A 750 Billion Giant Enters New Era: 68-Year-Old Chairman Steps Down After 32 Years, Wealth Exceeds 2.4 Billion RMB

On the evening of November 28, Chinese mining powerhouse Zijin Mining (SH601899), with a share price of 28.58 RMB and a market cap of 759.6 billion RMB, issued a series of major announcements that marked a historic moment for the company.

During its November 28 board meeting, Zijin Mining reviewed and approved multiple proposals regarding the new board term and leadership transition.

The most striking revelation was that Chen Jinghe — the legendary architect of the “Zijin Empire” and the company’s spiritual core — at age 68, has decided not to accept nomination for the 9th Board of Directors, citing age and family considerations. At the same time, the company also unveiled the candidate list for the next board term, consisting of core executives who have worked side-by-side with Chen for many years.

As of the closing on the 28th, Zijin Mining’s share price remained at 28.58 RMB, up more than 95% since the start of the year, bringing total market value to 759.6 billion RMB.

A Founder Worth Over 2.4 Billion RMB to Become Honorary Chairman for Life

The announcement surrounding Chen Jinghe’s role was written with both warmth and strategic clarity. Despite strong efforts by shareholders and the board to persuade him to remain as director, Chen insists that truly enduring enterprises must evolve from “founder-led” to “institution-driven,” and now is the right moment for leadership transition as the new core management team has fully matured.

From 2022 to 2024, Chen’s annual compensation amounted to 9.94 million, 8.05 million, and 7.48 million RMB respectively. He also owns 85.1 million shares of Zijin Mining — worth more than 2.4 billion RMB at current stock prices.

To honor his achievements and preserve his long-standing innovative and cultural legacy within the company, the board unanimously approved a proposal to appoint Chen Jinghe as Honorary Chairman for Life and Senior Advisor — a role that will be officially written into the company’s bylaws.

Zijin Mining stated that “Mr. Chen Jinghe will continue to provide guidance and support to the company in major strategic decision-making and resource coordination, contributing to the company’s long-term development.”

A Legacy That Shaped China’s Mining Industry

Chen Jinghe’s career is inseparable from the rise of China’s modern mining sector. Since 1993, he has served as chief leader and chairman of Zijin Mining, establishing the philosophy of “Developing mining for social benefit,” and pushing forward the vision of building a “green, high-tech, world-class mining group.”

According to the company’s 2024 annual report, Zijin’s output performance is remarkable: its mined copper accounts for 65% of China’s domestic production, and mined gold for 24%. In the Forbes Global 2000, Zijin ranks 267th overall and #1 among global gold companies; in the Fortune 500 it sits at #364.

As of end-2024, Zijin holds enormous verified reserves — ranking among the global top tiers in copper, gold, zinc, silver, and lithium — with copper, gold, and zinc reserves being the 2nd, 5th, and 3rd largest in the world respectively.

Behind these achievements stands Chen’s pioneering contributions in geological exploration, low-grade ore utilization, large-scale processing technologies, and mining management innovation — including his “Five-Loop Ore Flow Model,” which became Zijin’s hallmark for efficient, low-cost operations.

With his retirement from direct leadership, the market’s attention now shifts to whether Zijin can maintain — or even accelerate — this extraordinary growth momentum.

The New Leaders: Long-Serving Executives Step Forward

So who will now lead Zijin Mining forward? The candidate list for the 9th Board of Directors reveals a clear succession strategy.

Seven candidates were nominated as non-independent board members: Zou Laichang, Lin Hongfu, Wu Jianhui, Shen Shaoyang, Zheng Youcheng, Wu Honghui as executive directors, and Li Jian as a non-executive director. Meanwhile, current Executive Director and Vice President Xie Xionghui has been nominated as staff-representative director.

This is an exceptionally strong and deeply experienced group — nearly all have decades of experience at Zijin and have personally participated in major growth and expansion phases.

Zou Laichang, now Vice Chairman and President, born in 1968, is a professor-level senior engineer who joined the company in 1996. He has served as chief engineer, director, and senior VP — recognized widely as Chen Jinghe’s closest and most trusted operational partner.

Lin Hongfu, current Executive VP and director, joined Zijin in 1997 and served in multiple front-line leadership roles, including as head of gold refining and deputy head of Zijinshan Gold Mine.

Wu Jianhui, also joining in 1997, has held leadership positions in Zijin Copper as well as West Mining operations in Tibet, accumulating vast experience running mega-scale mining facilities.

Several other executives bring specialized expertise:
• Shen Shaoyang brings international trade and CPA credentials and prior leadership within Barrick’s Papua New Guinea division
• Zheng Youcheng, with nearly 20 years at Zijin, is well-versed in corporate and capital operations
• Wu Honghui, CFO since 2007, adds deep strength in finance, tax, and investment strategy

A New Corporate Governance Era

The leadership reshuffle comes with structural reforms. To comply with new regulatory requirements, Zijin Mining plans to abolish the Supervisory Board and instead establish an Audit & Supervision Committee within the Board — modernizing its governance framework.

For the independent director positions, seven candidates have been nominated, bringing highly diverse perspectives:
• Bo Shaochuan — over 30 years of international mining investment experience
• Zhang Yongtao — former vice chairman of the China Gold Association
• Qu Xiaohui — China’s first female PhD in accounting economics
• Wang Anjian — chief strategic scientist for global mineral resources at the Chinese Academy of Geological Sciences
…among others.

Notably, several outgoing board members — including Lin Hongying — are not part of the new nomination list, signaling a generational shift.

(Disclaimer: All content and data are for information only and do not constitute investment advice. Investors assume all risks associated with their decisions.)