The newly constructed E26LIN block caving project started production five months ahead of schedule, contributing an 11% YoY increase in throughput by providing 300,000 tons more ores than planned and laying a solid foundation for achieving production targets. NPM collaborated with Chinese research institutes to tackle ore processing challenges brought by declining grade. In 2022, the copper and gold recovery rate remained stable despite the nearly 10% decline in feed grade, which is remarkable and highlights NPM’s determination and confidence to challenge themselves and achieve success. This is worth learning from other mining units of the Group.

With the same commitment in mind, the whole Group accelerated the pace of becoming a “respected, modern, and world-class resources company” in accordance with the “three-step” plan of laying the foundation, moving up the ladder and achieving stellar growth. We were able to make great progress in the “three-step” strategy by remaining true to our development strategy and exploring potential in production and operation, project construction, ESG management, and organic development. 2022 is marked by CMOC’s consistent and robust growth, represented by our stable operating revenue of over RMB170 billion and record net profit, EBITDA, operating cash flow and ROE. As 2022, the Year of Construction rolled out, two world-class projects of KFM and TFM mixed mine in the DRC progressed smoothly, ready to start production in 2023 and double our copper and cobalt production capacity. We maintained A MSCI ESG rating like leading peers such as Rio Tinto and joined the UN Global Compact to demonstrate our commitment and contribution to environment protection and community benefits. We welcomed CATL, the world’s biggest traction battery manufacturer for EVs, as our second largest shareholder and will see our new development chapter in the new energy sector expedited by the partnership. We are determined in our exploration of new energy metals around the world, committed to make our contribution to the global energy transition.

CMOC has created an extraordinary 2022 marked by the commitment and dedication of CMOC employees, including every and each one of you at NPM. 2023 is likely to be a year of challenges and opportunities, and we have to be fully ready for any opportunities as the global economy picks up. Defined as the Group’s Year of Advancement, 2023 will see our advancement in economic efficiency and comprehensive strength through production capacity and management enhancement. To achieve the goals for 2023, NPM shall identify and address shortcomings, solidify foundation and bolster strengths. Equipment and production challenges need to be tackled through improvement in underground winder, surface belts, and cleaner flotation. Management reform and technical improvement shall be rolled out to reduce cost, increase efficiency and shape values and culture. NPM also needs to make efforts in ore body planning and resources exploration for sustainable development. The Group will continue its strong support to NPM during this journey towards our common dream.

As a production company with time-honored tradition, NPM has been a top performer during both Rio Tinto and CMOC years. Although we are confronted with many challenges, I have confidence in NPM and believe it will reach its goals, create new achievements and rebuild glories with hard work and wisdom.