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Chinaclo held 2008 Work Conference. President Xiao Yaqing Stressed the Importance of Accelerating St

Chinalco held 2008 Work Conference from Jan 13 to 15 in Beijing. He Jiacheng, Chairman of the Supervisory Board for Large State-owned Enterprises, Guo Guanyu, from Bureau Five of Personnel under the Organization Department of the CPC Central Committee, Zhao Shitang, Vice Director General of Performance Assessment Bureau under SASAC of the State Council, Jiang Weiliang, Director of Corporate Leaders Management Bureau One attended the meeting. Kang Yi, Chairman of China Nonferrous Metals Industry Association sent message of greetings. Leaders from Chinalco in the meeting are, Xiao Yaqing, Party Secretary and President of Chinalco, Luo Jianchuan, party committee member of Chinalco and President of Chalco, Lu Youqing, Ao Hong, Liu Caiming, Zhang Chengzhong, Ren Xudong, party committee members and Vice Presidents of Chinalco, Chen Jihua, Liu Xiangmin, Ding Haiyan, Jiang Yinggang, Vice Presidents of Chalco, and Xie Hong, Assistant President. Xiao Yaqing made a work report on the topic of “Strive to Build a More Competitive Chinalco by Following the Spirit of the 17th National Congress of The CPC”. He Jiacheng delivered a speech. Luo Jianchuang hosted the meeting.

Before the meeting, Wu Bangguo, Politburo Standing Committee member of the CPC Central Committee, Chairman of the Standing Committee of the National People’s Congress, Zeng Peiyan, Vice Premier of the State Council, and Li Rongrong, Chairman of SASAC of the State Council endorsed Chinalco's development plans, in which they fully recognized the achievements made by Chinalco and its ambition of building Chinalco into a big company group with international competitiveness.

As pointed out by Xiao Yaqing, the main task of this conference is to implement conscientiously the requirements raised in the Central Economic Work Conference under the guidance of the 17th National Congress of The CPC, to carry out the scientific outlook on development in line with the work arrangement of the Conference for Persons in charge of Central Enterprises, and to summarize past work, analyze new situation, set out tasks, and lead and mobilize Chinalco’s staff to work hard towards building a more competitive Chinalco.

The year 2007 is a year of pioneering development for Chinalco. Facing fiercer competition and more complex market, encountering more arduous task of reform and development, Chinalco has conscientiously implemented the strategic plans. Guiding the work with the scientific outlook on development, Chinalco has met its yearly targets by seizing precious opportunities and overcoming difficulties. This is a great step forward witnessed by brilliant performance.

I. Profits keep growing steadily, and Chinalco develops to a new height

Profits keep growing steadily. Operating income grows by 24.1% and assets grow by 32.2% on yearly basis. Ratio of debts to assets was maintained at a desired level of 48.2%.

Technical and economic indicators keep improving. As compared with the same period of last year, 15 out of 29 indicators, or 51.7% for production of alumina are optimized. All of the 14 major indicators for production of primary aluminum are optimized, driving down the cost by 51 yuan per ton. All 6 indicators for production of fabricated aluminum material are optimized. 6 indicators of fabricated copper materials are optimized.

II Capital operation is a highlight. Breakthroughs are made in overseas development.

Capital operation has become an important way for Chinalco to grow faster and stronger. With our great efforts, Chalco came back to A-share market and successfully merged Shandong Aluminum, Lanzhou Aluminum, Baotou Aluminum, the first of its kind in the capital market, which demonstrated strong capabilities of Chinalco to operate capitals, its good governance structure and bright prospects. Chinalco also optimizes its shareholding structure by vesting shares of Chalco, Southwest Aluminum, and Chinalco Ruimin held by China Orient Asset Management Corporation, etc.

Restructuring of Yunnan Copper Group Co Ltd is the largest strategic move of its kind in the history of the Chinese nonferrous industry, the forerunner of copper restructuring. It creates many records in terms of turnover and assets and is a milestone in the Chinese history of restructuring. This restructuring marks an important step for Chinalco to move towards a first class copper player, laying a solid foundation for accelerating the development of a polymetallic structure.

Chinalco speeds up its strategy of going global with preliminary establishment of organizational structure and management system abroad. Many Breakthroughs are made for overseas development. One example is Chinalco’s successful acquisition of Peru Copper, which owns proven reserves of 120 million tons copper metal equivalent, a crucial step for Chinalco to become a strong player in the field of copper. It is also a landmark achievement that a Chinese enterprise has made in acquiring world class mines overseas. The second example is that Chinalco has obtained the mineral development license after signing the official development agreement and the land use agreement for the Aurukun project, which marks the kick-off for the project. The third example is that Chinalco has got the permit for development of the 1 million tpy smelter in Saudi Arabia, which indicates the unveiling of Chinalco’s efforts in adjusting its industrial structure to move to resources- and energy-rich areas. The success of these three projects represents critical breakthroughs of Chinalco in overseas development, laying a solid foundation for Chinalco to expand its aluminum and copper presence and compete for global nonferrous resources. These projects also help Chinalco to accumulate valuable experience in its international operation, and thus,have strategic significance in alleviating shortage of domestic copper and aluminum resources and increase our security.

III Speed up development of key projects and expand areas for development

Chinalco has unswervingly carried out the national macro-control policies, investing heavily in projects that bring benefits for long term development and stronger competitiveness, or projects with energy-efficient and environment-friendly features, or projects good for resources development and integrated usage of these resources. 

Chinalco extends to wider areas. Efforts of Chinalco and its achievements attract great attention from the Chinese top leaders and win positive acknowledgement of SASAC. With scientific verification by experts of SASAC, Chinalco is now allowed to expand its business scope to mining and ore-dressing, smelting and processing of aluminum, copper, rare metals, rare earth, and other nonferrous metals as well as providing related engineering and technological services. This means that Chinalco now has broader development opportunities and more glorious missions, and also shoulder heavier responsibilities. This is a great event in the history of Chinalco and an important milestone for development of the nonferrous industry as it creates conditions for Chinalco to develop towards an international polymetallic player.

IV Accelerating implementation of the promotion plan on circular economy which brings notable effects of energy efficiency

Chinalco has conscientiously implemented the national requirements of building itself into a resources-saving and environment-friendly enterprise, trying to be a pioneer for reducing emission. As a result, all the targets for energy efficiency and environment protection are successfully met.

Projects for scientific and technological studies and upgrading that are listed in the circular economy promotion plan are kicked off subsequently. These projects focus on improving process and work flow to optimize the product mix. For example, identify the high energy consuming link and apply new processes and technologies, so as to speed up overall energy saving technology application and further intensify various management approaches.

Indicators for major pollutants emission reduction turn better. As compared with those of last year, SO2 emission reduction is 5.3%, fume emission reduction 14.2%, industry waste water emission reduction 3.9%, and COD emission reduction 15.7%. Number of major accidents of environment pollution is zero.

V. Sustained improvement of basic management & steady reform progress

The foundation of management becomes more solid with gradual implementation of our management philosophy, especifically a new way of management featuring a “Strict, Meticulous, Pragmatic, Innovative, Persistent and United” style. While making these remarkable achievements, Chinalco did not forget hosting a Deficiency Exhibition, warning managers at various levels to keep a clear mind while facing success, and enabling managers to identify more detailed and pragmatic issues for intensifying management.

VI. Technology innovation system further develops with constant new research findings

Chinalco has focused on independent innovation and studied the cutting-edge technologies, key technology development and commercialization. Fruitful achievements have been made. The Eleventh Five-Year technology development plan proceeds smoothly, evidenced by research of 10 key specialized projects, 34 key projects and 6 leading technologies, as well as commercialization and application of over 30 technologies. Bayer sweetening process and optimized control of aluminum electrolytic cell provide technological support to increased production of alumina and reduced energy consumption for primary aluminum production. The project of Alumina Production through Bayer Ore-Dressing Process was awarded with the National Demonstration Project of Hi-technology Commercialization.

Chinalco leaped to unprecedented height in 2007 in terms of integrated strength, overseas development, and achieved high ranking in the industrial and social status. It was awarded the Most Competitive Chinese Enterprise during the Eleventh Five-Year Period. In the performance evaluation and awarding conference for the first tenure of central enterprises leaders, Chinalco was awarded with the honorary title of Enterprise with Outstanding Performance by SASAC of the State Council.

2008 is the first year that Chinalco fully implements the strategic deployment of the 17th National Congress of CPC, said by Xiao Yaqing. It is the opening year for Chinalco in its efforts to transform into an international polymetallic mineral company. It is of great significance to run everything smoothly. Looking into the international and domestic development trends, Chinalco faces both important opportunities and new challenges.

Under the current international and domestic economic situation, Chinalco sets its guiding principle for 2008 as the following: carry on the spirit of 17th National Congress of CPC, follow the overall requirements of the Central Economic Work Conference, implement the Scientific Outlook on Development in accordance with the work arrangement of the conference for persons in charge of the central enterprises, continue to strengthen basic management and technology innovation with focus on strategic transformation, stress energy efficiency and environment protection, facilitate restructuring and reform, speed up implementation of resources strategy and overseas development, enhance the party and team building, and strive to build a more globally competitive Chinalco in a sound and rapid way.

In 2008, Chinalco will focus on the following work.

(I) Study and carry on the spirit of the 17th National Congress of the CPC

The prime political task of Chinalco today and in the future is to learn and carry on the spirit of the 17th National Congress of the CPC. Under its guidance, Chinalco, in accordance with requirements set by the Central Economic Work Conference and deployment of the Conference for Persons in charge of Central Enterprises, will speed up strategic transformation of the company.

(II) Speed up strategic transformation to an international polymetallic mineral company

Facing new situation, new requirements and new opportunities, Chinalco must make strategic adjustment and clearly set the strategic positioning as an international polymetallic mineral corporation.

Transforming into an international polymetallic mineral corporation is the inevitable trend with domestic and international economic development, and the only way to make Chinalco an internationally competitive big group. Firstly, the 17th National Congress of the CPC points out that it is necessary to encourage development of big group corporations with international competitiveness. Under this requirement, Chinalco actively shoulders its responsibility to shift the industry to resources- and energy-rich areas, implementing the Go Global strategy and trying to seek broader growth space and more profit-making projects in the global market. Secondly, dramatic expansion to polymetallic and cross-industry consolidation made by many multinational companies brings severe challenges to the single-business company to build composite competitiveness and to its sustained development. The only way for Chinalco to increase its overall competitiveness is to develop polymetallic business segments so as to avoid market risks for single-product business. Thirdly, the basis for Chinalco to achieve sustained development is resources. Without having the say of up-stream resources, it cannot get the upper hand on down-stream products. Under the situation of economic globalization, allocation of resources and products globally is a must in market development. International operation has become an effective way of growth and the inevitable choice for Chinalco.

(III) Stress production with focus of cost control

Chinalco faces tough challenges and many difficulties in 2008, especially in meeting the targets of profit financials. The only way for Chinalco to meet the target is to mobilize all staff to contribute their best efforts.

To keep steady and sustained development of production, Chinalco shall, in its best effort, promote implementation of the production plan by strengthening coordination and execution according to the production objectives. It stresses the quality and lowers production and operational costs through holistic advantage and synergy effects. With a view to the production structure of both aluminum and copper, Chinalco intends to promote sharing of technologies, management resources among its member enterprises. Management based on budget will also be conscientiously implemented and performances will be seriously reviewed to save cost..

(IV)Intensify efforts to ensure meeting goals of energy efficiency and emission reduction

2008 is a critical year for Chinalco to fulfill its goals of energy efficiency and emission reduction set in the Eleventh Five-Year Plan. It is a tough struggle that Chinalco must win. According to the general plan, Chinalco has set out detailed targets for energy efficiency and emission reduction of this year. Focusing on the targets, Chinalco accelerates implementing investment projects, further stressing review and examination of energy efficiency and emission reduction indicators. Chalco ensures zero emission of industrial waste water. It also actively promotes new patterns of energy saving, applies new technologies, and explores energy management patterns through contract.

(V) Build an innovative enterprise by improving the capacity for independent innovation

Improving the capacity for independent innovation is the core of strategic development and key for increased competitiveness for Chinalco. It is important to combine technology progress with restructuring efforts, integrate overseas development and utilize resources in a reasonable way as well as stress energy saving and emission reduction. These provide strong support for Chinalco’s better and faster development.

Xiao Yaqing also said in closing that Chinalco is now standing on a new starting point, marching towards higher goals. Chinalco shall, under the supervision of the CPC Central Committee with Hu Jintao as the general party secretary, further study and implement the spirit of the 17th National Congress of the CPC, implement the Scientific Outlook on Development in a profound way, and strive to make Chinalco a more internationally competitive company with fulfillment of all our 2008 tasks in terms of production, energy efficiency and emission reduction as well as reform and development.

In the meeting, President Xiao Yaqing signed 2008 performance contracts with responsible persons of member enterprises and related departments. Vice President Lu Youqing made work report on topic of safety and stability for Chinalco. Vice President Ao Hong delivered message from the second plenary meeting of the Central Discipline Inspection Committee and gave work report on anti-corruption. In the meeting, outstanding work units and individuals in the discipline and efficiency supervision campaign were also commended. The meeting also witnessed plate awarding for the first key laboratory in Chinalco.

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