On Friday, 12 June 2020, China Molybdenum Co., Ltd. (hereinafter referred to as “CMOC” or “the Company”) announces that Mr. Li Chaochun has decided to step down as Executive Chairman and CEO, and Mr. Yuan Honglin was elected Chairman of the Board of Directors. Mr. Li Chaochun will continue serving as Executive Director of the Company and he is also appointed Vice Chairman and Chief Investment Officer of the Company.

Mr. Li Chaochun was elected Vice Chairman of the Company in January 2007 and later on has served as Chairman of the Company since January 2014. During his service, the Company achieved unprecedent successes and surpassed numerous milestones, such as its listing on both A-share and H-share markets, mixed ownership reform, and a number of major transactions to acquire the copper and gold asset in Australia, the niobium and phosphate asset in Brazil, the copper and cobalt asset in the DRC, as well as IXM, the metal trading business. The Board is sincerely thankful to Mr. Li Chaochun for his remarkable contributions to the Company’s growth and achievements. Upon completion of the handover, Mr. Li Chaochun will continue contributing his profound experience in investment and M&A to the Company's future growth in his new capacity of Vice Chairman and Chief Investment Officer.

Having been on the Board of the Company since November 2013, Mr. Yuan Honglin and Mr. Li Chaochun have been working together on the Company’s Board and various committees of the Board for over six years. Mr. Yuan Honglin has years of experience holding senior executive positions in banking, investment, financial management and operations. The Company will greatly benefit from his extensive experience in strategic planning, corporate governance and culture cultivation. Under Mr. Yuan’s leadership, the Board commit to guide the Company towards even greater success, leveraging its comprehensive competitive edges in business scale, value chain integration, talent management, technological innovation, capital allocation, market access and operational excellence.

The Board also appointed Mr. Zhou Jun as Deputy General Manager of the Company. Mr. Zhou has years of experience in mining operations and project development in a global environment, particularly in the DRC. The Board expects Mr. Zhou and the team to continue enhancing the performance of the Company’s core copper and cobalt operation in the DRC.

Step by step, CMOC keeps forging ahead towards its purpose and destiny and carrying out its vision of growing into the most respected world-class mining powerhouse. The Company sticks to its “dual-engine” strategy propelled by both organic growth based on high-efficient low-cost management and inorganic growth via domestic and overseas M&A activities targeting high-quality assets.

As CMOC rapidly expanding across mining and commodity trading businesses, it becomes imperative for the Company to upgrade its organizational structure, attract more talents and enhance its corporate culture. The Company will live up to the principle of “meritocracy, cost-control, continuous improvement and achievement-sharing”, continue optimizing its operational and cost efficiency fully leveraging its superior resources endowment, extracting synergies between mining and trading businesses, and enhancing its balance sheet, so that the Company will always stay ahead of competition.

Going forward, the Board will continue to embrace experienced managerial, operational and technical talents and is constantly looking for opportunities and areas to improve the organizational structure, the leadership team and the Board itself, so that the Company can always be best positioned on its journey towards greater success.