Metallurgical of China : SUPPLEMENTAL ANNOUNCEMENT - CONNECTED TRANSACTION - ACQUISITION OF 10% EQUITY INTEREST IN MINMETALS CAOFEIDIAN

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SUPPLEMENTAL ANNOUNCEMENT

CONNECTED TRANSACTION

ACQUISITION OF 10% EQUITY INTEREST IN MINMETALS CAOFEIDIAN

Reference is made to the announcement of Metallurgical Corporation of China Ltd.* (the "Company") dated 30 October 2019 (the "Announcement"). Unless otherwise specified, capitalised terms used in this announcement shall have the same meanings as defined in the Announcement.

As disclosed in the Announcement, 22MCC, a wholly-owned subsidiary of the Company, proposed to enter into the Equity Transfer Agreement with Zongheng Iron

• Steel to acquire its 10% equity interest in Minmetals Caofeidian, and proposed to entered into the Shareholders Agreement with the remaining shareholders of Minmetals Caofeidian (including Minmetals Corporation, CISDI and HBIS Group) to regulate the rights and obligations of the shareholders of Minmetals Caofeidian upon completion of the Transaction.

The Company wishes to announce that on 8 November 2019, 22MCC entered into the Equity Transfer Agreement with Zongheng Iron & Steel, and entered into the Shareholders Agreement with Minmetals Corporation, CISDI and HBIS Group. Pursuant to the Equity Transfer Agreement, 22MCC and Zongheng Iron & Steel agreed that the consideration of the Equity Transfer shall be nil.

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In addition, the Company intends to further explain the principle business of Minmetals Caofeidian. Minmetals Caofeidian is a project company established to promote the International Ore Exchange Centre Project. Its principle business will include:

• act as a manufacturer, combining specific targets and production technology conditions to match and mix certain proportion of ores with different grades according to customer needs to produce ore products that meet the quality requirements of customers;
• store and keep ore products for customers through its self-owned warehouses and other self-owned storage areas;
• act as a purchaser or seller, arranging delivery of ore products and settling payment immediately or in a short period of time with suppliers or customers according to the agreed payment method and delivery method;
• apply to the customs for bonded warehouses to store, process, assemble and export the imported goods in its bonded warehouses under the supervision of customs;
• sell ore products in the form of warehouse receipts (i.e., voucher for physical ore products) through the authorized commodity trading platform designated by the state to increase sales efficiency and turnover;
• take the futures trading center of ore products as the platform, and act as the physical delivery warehouse of ore products designated by the futures trading center to receive the ore products delivered by sellers when the relevant futures contracts mature.

By order of the Board

Metallurgical Corporation of China Ltd. *

Zeng Gang

Joint Company Secretary

Beijing, the PRC

8 November 2019

As at the date of this announcement, the Board of the Company comprises two executive Directors: Mr. Guo Wenqing and Mr. Zhang Zhaoxiang; four independent non-executive Directors: Mr. Zhou Jichang, Mr. Yu Hailong, Mr. Ren Xudong and Mr. Chan Ka Keung, Peter; and one non-executive Director: Mr. Lin Jinzhen.

• For identification purposes only

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