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Guo Wenqing Met with Yu Yong, HBIS Group's President and Party Committee Secretary

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On March 22, in Beijing headquarters of MCC, Mr. Guo Wenqing, China Minmetals' President and Party Group Deputy Secretary and MCC Chairman, met with Mr. Yu Yong, HBIS Group's President and Party Committee Secretary. On the basis of accelerating existing collaborative projects, both of them have had an in-depth exchange of ideas about cooperation in various domains, such as steel plants upgrading, energy conservation and environmental protection, intelligent manufacturing, overseas mineral resources, trade and logistics, and investment and financing.

Mr. Guo Wenqing welcomed President Yu Yong and his group, who had come to visit China Minmetals and MCC, and presented them with the main accomplishments reached during the three years after the recombination of China Minmetals and MCC. He pointed out that after the strategic recombination of the two Fortune 500 companies in December 2015, under the guidance of strategic leadership, designated targets and clear development direction, the business management efficiency, ability to create value, position in the industry and development quality have kept on improving dramatically, and the development has been gathering more and more momentum. In 2018, the business performance of China Minmetals reached a new historical record, has passed the assessment of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), and has greatly exceeded expectations when attaining its second-step target of the goal of "quadrupling in three steps". MCC sticks to the development path of building a beautiful MCC with high-technology and high-quality, and has already basically realized the target - "maintaining a workforce of around 100,000 workers, around RMB 300 billion in operation revenue, and a profit around 10 billion". A traditional, old metallurgical company has managed to transform and upgrade, and to follow a sustained positive development. The advantages of "complementary recombination" have been fully revealed, and enormous dividends of recombination have been fully achieved. In retrospect, the development history of China Minmetals and MCC over the last few years bears striking similarities, they both followed a development curve in which they rose quickly from a life-threatening development slump and were reborn from their ashes like the phoenix. The result of the companies' development makes it absolutely clear that the strategic recombination of China Minmetals and MCC was the right choice, and the concern of all levels and ministries, as well as the hopes of the staff at all levels of the two big enterprise groups, have not been betrayed.

Mr. Guo Wenqing emphasized that "the metal mining industry protecting and serving the country" and "creating a world-class national metallurgical construction team" are the two main long-term goals that new China Minmetals focuses on. The third step target of the goal of "quadrupling in three steps", is to create a powerhouse in the metals and minerals industry that is "number one in China, and world-class". Today, China Minmetals has already become a state-owned capital investment company, having the financial ability and management ability necessary to acquire resources. It will develop based on resources all the way, look for world-class quality mineral resources, and assume the duty of security guarantor for the country's metallic ore resources. Through the creation of Caofeidian International Iron Ore Exchange Center in Hebei province, with a trading volume of one hundred million tons, we have grasped the right of speech when it comes to resources, made great efforts to transform the channels and methods of trade used by Chinese steel enterprises when importing ore, and promoted ecological construction and concentration of steel enterprises in order to better serve the global market. China Minmetals actively creates key products with high-technology, making full use of the whole mining industry chain and the applications of new materials developed for lithium batteries as well as the aggregation effect. It has involved in a ternary precursor project for Amperex Technology Limited (ATL), a long-term lithium battery materials project, Minmetals' salt lake lithium carbonate project, an industrial base for nonferrous metals - copper, lead and zinc - in Shuikoushan, Hunan province, etc. It collaborates with Heilongjiang province to develop the graphite industry, is opening up a whole industrial chain for anode and cathode materials for batteries powered by new energy as well as precursor materials, and is committed to become a leader in the field of new energy. MCC's unchanging, long-term core business is steel metallurgical construction, and as the national construction team, it is aiming ever higher, in order to lead Chinese metallurgy to a higher level and put it at the center of the world stage. Through completely independent steel demonstration projects and metallurgical equipment industrial parks, MCC will show the world its formidable strength when it comes to the metallurgical production process, comprehensive management and product lifecycle management. It will reflect the level of "the best in the world" for global steel construction and operation services, and continuously improve MCC's influence and control in the domain of metallurgy.

Mr. Guo Wenqing said that China Minmetals and MCC have both maintained good, long-running collaborative relations with HBIS with whom they have forged a deep friendship. China Minmetals and HBIS have both signed the "Belt and Road Initiative" framework agreement for global strategic cooperation, both parties' collaboration projects are proceeding smoothly, 14 subsidiaries of MCC are carrying out a total of 69 large-scale construction projects for HBIS with the total value of the contracts being over RMB 16 billion. China Minmetals abides by the principles of mutual trust and mutual benefit, makes full use of its worldwide trade system and all its financial licenses, and on the basis of existing cooperation, is deepening cooperation with HBIS and extending it into new fields, and reinforcing cooperation in such areas as steel plants upgrading, energy conservation and environmental protection, intelligent manufacturing, overseas mineral resources, trade and logistics, and investment and financing.

Mr. Yu Yong expressed his thanks for President Guo Wenqing's warm reception and pointed out that HBIS had maintained a good, long-running cooperation with China Minmetals and MCC, with whom it established a deep friendship. China Minmetals and MCC have achieved a successful strategic recombination, and are on the fast track to progress. MCC lives up to its name of national metallurgical construction team: its core technologies, its constant innovation ability, and the irreplaceable advantage gained by its integration of the whole industrial chain make it the best in the field and bring it to the level of a global leader. MCC applies modern concepts to improve and perfect the whole steel production process, and the steel projects that it designs and constructs are more advanced than similar foreign projects by at least 10 to 20 years. MCC's tremendous achievements are the sum of all of MCC's efforts and results from steel survey and design to construction, equipment manufacturing, operations and maintenance. History will never forget the great contributions of its metallurgical construction workforce.

Mr. Yu Yong emphasized that, as one of the world’s largest steelmakers and comprehensive service providers, HBIS aims to "become the most competitive steel enterprise". While optimizing and strengthening its steel material industry, HBIS is focusing on full-scale development of the steel industry chain, and striving to develop modern industrial services and industrial chain finance. It is committed to speeding up the construction of a globalized marketing service platform. In recent years HBIS has witnessed the successful controlling stake acquisition of PMC—the largest copper producer in South Africa, DITH—the world’s largest steel products marketing service provider, and Smederevo steel mill—the only large state-owned steel producer in Serbia, forming an overseas structure of "four steel plants, two mines and one platform", and has been recognized as the most internationalized steel company of China. HBIS is collaborating closely with the Evergrande Group on its new energy vehicle project, and will jointly establish a "Hydrogen Technology and Industrial Innovation Center" together with the Chinese Academy of Engineering's strategic consulting center, the China Iron & Steel Research Institute Group (CISRI) and Northeastern University.

Mr. Yu Yong said that the collaboration between China Minmetals and HBIS was smooth, that the harbor project and the steel deep-processing project was making rapid progress, that the companies were steadily entering the fast track towards collaborative development, and that they had already set up a cooperation mechanism for channel construction and product manufacturing. China Minmetals has abundant client resources, we hope that both parties, on the basis of the original traditional project cooperation, can further reinforce their synergy and cooperation in domains such as new energy, mineral resources, financial investment and intelligent manufacturing, establish a comprehensive strategic partnership, continuously improve the efficient utilization of resources and create new and greater value. We are confident that with the combined efforts of both parties, the scope for cooperation will grow wider, and our cooperation prospects will be brighter.

HBIS Vice Presidents Liu Jian and Wang Yaobin; China Minmetals Party Group member, Vice President and CFO Liu Caiming; China Minmetals Party Group member and Vice President and MCC Party Committee Secretary and President Zhang Zhaoxiang; Minmetals Development Company's Board Chairman, Party Committee Secretary and General Manager Liu Qingchun; MCC Standing Party Committee member and vice-president Zeng Jianzhong; MCC chief engineer Xiao Peng; and associated employees Li Yulong, Wang Wei, Yang Kui and Liu Yushan attended the meeting.

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