On the evening of November 28, Zijin Mining Group Company Limited (SH601899, stock price CNY 28.58, market cap CNY 759.6 billion) announced a series of major updates.
The company held a board meeting on the same day, approving multiple proposals related to board reelection. The most notable development was the decision by 68-year-old Chen Jinghe, the visionary leader who built Zijin into a mining empire, to step down from the board nomination for the ninth term due to age and family reasons.
A new slate of board candidates, comprising long-serving core executives who worked closely with Chen, was simultaneously unveiled. Zijin Mining's stock closed at CNY 28.58 on November 28, marking a year-to-date surge of over 95%, with its market capitalization reaching CNY 759.6 billion.
**Net Worth Exceeds $24 Billion; Proposed as Lifetime Honorary Chairman** The announcement regarding Chen's transition was both heartfelt and strategically significant. Despite strong retention efforts by major shareholders and the board, Chen emphasized that enduring enterprises should evolve from "founder-driven" to "system-driven." He believes the current mature management team presents an ideal timing for leadership succession.
According to annual reports, Chen's annual compensation was CNY 9.9448 million (2022), CNY 8.0492 million (2023), and CNY 7.4752 million (2024). He holds 85.1 million shares in Zijin Mining, valued at over CNY 2.4 billion based on the latest closing price.
To honor Chen's contributions and preserve Zijin's innovative culture, the board unanimously passed a proposal to appoint him as Lifetime Honorary Chairman and Senior Advisor, with this role formally incorporated into the company's Articles of Association. Zijin Mining stated that Chen will continue advising on major strategic decisions and resource development.
**A Legacy of Industry Transformation** Chen's career mirrors China's mining industry evolution. Since 1993, as Zijin's key leader and chairman, he established the mission of "Developing Mining for Social Benefit" and the vision of building a "Green, High-Tech, Top-Tier International Mining Group."
Zijin's 2024 annual report highlights remarkable achievements: its copper output accounts for 65% of China's total, while gold production represents 24%. The company ranks 267th on Forbes Global 2000 (No. 1 among gold miners) and 364th on Fortune Global 500.
As of end-2024, Zijin's total resources include 110.37 million tons of copper, 3,973 tons of gold, 12.98 million tons of zinc/lead, 31,836 tons of silver, and 17.88 million tons of lithium (LCE). Its proven and probable reserves position it as the world's second-largest copper miner, fifth-largest gold producer, and third-largest zinc holder.
These accomplishments stem from Chen's pioneering work in geological exploration, low-grade ore utilization, and innovative mining models like the "Ore Flow Five-Cycle Integration" management system.
**Next-Gen Leadership Lineup** The proposed ninth-term board features seven non-executive director candidates, predominantly Zijin veterans with deep industry expertise: - Zou Laichang (Vice Chairman & President since 1996, key technical and operational roles) - Lin Hongfu (EVP since 1997, former head of gold smelting operations) - Wu Jianhui (VP since 1997, overseer of major copper projects) - New additions include Shen Shaoyang (VP, international trade specialist) and Zheng Youcheng (Board Secretary, capital markets expert).
Governance reforms accompany this transition, including replacing the supervisory board with an Audit & Supervision Committee under the board. Seven independent director candidates bring diverse expertise, such as international mining investment (Bo Shaochuan) and resource economics (Wang Anjian).
Notably, several outgoing board members, including Lin Hongying, were not renominated.
The market now watches closely how Zijin will sustain its legacy under new leadership.
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