1. Starting a business with great efforts (1959-78)
July 1958
A nickel mine was found in Jinchang, Northwest China's Gansu province.
June 1959
Northwest China Metallurgical Construction Company was set up.
October 1959
Yongchang Nickel Mine was established.
November 1959
The first project in the development of Jinchuan Nickel Mine started construction.
June 1962
Longshou Mine was founded. A small-scale open-pit mining approach was adopted to explore mineral resources in oxidized ore at an altitude of over 1,703 meters in Longshou Mine.
October 1963
A small-scale open-pit mine in Longshou Mine was put into operation.
1964
The first smelting production line, with a designed annual production capacity of 1,200 metric tons of nickel matte and 300 metric tons of electrolytic nickel, was put into use, resulting in production of 2,041 metric tons of nickel matte and 22.43 metric tons of electrolytic nickel that year.
April 1965
Platinum metals passed trial production. The year saw the production of about 8.48 kilograms of platinum and palladium.
May 1965
Longshou Mine began underground mining.
August 1968
Eight varieties of rare precious metals, namely platinum, palladium, gold, silver, osmium, ruthenium, rhodium and iridium, were extracted from Jinchuan Nickel Mine, laying a solid foundation for Jinchuan to become China's nickel and cobalt production base and an extraction hub of platinum metals.
2. Boosting business via technology-driven development (1978-2000)
1978
Jinchuan was listed as one of China's three largest bases for the comprehensive utilization of mineral resources.
1985
Jinchuan’s nickel production hit 20,000 metric tons.
1989
A Jinchuan-led resource development and comprehensive utilization project was conferred with a special National Science and Technology Progress Award.
1990
Jinchuan Company signed a contract with Metallurgical Construction Company of China to undertake stripping and auxiliary projects in the open-air mining site of Saindak Copper Mine in Pakistan. It was the first time for the company to enter the overseas market and it accumulated valuable experience for the expansion of its presence in other countries.
1993
A nickel flash smelting furnace, the first of its kind in Asia and the fifth in the world, was put into production, marking China’s top global ranking in nickel smelting and creating a new landmark for the development of Jinchuan and the country’s nickel industry.
1995
Accomplishment in design of a phase-two smelting technological process marks the completion of the whole life-journey of exploration, beneficiation and smelting procedures.
3. Embarking on a journey of going global (2000-16)
2000
Jinchuan Group Company kicked off the development of production technologies related to nickel carbonyl industrialization.
2001
Jinchuan Group Co., Ltd. was established and a modern corporate system was initially set up.
2004
Jinchuan Group built the Lanzhou Jinchuan Technology Park to implement its technology-driven development strategy.
2005
A copper-cobalt alloy project in the Democratic Republic of the Congo, also the first project built independently by Jinchuan Group Engineering and Construction Co., Ltd. in Africa, started production.
2006
Jinchuan Group started the construction of its oxygen-enriched top-blowing nickel smelting project, which was designed to handle one million metric tons of copper-nickel concentrate and produce 60,000 metric tons of sulfur in its nickel-sulfur composite per year.
2008
Jinchuan Group acquired Recursos Tyler S.A. de C.V, a company located in Canada, and owned 100 percent of the Bahuerachi Copper Mine in Mexico.
2010
Munali Nickel Mine in Zambia, which is the first overseas nickel project controlled and managed by Jinchuan Group, resumed production. The firm obtained 100 percent of the nickel mine’s equity three years later.
2011
Jinchuan Group and the China-Africa Development Fund jointly purchased 51 percent of Wesizwe Platinum Limited’s equity, gaining control of its platinum mines. The annual business turnover of Jinchuan Group surpassed 120 billion yuan ($17.78 billion) in the year, making it the first firm in Gansu province whose revenue exceeded 100 billion.
September 2013
Jinchuan Group International Resources Co., Ltd. purchased 100 percent stake of South Africa's Metorex Limited from Jinchuan Group. The deal marked that Jinchuan Group International Resources has become Jinchuan Group's flagship in the expansion of its overseas presence.
July 15, 2016
Lanzhou Jinchuan Advanced Materials Technology Co., Ltd. was listed in National Equities Exchange and Quotations, also known as the New Third Board, with Jinchuan Technology as its security abbreviation and 837205 as its stock code.
Nov 25, 2016
The WP & RKA laterite nickel mine project undertaken by PT. Wanatiara Persada started construction, which marked Jinchuan Group’s entrance into the sector.
4. Building a world-class enterprise (2017-)
2017
Jinchuan Group took an active part in the building of the Belt and Road Initiative. The Chifupu deposit of Chibuluma Copper Mine in Zambia was completed and put into operation; Metorex transformed from a loss-making enterprise into a profitable one, with its profit hitting 306 million yuan; Kinsenda Copper Company in the DRC reached anticipatory results in production and sales; and PT. Wanatiara Persada’s laterite nickel mine project had a cumulative investment of 313 million yuan, a symbol of the stable progress made by Jinchuan Group in its overseas expansion.
Nov 5 to 10, 2018
Jinchuan Group held in-depth exchanges with internationally renowned companies, including Australian mining giant BHP Group Limited, Corporacion Nacional del Cobre de Chile, Trafigura Group and Kazakh Steel Plc, clinching deals worth over nine billion yuan on the purchase of rudimentary materials, the trade of electrolytic copper, capital management and advanced equipment.
November 2018
Jinchuan Group worked with Huanghe Hydropower Development Co., Ltd., a subsidiary of State Power Investment Corporation Limited, and the Bureau of Geological Exploration & Development of Qinghai Province to develop a nickel and cobalt mine in Xiarihamu of Qinghai province. It is the second largest nickel-cobalt sulfide ore in China.
July 22, 2019
Jinchuan Group ranked 369th among Fortune Global 500 companies, being the first Gansu-based firm on the list.
November 2019
PT. Wanatiara Persada produced qualified ferro-nickel products and achieved its annual overseas sales target of lateritic-nickel ore ahead of schedule.
Jan 27, 2020
Seven key medical workers from Jinchuan Group’s staff hospital went to Wuhan, capital of Central China's Hubei province, to aid the city better fight against the COVID-19 pandemic.
The year also saw the commercialization of 5G plus track transportation driverless project in Longshou Mine, 5G plus mining truck remote control project in the Mining area II, and 5G plus self-operated crushing system in mineral processing plants.
2021
Jinchuan Group invested 5.12 million yuan in 17 specific poverty relief schemes. It won the title of Outstanding Gansu Provincial Poverty Alleviation Collective for eight consecutive times.
Jinchuan Group's business turnover reached 262.2 billion yuan and its total profits and taxes surpassed 12.7 billion yuan. All its key indicators hit record highs and opened up a good start in the 14th Five-Year Plan (2021-25) period.
2022
In 2022, Jinchuan Group ensured the overall prevention and control of COVID-19, as well as its production and operation, as it continued to strive to build a world-class enterprise. The revenue throughout the year exceeded 300 billion yuan (about $44.2 billion), and the company ranked 339th in the list of 2022 Fortune Global 500 companies.
Jinchuan Group actively integrated into the regional development pattern of "one core area with three economic belts" of Gansu province, and promoted the "four intensifications" action, striving for the construction of key projects. Throughout the year, 73 projects were approved and 54 of them started construction.
Jinchuan Group's overseas projects implemented classified policies, organized epidemic prevention and control and ensured production and operation work as a whole; made every effort to deal with the impact of COVID-19 on production organization, material security, and personnel access, and achieved the goal of ensuring epidemic prevention and control and production. All work progressed steadily, and its overseas business developed rapidly. International business accounted for more than 30% of the Jinchuan's total assets.
2023
Jinchuan Group has deepened its "three focuses and three promotions" action, continuously striving to build a world-class enterprise.
All production and operation tasks were completed. In 2023, Jinchuan Group achieved revenue of 353 billion yuan ($49.07 billion) and a total industrial output value of 253.1 billion yuan. The total profits and taxes reached 17.2 billion yuan, of which the total profit hit 10.8 billion yuan. The production of non-ferrous metals and deep processed products was more than 2.8 million tons. The company ranked 289th on the Fortune Global 500 list, 85th on the Fortune China 500 list, 84th among the top 500 Chinese enterprises, and 32nd among the top 500 Chinese manufacturing enterprises.
The company accelerated the progress of asset restructuring, deepened and promoted the implementation of State-owned enterprise reforms. It acquired Jinchang Cement (Group) Co., Ltd., cooperated with Tsingshan Holdings, acquired Baotou Huading and Baotou Zhenxiong, and further optimized its structural layout.
Throughout 2023, Jinchuan implemented 28 investment attraction projects with a total contract value of 1.18 billion yuan. At the 6th China International Import Expo in 2023, Jinchuan Group signed contracts with multiple internationally renowned companies, including RioTinto Group, Oyu Tolgoi Mine of Mongolia, Norilsk Nickel of Russia and Epiroc, with a contract value exceeding 9 billion yuan.
Jinchuan has insisted on the transformation and upgrading of its traditional industries and has continued to invest in emerging industries, with fixed asset investment reaching 10.6 billion yuan. A number of key projects have been completed and put into operation on schedule. The Lanzhou Jinchuan New Material Technology Company and Jinchuan Group Nickel Salts Co., Ltd. were recognized as national-level green factories, while the cathode copper of Jinchuan Group Copper Co., Ltd. was awarded as a provincial-level green product, marking a new step in green and low-carbon transformation.
The innovation mechanisms have become more complete, and substantial achievements have been made in scientific and technological innovation, with breakthroughs in independent innovation. A total of 4.9 billion yuan was invested in science and technology. The Nickel-Cobalt Research and Design Institute Co., Ltd. was recognized as a national-level industrial design center, and Jinchuan Group Nickel Salts Co., Ltd. was selected as a demonstration enterprise for creating world-class "specialized, refined, distinctive, and innovative" enterprises by the State-owned Assets Supervision and Administration Commission of the State Council.
Jinchuan Group has fulfilled its social responsibilities and demonstrated the role of a State-owned enterprise. It has supported local economic and social development; participated in rural construction; has been recognized as an advanced aid unit in Gansu province eight consecutive times; donated a total of 25.47 million yuan in cash and goods for the earthquake in Jishishan county, and helped those affected get through the difficulties and rebuild their homes; and has actively assisted the local area in resisting drought disasters, with an investment of 11.5 million yuan.
2024
Jinchuan Group Braves Headwinds in Improving Operating Efficiency, Contributing Significantly to the Stable Growth of the Industrial Economy in Gansu Province
Jinchuan Group has fully implemented the decisions and arrangements of the Provincial Party Committee and Government, and deepened the "Three Focuses and Three Promotions" initiative. With a strategic vision of "focusing inward on details and outward on coordination," Jinchuan has actively responded to the complex and severe market conditions and economic downward pressure. By driving transformations in quality, efficiency, and momentum, the group has achieved historic progress in all areas of work.
Jinchuan focused primarily on enhancing core functions and improving core competitiveness. Coordinated efforts were made to finish both functional and institutional reform tasks, completing 46 actions to deepen and improve reforms, achieving annual targets, and making breakthrough progress in key areas. Asset restructuring was promoted in all sectors, internal resources were cultivated, and the pace of securitizing high-quality assets was accelerated. Jinchuan Nickel-Cobalt strategically attracted 9.7 billion yuan ($1.34 billion) in investment, gaining high recognition from the capital market. It has completed the process of transforming the firm into a joint-stock company, and Jinchuan Nickel-Cobalt Co., Ltd. was established. Jinchuan Copper and Precious Metals comprehensively standardized corporate governance, related party transactions, internal control construction, and industry competition, meeting the conditions for joint-stock transformation. Jinchuan Technology initiated equity structure adjustment along with Series B funding, implemented internal industry integration, and conducted preliminary work for mergers and acquisitions. They promoted business integration while the exit of minority shareholders in the group was handled cautiously. Deeply integrating investment and financing resources, China Jinchuan and Jinchuan Hong Kong's specialized platforms played an integral role. Overseas operations and assets achieved unified management, leading to a significant improvement in the operational efficiency of overseas assets.
Jinchuan Successfully Secures a Controlling Stake in Xiarihamu Nickel Mine, Further Enhancing the Group's Resources
Jinchuan actively engaged in national strategic initiatives, integrating into the country's new round of mineral exploration breakthrough strategies and intensifying efforts in the exploration of strategic mineral resources. Through robust partnerships, the company steadily advanced its resource acquisition efforts, successfully securing a controlling stake and taking the lead in operating China's second-largest nickel mine—the Xiarihamu Nickel Mine. This achievement ensures a stable supply of high-quality sulfide nickel raw materials and significantly increases self-sufficiency.
Additionally, the Musonoi Copper-Cobalt Mine completed joint testing of its mining engineering and beneficiation systems. The PT Kao Rahai Smelters and PT Universe Smelter Metal Industry projects became fully operational, achieving a production capacity of 70,000 tons for laterite nickel. Construction of the main slope roadway for the Jinchuan IV mining area development project commenced, while Jinchuan's mining operations maintained stable and increasing production, with mining capacity consistently exceeding 12 million tons. Output of nickel and copper metals from its own mines rose by 5% and 7.8% year-on-year, respectively.
These advancements have further strengthened the company's capabilities in securing critical strategic mineral resources, effectively safeguarding the national strategic resource industry chain and contributing to the stability and security of China's resource supply.
Commitment to High-Level Scientific and Technological Innovation Drives High-Quality Production
With a total investment of 5.43 billion yuan (approximately $750 million) in scientific research, marking a year-on-year increase of 10.8%, the company has demonstrated its unwavering commitment to advancing technological innovation. This investment has supported the undertaking of 56 national and provincial research projects, as well as the organization and implementation of 110 major and key research initiatives.
Several project achievements have been successfully applied, leading to breakthroughs in new product development. The technology transformation rate reached an impressive 78.9%, underscoring the company's ability to translate research and innovation into practical, high-impact outcomes. These efforts have significantly empowered the development of new quality productive forces, further solidifying the company's position as a leader in technological advancement and industrial innovation.
The successful development of the "4N5 Oxygen-Free Copper Plate and Strip" preparation technology marks a significant milestone, filling a critical gap in domestic capabilities and achieving mass production. This accomplishment was formally recognized and congratulated by the provincial government..The 25th Jinchuan Science and Technology Innovation Conference was successfully held, further solidifying the company's commitment to technological advancement. During the conference, an academic expert workstation was established, and the deeply integrated "Jinchuan Model" of industry-academia-research collaboration gained widespread recognition for its impact.
To strengthen innovation capabilities, the company established the Carbonyl Metallurgy Research Institute, the Science and Technology Information Center, and an advanced pilot platform for nickel-cobalt-copper metals and new materials. These initiatives have significantly enhanced the company's scientific and technological innovation support capabilities.
Jinchuan has won two awards for its contributions to national scientific and technological progress, on top of ten provincial and ministerial-level science and technology awards. They've obtained 750 authorized patents, revised 31 national and industry standards, and were rated as a specialized and new "small giant" enterprise at the national level.
Jinchuan Actively Builds a Modern Industrial System with its Advantages, Accelerating the Promotion of Industrialization
Jinchuan is fully committed to promoting the transformation and revitalization of traditional industries, fostering the growth of emerging industries, and looking ahead to future ones. By actively building a modern industrial system with distinctive Jinchuan characteristics and advantages, the company is accelerating the advancement of new industrialization. Fixed asset investment reached 12.5 billion yuan ($1.73 billion), a year-on-year increase of 17.4%. The comprehensive strength of traditional advantageous industries has been further enhanced. This investment has further strengthened the comprehensive capabilities of traditional advantageous industries while enhancing the competitiveness of strategic emerging industries.
The deep processing capacity of nickel and copper has continued to improve, with the production output of the two processing materials exceeding 600,000 tons. The scale of supply chain cooperation among provincial enterprises has exceeded 28 billion yuan ($3.86 billion), and collaborative innovation in the industry chain has achieved tangible results.
Jinchuan Promotes Win-Win Cooperation and Fulfills Corporate Responsibility
Jinchuan is committed to win-win cooperation and actively fulfills its responsibilities as a large enterprise. Focusing on 27 specific tasks across eight areas, including building modern industrial clusters and new industrial demonstration zones, the company is driving high-quality integrated development. By attracting major enterprises and strengthening partnerships, Jinchuan supports Jinchang's "City of Five Characteristics" initiative, signing 16 industrial chain cooperation projects worth 3.3 billion yuan ($456 million). Collaborative agreements with companies like China Minmetals, China Resources Environmental Protection, and XCMG further enhance coordinated development.
Key projects under the "14th Five-Year Plan"(2021-25), such as the Jinchuan Copper Smelting Process Technology Upgrade Project and the 400,000-ton Intelligent Copper Electrolysis Project, have commenced operations in Hexipu Industrial Park, boosting local economic growth. Jinchuan also supports local enterprises in integrating into its industrial chain, increases investment in healthcare, skilled talent development, and urban construction, and actively contributes to broader economic and social progress.
Jinchuan Group Fulfills Social Responsibility and Actively Creates Greater Social Value
Jinchuan embraces an employee-centric approach, continuously refining its salary structure to achieve a 6% year-on-year increase in average employee income. The company implemented the Employee Health Project, enhanced the supplementary medical insurance system, and provided honor care to 1,084 employees. Through labor competitions, technical innovation, and mentorship programs, Jinchuan advanced the reform of industrial worker team construction. Employees contributed 2,239 technical innovations, 238 advanced operating methods, and 312 patents. Eleven achievements won national invention awards, and one received a provincial special award for technical innovation.
The "3+1 All-Staff Innovation Model" was recognized as a provincial trade union innovation case, and industrial reform cases were honored nationally. Jinchuan actively fulfilled its social responsibilities, investing 28.55 million yuan ($3.94 million) in post-disaster reconstruction in Jishishan, rural revitalization, and social welfare. Initiatives like "Jinchuan Speed," "Jinchuan Strength," and "Jinchuan Character" gained widespread societal recognition. The company also launched paired caring actions, supporting disadvantaged groups by resolving 82 practical difficulties and addressing 108 practical matters.
