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Guo Wenqing Met With Jean-Sebastian Jacques, CEO of Rio Tinto Group

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On March 25, Mr. Guo Wenqing, China Minmetals’ President and Party Group Deputy Secretary and MCC Chairman, met with Jean-Sebastian Jacques, CEO of Rio Tinto Group and his delegation, and carried out a deep and friendly discussion on international cooperation in mineral industry projects in Beijing.

Guo Wenqing extended a warm welcome to Jean-Sebastian Jacques and his delegation, and introduced the development status of China Minmetals and MCC, which both ranked among Fortune 500 companies, since their strategic recombination. He also pointed out that, in 2018, under the guidance of the strategic goal of "quadrupling in three steps", the operation revenue of China Minmetals reached over RMB 500 billion with the profit hitting a record high. Currently, the total capital managed reaches RMB 1,860 billion. To fulfill the goal of "the third step", China Minmetals is increasing the acquisition of metal resources such as copper, nickel, lead and zinc to promote its global distribution capability of mineral resources and the integration capability of production-supply-trading so as to reach the objective of being "number one in China, and world-class".

Mr. Guo Wenqing emphasized that the Chinese government had approved the overall plan of Hainan Free-trade Pilot Zone last year, which means Hainan will realize the opening up of the whole island and all-round trial reform to create a broader development space for foreign trade business. In the Second Session of the 13th National People's Congress (NPC) convened recently, the Foreign Investment Law of the People’s Republic of China was passed, which will be implemented since January 1, 2020. According to this law, the Chinese government will further strengthen its protection of the rights and interests of foreign investors, and optimize the investment environment for foreign investors. These policies provide a favorable foundation for the cooperation between China Minmetals and Rio Tinto. Meanwhile, China Minmetals has the first-mover advantage for resources in Mongolia and Pakistan. It has paid much attention to international mineral industry cooperation and resource development, hoping that the two parties will further enhance their communication and exchange in surveys, exploitation and trade, explore a new cooperation mode on the principles of mutual benefit and reciprocity so as to open up future value space and to share China's economic and political advantages.

Jean-Sebastian Jacques expressed his admiration and appreciation towards the achievements made by China Minmetals in recent years and towards the bilateral strategic cooperation conception proposed by Mr. Guo Wenqing, before introducing the operation status of Rio Tinto in 2018. In 2018, Rio Tinto strictly executed the strategy of "value higher than production volume" and by taking advantage of world-class asset portfolio and competitive asset liability, achieved excellent results. Mr. Jean-Sebastian Jacques said that, in respect of mineral industry cooperation, Rio Tinto not only searched resources in China, but also made many plans to develop international resources. Rio Tinto is willing to cooperate with China Minmetals, strengthen the communication mechanism, elaborate cooperation plans and deepen cooperation layers so as to achieve thrilling cooperation results and realize mutual benefit and a win-win situation.

The two parties also fully discussed the employment reform brought about by automation.

Liu Caiming, the Vice President of China Minmetals, Party Group member and CFO, Jiao Jian, the Vice President and Party Group member, Simone Niven from Rio Tinto and Wang Jionghui, Xing Yan and Liu Qingchun from relevant departments of China Minmetals and directly subordinated enterprises attended the meeting.


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