London Bullion Market Association;
the gold and silver prices in China are the Shanghai Gold Exchange T+D closing prices; the copper and zinc
prices in London are the 3-month contract closing prices from the London Metal Exchange (LME); the copper
and zinc prices in China are the continuous contract closing prices from the Shanghai Futures Exchange (SHFE)

OPERATING PERFORMANCE
During the reporting period, the Company fully implemented the master work directive of “improving quality,
controlling costs, boosting profitability” and adhered to the overall principles of “delivering results by
leveraging reform, innovation, tailored systems, and risk control”. Through multiple measures, the production
and resources volumes of main mineral products as well as major economic indicators continued to improve.
Project construction progressed steadily. The Company achieved historic breakthroughs in financing in the
global capital markets and realised a “good start” for Zijin Mining’s new five-year journey.

Controlling costs and boosting profitability, curbing the rising cost trend
Both the production volumes and prices of main metals increased, maximisation of production and sales was
achieved. The realised production volumes of mine-produced copper, mine-produced gold, mine-produced
zinc (lead) and mine-produced silver were 519 thousand tonnes, 35.4 tonnes, 222 thousand tonnes and 210.3
tonnes, respectively. Among which, mine-produced copper and mine-produced gold achieved a year-on-year
growth of 5.3% and 9.5%, respectively. The overall gross profit margin of mineral products increased by 5.6
percentage points compared with the same period last year, reaching 57.3%. “Controlling costs” was the key
task for the year. The Company strengthened the functions of the Overseas Operations Management Committee,
the Lithium Industry Leading Group and the Finance Committee, tackled cost control in key areas such as
overseas projects and achieved phased results. During the reporting period, the costs of sales of the Company’s
copper concentrates and gold concentrates decreased by 8.8% and 6.7% compared with the second half of
2023, respectively.

25
Business performance indicators reached new highs again. Profit before tax amounted to RMB21.6 billion,
representing an increase of 38.9% compared with the same period last year; net profit attributable to owners
of the parent amounted to RMB15.1 billion, representing an increase of 46.4% compared with the same period
last year; net profit attributable to owners of the parent after non-recurring profit or loss amounted to
RMB15.43 billion, representing an increase of 59.8% compared with the same period last year; and net cash
flows from operating activities amounted to RMB20.4 billion, representing an increase of 27.6% compared
with the same period last year, which were robust and ample. As at the end of the reporting period, total assets
of the Company amounted to RMB368.9 billion, among which, net assets attributable to owners of the parent
amounted to RMB126.4 billion, representing an increase of 7.6% and 17.6% compared with the beginning of
the reporting period, respectively. The debt-to-asset ratio decreased by 3 percentage points to 56.7%, and the
asset structure was significantly optimised.

The Company’s industry standing continued to rise. It ranked 267th on the Forbes 2024 Global 2000 List, and
ranked 1st among the listed global gold companies and 5th among the listed global metal mining companies
on the list. It also ranked 364th on the Fortune Global 500.

Resources reigned, a new round of mineral exploration yielded significant results

The Company has a comparative competitive advantage in self-initiated geological prospecting and
exploration. It also places high importance on the economic and technological re-evaluation of existing mineral
deposits. During the reporting period, the major geological prospecting and exploration results at the Julong
Copper Mine and the Tongshan Copper Mine in Heilongjiang of the Company were reviewed and approved
by the natural resources authority. Among which, the accumulated resources identified in the Julong mining
area included 25.88 million tonnes of copper, 1.672 million tonnes of molybdenum and 15 thousand tonnes of
silver, making it the largest copper mine in China by filed resources. The Tongshan Mine newly added 3.65
million tonnes of copper resources. Orebody No. V exposed in its deeper part is the only super-large copper
orebody discovered in northeastern China in nearly four decades. Together, these two copper mines newly
added a total of 18.377 million tonnes of copper resources and 5.777 million tonnes of copper reserves,
accounting for approximately 14.2% of China’s copper reserves at the end of 2022. The exploration of the MG
area in the southern part of the Čukaru Peki Copper and Gold Mine in Serbia during the reporting period is
expected to discover a new large high-grade copper-gold deposit. Positive progress was also achieved in the
exploration of the Buriticá Gold Mine, the northeastern part of the Manono Lithium Mine, Norton, Shanxi
Zijin, the Xiangyuan Lithium Mine, the Beizhan Iron Mine, etc.

During the reporting period, the resources owned by the Company on equity basis increased by 6.197 million
tonnes of copper, 53.71 tonnes of gold and 3,334 tonnes of silver, as compared with the beginning of the year.
Using a 100% equity basis for subsidiaries and the equity basis for associates and joint ventures, the total
retained measured, indicated and inferred resources as at the end of the reporting period consisted of 104.67
million tonnes of copper, 3,528 tonnes of gold, 12.12 million tonnes of zinc (lead), 28,380 tonnes of silver and
14.11 million tonnes of lithium (LCE). Among which, the retained proved and probable reserves consisted of
43.82 million tonnes of copper, 1,322 tonnes of gold, 5.06 million tonnes of zinc (lead), 2,653 tonnes of silver
and 5.05 million tonnes of lithium (LCE).

26
 Resources as at
Total resources as at 30 June 2024 30 June 2024
(on equity basis)
Mineral type Proportion
of reserves
Reserves Resources Reserves Resources
to resources
(%)
Copper/Million tonnes (metal) 43.8231 104.6684 42% 32.9271 80.7535
Gold/Tonne (metal) 1,322.28 3,527.96 37% 1,119.59 3,051.24
Lithium carbonate/Million tonnes (LCE) 5.0539 14.1128 36% 4.4262 13.4656
Silver (including associated)/Tonne (metal) 2,653.26 28,380.36 9% 1,684.53 18,073.30
Molybdenum (including associated)/
2.3268 4.9060 47% 1.5945 3.4070
Million tonnes (metal)
Zinc/Million tonnes (metal) 4.4696 10.8142 41% 3.9045 9.1929
Lead/Million tonnes (metal) 0.5952 1.3045 46% 0.5691 1.2593

Key incremental projects progressed steadily, continuously building new quality productive forces
A series of major incremental projects showcased the “Zijin speed”. The phase 3 concentrator of the Kamoa
Copper Mine completed construction and commenced production half a year ahead of schedule. Upon reaching
the designated production capacity, the annual copper production will rise to above 600 thousand tonnes,
making it the largest copper mine in Africa and the third largest in the world. The Sawaya’erdun Gold Mine
project with a mining and processing capacity of 2.4 million tonnes/year and a gold refining capacity of 5
tonnes/year completed construction and commenced production as scheduled. Serbia Zijin Copper and Serbia
Zijin Mining project with a total annual copper production capacity of 450 thousand tonnes, phase 2 of the
technological upgrade and expansion project of the Julong Copper Mine with a total annual copper production
capacity (phase 1 + phase 2) of 300-350 thousand tonnes, the underground mining project of the Tongshan
Mine in Heilongjiang, phase 1 of the underground mining of Aurora in Guyana, the construction of the “two
lakes, two mines” lithium segment and others advanced steadily.

The core driving force of scientific and technological innovation was strengthened, and the Zijin Central
Research Institute was inaugurated. Several industry-influential scientific and technological challenges were
innovatively resolved. The “new-generation green and efficient refining technology and application for rare
and precious metals” of Zijin Copper won the second prize of the National Science and Technology Progress
Award for 2023. Research on the technological breakthroughs in the caving mining method and transformation
of achievements of the Company’s headquarters were accelerated. Technologies related to new energy and
advanced materials such as hydrogen fuel cells and application of rubidium and caesium materials were
promoted. The Company formulated the digital transformation and development plan for 2023-2028. The pilot
experience of the integration of business and finance at the Zijinshan Mine was rapidly promoted, and new
progress was made in the construction of digitalised mines.

ESG performance continued to improve, deepening reform to address core issues in depth
The globalised operation and management system was further improved. The frontline role of the Overseas
Operations Department was strengthened, and the logistics and supervision systems for overseas trading
continuously enhanced. The structure of the international talents pool was optimised, with an increased
proportion of non-Chinese middle and senior management staff. The integration of industrial operations,
finance and trading was deepened, and the coordination and management of funds were further strengthened.
Green ecology, environmental protection, energy conservation, emissions reduction and carbon reduction
initiatives were carried out in an orderly manner.

The Company actively fulfilled its social responsibilities. It donated RMB11 million for the disaster relief and
reconstruction of the “16th June” extra-heavy rainstorm in Shanghang and Wuping. The Company and Barrick
jointly donated USD1 million for the disaster relief and reconstruction of the major natural disasters in Papua
New Guinea. Zijin’s ESG practices, with “common development” at its core, have gained widespread
recognition, enhancing the reputation of the Zijin brand.

27
Realised significant breakthroughs in overseas financing, total profit distribution amount further
increased
The recognition in the global capital markets increased, and capital operations achieved historic breakthroughs.
The Company completed the largest equity financing since its establishment by successfully issuing USD500
million worth of H Shares and USD2 billion worth of convertible bonds (totalling approximately RMB18.1
billion) to overseas investors. The issuance was oversubscribed by multiple times, with the final equity issue
priced at a 5% discount. The interest rate of the convertible bonds was set at 1%, and the conversion premium
was set at 28% (compared with the placement price). The majority of the subscription funds were from globally
renowned long-term funds and hedge funds, reflecting the widespread recognition of the Company’s value by
global investors. As at the end of the reporting period, the Company’s A Share and H Share prices had increased
by approximately 42% and 30%, respectively, compared with the end of last year. The market capitalisation at
one point exceeded RMB500 billion.

The Company shared the fruits of development with its shareholders, investors, employees and other
stakeholders. During the reporting period, the Company successively implemented a cash dividend distribution
of RMB5.27 billion for the year 2023 and an interim dividend of RMB2.66 billion for the year 2024. The
cumulative dividend amount since listing reached RMB47.8 billion. During the reporting period, the
Company’s employee stock ownership scheme for 2023 was fully initiated.

ANALYSIS OF THE CORE COMPETITIVENESS DURING THE REPORTING PERIOD

Innovation, especially scientific and technological innovation, is the Company’s core competitive strength.
The Company possesses self-initiated whole-process systems technology and engineering implementation
capability. Continuous innovation is a key factor that enables the Company to establish comparative
competitive advantages.

The Company’s strategic direction is on the right track, and its execution is efficient and resolute. The
Company has a solid foundation. To seize the opportunities and accelerate the achievement of various
indicators, during the reporting period, the Company issued the Announcement in relation to the Production
Volume Plan of Major Mineral Products for the Next Five Years (Up to 2028), striving to achieve the major
economic indicators for 2030 two years ahead of schedule (by 2028). By then, the annual production volumes
of major mineral products will reach a scale of 1.5-1.6 million tonnes of copper, 100-110 tonnes of gold, 550-
600 thousand tonnes of zinc (lead), 600-700 tonnes of silver, 250-300 thousand tonnes of lithium (LCE) and
25-35 thousand tonnes of molybdenum. The major economic indicators are expected to rank among the top 3-
5 globally.

28
 DISCUSSION AND ANALYSIS OF OPERATING PERFORMANCE

Copper
During the reporting period, 518,570 tonnes of mine-produced copper were produced, representing an increase
of 5.3% compared with the same period last year (same period last year: 492,241 tonnes); 391,515 tonnes of
refined copper were produced, representing an increase of 8.4% compared with the same period last year (same
period last year: 361,287 tonnes). Sales income from the copper business represented 29% (after elimination)
of the operating income during the reporting period, and the gross profit from the copper business represented
49.1% of the gross profit of the Group.

Mine-produced
Interest held by Mine-produced
Name copper on equity Note
the Group copper (tonne)
basis (tonne)
Serbia Zijin Mining 100% 90,008 90,008
Including the production
Kamoa Copper, the DR volume corresponding
44.47% 83,593 83,593
Congo (on equity basis) to the equity interest
held in Ivanhoe
Julong Copper, Tibet 50.10% 80,758 40,460
Including: 59,454 tonnes
Serbia Zijin Copper 63% 59,454 37,456
of electrolytic copper
Duobaoshan Copper
100% 57,242 57,242
Industry, Heilongjiang
Including: 24,562 tonnes
Kolwezi Copper Mine, the
67% 45,047 30,181 of electrodeposited
DR Congo
copper
Including: 11,461 tonnes
Zijinshan Copper and
100% 44,331 44,331 of electrodeposited
Gold Mine, Fujian
copper
Total of other mines 58,137 41,900
Total 518,570 425,171

Gold
During the reporting period, 35,406kg (1,138,322 ounces) of mine-produced gold were produced, representing
an increase of 9.5% compared with the same period last year (same period last year: 32,338kg). 113,849kg
(3,660,312 ounces) of refined, processed and trading gold was produced, representing a decrease of 5.1%
compared with the same period last year (same period last year: 120,013kg). Sales income from the gold
business represented 46.5% (after elimination) of the operating income during the reporting period, and the
gross profit from the gold business represented 28.3% of the gross profit of the Group. (1 troy ounce = 31.1035
grammes)

Mine-produced gold
Name Interest held by the Group Mine-produced gold (kg)
on equity basis (kg)
Buriticá, Colombia 69.28% 5,002 3,465
Norton, Australia 100% 3,817 3,817
Rosebel, Suriname 95% 3,741 3,554
Longnan Zijin 84.22% 3,530 2,973
Serbia Zijin Mining 100% 2,894 2,894
Zeravshan, Tajikistan 70% 2,625 1,838
Altynken, Kyrgyzstan 60% 1,929 1,158
Aurora, Guyana 100% 1,949 1,949
Total of other mines 9,919 8,238
Total 35,406 29,886

29
Zinc (Lead)
During the reporting period, 200,083 tonnes of mine-produced zinc in concentrate form and 21,862 tonnes of
mine-produced lead in concentrate form were produced, respectively. 180,612 tonnes of zinc bullion were
produced from refineries, representing an increase of 1.8% compared with the same period last year (same
period last year: 177,405 tonnes). Sales income from the zinc (lead) business represented 3.4% (after
elimination) of the operating income during the reporting period, and the gross profit from the zinc (lead)
business represented 4.2% of the gross profit of the Group.

Total of mine- Total of mine-

Mine- Mine-
Interest produced zinc produced zinc +
produced produced
Name held by the + mine- mine-produced lead
zinc lead
Group produced lead on equity basis
(tonne) (tonne)
(tonne) (tonne)
Zijin Zinc, Xinjiang 100% 69,849 12,563 82,412 82,412
Bisha, Eritrea 55% 56,559 - 56,559 31,107
Urad Rear Banner Zijin 95% 26,212 5,728 31,940 30,343
Total of other mines 47,463 3,571 51,034 36,186
Total 200,083 21,862 221,945 180,048

Silver
During the reporting period, 210,252kg of mine-produced silver was produced, representing an increase of 1.3%
compared with the same period last year (same period last year: 207,643kg); 283,074kg of silver was produced
from refineries as by-product, representing a decrease of 10.1% compared with the same period last year (same
period last year: 314,844kg). Sales income from the silver business represented 1% (after elimination) of the
operating income during the reporting period, and the gross profit from the silver business represented 2.2%
of the gross profit of the Group.

Mine-produced
Interest held Mine-produced
Name silver on equity
by the Group silver (kg)
basis (kg)
Julong Copper, Tibet 50.10% 56,415 28,264
Bisha, Eritrea 55% 29,240 16,082
Luoyang Kunyu 70% 20,309 14,216
Duobaoshan Copper Industry, Heilongjiang 100% 19,609 19,609
Zijinshan Copper and Gold Mine, Fujian 100% 14,486 14,486
Total of other mines 70,193 48,012
Total 210,252 140,669

Lithium
The global lithium market is facing significant oversupply pressure, and there is no obvious change in the weak
lithium price levels. The Company is enhancing its rights and licences of various projects, solidifying its low-
cost operating strategy for the lithium business. It is also reasonably controlling the construction progress and
production commencement schedule of its “two lakes, two mines” lithium projects, strengthening investment
cost control, optimising process indicators, and striving to reduce operating costs after production
commencement. During the reporting period, the production volume of lithium (LCE) from phase 1 of the
Xiangyuan Hard Rock Lithium Mine in Dao County, Hunan (on 100% equity basis) was 239 tonnes. The
constructions of the 5-million-tonne-per-year phase 2 mining and processing project and other lithium mine
projects are progressing smoothly.

30
Iron, molybdenum, tungsten, cobalt, sulphuric acid, etc.
During the reporting period, 880 thousand tonnes of iron ore were produced, representing a decrease of 30.7%
compared with the same period last year (same period last year: 1.27 million tonnes). 4,174 tonnes of mine-
produced molybdenum, 2,059 tonnes of mine-produced tungsten and 439 tonnes of mine-produced cobalt were
produced, respectively. 1.86 million tonnes of sulphuric acid were produced from copper, zinc and gold
refining as by-product, representing an increase of 10% compared with the same period last year (same period
last year: 1.69 million tonnes). Sales income from iron, molybdenum, tungsten, cobalt, sulphuric acid and other
products represented 20.1% (after elimination) of the operating income during the reporting period, and the
gross profit from iron, molybdenum, tungsten, cobalt, sulphuric acid and other products represented 16.2% of
the gross profit of the Group.

Clean energy power generation

During the reporting period, the electricity generated from renewable (new) energy reached 351 million kWh,
representing an increase of 60% compared with the same period last year. Among which, photovoltaic power
generation was 56.22 million kWh. Longking, a subsidiary of the Company, continued to advance its
“environmental protection + new energy” dual-driver industrial layout. Its atmospheric pollution control
business maintained steady growth, with operating cash flows increased by nearly 500% compared with the
same period last year. The layout of wind, solar and green power projects at mines accelerated, with the Lakkor
Tso “zero-carbon lithium extraction” source-grid-load-storage demonstration project and the Wuqia
photovoltaic project phase 1 achieving grid connection and power generation. At the same time, the new energy
mining equipment business was launched, facilitating the transition of the Company’s mining equipment from
“oil to electricity”. Synergy among industries was further deepened.

Accumulative power
Change compared
generated (MWh) for Same period last
Type of power generation with the same period
the reporting period year (MWh)
last year
(January to June)
Power generated from
56,223 13,002 332%
photovoltaics
Power generated from
17,706 15,249 16%
gravitational potential
Power generated from
206,174 143,160 44%
hydropower
Power generated from waste
71,458 48,499 47%
heat
Total 351,561 219,910 60%

31
 OPERATING PERFORMANCE DURING THE REPORTING PERIOD

Analysis of main businesses

During the reporting period, the Company realised an operating income of RMB150.4 billion, representing an
increase of 0.06% compared with the same period last year.

The table below sets out the sales by product for the six months ended 30 June 2024 and 30 June 2023,
respectively:
Item January - June 2024 January - June 2023
Amount Amount
Unit price Unit price
Product name Sales volume (RMB Sales volume (RMB
(tax excluded) (tax excluded)
billion) billion)
Mine- Gold bullion 498.18 RMB/g 19,021 kg 9.47604 423.64 RMB/g 15,019 kg 6.36282
produced Gold
gold 469.74 RMB/g 14,558 kg 6.83872 373.20 RMB/g 16,896 kg 6.30543
concentrates
Copper
56,250 RMB/t 315,332 t 17.73733 49,785 RMB/t 328,792 t 16.36896
concentrates
Mine-
Electrodeposited
produced 64,965 RMB/t 38,617 t 2.50874 56,741 RMB/t 46,781 t 2.65441
copper
copper
Electrolytic
65,858 RMB/t 59,769 t 3.93623 60,057 RMB/t 14,467 t 0.86886
copper
Mine-produced zinc 13,768 RMB/t 186,534 t 2.56823 11,418 RMB/t 211,168 t 2.41112
Mine-produced silver 4.43 RMB/g 203,605 kg 0.90223 3.40 RMB/g 208,934 kg 0.71035
Iron ore 717 RMB/t 0.35 Mt 0.25214 587 RMB/t 1.37 Mt 0.80275
Refined copper 65,824 RMB/t 388,955 t 25.60276 60,232 RMB/t 361,502 t 21.77393
Refined zinc 19,628 RMB/t 171,010 t 3.35652 19,472 RMB/t 178,101 t 3.46805
Other sales income from trading, refining, etc. 108.60103 115.19098
Intercompany sales elimination -31.36346 -26.58396
Total 150.41651 150.33370

Note: The data in the table does not include non-subsidiary enterprises

Analysis of costs and gross profit margin

The Group’s costs of sales of products mainly includes mining, processing, refining, procurement of mineral
products and concentrates, ore transportation costs, raw materials consumption, energy, salaries, depreciation
of fixed assets, etc.

32
 The table below sets out details of the unit cost of sales and gross profit margin by product for the six months
ended 30 June 2024 and 30 June 2023, respectively (Note 1):
Unit cost of sales Gross profit margin (%)
Compared Compared
January January July - with the with the January January July -
Product name Unit
- June - June December same second - June - June December
2024 2023 2023 period last half of last 2024 2023 2023
year (%) year (%)
Gold
Mine- RMB/g 284.78 271.48 297.85 4.90 -4.39 42.83 35.92 32.42
bullion
produced
Gold
gold RMB/g 151.50 155.38 162.43 -2.50 -6.73 67.75 58.37 57.73
concentrates
Copper
RMB/t 18,578 19,641 20,375 -5.41 -8.82 66.97 60.55 58.42
concentrates
Mine- Electro-
produced deposited RMB/t 33,072 31,357 28,441 5.47 16.29 49.09 44.74 49.20
copper copper
Electrolytic
RMB/t 35,778 36,000 44,827 -0.62 -20.19 45.67 40.06 24.63
copper
Mine-produced zinc RMB/t 8,969 8,740 9,813 2.63 -8.60 34.85 23.46 20.27
Mine-produced silver RMB/g 1.87 1.68 1.76 11.31 6.25 57.90 50.54 51.01
Iron ore RMB/t 148.77 233.22 226.76 -36.21 -34.39 79.24 60.25 60.78
Refined and processed
RMB/g 512.85 430.46 459.24 19.14 11.67 0.42 0.53 0.64
gold
Refined copper RMB/t 64,194 58,210 58,723 10.28 9.32 2.48 3.36 2.83
Refined zinc RMB/t 18,207 18,021 17,557 1.03 3.70 7.24 7.45 6.63
Overall gross profit margin 19.15 14.65 17.02
Overall gross profit margin of mining enterprises 57.30 51.75 46.66

Notes: 1. The gross profit margins by product were calculated based on the figures before eliminating
intercompany sales, and the overall gross profit margins were calculated after eliminating
intercompany sales.

2. The data in the table does not include non-subsidiary enterprises.

3. During the reporting period, the average exchange rate of RMB against USD depreciated compared
with the same period last year, leading to an increase in costs when translating USD-denominated
costs into RMB during the reporting period. Among which, the costs of mine-produced copper
concentrates, mine-produced electrodeposited copper and mine-produced electrolytic copper
increased by 0.7 percentage points, 2.1 percentage points and 2.5 percentage points, respectively,
compared with the same period last year; the costs of mine-produced gold bullion and mine-
produced gold concentrates increased by 2.5 percentage points and 0.8 percentage points,
respectively, compared with the same period last year; and the costs of mine-produced zinc
increased by 1.3 percentage points compared with the same period last year.

The Group’s overall gross profit margin was 19.2%, representing an increase of 4.5 percentage points
compared with the same period last year. Among which, the overall gross profit margin of mine-produced
products was 57.3%, representing an increase of 5.6 percentage points compared with the same period last
year. The increase was mainly due to: 1) a rise in the production and sales volumes of mine-produced copper
and mine-produced gold compared with the same period last year; 2) a rise in sales prices of metals compared
with the same period last year; and 3) a drop in the costs of certain mineral products through controlling costs
and boosting profitability.

33
Table of analysis of changes in relevant items in financial statements

Unit: RMB
Amount for the Amount for the same
Item reporting period period last year
Changes (%)
Operating income 150,416,514,457 150,333,695,834 0.06
Operating costs 121,607,748,070 128,308,837,185 -5.22
Selling expenses 343,937,362 342,305,147 0.48
Administrative expenses 3,424,310,598 3,542,239,775 -3.33
Finance expenses 1,356,717,014 1,471,283,761 -7.79
Research and development expenses 708,157,968 733,163,941 -3.41
Investment income 2,030,442,080 1,503,255,518 35.07
(Losses)/Gains on changes in fair
-579,347,644 176,090,399 Not applicable
value
Reversal of credit impairment losses 13,045,158 83,148,158 -84.31
Impairment losses on assets -9,067,362 -11,222,785 -19.21
(Losses)/Gains on disposal of non-
-10,405,468 9,907,039 Not applicable
current assets
Non-operating expenses 442,172,958 238,929,495 85.06
Net cash flows from operating
20,446,829,834 16,027,707,277 27.57
activities
Net cash flows used in investing
-13,693,631,601 -14,851,343,569 -7.80
activities
Net cash flows used in financing
-20,087,684 -1,915,371,697 -98.95
activities

Reasons for the change in operating income: Please refer to the above analysis.

Reasons for the change in operating costs: Please refer to the above analysis.

Reasons for the change in selling expenses: Selling expenses during the reporting period basically remained
stable compared with the same period last year.

Reasons for the change in administrative expenses: Mainly due to a reduction in labour costs compared with
the same period last year.

Reasons for the change in finance expenses: Mainly due to the changes in exchange differences.

Reasons for the change in research and development expenses: Research and development expenses during
the reporting period basically remained stable compared with the same period last year.

Reasons for the change in reversal of credit impairment losses: Mainly due to Longking’s recovery of
investment from Huatai Insurance and the provision for credit impairment losses was reversed correspondingly
during the same period last year.

Reasons for the change in impairment losses on assets: Impairment losses on assets during the reporting period
basically remained stable compared with the same period last year.

Reasons for the change in (losses)/gains on disposal of non-current assets: Mainly due to the decrease in gains
on disposal of fixed assets during the reporting period compared with the same period last year.

Reasons for the change in investment income: Mainly due to the increase in the gains on disposal of
subsidiaries during the reporting period.

Reasons for the change in (losses)/gains on changes in fair value: Mainly due to changes in fair value of
provisional pricing arrangements, held for trading equity instruments and derivative instruments without
designated hedging relationship.

34
 Reasons for the change in non-operating expenses: Mainly due to the increase in penalty payments during the
reporting period.

Reasons for the change in net cash flows from operating activities: Mainly due to the increase in gross profit
from the sales of mineral products.

Reasons for the change in net cash flows used in investing activities: Mainly due to the decrease in cash paid
for mergers and acquisitions compared with the same period last year.

Reasons for the change in net cash flows used in financing activities: Mainly due to the issuance of H Shares
and convertible bonds during the reporting period.

ANALYSIS OF ASSETS AND LIABILITIES

Status of assets and liabilities

Unit: RMB
Percentage
change in the
Proportion
amount at the
to total Proportion
Amount at the end of the
assets at to total
end of the Amount at the reporting
Item the end of assets at the Explanation
reporting end of 2023 period
the end of 2023
period compared with
reporting (%)
the amount at
period (%)
the end of 2023
(%)
Mainly due to the
Cash and cash
25,190,025,947 6.83 18,448,716,808 5.38 36.54 issuance of H Shares
equivalents
and convertible bonds
Mainly due to the
maturity of certain
Bills receivable 203,335,571 0.06 553,119,452 0.16 -63.24
bills pledged to banks
and endorsed bills
Mainly due to a
Receivables decrease in the use of
1,371,319,831 0.37 2,798,769,858 0.82 -51.00
financing bills receivable for
settlement
Mainly due to an
Other
4,484,110,270 1.22 2,834,011,778 0.83 58.22 increase in advanced
receivables
material costs
Mainly due to the
disposal of Xinyi Zijin,
Held for sale
- - 26,351,841 0.01 Not applicable which was previously
assets
held for sale, during
the reporting period
Mainly due to an
Debt increase in large-
943,666,374 0.26 379,661,490 0.11 148.55
investments denomination
certificates of deposit
Held for trading Mainly due to the
financial 2,795,876,735 0.76 1,688,823,180 0.49 65.55 increase in gold leases
liabilities
Mainly due to the
disposal of Xinyi Zijin,
Held for sale
- - 12,857,294 0.00 -100.00 which was previously
liabilities
held for sale, during
the reporting period
Mainly due to the
Bonds payable 38,842,067,125 10.53 25,286,676,862 7.37 53.61 issuance of convertible
bonds

35
 Percentage
change in the
Proportion
amount at the
to total Proportion
Amount at the end of the
assets at to total
end of the Amount at the reporting
Item the end of assets at the Explanation
reporting end of 2023 period
the end of 2023
period compared with
reporting (%)
the amount at
period (%)
the end of 2023
(%)
Mainly due to the
decision to extend the
Lease liabilities 176,964,693 0.05 81,012,179 0.02 118.44 leases instead of
purchasing the leased
assets
Compensation payable
Other non-
of phase 2 of Julong
current 1,013,038,189 0.27 1,657,182,439 0.48 -38.87
was reclassified to
liabilities
other payables
Mainly due to the
Other equity
1,605,675,517 0.44 - - Not applicable issuance of convertible
instruments
bonds
Mainly due to the
completion of the
Treasury shares 480,753,679 0.13 778,090,664 0.23 -38.21
transfer of repurchased
shares
Mainly due to the
unrealised gains
generated from stocks
Other
held at fair value
comprehensive 12,854,482,504 3.48 8,960,434,573 2.61 43.46
through other
income
comprehensive
income during the
reporting period
Mainly due to the
increase in the
Special reserve 278,533,403 0.08 187,666,512 0.05 48.42
provision for work
safety fund

Gearing ratio
Gearing ratio refers to the proportion of consolidated total liabilities to the consolidated total equity. As at 30
June 2024, the Group’s consolidated total liabilities amounted to RMB208,983,707,071 (31 December 2023:
RMB204,642,909,694) and the Group’s consolidated total equity was RMB159,892,674,930 (31 December
2023: RMB138,362,796,318). As at 30 June 2024, the gearing ratio of the Group was 1.307 (31 December
2023: 1.479).

36
Non-recurring profit or loss items and their amounts
Unit: RMB
Non-recurring profit or loss items Amount Note (if applicable)
Losses on disposal of non-current assets, including
reversal of provision for impairment loss of impaired -61,273,810
assets
Government grants recognised in profit or loss for the
current period, except for government grants which are
closely related to the Company’s normal business
273,329,078
operations, and in line with the country’s policies,
entitled to under established standards and having a
continuous impact on the Company’s profit or loss
Gains or losses on changes in fair value arising from
financial assets and financial liabilities held by non-
financial enterprises and gains or losses on disposal of
-813,331,665
financial assets and financial liabilities, except for the
effective hedging business relating to the Company’s
normal business operations
Capital utilisation fee received from non-financial
enterprises recognised in profit or loss for the current 20,357,949
period
Reversal of bad debt provision for trade receivables of
1,769,497
which impairment has been tested individually
Losses on debt restructuring -42,640
Non-operating income and expenses other than the
-345,507,207
aforesaid items
Other profit or loss items which meet the definition of
449,426,562
non-recurring profit or loss
Less: Impact on income tax -20,691,033
Impact on the non-controlling interests (after tax) -105,985,127
Total -348,596,076

37
Information on overseas assets
Scale of assets
Among which, overseas assets amounted to RMB171.1 billion, representing 46% of the total assets.

Relevant explanations on the overseas assets with a relatively large proportion

The Company implements a global strategy, operating a number of key mine investment projects across 15
overseas countries, covering major mineral products such as copper, gold and lithium, with both resource
reserves and mineral product output surpassing domestic levels, which have become a key growth area for the
Group’s profits. Currently, the main overseas mines in production include:

Unit: RMB billion

Operating income
Source of Operation
Name of overseas asset Total assets for the reporting
formation mode
period
Jilau, Taror Gold Mines Acquisition Self-operated 3.38206 1.62034
Norton Acquisition Self-operated 6.78611 1.83134
Taldybulak Levoberezhny
Acquisition Self-operated 2.36747 0.98073
Gold Mine
Kolwezi Copper (Cobalt)
Acquisition Self-operated 6.52687 2.58537
Mine
Bor Copper Mine Acquisition Self-operated 23.98471 5.94863
Čukaru Peki Copper and
Acquisition Self-operated 9.47140 6.39497
Gold Mine
Bisha Copper (Zinc) Mine Acquisition Self-operated 4.57123 1.64982
Aurora Gold Mine Acquisition Self-operated 3.51542 1.00362
Buriticá Gold Mine Acquisition Self-operated 7.90557 2.59828
Rosebel Gold Mine Acquisition Self-operated 5.51185 1.91865
Kamoa Copper Mine (on
Acquisition Self-operated 51.15368 10.19890
100% equity basis)

Restrictions in relation to key assets as at the end of the reporting period

The Company acquired 50.1% equity interest in Julong Copper in Tibet in 2020. In 2021, Julong Copper used
the mining rights of the Qulong Copper and Polymetallic Mine and the Zhibula Copper and Polymetallic Mine,
the exploration right of Rongmucuola, and certain machinery, equipment and other movable properties as
collaterals for a secured syndicated loan from a syndicate formed by six financial institutions (including the
Bank of China Tibet Branch, Bank of Tibet Sales Department, Industrial Bank Lhasa Branch, Industrial and
Commercial Bank of China Tibet Branch, Agricultural Bank of China Tibet Branch and China Construction
Bank Tibet Branch) in place of the pre-acquisition secured syndicated loan obtained in 2017. The term of the
loan is 12 years. As at 30 June 2024, the outstanding balance of the abovementioned secured syndicated loan
was RMB10.3 billion, and the total appraised value of the assets provided as collaterals was RMB10.123
billion (including fixed assets of RMB607 million and intangible assets of RMB9.516 billion).

In 2020, Gold Mountains (H.K.), a wholly-owned subsidiary of the Company, pledged the equity interest in
Zijin America as a security for a syndicated loan amounting to USD568 million from China CITIC Bank
Fuzhou Branch, China Minsheng Bank Fuzhou Branch, Bank of China Hungarian Branch and China
Merchants Bank Hong Kong Branch. The term of the loan is 6 years. As at 30 June 2024, the outstanding
balance of the abovementioned pledged loan was RMB0 and the release of pledged equity interest is currently
being processed. The major asset of Zijin America is the Buriticá Gold Mine.

38
 ANALYSIS OF INVESTMENTS

Key non-equity investments

Amount
invested
Actual
during
accumulated
Project the
Project name Progress of project investment Project return status
amount reporting
(RMB
period
billion)
(RMB
billion)
Kamoa phase 3 USD1.858- Kamoa’s phase 3 concentrator 4.276 9.800 After construction
mining and 1.998 commenced commissioning and completion and reaching
processing billion trial production in May 2024. The the designated production
project construction completion and capacity, an additional 5
production commencement were six million tonnes of
months ahead of schedule processing volume per
annum can be formed, and
an additional 150 thousand
tonnes of copper metal can
be produced per annum
Kamoa smelter USD911 The civil engineering of the smelter 1.584 4.638 After construction
project million to project was basically completed, the completion and reaching
1.025 overall on-site construction progress the designated production
billion was at 59%, and the overall capacity, 500 thousand
cumulative completion was at 85% tonnes of refined copper can
(including design, procurement, be produced per annum
etc.). Construction completion and
production commencement are
expected in February 2025
Serbia Zijin USD1.778 The technological upgrade projects 0.543 10.713 After construction
Copper billion of the MS Mine, the VK Mine and completion and reaching
technological (including the smelter plant were put into the designated production
upgrade (mine USD484 production successively; capacity, 150-160 thousand
+ smelter plant) million of tonnes of mine-produced
capital The shaft construction of the JM copper can be produced per
increment) Copper Mine mining and processing annum, and 180 thousand
project was approximately 61% tonnes of refined copper
complete. The inclined shaft with metal can be produced per
rubber belt, auxiliary ramps, vertical annum, with the potential to
shafts and several mid-section increase to 200 thousand
projects were connected and tonnes
accessible to each other;

The levelling of the new processing

plant of the JM Copper Mine mining
and processing project was 96.2%
complete
Phase 1 of the USD620 Sub-project of the processing plant 0.886 3.863 After full construction
Tres Quebradas million area is planned to be completed and completion, production
Salar project of production will commence in commencement and
Liex September 2024 reaching the designated
production capacity,
approximately 20 thousand
tonnes of lithium carbonate
can be produced per annum

39
 Amount
invested
Actual
during
accumulated
Project the
Project name Progress of project investment Project return status
amount reporting
(RMB
period
billion)
(RMB
billion)
Phase 2 of the USD621 The levelling work and membrane 0.122 0.965 After full construction
Tres Quebradas million laying work of the concentration completion and reaching
Salar project of pools of phase 2 advanced in full the designated production
Liex strength capacity, approximately an
additional 30 thousand
tonnes of lithium carbonate
can be produced per annum
Technological RMB17.46 Phase 2 has obtained government 2.386 3.183 Construction completion
upgrade and billion approval, the relevant licence and and production
expansion permit application procedures were commencement are
project of phase progressing in an orderly manner; scheduled by the end of
2 of the Julong 2025. After construction
Copper Mine Construction of the processing plant completion, there will be an
and tailings storage facility additional 200 thousand
commenced. The main steel tonnes/day mining and
structure of the main plant for ore processing capacity, and an
grinding, crude processing and fine additional production of
processing was 60% complete. 150-200 thousand tonnes of
Foundation of semi-autogenous copper and 8 thousand
grinding mills no. 1 to 4 and ball mill tonnes of molybdenum
was approximately 30% complete;
the circular and traverse corridors of
the thickener for copper concentrate
and agent removal were under
construction;

The initial surface clearing work for

the dam of the Deqingpu tailings
storage facility project was
completed
Sawaya’erdun RMB1.675 The construction was completed and 0.224 1.093 Approximately 3 tonnes of
Gold Mine billion the project was put into production gold can be produced per
project of at the end of May 2024. The annum after reaching the
Xinjiang Zijin finishing and defect elimination designated production
Gold Co., Ltd. work was 90% complete. capacity
Construction of the tailings clean
water drainage was 77% complete
2,000 RMB414 The construction was completed and 0.045 0.332 Approximately an
tonnes/day million the project was put into production additional 1 tonne of gold
mining and in March 2024 can be produced per annum
processing after construction
project of the completion
Jinshan Gold
Mine of
Longnan Zijin

40
 Amount
invested
Actual
during
accumulated
Project the
Project name Progress of project investment Project return status
amount reporting
(RMB
period
billion)
(RMB
billion)
5 million RMB2.657 The construction commenced at full 0.137 0.408 The project is scheduled for
tonnes/year billion strength. The construction of the completion by the end of
mining and living area and levelling of the 5- 2025. After construction
processing million-tonne processing plant were completion and reaching
project of the completed; the designated production
Xiangyuan capacity, 656.8 thousand
Mining Area Excavation of the main drainage tonnes of iron lepidolite
Lithium tunnel of the tailings storage facility concentrate, 2 thousand
Polymetallic of phase 1 was approximately 88% tonnes of tin concentrate
Mine in Dao complete and 1.8 thousand tonnes of
County, Hunan tungsten concentrate can be
Province produced per annum
Zijin Sanya RMB428 The refining project was put into 0.00033 0.20 After construction
Gold Industrial million production completion, the designated
Park production capacity scale of
gold refining project: 100
tonnes of standard gold
bullion per annum and 20
tonnes of 49 silver by-
product per annum

Information on investment in private equity funds

Zijin Mining Equity Investment Management (Xiamen) Co., Ltd. and Zijin Mining Asset Management
(Xiamen) Co., Ltd., wholly-owned subsidiaries of the Company, are private equity and venture capital fund
managers registered with the Asset Management Association of China. They invest and manage assets through
the establishment of private equity and venture capital funds. As at the end of the reporting period, the total
assets, total liabilities and net assets of Zijin Mining Equity Investment Management (Xiamen) Co., Ltd.
amounted to RMB416.61 million, RMB13.61 million and RMB403.00 million. The total assets, total liabilities
and net assets of Zijin Mining Asset Management (Xiamen) Co., Ltd. amounted to RMB6.21 million,
RMB1.48 million and RMB4.73 million. During the reporting period, the total realised net profit of the
abovementioned two private equity funds amounted to RMB35.23 million.

Information on investment in derivatives

During the reporting period, in order to mitigate the impact of commodity market price fluctuations on the
Company’s production and operations, and to guard against the interest rate and exchange rate risks, the
Company leveraged the hedging function of financial instruments to carry out hedging business for the
products, raw materials and foreign exchange positions relating to production and operation, enhance the
Company’s risk resistance capability and ensure stable operation. With the approvals of the Board, the
Company and its subsidiaries engaged in derivative investment for hedging purpose within the limits approved
by the Board, which covered mining, major refined products, relevant business of supply chain, foreign
exchange, etc. The specific decisions were made by the Company’s Finance Committee within the scope
authorised by the Board.

In order to fully optimise the synergies between the finance segment and main businesses of the Company and
reduce market volatility risks associated with the Company’s cross-border investments and investments in
industry chains, on the premise of not affecting the Company’s normal operations and ensuring effective risk
control, the Company authorised its subsidiaries in the finance segment to use no more than RMB300 million
and USD100 million (or the equivalent amount in foreign currencies) as trading margins, premiums, etc. to
carry out derivative investment business for speculative purpose pursuant to the approvals of the Board and
the shareholders’ general meeting. The maximum loss limit is RMB30 million and USD5 million (or the
equivalent amount in foreign currencies). The investment scope includes futures, options, over-the-counter
derivatives and other derivative products of bulk commodities, foreign exchange, fixed income and other major
41
 asset classes. The authorisation is valid from the date on which it is considered and approved at the Company’s
2023 annual general meeting to the convention date of the 2024 annual general meeting.

ANALYSIS OF MAJOR SUBSIDIARIES AND ASSOCIATES

Unit: RMB billion

Interest held by the Total Net Operating
Company name Mine
Group assets assets income
Copper
La Compagnie Minière de
Musonoie Global Société par Kolwezi Copper Mine 67% 6.52687 2.47858 2.58537
Actions Simplifiée
44.47% (including
Kamoa Copper S.A. (on 100% interest corresponding
Kamoa Copper Mine 51.15368 10.90014 10.19890
equity basis) to the equity interest
held in Ivanhoe)
Heilongjiang Duobaoshan
Duobaoshan Copper Mine 100% 12.54412 6.17439 4.26465
Copper Industry Inc.
Serbia Zijin Copper Doo MS/VK/NC/JM 63% 23.98471 10.30562 5.94863
Čukaru Peki Copper and
Serbia Zijin Mining Doo 100% 9.47140 8.17126 6.39497
Gold Mine
Tibet Julong Copper Co., Ltd. Julong Copper Mine 50.1% 29.28210 11.61936 6.11749
Gold
Joint Venture Zeravshan
Jilau, Taror Gold Mines 70% 3.38206 1.48142 1.62034
Limited Liability Company
Norton Gold Fields Pty Limited Paddington Operations 100% 6.78611 1.83129 1.83134
Altynken Limited Liability Taldybulak Levoberezhny
60% 2.36747 2.03304 0.98073
Company Gold Mine
Hunchun Zijin Mining Co.,
Shuguang Gold Mine 100% 0.96609 0.52062 0.58046
Ltd.
Continental Gold (Colombia) Buriticá Gold Mine 69.28% 7.90557 4.08990 2.59828
Longnan Zijin Mining Co., Ltd. Liba Gold Mine 84.22% 3.27808 1.47769 1.56298
Guizhou Zijin Mining Co., Ltd. Shuiyindong Gold Mine 56% 3.00510 1.38461 0.67875
AGM Inc. in Guyana Aurora Gold Mine 100% 3.51542 -0.21285 1.00362
Rosebel Gold Mines N.V. Rosebel Gold Mine 95% 5.51185 3.08121 1.91865
Zinc (Lead)
Bisha Copper and Zinc
Bisha Mining Share Company 55% 4.57123 3.74766 1.64982
Mine
Wulagen Lead and Zinc
Zijin Zinc Co., Ltd. 100% 6.15362 3.51711 1.04628
Mine
Urad Rear Banner Zijin Mining Miaogou-Sanguikou Lead
95% 2.15031 1.06498 0.49497
Co., Ltd. and Zinc Mine
Refining
Zijin Copper Co., Ltd. Refined copper 100% 13.50930 5.05196 18.55654
Bayannur Zijin Non-ferrous
Zinc bullion 87.20% 2.91634 1.62204 2.56852
Metals Co., Ltd.
Jilin Zijin Copper Co., Ltd. Refined copper 100% 4.44936 1.41287 5.48774
Heilongjiang Zijin Copper Co.,
Refined copper 100% 4.96406 1.80697 7.44556
Ltd.
Others
Jinbao Mining Co., Ltd. Iron ore 56% 2.11527 1.37694 0.24999
Fujian Makeng Mining Co.,
Iron ore 37.35% 4.03607 2.90906 1.12927
Ltd.

42
OTHER DISCLOSURES

Industry structure and trends

Global economy is facing increasing downward pressure, but new energy, artificial intelligence (AI) and other
industries are developing rapidly, leading to continued divergence in demands of metals. As the central banks
of major economies successively enter an interest rate cut cycle and geopolitical risks intensify, it is expected
that precious metals will continue to be an important option for asset allocation by central banks and
institutional investors. Resource nationalism is on the rise and supply chain systems are diverging. The
challenges faced by the industry are complex and severe. Under the influence of high interest rates, high
inflation and high uncertainty, the barriers of mining development have increased. Competition for mergers
and acquisitions will become increasingly fierce, and the valuation premium of high-quality mining assets is
expected to rise gradually.

Copper: The global economy is weakening, but resource supply is tightening and visible inventory levels on
exchanges are relatively low. In the short term, copper prices are expected to fluctuate widely. The clean energy
transition is flourishing, and the artificial intelligence and electric vehicle industries are advancing rapidly.
Copper consumption of emerging economies is rising steadily. In the medium to long term, the situation of
copper supply shortage will not change significantly.

Gold: Expectations of interest rate cuts and geopolitical wrestling, coupled with uncertainties brought by the
political election year, etc. have boosted global safe-haven demand. Gold still has a strong upward momentum.
In the short term, gold prices are expected to fluctuate at high levels due to the interference of the U.S. Federal
Reserve’s interest rate cut expectations and geopolitical incidents.

Zinc: The tight supply situation of zinc will see limited improvement in the short term, and expectations of
reduced supply from smelters are relatively strong. However, the pace of macroeconomic recovery is slow,
and demand growth for zinc is limited. Zinc prices may fluctuate and stabilise within an expected range.

Lithium: The oversupply situation in the lithium industry at the current stage has not seen a significant reversal.
The downward trend in lithium prices is expected to continue in the short term. The rapid prices decline will
help both supply and demand sides achieve a quick rebalance. In the medium to long term, there is still a large
room for demand from the global new energy vehicle and energy storage industries. It is estimated that global
lithium carbonate demand will exceed 3 million tonnes by 2030. As this round of inventory clearance and
production capacity adjustment cycle completes, a relatively reasonable lithium price will be needed in the
future to stimulate the release of lithium supply to respond to the demand growth.

Possible risks
Geopolitical issues are emerging one after another, and the downward pressure on the world economy is
increasing. Resource nationalism is on the rise, and the risks associated with mining investments are increasing.
These factors may impact the prices of the Company’s main metallic mineral products and could potentially
impact the Company’s revenue, profits, mergers and acquisitions of new overseas projects, etc.

The Company has numerous overseas projects. Different countries have vast differences in politics, policies
and laws, social structures, economic development levels and communities. There are potential uncertainties
in the countries or regions where individual projects are located, which may bring certain challenges to
construction and production operations. The Company is determined to expand its global footprint while
strengthening its resource layout in China and its friendly neighbouring countries. It will implement multiple
measures to improve the security system for overseas investment development and enhance its overseas
operation and management capabilities to ensure stable overseas operations.

43
 The Company’s main business is mining development. As projects continue to be mined, some projects may
face risks such as newly added resources from exploration or supplementary prospecting falling short of
expectations, complicated resource development conditions and insufficient control over development costs.
The Company will continue to leverage the dual-driver approach of internal exploration and external mergers
and acquisitions for sustainable resource growth.

The Company has a sound production safety management system and management framework in place, but
factors such as management deficiencies, personnel negligence and natural disasters may still cause harm. The
Company will comprehensively enhance intrinsic safety, implement a three-year action plan for safety system
upgrade and promote the safety level to a new stage. In addition, certain projects of the Company may face
operational pressures from dual carbon emission reduction, permit and licence application, etc.

For more information on specific production and operation guidance and plans as well as the major work
measures, please refer to the disclosures in the Company’s 2023 annual report.

CHANGES IN SHARE CAPITAL

Table on changes in the number of shares

Unit: Share
Before the changes Changes (+ or -) After the changes
Conversion
of capital
Number of Proportion Issuance of Bonus Number of Proportion
reserve Others Subtotal
shares (%) new shares shares shares (%)
into share
capital
I. Shares subject to
trading 63,549,902 0.24 - - - -30,793,998 -30,793,998 32,755,904 0.12
moratorium
1. Shares held by
other domestic 63,549,902 0.24 - - - -30,793,998 -30,793,998 32,755,904 0.12
shareholders
Including: Shares
held by
63,549,902 0.24 - - - -30,793,998 -30,793,998 32,755,904 0.12
domestic
natural persons
II. Shares not subject
to trading 26,263,021,338 99.76 251,900,000 - - 30,211,698 282,111,698 26,545,133,036 99.88
moratorium
1. Renminbi-
denominated 20,526,081,338 77.97 - - - 30,211,698 30,211,698 20,556,293,036 77.34
ordinary shares
2. Overseas-listed
foreign 5,736,940,000 21.79 251,900,000 - - - 251,900,000 5,988,840,000 22.53
invested shares
III. Total number of
26,326,571,240 100 251,900,000 - - -582,300 251,317,700 26,577,888,940 100
shares

44
 Information on changes in the number of shares
Due to resignation, the assessment results failing to satisfy the unlocking conditions and other reasons, 9
participants of the restricted A Share incentive scheme for 2020 of the Company no longer satisfied the
incentive requirements. The Company thereby repurchased and cancelled 582.3 thousand restricted A Shares
granted but not yet unlocked held by the abovementioned 9 participants. The cancellation of the
abovementioned restricted A Shares was completed on 19 March 2024 at the China Securities Depository and
Clearing Company Limited Shanghai Branch.

The second lock-up period of the restricted A Shares granted under the first grant of the restricted A Share
incentive scheme for 2020 of the Company expired on 27 January 2024. At the first extraordinary meeting in
2024 of the eighth term of the Board convened on 12 January 2024, it was resolved that the relevant unlocking
conditions were satisfied. The number of restricted A Shares which were unlocked was 33% of the number of
A Shares granted under the first grant, i.e., 30,211,698 A Shares. The abovementioned A Shares became listed
and tradable on 2 February 2024.

On 25 June 2024, the Company completed the placement of new H Shares with proceeds of HKD3.9 billion.
It successfully placed 251,900,000 placing shares to the placees who met the conditions.

Changes in restricted shares

Unit: Share
Number of Increase in the Number of
Number of
restricted A number of restricted A
restricted A
Name of the Shares at the restricted A Shares at the Reason for Date of
Shares unlocked
shareholders beginning of Shares during end of the restriction unlocking
during the
the reporting the reporting reporting
reporting period
period period period
Please refer to
Participants under Restricted A “Information
the restricted A Share on changes
63,549,902 30,211,698 -582,300 32,755,904
Share incentive incentive in the
scheme scheme number of
shares”
Total 63,549,902 30,211,698 -582,300 32,755,904 / /

45
 INFORMATION ON BONDS

Basic information on corporate bonds

Unit: RMB billion
The most Whether
recent Investor there is a
Outstanding Interest Payment of
Issuance Value repurchase Maturity Trading suitability Transaction risk of
Name of bond Abbreviation Code balance of rate principal and Lead underwriters Trustee
date date date after date venue arrangements mechanism termination
the bonds (%) interest
31 August (if any) of listing
2024 and trading
2021 Corporate Bonds (the Interest to be
SDIC Securities Co.,
First Tranche) (Type Two) of paid annually, Shanghai SDIC
1 June 3 June 3 June Ltd., CITIC Securities Professional Publicly
Zijin Mining Group Co., 21 Zijin 02 188162.SH - 0.5 3.87 principal to be Stock Securities No
2021 2021 2026 Co., Ltd., Industrial investors traded
Ltd.* publicly issued to repaid in full at Exchange Co., Ltd.
Securities Co., Ltd.
professional investors maturity
SDIC Securities Co.,
2021 Corporate Bonds (the Interest to be
Ltd., China
Second Tranche) of Zijin 3 paid annually, Shanghai SDIC
30 July 3 August International Capital Professional Publicly
Mining Group Co., Ltd.* 21 Zijin 03 188495.SH August - 2.0 3.1 principal to be Stock Securities No
2021 2026 Corporation Limited, investors traded
publicly issued to 2021 repaid in full at Exchange Co., Ltd.
Zheshang Securities
professional investors maturity
Co., Ltd.
2022 Corporate Bonds (the Interest to be
First Tranche) of Zijin paid annually, Shanghai SDIC Securities Co., SDIC
4 March 8 March 8 March Professional Publicly
Mining Group Co., Ltd.* 22 Zijin 01 185486.SH - 1.5 3.6 principal to be Stock Ltd., CSC Financial Securities No
2022 2022 2027 investors traded
publicly issued to repaid in full at Exchange Co., Ltd. Co., Ltd.
professional investors maturity
SDIC Securities Co.,
2022 Corporate Bonds (the Interest to be Ltd., China
Second Tranche) of Zijin paid annually, Shanghai International Capital SDIC
24 May 26 May 26 May 26 May Professional Publicly
Mining Group Co., Ltd.* 22 Zijin 02 185806.SH 3.5 2.94 principal to be Stock Corporation Limited, Securities No
2022 2022 2025 2027 investors traded
publicly issued to repaid in full at Exchange TF Securities Co., Co., Ltd.
professional investors maturity Ltd., Industrial
Securities Co., Ltd.
2023 Technological
Interest to be
Innovation Corporate Bonds SDIC Securities Co.,
paid annually, Shanghai SDIC
(the First Tranche) of Zijin 9 May 11 May 11 May 11 May Ltd., China Professional Publicly
23 Zijin K1 115350.SH 1.0 2.96 principal to be Stock Securities No
Mining Group Co., Ltd.* 2023 2023 2026 2028 International Capital investors traded
repaid in full at Exchange Co., Ltd.
publicly issued to Corporation Limited
maturity
professional investors
2023 Corporate Bonds (the Interest to be
SDIC Securities Co.,
First Tranche) of Zijin 16 18 18 paid annually, Shanghai SDIC
18 August Ltd., GF Securities Professional Publicly
Mining Group Co., Ltd.* 23 Zijin G1 115808.SH August August August 2.0 2.83 principal to be Stock Securities No
2026 Co., Ltd., Industrial investors traded
publicly issued to 2023 2023 2028 repaid in full at Exchange Co., Ltd.
Securities Co., Ltd.
professional investors maturity
2024 Technological
Interest to be
Innovation Corporate Bonds SDIC Securities Co.,
paid annually, Shanghai SDIC
(the First Tranche) of Zijin 14 May 16 May 16 May 16 May Ltd., GF Securities Professional Publicly
24 Zijin K1 240996.SH 2.0 2.30 principal to be Stock Securities No
Mining Group Co., Ltd.* 2024 2024 2027 2029 Co., Ltd., CITIC investors traded
repaid in full at Exchange Co., Ltd.
publicly issued to Securities Co., Ltd.
maturity
professional investors

46
Information on interest-bearing liabilities and their changes

Information on the liability structure of the Company

As at the beginning and the end of the reporting period, the outstanding balance of interest-bearing liabilities
of the Company (on non-consolidated basis) was RMB67.690 billion and RMB68.336 billion, respectively.
The outstanding balance of interest-bearing liabilities changed by 0.95% during the reporting period as
compared with the same period last year.

Unit: RMB billion

Time of maturity
Proportion of the
Type of interest- Within 6
More amount to interest-
bearing months Total amount
Overdue than 6 bearing liabilities
liabilities (6 months
months (%)
inclusive)
Corporate credit
- 2.500 24.450 26.950 39.44%
bonds
Bank borrowings - 2.271 32.113 34.384 50.32%
Loans from non-
bank financial - - 7.000 7.000 10.24%
institutions
Other interest-
- 0.002 - 0.002 0.00%
bearing liabilities
Total - 4.772 63.563 68.336 100.00%

As at the end of the reporting period, among the existing corporate credit bonds of the Company, the
outstanding balance of corporate bonds, enterprise bonds and non-financial corporate debt financing
instruments amounted to RMB12.5 billion, RMB0 billion and RMB14.450 billion, respectively, and no
corporate credit bonds will become due or will be subject to repurchase and repayment between September
and December 2024.

Information on the interest-bearing liability structure of the Company on consolidated basis

As at the beginning and the end of the reporting period, the outstanding balance of interest-bearing liabilities
of the Company on consolidated basis was RMB143.435 billion and RMB148.640 billion, respectively. The
outstanding balance of interest-bearing liabilities changed by 3.63% during the reporting period as compared
with the same period last year.

Unit: RMB billion

Time of maturity
Proportion of the
Within 6
Type of interest- More amount to interest-
months Total amount
bearing liabilities Overdue than 6 bearing liabilities
(6 months
months (%)
inclusive)
Corporate credit
- 2.500 41.765 44.265 29.78%
bonds
Bank borrowings - 18.313 77.984 96.296 64.78%
Loans from non-
bank financial - - 7.000 7.000 4.71%
institutions
Other interest-
- - 1.079 1.079 0.73%
bearing liabilities
Total - 20.813 127.828 148.640 100.00%

47
As at the end of the reporting period, among the existing corporate credit bonds of the Company on
consolidated basis, the outstanding balance of corporate bonds, enterprise bonds and non-financial corporate
debt financing instruments amounted to RMB12.5 billion, RMB0 billion and RMB14.450 billion, respectively,
and no corporate credit bonds will become due or will be subject to repurchase and repayment between
September and December 2024.

Information on offshore bonds

As at the end of the reporting period, the outstanding balance of offshore bonds within the scope of the
Company’s consolidated financial statements was RMB14.245 billion, and the outstanding balance of offshore
bonds which will become due between September and December 2024 was RMB0 billion.

Information on major liabilities and the reasons of their changes

Unit: RMB billion
Outstanding Outstanding
balance as at the balance as Change Reason shall be provided if the
Liability item
end of the at the end of (%) change exceeds 30%
reporting period 2023
Corporate Issuance of convertible bonds in
44.265 30.8 43.71%
credit bonds 2024 on 25 June 2024

Information on convertible bonds

Information on issuance of H Share convertible bonds
In order to obtain the opportunity to potentially enlarge and diversify the shareholder base of the Company,
improve the liquidity position of the Company and reduce the financing costs of the Company, Gold Pole
Capital Company Limited, a wholly-owned subsidiary of the Company, issued the USD2,000,000,000 1.0 per
cent. guaranteed convertible bonds due 2029 (the “H Share Convertible Bonds”) on 25 June 2024. The H Share
Convertible Bonds were issued in registered form in the specified denomination of USD200,000 each and
integral multiples of USD100,000 in excess thereof. The H Share Convertible Bonds are convertible in the
circumstances set out in the terms and conditions of the H Share Convertible Bonds into the Company’s fully
paid ordinary H Shares of a nominal value of RMB0.1 each at an initial conversion price of HKD19.84 per H
Share (subject to adjustments). The H Share Convertible Bonds were issued to no less than six independent
subscribers who were professional, institutional and other investors. On the date of the signing of the
subscription agreement in respect of the H Share Convertible Bonds upon which the terms of the H Share
Convertible Bonds were fixed (i.e., 17 June 2024), the closing price per each H Share was HKD16.32. The net
proceeds from the issue of the H Share Convertible Bonds, after the deduction of fees, commissions and
expenses payable, were approximately USD1,979 million. The Company will use the proceeds from the issue
of the H Share Convertible Bonds for replacing offshore indebtedness.

The H Share Convertible Bonds have been listed on the Hong Kong Stock Exchange on 26 June 2024 (stock
name: GPCCL B2906, stock code: 05034). As at 30 June 2024, no H Share Convertible Bonds were redeemed
or converted.

48
 IMPORTANT MATTERS

Performance of undertakings
Undertakings by the actual controller, shareholders, related parties, acquirers of the Company, the
Company and other relevant undertaking parties which were made during the reporting period or
remained valid within the reporting period
Whether the
undertaking
Whether
Background Under- has been
Type of the Time of there is a Validity
of the taking Contents of the undertaking strictly
undertaking undertaking validity period
undertaking party performed
period
in a timely
manner
Undertaking Avoidance Minxi During the period of being the substantial The Yes The Yes
related to the of Xinghang shareholder of the Company, Minxi undertaking undertaking
initial public competition Xinghang and its wholly-owned or was made is valid so
offering within the controlling enterprises will not engage in by Minxi long as
same any business that is in competition with Xinghang in Minxi
industry or constitutes a competitive threat to the 2008 when Xinghang is
Company’s main businesses or main the A Shares the
products within or outside the PRC, of the substantial
including investing, acquiring, merging Company shareholder
or entrusting to operate and manage were listed of the
locally or globally a company, business Company
or other economic association which has
a main business or product same as or
similar to that of the Company. If the
Company develops any new business
segment in the future, the Company will
have the priority to enter that business
segment while Minxi Xinghang and its
other wholly-owned or controlling
enterprises will not develop in the same
business segment.

Major accounting data and financial indicators

Unit: RMB
Changes as at the end of the
As at the end of
As at the end of reporting period compared Reasons for
Major indicators the reporting
last year with as at the end of last year the changes
period
(%)
Increased by 14.16 percentage Adjustment to
Current ratio (%) 106.37 92.21
points debt structure
Increased by 9.03 percentage Adjustment to
Quick ratio (%) 66.45 57.42
points debt structure
Decreased by 3.01 percentage Adjustment to
Debt-to-asset ratio (%) 56.65 59.66
points debt structure
During the During the Changes of the reporting
Reasons for
reporting period same period period compared with the
the changes
(January - June) last year same period last year (%)
Net profit after non-recurring
15,432,981,734 9,655,314,949 59.84
profit or loss
Adjustment to
EBITDA to total debts 0.142 0.120 17.74
debt structure
Adjustment to
Interest coverage ratio 7.837 6.615 18.46
debt structure
Adjustment to
Cash interest coverage ratio 8.83 7.97 10.82
debt structure
EBITDA to interest coverage Adjustment to
9.64 8.54 12.80
ratio debt structure
Adjustment to
Loan repayment rate (%) 100 100 -
debt structure
Interest repayment ratio (%) 100 100 -

49
III. CORPORATE GOVERNANCE

Overview of shareholders’ general meetings

Index of the
Date of
designated
Session of Convening publishing
website on which Resolutions of the meeting
meeting date the
the resolutions
resolutions
were published
For details, please refer to the
2023 annual
Resolutions Passed at the 2023
general meeting,
Annual General Meeting, the First
the first A
A Shareholders’ Class Meeting in
Shareholders’
2024 and the First H Shareholders’
class meeting in 17 May 2024 www.hkexnews.hk 17 May 2024
Class Meeting in 2024 of the
2024 and the first
Company disclosed on the
H Shareholders’
HKEXnews website
class meeting in
(http://www.hkexnews.hk) dated
2024
17 May 2024

Profit distribution plan and plan for conversion of capital reserve into share capital
Proposed plan for profit distribution or conversion of capital reserve into share capital for the half
year
Profit distribution or conversion into share capital Yes
Number of bonus shares for every 10 shares (share) 0
Dividend for every 10 shares (RMB) (tax included) 1
Capital conversion for every 10 shares (share) 0
Explanation of plan for profit distribution or conversion of capital reserve into share capital
Pursuant to the authorisation granted at the 2023 annual general meeting of the Company, the profit
distribution plan for the six months ended 30 June 2024 considered and approved at the eleventh
extraordinary meeting in 2024 of the eighth term of the Board of the Company is as follows: to distribute a
cash dividend of RMB1 per 10 shares (tax included) to all shareholders according to the total number of
shares on the record date for the implementation of the profit distribution. Currently, the total number of
shares of the Company is 26,577,888,940. The total amount of cash dividend to be distributed is
RMB2,657,788,894 (tax included).

50
Details of share incentive schemes, employee stock ownership schemes or other employee incentive
measures of the Company and their impacts
The relevant share incentive matters which have been published in provisional announcements and
without further progress or changes in subsequent implementation
Summary of event Index for details
The Company completed the first grant of 95,980,600 restricted A Shares under (1) For details about the grant,
the restricted A Share incentive scheme for 2020 in January 2021. The number please refer to the Company’s
of participants was 686 and the grant price was RMB4.95 per A Share. The relevant announcements
Company completed the reserved grant of 2,510,000 restricted A Shares in disclosed on HKEXnews
December 2021. The number of participants was 39 and the grant price was website (http://
RMB4.83 per A Share. www.hkexnews.hk) dated 11
January 2021, 13 January 2021,
The first lock-up period of the restricted A Shares under the first grant of the 1 February 2021, 15 November
incentive scheme expired on 27 January 2023 and the corresponding unlocking 2021 and 9 December 2021.
conditions had been satisfied. The restricted A Shares were unlocked and
became listed and tradable on 30 January 2023. A total of 663 participants under (2) For details about the
the incentive scheme satisfied the unlocking conditions and a total of 30,617,598 unlocking, please refer to the
restricted A Shares were unlocked. The first lock-up period of the restricted A Company’s relevant
Shares under the reserve grant of the incentive scheme expired on 7 December announcements disclosed on
2023 and the corresponding unlocking conditions had been satisfied. The HKEXnews website (http://
restricted A Shares were unlocked and became listed and tradable on 8 December www.hkexnews.hk) dated 8
2023. A total of 36 participants under the incentive scheme satisfied the January 2023, 16 January 2023,
unlocking conditions and a total of 782,100 restricted A Shares were unlocked. 14 November 2023, 1
The second lock-up period of the restricted A Shares under the first grant of the December 2023, 12 January
incentive scheme expired on 27 January 2024 and the corresponding unlocking 2024 and 29 January 2024.
conditions had been satisfied. The restricted A Shares were unlocked and
became listed and tradable on 2 February 2024. A total of 652 participants under (3) For details about the
the incentive scheme satisfied the unlocking conditions and a total of 30,211,698 repurchase, please refer to the
restricted A Shares were unlocked. Company’s relevant
announcements disclosed on
As certain participants of the restricted A Share incentive scheme no longer HKEXnews website (http://
satisfied the stipulations relating to the participants of the incentive scheme, the www.hkexnews.hk) dated 15
Company decided to repurchase and cancel the restricted A Shares granted but November 2021, 12 January
not yet unlocked held by a total of 36 participants under the incentive scheme in 2022, 21 November 2022, 8
November 2021, November 2022, February 2023 and January 2024. The January 2023, 19 February
cancellation of the repurchased shares were completed on 17 January 2022, 11 2023, 12 April 2023, 12
January 2023, 17 April 2023 and 19 March 2024, respectively. A total of 4.1233 January 2024 and 14 March
million restricted A Shares were repurchased and cancelled. 2024.

The lock-up period of the A Shares held by phase 1 of the employee stock For details, please refer to the
ownership scheme of the Company (“Phase 1 of the Employee Stock Ownership Company’s relevant
Scheme”) expired, and those A Shares were listed and became tradable on 8 announcements disclosed on
June 2020. At the second meeting of holders of Phase 1 of the Employee Stock HKEXnews website
Ownership Scheme and the ninth extraordinary meeting in 2020 of the seventh (http://www.hkexnews.hk)
term of the Board, it was considered and approved that the duration of Phase 1 dated 8 June 2017, 28 May
of the Employee Stock Ownership Scheme should be extended from 48 months 2020 and 17 February 2023.
to 72 months, i.e., extended to 6 June 2023. At the third meeting of holders of
Phase 1 of the Employee Stock Ownership Scheme and the fifth extraordinary
meeting in 2023 of the eighth term of the Board, it was considered and approved
that the duration of Phase 1 of the Employee Stock Ownership Scheme should
be extended from 72 months to 96 months, i.e., extended to 6 June 2025.

51
 Summary of event Index for details
The Company granted a total of 42 million share options to 13 participants of For details, please refer to the
the share option incentive scheme for 2023 on 8 December 2023, and the Company’s relevant
registration procedure was completed on 5 January 2024. The current exercise announcements disclosed on
price is RMB11.95 per A Share. HKEXnews website
(http://www.hkexnews.hk)
dated 8 December 2023 and 7
January 2024.
The employee stock ownership scheme for 2023 of the Company was considered For details, please refer to the
and approved at the first extraordinary general meeting in 2023, the second A Company’s relevant
Shareholders’ class meeting in 2023 and the second H Shareholders’ class announcements disclosed on
meeting in 2023. On 16 April 2024, the Company transferred the 42.2 million A HKEXnews website
Shares of the Company held under the specific securities account for repurchase (http://www.hkexnews.hk)
to the securities account of the employee stock ownership scheme for 2023 of dated 14 November 2023, 8
the Company by way of non-trade transfer. The transfer price was RMB8.35 per December 2023 and 17 April
A Share. 2024.

Explanation on the changes in the Directors, the Supervisors and senior management of the Company
There were no changes in the Directors, the Supervisors and senior management of the Company during the
six months ended 30 June 2024.

Purchase, sale or redemption of listed securities of the Company

The Board confirmed that save as disclosed in this announcement, neither the Company nor any of its
subsidiaries purchased, sold, redeemed or wrote off any of the Company’s listed securities (including sale of
treasury shares (as defined in the Listing Rules)) during the six months ended 30 June 2024.

Corporate governance report

As required by code provision C.6.3 in Part 2 of Appendix C1 Corporate Governance Code to the Listing Rules
(the “CG Code”), an issuer’s company secretary should report to the board chairman and/or the chief executive.
The Board considers that the joint company secretaries of the Company who are based in Hong Kong reporting
to the secretary to the Board is more suitable to meet the management needs of the Group and it enables a
unified management of all listing-related matters in Hong Kong and Mainland China.

Saved as disclosed above, the Board confirmed that during the six months ended 30 June 2024, the Group has
complied with the code provisions set out in the CG Code and has followed most of the recommended best
practices.

Audit and Internal Control Committee

The Audit and Internal Control Committee of the Board has reviewed and approved the Group’s unaudited
interim results and financial statements for the six months ended 30 June 2024 and discussed the matters on
internal control and financial reporting matters. The Audit and Internal Control Committee is of the view that
the Group’s unaudited interim results and financial statements for the six months ended 30 June 2024 are
compliant with the applicable accounting standards and relevant legal requirements and have made sufficient
disclosure.

52
Independent non-executive Directors
The Company has complied with rules 3.10(1), 3.10(2) and 3.10A of the Listing Rules, which provide that the
Company should appoint a sufficient number of independent non-executive Directors and that at least one of
them must have appropriate professional qualifications or accounting or related financial management
expertise, and the number of independent non-executive Directors should represent at least one-third of the
Board. The Company has appointed six independent non-executive Directors, one of them possesses
accounting or related financial management expertise. The number of independent non-executive Directors
represented at least one-third of the Board throughout the entire six months ended 30 June 2024. A brief
biography of the independent non-executive Directors has been provided in the Company’s 2023 annual report.

Securities transactions by the Directors and Supervisors

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the
“Model Code”) as set out in Appendix C3 to the Listing Rules as the model code for the trading of securities
by the Directors and the Supervisors. The effective date was 23 December 2003. Having made specific
enquiries with all Directors and Supervisors, the Company confirmed that all Directors and Supervisors have
complied with the provisions of the Model Code during the six months ended 30 June 2024.

Appointment and dismissal of auditor

According to the resolution passed at the Company’s 2023 annual general meeting, the Company reappointed
Ernst & Young Hua Ming LLP as the Company’s auditor for the year 2024.

Important events after the reporting period

There is no important event affecting the Group which occurred after the end of the reporting period to the
date of this announcement.

Publication of the interim report on the Company’s website and the HKEXnews website of the Hong
Kong Stock Exchange
When appropriate, the Company will publish all the information in the interim report as required by Appendix
D2 to the Listing Rules on the Company’s website (www.zjky.cn) and the HKEXnews website
(http://www.hkexnews.hk) of the Hong Kong Stock Exchange.

The future operation and financial figures (if any) in this announcement are goals of the Company and
shall not constitute profit forecast of the Company. There is no guarantee that the Company will achieve
such goals. In light of the risks and uncertainties, the inclusion of forward-looking statements in this
announcement should not be regarded as or constitute any representations or actual commitments by
the Board or the Company to investors that the plans and objectives outlined in this announcement will
be achieved, and investors should not place undue reliance on such statements. The Company does not
undertake any obligations to publicly update or revise any forward-looking statements or information
in this announcement, whether as a result of new information, future events or otherwise, unless so
required by applicable securities laws and regulations.

This announcement is written in both Chinese and English. In the case of any discrepancies, the Chinese
version shall prevail.

Any discrepancies between the last digits of the total number and those of the sum of individual items
in this announcement are mainly due to rounding.

53
DEFINITION
In this announcement, unless otherwise indicated in the context, the following expressions have the meanings
set out below:

A Share(s) The domestic share(s) issued by the Company to domestic investors with a nominal
value of RMB0.10 each, which are listed on the Shanghai Stock Exchange
Altynken Altynken Limited Liability Company, a subsidiary of the Company
Aurora AGM Inc., a wholly-owned subsidiary of the Company
Bisha Bisha Mining Share Company, a subsidiary of the Company
Board, Board of Directors The board of Directors of the Company
COMMUS La Compagnie Minière de Musonoie Global Société par Actions Simplifiée, a
subsidiary of the Company
Company, Group, Zijin, Zijin Mining Group Co., Ltd.*
Zijin Mining
Continental Gold (Colombia) Continental Gold Limited Sucursal Colombia, a subsidiary of the Company
Director(s) The director(s) of the Company
DR Congo The Democratic Republic of the Congo
Duobaoshan Copper Industry Heilongjiang Duobaoshan Copper Industry Inc., a wholly-owned subsidiary of the
Company
Gold Mountains (H.K.) Gold Mountains (H.K.) International Mining Company Limited, a wholly-owned
subsidiary of the Company
H Share(s) The overseas-listed foreign invested share(s) in the Company’s share capital, with
a nominal value of RMB0.10 each, which are listed on the Hong Kong Stock
Exchange
HKD Hong Kong dollar, the lawful currency of Hong Kong
Hong Kong The Hong Kong Special Administrative Region of the People’s Republic of China
Hong Kong Stock Exchange The Stock Exchange of Hong Kong Limited
Ivanhoe Ivanhoe Mines Ltd.
Julong Copper, Julong Tibet Julong Copper Co., Ltd., a subsidiary of the Company
Kamoa Copper, Kamoa Kamoa Copper S.A.
Liex Liex S.A., a wholly-owned subsidiary of the Company
Listing Rules The Rules Governing the Listing of Securities on the Stock Exchange of Hong
Kong Limited
Longking Fujian Longking Co., Ltd., a subsidiary of the Company
Longnan Zijin Longnan Zijin Mining Co., Ltd., a subsidiary of the Company
Luoyang Kunyu Luoyang Kunyu Mining Co., Ltd., a subsidiary of the Company
Minxi Xinghang Minxi Xinghang State-owned Assets Investment Company Limited, a substantial
shareholder of the Company
Norton Norton Gold Fields Pty Limited, a wholly-owned subsidiary of the Company
PRC, China The People’s Republic of China
RMB Renminbi, the lawful currency of the PRC
Rosebel Rosebel Gold Mines N.V., a subsidiary of the Company
Serbia Zijin Copper Serbia Zijin Copper Doo, a subsidiary of the Company
Serbia Zijin Mining Serbia Zijin Mining Doo, a wholly-owned subsidiary of the Company
Shanghai Stock Exchange Shanghai Stock Exchange
Shanxi Zijin Shanxi Zijin Mining Co., Ltd., a wholly-owned subsidiary of the Company
Supervisor(s) The supervisor(s) of the Company
Urad Rear Banner Zijin Urad Rear Banner Zijin Mining Co., Ltd., a subsidiary of the Company
U.S. The United States of America
USD United States dollar, the lawful currency of the U.S.
Zeravshan Joint Venture Zeravshan Limited Liability Company, a subsidiary of the Company
Zijin America Zijin (America) Gold Mining Company Limited, a subsidiary of the Company
Zijin Copper Zijin Copper Co., Ltd., a wholly-owned subsidiary of the Company
Zijin Zinc Zijin Zinc Co., Ltd., a wholly-owned subsidiary of the Company

54
23 August 2024, Fujian, the PRC
* The Company’s English name is for identification purpose only

55