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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Metallurgical Corporation of China Ltd.    1618   CNE100000FF3

METALLURGICAL CORPORATION OF CHINA LTD.

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Metallurgical of China : Guo Wenqing Meets with Zhao Xiaochen, Chairman of GRINM Group

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10/18/2020 | 01:05am EDT

To witness the signing of the strategic cooperation agreement between China Minmetals Rare Earth Co., Ltd. and Grirem Advanced Materials Co., Ltd.

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  On September 15, Guo Wenqing, General Manager and Deputy Secretary of the Party Group of China Minmetals, and concurrently Chairman of MCC met with Zhao Xiaochen, President and Party Group Secretary of GRINM Group Corporation Limited (GRINM Group). Both sides had in-depth exchanges on further strengthening their cooperation and jointly attended the signing ceremony of the strategic cooperation agreement between China Minmetals Rare Earth Co., Ltd. and Grirem Advanced Materials Co., Ltd.

  Guo Wenqing welcomed the visit of Zhao Xiaochen and his delegation, thanked the GRINM Group for its long-term strong support to China Minmetals, and introduced the development history of the two Fortune Global 500 enterprises and the development achievements made after the strategic restructuring. He pointed out that since the strategic restructuring in December 2015, China Minmetals has adhered to the goal of 'quadrupling profits in three steps' to continuously build and consolidate the business system of 'four beams and eight columns' centering on the metal mining, metallurgy, trade & logistics, finance and real estate. These efforts minimized operation risks during its development and promoted the enterprise to enter a new stage of high-quality development. Currently, the assets under China Minmetals reach RMB 2.16 trillion. In 2019, the operating revenue exceeded RMB 600 billion, ranking 92nd among Fortune Global 500 enterprises. At present, China Minmetals is following the important instructions and requirements of General Secretary Xi Jinping to 'foster a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other', and actively promote exchanges and cooperation with leading enterprises in the industry based on their own business areas.

  Guo Wenqing mentioned that General Secretary Xi Jinping's important directives on the development of the rare earth industry have given a clear direction, which can also be treated as a fundamental guidance for the green, healthy and sustainable development of China's rare earth industry. China Minmetals Rare Earth Co., Ltd. is one of six rare earth groups which have been registered in the Ministry of Industry and Information Technology. It boasts international leading level in the rare earth separation, environmental protection technology, and product quality control level. Furthermore, it has formed a complete industrial chain integrating rare earth mining, smelting separation and further processing by downstream plants. In addition, Grirem Advanced Materials Co., Ltd. has strong scientific research strength and leading industrial technology, which also has made outstanding contributions to the construction, development and upgrading of China's rare earth industrial system. It is hoped that starting from the signing of strategic cooperation agreement and with deeply implementing the important directives of General Secretary Xi Jinping on the development of the rare earth industry, both sides can promote all-round, deep-level and multi-field mutually beneficial cooperation based on their own respective advantages, stepping up scientific and technological innovation, and accelerating the industrialization of technologies. Moreover, through constantly raising the technological level of the exploitation and utilization of rare earth resources, both sides can jointly make new and greater contributions to the high-quality development of China's rare earth industry.

  Zhao Xiaochen thanked Guo Wenqing for his warm reception and China Minmetals for its long-term strong support to GRINM Group. He also expressed his appreciation for China Minmetals' achievements made after its strategic restructuring and introduced the strategic positioning and basic situation of GRINM Group. Zhao Xiaochen said, in recent years, GRINM Group has been firmly implemented the strategy of innovation driving high quality development, concentrated on the construction of innovative system and talents system, aiming at promote the innovation of platform and entire company. GRINM Group and China Minmetals has strong base for cooperation in rare earth industry technology and grown a deep friendship. Among them, China Minmetals has tremendous strength in resources development, trade & logistics, industrial application and funding; while GRINM Group has been engaged in the research and development of non-ferrous metal technology for years, featuring prominent advantages in the R&D of new materials, new processes, new equipment and other fields. It is hope that Grirem Advanced Materials Co., Ltd. and China Minmetals Rare Earth Co., Ltd. can take use of this signing opportunity to further enhance their cooperation vertically and horizontally and innovate new cooperation mode on the basis of the guideline of important instructions of General Secretary Xi Jinping on the development of the rare earth industry, so that they can achieve mutual benefits and win-win, and promote the green and healthy development of China's rare earth industry.

  The two sides also discuss extensively other issues of common concern.

  After the meeting, in witness of Guo Wenqing and Zhao Xiaochen, Liu Leiyun, Chairman of China Minmetals Rare Earth Co., Ltd. and Interim Secretary of the CPC Committee of China Minmetals Rare Earth Co., Ltd., and Yu Dunbo, General Manager of Grirem Advanced Materials Co., Ltd. as representatives of the two companies signed the strategic cooperation agreement. Dong Mingjun, Director and Deputy Secretary of the Leading Party Group of China Minmetals, Jiao Jian, Deputy General Manager and Member of the Leading Party Group of China Minmetals, Zhang Mengxing, MCC President and Deputy Secretary of MCC Party Committee, Wang Chen and Zhou Qigang, Deputy General Manager of GRINM Group and member of the Party Committee, and Huang Xiaowei, Academician of China Academy of Engineering and Chief Expert of GRINM Group, witnessed the signing and attended the meeting. The signing ceremony was presided over by Jiao Jian.

  Yao Guocheng, Xu Ran, Li Zhihui, Liu Yuzhu, Wen Jiankang, Zhang Xiangjun, Liu Ronghui and He Jinjiang, heads of relevant departments and affiliated enterprises of GRINM Group, as well as Zeng Gang, Liu Lijun, Zhang Shuqiang, Xing Yan, Xiong Xiaobing, Lu Zhifang and Qi Shuyong, heads of relevant headquarters departments and directly managed enterprises of China Minmetals, attended the meeting and signing ceremony.

  Guo Wenqing has a cordial talk with Zhao Xiaochen

  Scene of the meeting

  Group photo of the two sides

  Scene of the signing ceremony

  Group photo of the signing

Disclaimer

Metallurgical Corporation of China Ltd. published this content on 18 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2020 04:04:05 UTC


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Financials
Sales 2020 433 B 55 904 M 55 904 M
Net income 2020 8 231 M 1 062 M 1 062 M
Net Debt 2020 30 449 M 3 929 M 3 929 M
P/E ratio 2020 -
Yield 2020 6,89%
Capitalization 58 623 M 7 564 M 7 564 M
EV / Sales 2020 0,21x
EV / Sales 2021 0,17x
Nbr of Employees 96 884
Free-Float 44,1%
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Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 1,80 HKD
Last Close Price 1,32 HKD
Spread / Highest target 36,4%
Spread / Average Target 36,4%
Spread / Lowest Target 36,4%
Managers
NameTitle
Meng Xing Zhang President & Executive Director
Xiu Yun Cao Chairman-Supervisory Board
Si Song Yin Chairman-Supervisory Board
Hong Ying Zou VP, Chief Accountant & Financial Officer
Xu Dong Ren Independent Non-Executive Director
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