As one of the earliest companies in Gansu province to "go global", Jinchuan Group has actively engaged in the Belt and Road Initiative (BRI) through cooperative exchanges with enterprises from the countries along the routes. It was involved in the development of mineral resources and trade of mineral products, promoting its overseas mines to reach world-class level in terms of scale, technology and management mode in a wide-ranging manner.
From the 1990s to 2000, the national economic system gradually transitioned from a planned economy to a market economy, giving enterprises more autonomy in foreign trade and economic cooperation. Within this context, Jinchuan Group began to engage in overseas business.
In 1990, Jinchuan Group undertook the detachment project of the Pakistani’s copper-gold mine under China Metallurgical Group. Later, it led the construction of the 35-kilometer road project in Pakistan. In 1997, Jinchuan Group established its branch in America. On Nov 25, 2016, the Indonesia lateritic nickel ore project invested by Jinchuan started construction. This project was included among the key projects of China-Indonesia international capacity cooperation by the National Development and Reform Commission. It is also the first overseas project started by Gansu province since the implementation of the BRI.
Project site of Jinchuan Group [Photo provided to en.jnmc.com]
In recent years, Jinchuan Group has made great efforts to participate in the construction of the BRI and implement the "going global" strategy by fully leveraging its own resources, technology, and talents. Through resource development, industrial layout, and promotion of international capacity cooperation, the company has actively expanded its presence globally. It has acquired equity in six overseas mining companies, and currently conducts nonferrous metal raw material procurement and product export business in more than 10 countries and regions along the Belt and Road.
As of the end of last year, the company had made 13 direct overseas equity investments with a total investment of $2.46 billion.
Wang Yongcai, deputy general manager of Mineral Resources and Industry Information Research Center of Jinchuan Group, stressed that, over the past 20 years, Jinchuan Group has established the investment standards, management models, and financing mechanisms with its own characteristics for resource projects. As of the end of last year, the total value of overseas assets of the company reached nearly $5.5 billion, accounting for one-third of its total assets. The overseas net assets of the company exceeded $2.9 billion, accounting for 33.7% of its net assets. There are approximately more than 4,000 employees working overseas.
Jinchuan Group is committed to seizing opportunities and focusing on major infrastructure construction projects. Based on its own advantages, Jinchuan strives to strengthen its cooperation with foreign countries in key areas such as energy resources, engineering projects, metallurgical furnaces, equipment manufacturing, construction materials and plastics, and trackless equipment. At the same time, Jinchuan’s management and staff have always been shouldering economic and social responsibilities at home and abroad, contributing to the development of the Belt and Road Initiative.