2014-02-27 16:00Financial Performance - The company's operating revenue for 2013 was CNY 5,536,469,246.73, a decrease of 3.05% compared to CNY 5,710,893,904.27 in 2012[25]. - Net profit attributable to shareholders was CNY 1,174,203,715.57, representing an increase of 11.80% from CNY 1,050,304,676.57 in the previous year[25]. - The company's total assets reached CNY 21,899,138,540.63, a significant increase of 39.05% compared to CNY 15,749,315,192.48 at the end of 2012[25]. - The basic earnings per share for 2013 was CNY 0.23, reflecting a growth of 9.52% from CNY 0.21 in 2012[26]. - The weighted average return on equity increased to 9.88%, up by 0.38 percentage points from 9.50% in 2012[26]. - The company's total liabilities reached RMB 9.01 billion by the end of 2013, compared to RMB 3.38 billion at the beginning of the year, indicating a significant increase of about 166.5%[185]. - The total equity attributable to shareholders of the parent company was RMB 12.18 billion at year-end, up from RMB 11.54 billion at the start of the year, reflecting an increase of approximately 5.6%[185]. Dividend Policy - The company plans to distribute a cash dividend of 1.40 RMB per 10 shares, totaling 710,663,873.5 RMB (including tax) based on the total share capital of 5,076,170,525 shares as of the end of 2013[5]. - In 2013, the company distributed a cash dividend of RMB 1.4 per 10 shares, totaling RMB 710,663,873.50, which represents 60.52% of the net profit attributable to shareholders[99]. - The company has a cash dividend policy that stipulates at least 30% of the distributable profits will be distributed as cash dividends annually[98]. Market and Commodity Risks - The company's revenue is significantly influenced by the price fluctuations of molybdenum, tungsten, and copper products, which are its main sources of income[10]. - The company acknowledges the risk of significant fluctuations in the prices of its main products, which could lead to unstable operating performance[10]. - The company emphasizes that its profit and profit margin are closely related to commodity price trends, particularly for molybdenum, tungsten, and copper[10]. - The company has a reliance on mineral resources, with risks associated with market price fluctuations and production costs[11]. Governance and Compliance - The company has a comprehensive governance structure in place, ensuring the accuracy and completeness of its financial reports[5]. - The company has received a standard unqualified audit report from Deloitte Huayong Accounting Firm[5]. - The company has not violated any decision-making procedures in providing guarantees to external parties[7]. - The company is committed to updating its forward-looking statements as necessary, although it is not obligated to do so[6]. - The company has established a plan to avoid conflicts of interest and ensure fair dealings in any related transactions[126]. - The company will disclose any related party transactions in a timely manner[126]. Acquisitions and Investments - The company acquired 80% interest in Northparkes Joint Venture and related assets on December 1, 2013, enhancing shareholder returns and diversifying its portfolio in non-ferrous metals[34]. - The company plans to issue up to 4.9 billion RMB in A-share convertible bonds, with招商证券作为保荐机构[23]. - The company raised RMB 570 million from its A-share issuance, with a net amount of RMB 558.15 million after expenses, allocated for acquiring an 80% stake in Northparkes Joint Venture[78]. - The company is acquiring an 80% stake in Northparkes Joint Venture through its subsidiary CMOC Mining Pty Limited, indicating a strategic expansion[168]. Production and Operations - The production of molybdenum concentrate was approximately 32,436 tons, a slight decrease of 0.1% compared to the previous year[32]. - The tungsten concentrate production was 6,984 tons, representing an increase of 27.1% compared to the previous year[32]. - In 2013, the company produced 602.7 million tons of ore at the Northparkes copper-gold mine, with copper grade at 1.05% and gold grade at 0.46 g/t[34]. - The company plans to produce approximately 15,100 tons of molybdenum concentrate in 2014, with a cash production cost estimated at RMB 67,700 per ton[90]. - The company plans to produce 15,100 tons of molybdenum concentrate and 7,000 tons of tungsten concentrate in 2014, with cash production costs of RMB 677 per ton and RMB 201 per ton, respectively[93]. Financial Management - The company has outstanding loans of approximately $785 million related to acquisitions, with foreign exchange risks due to revenue in USD and costs in AUD[12]. - The company has not established any formal hedging policies for interest rate or foreign exchange risks[12]. - The company experienced a significant increase in financial expenses, rising by 108.13% to 103,227,553.28 CNY due to increased financing costs from overseas acquisitions[49]. - The company reported a total of 607.01 million tons of mineral resources compliant with JORC standards, with a proven reserve of 342.32 million tons[104]. Environmental and Social Responsibility - The company is actively pursuing the construction of national-level green mines, focusing on ecological restoration and disaster prevention[102]. - The company has not experienced any environmental pollution incidents in 2013 and has not been criticized or placed under supervision by higher environmental authorities[100]. - The company plans to restore a cumulative vegetation area of over 2.03 million square meters by the end of 2015 as part of its commitment to ecological restoration[102]. - The company achieved energy savings of 2,315 tons of standard coal through its mining and smelting operations[101]. Employee and Management - The total number of employees in the parent company is 4,271, and in major subsidiaries, it is 4,156, resulting in a total of 8,427 employees[161]. - The company implements a performance-based salary system linked to overall economic performance and individual achievements[161]. - The training program aims to enhance management skills and improve employees' business skills and educational levels, with various training sessions provided throughout the year[162]. - The management team has extensive experience in the molybdenum industry, enabling timely strategic adjustments in response to market dynamics[69].