Zijin Mining : Announcement in relation to Completion of Acquisition of Interest in the Lower Zone of the Timok Copper-gold Mine

Announcement in relation to Completion of Acquisition of Interest in the Lower Zone of the

Timok Copper-gold Mine

Zijin Mining Group Co., Ltd.* (the "Company") and its wholly-owned subsidiary, Zijin (Europe) International Mining Company Limited ("Zijin Europe"), entered into a share purchase agreement (the "Share Purchase Agreement") with Freeport-McMoRan Inc. ("Freeport"), Freeport-McMoRan Exploration Corporation ("FMEC"), Global Reservoir Minerals (BVI) Inc. ("GRMB"), etc. on 3 November 2019. Pursuant to the Share Purchase Agreement, Zijin Europe proposed to acquire 72% Class B Shares of CuAu International Holdings (BVI) Ltd. ("CuAu") held by FMEC at an initial purchase price amount of USD240 million and deferred payments to be made to FMEC after the production commencement of the project to obtain the interest in the Lower Zone of the Timok copper-gold mine owned by FMEC and interests in exploration licences owned by Rakita Exploration d.o.o. After completion of the acquisition, the Company will own 100% interests in the resources of both the Upper Zone and the Lower Zone of the Timok copper-gold mine. Please refer to the Company's announcement disclosed on HKEXnews website (http://www.hkexnews.hk) on 3 November 2019 for details.

As all of the conditions to closing as set out in the Share Purchase Agreement were either fulfilled or waived, the acquisition was completed on 28 December 2019 (Beijing Time).

The Lower Zone of the Timok copper-gold mine is a giant porphyry type copper deposit. According to the NI 43-101 technical report on the Timok project released by Nevsun Resources Ltd., in June 2018, the inferred ore resources volume of the Lower Zone of the Timok copper-gold mine was 1.659 billion tonnes, with 14.30 million tonnes of copper metal grading 0.86% in average and approximately 299 tonnes of gold metal grading 0.18g/t in average. The peripheral and deep parts of the Lower Zone of the Timok copper-gold mine are still not closed, having a good potential for increasing reserve volume. After completion of the acquisition, the volume of the Company's copper resources and associated gold will increase by 7.72 million tonnes and 161 tonnes respectively, which will benefit the unified development of the Upper Zone and the Lower Zone of the Timok copper-gold mine.

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This announcement is made on a voluntary basis.

This announcement is written in both Chinese and English. In the case of any discrepancies, the Chinese version shall prevail over its English version.

Investors and shareholders are advised by the Board to exercise caution when dealing in the securities of the Company.

30 December 2019, Fujian, the PRC

*The Company's English name is for identification purpose only

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