Minmetals Group's 2009 profit of 3.153 billion still seeks opportunities for restructuring of central enterprises

In the afternoon of February 4th, China Minmetals Corporation announced today that the company achieved operating income of 173 billion yuan in 2009 with a total profit of 3.153 billion yuan. Zhou Zhongshu, president of Minmetals Group, told Sina Finance that the company will seize the opportunity of restructuring of central enterprises this year and strive for new breakthroughs.

Zhou Zhongshu, president of Minmetals Group, said that in 2009, the company achieved 16.26 million tons of steel and steel billet operations; steel, coal imports and rare earth, fluorspar, silicon carbide, tungsten iron export customs ranked first, coal and iron ore imports Both broke through 10 million tons.

In 2009, China Minmetals' “M&A and Restructuring Year”, Minmetals invested US$1.386 billion, and successfully acquired MMG, the world's second largest zinc mine producer and Australia's third largest mining company, OZ Mining Company's core assets.

At the end of 2009, Minmetals successively reorganized with the two central enterprises of Changsha Research Institute of Mining and Metallurgy and Luzhong Metallurgical Mining Group Corporation. The total assets were 4.86 billion yuan and the net assets were 2.13 billion yuan. The Minmetals obtained the scientific research platform in the field of metal mining. Iron ore reserves and production capacity have risen sharply. And with Hunan Nonferrous Metal Holding Group Co., Ltd. to implement strategic restructuring, to lay a solid foundation for the non-ferrous metal business to become bigger and stronger.

In addition, China Minmetals has successfully reorganized five companies in the Kehong Department, and together with Zhejiang Property Group, established five mineral production (Changshu) Management Co., Ltd. to increase steel processing capacity by 4.25 million tons; reorganize Qinghai Qingtai Trust Co., Ltd. 66% equity, further improved its financial services and capital operation platform.

According to the relevant person in charge of Minmetals, in 2009, China Minmetals also made many gains in geological exploration and project development and construction. China Minmetals has discovered a large gold mine with a gold reserve of 20 tons in Qixian County, Henan Province; the field exploration of Maota Iron Mine and Nihe Iron Mine Project has been successfully completed; the first stage exploration of Chaling tin-tungsten polymetallic mine has controlled tin-tungsten 21,000 tons of metal.

In addition, the main project of Yingkou Steel Heavy Plate, which has invested nearly 7 billion yuan in Minmetals, has been completed; the main project of Changzhou Steel Processing Center has entered the final stage, and will be the largest processing, storage and logistics center for sheet metal in East China; The preliminary work continued to advance; the Zhengjiapo iron ore dressing plant was completed and put into operation; the construction project of the Minmetals Mining (Hefei) base was officially laid; the joint venture established the new Indian steel company officially started construction.

Zhou Zhongshu revealed at today's annual work conference that in 2010, Minmetals will fully promote the overall restructuring work and improve the corporate governance structure; and on the basis of accelerating the integration of restructured enterprises, continue to seek restructuring and merger opportunities.

At present, the five mines have been under the control of Minmetals Development, Jinrui Technology, Zhuye Group, and ST Zhongtung. In the H-share market, they have three companies, namely Hunan Nonferrous Metals, Minmetals Resources and Minmetals Construction. . Zhou Zhongshu proposed that the listed companies controlled by the group should further play the role of the capital platform and seize the opportunity to vigorously promote the development of the main business.

“Five Mines will continue to focus on strategy and main business, continue to seize the opportunity of restructuring of central enterprises, and strive for new breakthroughs; and timely launch low-cost mergers and acquisitions, using MMG's international platform to actively seek new investment opportunities.” Zhou The center said.
 

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