On January 12, Chifeng Gold held the Work Summary Meeting of Domestic Subsidiaries in 2022 in Beijing. The meeting was attended by senior executives of Chifeng Gold, senior executives of domestic front-line mines, department and mining area managers, heads of production teams, advanced representatives and key employees of Chifeng Gold, and personnel of all departments and offices of the headquarters. The meeting was presided over by Co-chairman Lyu Xiaozhao.

Participants of the meeting comprehensively summarized the annual work of domestic subsidiaries, commended the annual advanced collectives and individuals, signed the 2023 target responsibility letters of each subsidiary, and made overall work deployment and arrangement for the next year.

At the meeting, Gao Bo, the director and executive president, made a summary of the work of domestic subsidiaries in 2022, and reported their annual production and operation, the exploration and reserves increase, the progress of key projects and technological transformation projects. He fully affirmed the great contributions made by all employees of Chifeng Gold, especially the front-line employees, in achieving a historic breakthrough in the gold production index. He requested that in the next work, relying on the current exploration advantages and achievements, all employees should deeply tap the potential of increasing reserves, and make every effort to conduct production and operation in the next year centering on increasing production, reducing costs, and scale development.

Zhao Qiang, director, executive president and CFO, analyzed the influencing factors and solutions of the company’s financial performance in 2022. He said that the key to production and operation in 2023 was to firmly grasp the key point of “cost reduction” and truly implement the goal of “minimizing cost” in all aspects of production and operation. At the same time, all employees should skillfully use the information management platform, master “OKR” and other task management tools, combine the excellence and hard-working spirit of domestic enterprises with the internationally standard and advanced management modes, and gather momentum for the better performance indicators in the next year.

After signing the target responsibility letters with heads of subsidiaries, Lydia Yang, the director and president, delivered a speech and made overall arrangements for the work in 2023.

 Lydia Yang said that the first thing she did at the beginning of her tenure was to have a comprehensive and detailed understanding on the performance of group subsidiaries and make a comprehensive evaluation on the performance data such as the cost of global mining companies. She said that on the basis of clarifying the capital market, basic economic laws and external evaluation needs, the company’s performance and situation in 2022 and risk factors determined that Chifeng Gold has to make a positive progress in reducing cost in 2023，and race against time to make a healthy progress as soon as possible. The premise is an efficient and executive management system. Every link and every people in the system needs new, systematic and urgent changes. She put forward the assessment criteria for mine managers who should focus on the balance between output, cost, capital expenditure, net profit and free cash flow in an all-round way, so as to achieve high-level and reasonable fund management. After that she put forward specific requirements for budget preparation and assessment, organization system construction, operation system update, information system construction, ESG construction, talent training and promotion of transnational and multicultural business communication and exchange in 2023, and hoped that all managers would be willing to accept challenges and changes, actively embrace growth and transformation, and work together to achieve new goals.

At the end of the meeting, Chairman Wang Jianhua made a summary speech and evaluated the overall performance of the company in 2022. He said that from two tons of output a few years ago to today’s output, volume and scale of Chifeng Gold, everyone has changed. Chifeng Gold is faced with harsher realities and higher standards than ever before. The original attitude of cognition and the old management mode cannot adapt to Chifeng Gold’s future path of climbing the peak and reaching the global perspective. In order to realize the core values that benefit more people, we need to change resolutely and decisively. The key words of Chifeng Gold in 2023 are “breaking the situation, restructuring and entrepreneurship”. All managers should think carefully, see the value of everyone through informatization tools, and re-evaluate their roles; build a more scientific and efficient management system by restructuring organizations and links; revitalize the spirit of entrepreneurship, focus on the key time nodes and grasp the window period. Only when the leaders are not afraid of hardship, fatigue, commitment, loss, and tie together can they accomplish the three major tasks: output, cost, and cash flow.

Wang Jianhua also said that in the next year, or facing the uncertain environment in the next few years, the company had to stand at a new height and level to set and focus on goals, not limited by indicators, not overwhelmed by pressure, and only strive for its ideals. Under the leadership of the new president Lydia Yang, all employees should make a determined effort to change and transform, walk forward firmly, fight against the cold winter, and create the spring blossoms of Chifeng Gold.