Jiangxi Copper : ANNOUNCEMENT IN RESPECT OF CHANGES IN ACCOUNTING POLICIES

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

ANNOUNCEMENT IN RESPECT OF

CHANGES IN ACCOUNTING POLICIES

At the twelfth meeting of the eighth session of the board (the "Board") of directors (the "Directors") and the fifth meeting of the eighth session of the supervisory committee (the "Supervisory Committee") of Jiangxi Copper Company Limited (the "Company") held on 29 August 2019, the Board and the Supervisory Committee resolved and approved the resolution on changes in accounting policies of the Company (the "Changes in Accounting Policies") in respect of the "Accounting Standards for Business Enterprises No. 21 - Leases" (the "New Lease Standards") amended and promulgated by the Ministry of Finance of the People's Republic of China (the "PRC") in December 2018. Enterprises with dual listing domestically and overseas and enterprises listed overseas that adopt the International Financial Reporting Standards or the Accounting Standards for Business Enterprises for the preparation of financial statements shall adopt the New Lease Standards with effect from 1 January 2019.

DETAILS OF THE CHANGES IN ACCOUNTING POLICIES AND THEIR IMPACT ON THE COMPANY

The New Lease Standards refined the definition of lease by adding contents such as lease identification, division and consolidation; cancelled the lessees' distinction between the financial leases and operating leases, required confirmation of right-of-use assets and lease liabilities, with accrual of depreciation and interest expenses respectively on all leases (except short-term leases and leases of low-value assets); improved lessees' subsequent measurements and added accounting treatment methods under the circumstances of option revaluation and lease amendment; there are no material changes in accounting treatment under other lease modes.

- 1 -

The impact of the implementation of the New Lease Standards on the Company is mainly reflected in the assets of the financial leases and operating leases of the Company (except short-term leases and leases of low-value assets). Since 1 January 2019, the Company has confirmed the right-of-use assets and lease liabilities of all leases (except short-term leases and leases of low-value assets), and confirmed the depreciation and interest expenses respectively.

Pursuant to the relevant requirements of the New Lease Standards, with regards to the financial lease agreements existing prior to the first execution day of the Company, the Company carried out transitional accounting treatment. The reclassification of the asset and liability items on the balance sheet items of the Company does not have material impact on the financial position of the Company.

OPINION OF THE BOARD, THE SUPERVISORY COMMITTEE AND THE INDEPENDENT NON-EXECUTIVE DIRECTORS REGARDING THE CHANGES IN ACCOUNTING POLICIES

The Board, the Supervisory Committee and independent non-executive Directors of the Company unanimously agree that the Changes in Accounting Policies are made in accordance with the requirements of the New Lease Standards. The amended accounting policies are able to reflect the Company's financial position and operating results in an objective and fair manner, and are in line with the interests of the Company and its shareholders.

The Changes in Accounting Policies are not required to be submitted to the general meeting of the Company for consideration by its shareholders.

By Order of the Board

JIANGXI COPPER COMPANY LIMITED

Long Ziping

Chairman

Nanchang, Jiangxi, the PRC, 29 August 2019

As at the date of this announcement, the executive Directors of the Company are Mr. Long Ziping, Mr. Zheng Gaoqing, Mr. Wang Bo, Mr. Gao Jianmin, Mr. Liang Qing, Mr. Dong Jiahui and Mr. Yu Tong; and the independent non-executive Directors of the Company are Mr. Tu Shutian, Mr. Liu Erh Fei, Mr. Liu Xike and Mr. Zhu Xingwen.

- 2 -