With the development of monetary system, although gold has gradually lost its functions of money as a trading medium and a measure of value, it still maintains certain monetary characteristics in international trade, international settlement of creditor's rights and debts and international reserves.
The so-called gold market is a specific form that determines the price of gold and reflects the relationship between supply and demand of gold. Is a trading place and business network mainly selling gold and financial instruments with gold as the subject matter.
Reviewing the history of the world gold market will help us better understand Fujian Zijin Mining Co., Ltd. ..
/kloc-At the beginning of the 9th century, the earliest international financial market in the world first appeared in London. In the London market, gold can be bought and sold freely, and gold coins can be exchanged freely. Most of the gold belonging to the Commonwealth gold-producing countries was transported to London for concentration, and then transported to all parts of the world through trade, gradually forming a gold market.
194 1 With the outbreak of World War II, various capitalist countries have abandoned the gold standard and implemented foreign exchange control, stipulating that gold should generally be sold to official foreign exchange management agencies or designated national banks. 1944, the Bretton Woods Conference decided to establish the International Monetary Fund. The member countries agreed to use the US dollar as the reserve currency, and their own currencies were linked to it to maintain a fixed exchange rate system, while the United States undertook the obligation to exchange gold at the price of US$ 35 per ounce, which is the so-called "gold exchange system". Due to the implementation of the gold exchange system, the free trading of gold was greatly restricted, and the London gold market was closed 15 years.
After World War II, countries relaxed their control over gold, and Zurich, Switzerland, took the lead in entering the international gold market. It was not until March 1954 that the Bank of England announced the reopening of the London gold market.
Since the late 1950s, the balance of payments in the United States has reversed, people's confidence in the US dollar has been shaken, and US dollars have been converted into gold, and the US gold reserves have declined rapidly. 1In March, 968, the "main bank of gold" was forced to disintegrate, and the seven central banks announced the implementation of the "double price system of gold", that is, central banks can still exchange gold at the official price, but private gold transactions must be carried out in the free market, and the price is determined by supply and demand, so there is a difference between the official price of gold and the market price.
In the 1970s, American international income continued to deteriorate, and finally announced on August 197 1 that it would stop exchanging gold with foreign central banks, and the "gold exchange system" collapsed. 1973165438+1October, the Basel conference announced that the "dual price system" was officially abolished, and the official prices of the US dollar and gold were no longer maintained, but floated freely instead. Since then, gold has been directly dominated by the law of supply and demand, and the world gold market has become a free trading market.
With the disintegration of the official price system, gold no longer plays the role of currency, and gradually recovers its status as a general commodity. At the same time, the gold market in the full sense has also developed rapidly. New york, Chicago and Hongkong have successively become important international gold markets, and together with London and Zurich, they have formed a unified whole of the international gold market, and countries all over the world can trade continuously within 24 hours. At present, there are about 40 gold markets in the world, covering four continents, most of which are regional. London, Zurich, new york and Hongkong have become the four largest gold markets in the world.
Since the founding of New China, due to the arduous pioneering period of gold in functions of money and China, it is necessary to exchange gold for foreign exchange and repay debts, which has greatly promoted the development of domestic gold production, but at the same time, it has also formed a situation in which gold is highly monopolized by the state and strictly planned for supply.
In the early days of liberation, the gold and silver jewelry market in China was still relatively active. However, in June 5438+0963+ 10, according to the needs of economic construction, the state stopped supplying raw materials for gold and silver ornaments, and the gold and silver ornaments purchased by banks were no longer sold to the outside world. It was not until September 1982 that domestic sales of gold ornaments resumed.
So far, Chinese mainland has never opened its gold market. Neither domestic nor foreign residents are allowed to engage in gold trading in China. According to the Regulations on the Administration of Gold and Silver in People's Republic of China (PRC) and the Detailed Rules for the Implementation of the Regulations on the Administration of Gold and Silver in People's Republic of China (PRC), within the territory of China, the state uniformly manages the production and use of gold, and uniformly purchases and distributes it. It is forbidden to exchange goods at the price of gold, and private transactions and loan mortgages are prohibited. Only financial institutions approved by the People's Bank of China can participate in international gold market transactions.
Since the reform and opening up, China's economy has developed rapidly and people's living standards have improved rapidly. The lag in the opening of the gold market has not adapted to this situation. In the process of transition from planned economy to market economy, due to the lack of a standardized gold market, China's gold trading presents complex and diverse forms, such as monopoly circulation system, underground trading with the market, legal and illegal private markets. The gold market is nominally highly unified, but in fact light and shade coexist. Monopoly trading is strictly controlled by the state, which affects the operation of the gold market according to the law of value and restricts the enthusiasm of producers and traders; Underground activities also violate the relevant national economic policies and regulations, destroy gold resources and harm national interests, and should be banned. The reform of gold trading mode in China is imminent.
People of insight believe that with the development of China's economy and China's accession to the WTO, the opening of the gold market is an inevitable trend.
Looking at the existing gold market in the world, according to the degree of government regulation, it can be divided into: free gold market, residents and non-residents can buy and sell freely, and import and export are not restricted; In the regulated gold market, only non-residents are allowed to buy and sell, and import and export are restricted; A domestic gold market where only residents are allowed to buy and sell, and import and export are prohibited. According to the duration of gold trading, it can be divided into spot trading market and futures trading market. According to the form of gold trading, it can be divided into tangible market with fixed trading place and intangible market without fixed trading place. According to the scope of gold trading, it can be divided into international market and regional market.
According to the pattern of the international gold market and the reality of China, China has established the target mode of establishing the gold market:
A regional gold market dominated by domestic market, with spot market and futures market in parallel, and tangible market and intangible market coexisting. It not only establishes a tangible gold exchange, but also allows transactions in an intangible way; The gold exchange allows both spot trading and futures and options trading; Fully liberalize gold imports, but appropriately restrict gold exports; Traders are mainly domestic institutions, residents and non-residents
Because China does not have the necessary conditions to establish the gold market at present, it is impossible to achieve the goal of the gold market in one step. Therefore, China will follow the steps of legal person first, resident later, spot first, futures first, domestic first and foreign first, and gradually reach the target mode of gold market. Specifically, a three-step strategy will be implemented:
1) Prepare for the transition period: before 2002. Because the market mechanism and legal protection of gold are almost blank, it is difficult to cancel mandatory planning, government pricing and monopoly immediately, but we should pay close attention to the preparatory work for establishing the gold market, establish the preferred city for the gold trading market as soon as possible, and gradually make a managed transition. Accelerate structural adjustment, establish modern enterprise system and industry management, and further bring the purchase price closer to the world price.
2) Initial opening stage: It entered the initial opening stage in 2002. According to international experience and China's national conditions, domestic gold supply is far from meeting the demand of gold consumption, which leads to the prevalence of illegal mining and illegal trading. Therefore, the domestic gold wholesale market should be opened first, and gold-producing enterprises and gold-using enterprises should conduct spot and forward spot transactions in RMB, restricting imports, that is, legal persons are not targeted at residents, spot is not targeted at futures, and domestic is not targeted at foreign countries. In this issue, the mandatory plan will be changed into a guiding plan, and gold enterprises will be guided to enter the market with policies, while some products will still be acquired by the People's Bank of China. National gold reserves can be purchased directly from gold enterprises or through the gold market.
3) All-round opening stage: According to the actual process of the initial opening stage, we will strive to gradually move towards the target mode in 2005. When the RMB is fully convertible, it can be opened to the outside world and can be traded in futures and options. By then, the gold market in Shanghai will be dominated by China, while the gold market in Hong Kong will be dominated by Southeast Asia, competing with Qi Fei to form the gold center in Asia.
Investigating the opening process of China's gold market, 2002 is a year of special significance in the development history of China's gold industry;
1. Mining right auction
On the morning of August 18, 2002, the Department of Land and Resources of Nanchang City, Jiangxi Province organized the auction of mining rights of Yingjiaciwu Gold Mine in Shangrao County. This is the first auction of gold mining rights in China.
The atmosphere of the whole auction site was warm. After many twists and turns, private enterprises, on behalf of Southern Machinery and Chemical Corporation, finally won the bid at a price of 2 million yuan, becoming the first successful bidder in the public auction of China Gold Mine.
For a long time, the gold diggers in China are mainly enterprises directly under the central government and provincial enterprises. However, with the advancement of the reform of the gold management system, it is only a matter of time before the gold market is liberalized. The auction of gold mining rights will promote the development of gold industry by introducing market competition mechanism.
According to the new Catalogue of Industries Directed by Foreign Investment issued in March 2002, the exploration and mining of precious metals such as gold was changed from the previous Catalogue of Industries Prohibited from Foreign Investment to the Catalogue of Industries Restricted from Foreign Investment, and China's gold industry began to be cautiously and conditionally opened to foreign investment. Although the winner of this mining right auction is a private enterprise, there are also representatives of Hong Kong-funded enterprises among the enterprises participating in the auction, which has also become a highlight of this mining right auction.
The insiders believe that this auction marks that the hard ice of China's gold industry reform has been broken from the upstream.
2. Opening of the Gold Exchange
The hammer auctioned in Jiangxi has just dropped. 20021October 30th, 10, Shanghai Gold Exchange (hereinafter referred to as the Gold Exchange) reopened at the original site of Hua 'ao Daosheng Bank on the Bund.
On the opening day, in just two and a half hours, the gold trading volume of the Gold Exchange reached 540 kilograms, with a trading amount of 45,086,550 yuan.
After more than a month, the Shanghai Gold Exchange was running smoothly and the trading volume was gradually enlarged. By June 6, 2002, 65438+February 6, 2002, the trading volume of the gold exchange had reached 930 kg, and the gold price was basically in line with international standards.
The opening of the gold exchange and the circulation field of the gold industry will have a great impact on the gold jewelry industry in China.
Gold jewelry industry is the "big consumer" of gold in China. In 200 1 year, among the 270 tons of gold consumption in China, the consumption of gold ornaments accounts for 230 tons. The opening of the Gold Exchange has made retail gold users feel "a real feeling of being loosened". Under the previous "unified purchase and marketing" system, all the products of gold production enterprises were sold to the People's Bank of China, where they were priced. Gold processing enterprises can't adopt high-grade jewelry processing technology because they can't set their own prices, lack the motivation to promote gold products, and the product price competition leads to meager profits. With the opening of the gold exchange, retail gold users can buy gold directly in the market, and how much to buy can be decided according to their own needs. In addition, the gold price of the gold exchange is directly in line with the international gold price, which is more reasonable and fair. It will be more convenient for merchants to extract, use and buy gold.
However, insiders predict that with the increasing consumption of gold jewelry in China, the competition in the gold jewelry industry will become more and more fierce. After the gold market is fully liberalized, the planned gold for gold jewelry production will no longer exist for gold processing enterprises. In the past, gold jewelry enterprises only paid attention to styles and varieties, but now they should pay attention to the whole process from raw materials and always pay attention to the trading market. At the same time, the four major state-owned commercial banks will directly sell gold bars and nuggets to consumers in the future, and will also compete with gold shops. In addition, the complete liberalization of gold trading will also attract overseas funds and enterprises after the relaxation of industry access conditions, further intensifying the competition in the gold and jewelry industry.
With the full opening of the gold market, underground gold trading will also enter legal channels. Although the official gold trading volume may increase rapidly, the actual trading volume will not change much.
3. The industry is facing integration
The opening of Shanghai Gold Exchange will accelerate the integration of gold production enterprises. The stronger the strong, the weaker the weak will be eliminated. After the official opening of the gold exchange, the People's Bank of China will let go of the acquisition and adopt a two-track transition method to determine an acquisition ratio for gold enterprises, and products exceeding the ratio will enter the market. After the gold exchange matures, the central bank will completely stop buying the products of gold producers, and all products of gold producers can enter the market.
After the opening of Shanghai Gold Exchange, large gold producers took the lead in obtaining membership, entering the market for trading, and may obtain higher returns through market bidding. Intense market competition will also force these enterprises to strengthen management and reduce production costs as much as possible. In this way, a group of excellent gold production enterprises will expand their scale rapidly on the basis of expanding their own business, establish their own brands, and use their own brand advantages to penetrate into the agent sales link. For some small and medium-sized enterprises, because there is no direct opportunity to enter the market, they can only choose to sell the gold to the People's Bank of China, or the member agents will conduct bidding transactions through the gold exchange. In order to develop the gold market and encourage more gold enterprises to enter the market, the central bank is bound to reduce the purchase price with reference to the transaction price of the gold exchange; On the one hand, enterprises have to pay a lot of smelting and transportation costs for smelting gold, on the other hand, they have to pay transaction agency fees to their members, which will greatly increase the costs and risks of enterprises. Therefore, after the liberalization of the gold market, a number of small and medium-sized gold production enterprises will face a crisis of survival.
In the middle of June 5438+ 10, 2002, Shanghai Gold Exchange designated 10 refining enterprise to produce gold ingots. According to insiders, due to the regulations of Shanghai Gold Exchange, all gold entering the market must be sent to a nearby designated gold refinery to make gold ingots. In this way, 10 refiner will naturally form a monopoly resource market, while other gold refiners will face the fate of integration and annexation.
4. "Little Yellow Croaker" shows his face
At the beginning of the opening of the gold exchange, it played more of a role as a commodity management market and only traded in kind. Most gold buyers buy gold because of the demand for gold. If we really want to make gold play its investment value and make the gold exchange a financial investment market, we should let go of futures trading, personal investment and other businesses. Individual investors will be able to conduct physical transactions and "paper" (that is, gold passbook) transactions. Another option is to buy a "small yellow croaker" and go straight home. After the individual investment gold market is liberalized, investors will be able to buy small gold bars for investment and collection through professional counters and banks in shopping malls.
On June 27th, 2002, the 165438+ Xiaoke gold bar, commonly known as "Little Yellow Croaker", just appeared at the "2002 Beijing Gold and Jewelry Exhibition", and it was greeted with eager inquiry from individual investors. After 50 years, "Little Yellow Croaker" has gradually returned to the lives of ordinary people.
At present, the central bank is stepping up the formulation of detailed rules for individual investment in gold.
Looking back on 2002, it can be said that 2002 was a year when the gold industry gradually opened up from upstream mining, intermediate circulation and even terminal personal investment.
On June 30th, 2002, 10 was a day of special significance in the history of China gold market construction:
The Bund, the original site of Sino-Russian Daosheng Bank, was opened by Shanghai Gold Exchange, which has attracted the attention of the gold industry and has been brewing for a long time.
The short gong of the opening of the Shanghai Gold Exchange knocked on the long-forgotten door of the China gold market. In just two and a half hours, the gold trading volume of the Gold Exchange reached 540 kilograms, with a trading amount of 4,508,655,000 yuan.
The official opening of the Shanghai Gold Exchange marks the real opening of the gold market in China. The opening of the gold market will make the pattern of China's gold industry face great changes.
As soon as the Shanghai Gold Exchange opened, the Fujian famous brand product "9999" gold ingot produced by Zijin Mining became the protagonist in the Shanghai Gold Exchange.
The website of Zijin Mining () made the following report on Zijin Mining's participation in Shanghai Gold Exchange:
"Today is the first day of the official opening of the Shanghai Gold Exchange. I
The company has made full preparations for this. Although we failed to grab the top ten transactions due to the restriction of long-distance trading, our company's trading volume advantage is very obvious in 99.99% gold transactions. The daily trading volume is190kg, accounting for 99.99% of the total gold trading volume (352kg) of the Gold Exchange, which is nearly 53.98%. "
Because the gold market in China has just recovered after several decades, there have been some unexpected situations in the market transactions, such as the mismatch between the grade and price of gold, but the imperfection of the market has not affected Zijin's determination in its product production and marketing strategy. In this regard, Zijin Mining website made the following report:
"In the whole transaction, there was a strange phenomenon. The average transaction price of 99.95% gold is 83.58 yuan/gram, which is 83.447 yuan/gram higher than that of 99.99% gold. In early trading, the volume of 99.95% gold was once greater than 99.99% gold 0. 133 yuan/gram. Because the transaction price of 99.99% gold and 99.95% gold is almost the same, the purchase volume of 99.99% gold showed a sharp upward trend in the afternoon. It can be speculated that most buyers (jewelers) initially chose to buy 99.95% gold as jewelry raw material for price reasons, so they have been active in the 99.95% gold trading market. When they learned that the price of 99.99% gold was close to 99.95% gold, they jumped into a herd and started buying 99.99% gold.
Faced with this phenomenon, the leaders of the joint-stock company said that no matter whether this kind of contrast will appear again in the future, our company will insist on producing and selling 99.99% gold. "
Zijin Mining's website tracked the company's sales on the second day after the opening of the Shanghai Gold Exchange:
"On the second day after the opening of the Shanghai Gold Exchange, our company still maintained a good sales momentum. Yesterday, it traded190kg, and today it continues to trade 57kg, accounting for 51.818% of the total turnover of the gold exchange; In 99.99% of gold transactions, it accounts for 83.36% of the total transaction volume. The total trading volume of the Gold Exchange today is 1 10 kg, of which 99.99% of the gold traded 66 kg, with an average transaction price of 83.90 yuan/g; 99.95% gold sold 44 kilograms, with an average transaction price of 83.64 yuan/gram. The difference in the average transaction price between the two trading varieties is 0.26 yuan/gram. This morning, the' RMB exchange rate' announced by the US Gold Information Network was 84.05438+0 yuan/gram. It can be said that the transaction price of the gold exchange has gradually approached the international price.
Judging from the trading volume, the trading popularity of today's gold exchange is obviously lighter than yesterday, but the average transaction price of 99.99% gold and 99.95% gold is higher than yesterday. Obviously, the trading focus of buyers and sellers has shifted from yesterday's trading volume to the trading price. Today's trading analysis shows that the trading price of 99.99% gold has opened a certain distance from the trading price of 99.95% gold. Our company expects that this distance can be further improved to a reasonable value difference under the fluctuation adjustment of the trading price. "
Psychologists have concluded that the purpose of human existence is to meet two needs, one is to live more comfortably, and the other is to achieve something. The development of world economic life shows that the former has been transformed into brand-name consumption; The latter has been transformed into the creation of famous brands. Most successful people in the business world are the creators of famous brands, and the most successful enterprises are those that are world-renowned. An economist said, "Do you want to prove your success? Then the best way is to create a world famous brand. "
Market economy is actually a famous brand economy, and there is only one way for enterprises to develop, and that is to create and develop famous brands. In the market, brand-name products with strong competitiveness, in addition to high-quality products and unique brands, must also have a larger production scale and sales scale as the strength basis to ensure a higher market share, thus producing economies of scale.
Many people think that the gold industry is the daughter of the emperor, and as long as it can produce gold, it can make money. However, at the beginning of its business, Zijin Mining established a strong brand awareness and a Zijin brand strategy of "building a brand with quality and ensuring quality with standard certification".
Zijin leadership believes that with China's accession to the World Trade Organization, gold enterprises in China will face the same market as other enterprises. With the opening of the gold market and the gradual establishment of a new gold management system, gold enterprises will face new development opportunities and challenges. When gold goes to the market, first of all, gold enterprises must go to the market, which requires gold enterprises to establish a system and operating mechanism that adapts to the market. To this end, Zijin has carried out three enterprise restructuring, especially the second enterprise restructuring in September 2000, which completed the transformation of the joint stock limited company and private capital entered the enterprise. 200 1,11October, officials from the Canadian Embassy and the Australian Embassy led representatives of mining companies from the two countries to inspect Zijin, and said that Zijin Mining was ahead of the market economy and was the first choice for foreign gold enterprises to find partners.
In addition, Zijin people believe that quality, brand and marketing are three very important links of any commodity. Zijin has done a lot of work in these three links.
On June 23rd, 2002, 65438+February 23rd, Zijin Mining Gold Smelter successively obtained ISO900 1:2000 quality system certification and ISO 1400 1:96 international standard environmental management system certification issued by China Fiona Fang Certification Committee. Became the first enterprise in the same industry in China to pass the ISO 1400 1:96 international standard environmental management system certification, filled the gaps in Fujian Province and China, and further enhanced and consolidated the brand position of Zijin Gold.
From obscurity to becoming one of the first batch of 10 qualified gold refineries confirmed by Shanghai Gold Exchange, Zijin Mining is active in the trading activities of Shanghai Gold Exchange and has become the leader of China gold market. The brand road of Zijin Gold is a road of continuous innovation, advancing with the times and pursuing Excellence.
1) 1999, the cyanide-free high-temperature and high-pressure desorption electrowinning equipment developed by Zijin Mining Gold Smelter was successfully operated, and "Zijin" gold ingots became the inspection-free products designated by the People's Bank of Fujian Province, and Zijin Gold was favored by users at home and abroad in Fujian Province. At the same time, Zijin Mining Smelter introduced ISO9000 gold smelting production quality assurance system.
2) On June 5438+February 2000, Zijin gold ingot production line passed the ISO9002: 1994 certification of China Fiona Fang Certification Committee, and gold ingot products passed the national standard Au- 1 quality certification, becoming the only gold enterprise in China that took the lead in passing the "double certification" of quality system and product quality.
3) In 20065438+0, with the opening of the domestic gold market approaching, Zijin Gold passed the evaluation of Shanghai Gold Exchange with its high-purity quality and strict quality assurance system, becoming the first batch of enterprises that can provide standard gold ingot certification in Shanghai Gold Exchange, and "Zijin" gold ingots were allowed to directly enter the Shanghai Gold Exchange for trading.
4) At the beginning of 2002, Zijin Gold Smelter introduced ISO 14000 environmental management system and implemented the international standard certification of quality/environmental management system integration, taking the opportunity of changing ISO9000 to 2000 edition. In February 2002, "Zijin" Au- 1 gold ingot was awarded the title of Fujian famous brand product by Fujian Provincial People's Government, and the first gold ingot product became the first of its kind in Fujian. According to international practice, passing ISO9000 certification is the key for enterprise products to enter the international market, and passing ISO 14000 certification is a green passport for enterprise products to enter the international market. As a result, Zijin Gold has entered the fast lane of international integration.
5) Fujian Zijin Mining Gold Smelter industrialized the production of gold salt products in May 2002, and has produced six batches of gold salt products. As a fine chemical product widely used in electroplating, electroforming, electronics and craft products, the annual demand of gold salt in China is up to 10 ton (equivalent to gold measurement). However, because the domestic gold salt can't reach the level of foreign production (BS5658- 1979), it can only be imported from Sweden, and it needs to pay 654.38+04 billion yuan in foreign exchange every year. Zijin Mining has successfully filled this gap, and Zijin's gold salt products can replace imports.
6) At the end of 2002, Zijin Mining broke through the refining process of 99.999- high purity gold.
7) In 2003, Zijinshan Gold Mine further carried out standardized management, introduced "Trinity" management systems such as ISO9000 quality management system standard, ISO 14000 environmental management system standard, OHSAS 1800 1 employee health and safety management system standard, and formulated and issued an integrated management manual and 49 program documents. Zijin Smelter continues to consolidate and enhance the brand achievements of quality tree, formulate quality internal control standards stricter than those of Shanghai Gold Exchange, strictly control the weight, fineness and appearance of products, and focus on quality control of key processes to further consolidate the reputation and brand of Zijin Gold Ingot. At the same time, Zijin also actively applied for the preliminary work of London Gold Market Association (LBMA) certification. Zijin Laboratory completed the translation of quality system according to ISO/IEC17025-1999, followed the development pace recognized by international laboratories, and continued to operate effectively. Zijin Laboratory also conducted "inter-room comparison" with the gold ingot of Changchun National Gold and Silver Quality Inspection Center and the laboratory of Inner Mongolia Gankun Gold and Silver Refining Company. The results show that the testing quality of the main projects hosted by Zijin Laboratory is stable.
In 2003, Zijin Mining was awarded the second batch of "Contract-abiding and Credit-abiding" enterprises in China by the State Administration for Industry and Commerce and "Contract-abiding and Credit-abiding Enterprises in Fujian Province in 20001~ 2002" by Fujian Province.
In order to cope with the opportunities and challenges brought by the opening of the gold market in China, and in the face of the increasingly clear prospect of the opening of the domestic gold market, the domestic gold purchase price is gradually converging with the international market, and the gold price changes flexibly with the international price, Zijin Mining established the sales information department in 2002 to collect, sort out, analyze and forecast the gold price information, so as to spread the price risk and seize the sales opportunity. Zijin appointed a deputy general manager to be responsible for the sales of the gold market. After more than a year of operation, it has achieved remarkable results and won tens of millions of yuan in profits for the enterprise.
If the establishment of Zijin Gold Ingot brand and Zijin Gold Smelter are among the top ten gold refineries in Shanghai Gold Exchange, Zijin has obtained a pass to enter the Shanghai Gold Exchange, then the establishment of Zijin Gold Market Awareness and the establishment of Zijin Enterprise's reputation have laid a solid foundation for Zijin to become a leader in the gold market in China.
Zijin people have repeatedly stressed that their surname is "mine" and not "gold". They said that it was clear from the name of their company that they were "mining companies", not "gold companies". Zijin people not only do gold, but also do non-ferrous metal mines. Now, in addition to gold, they also make copper and iron and, if possible, bauxite.
At present, Zijin Mining sells cathode copper in addition to gold. According to the company's marketing information, Zijin Mining began to sell cathode copper in June 2002. By 2003, Zijin Mining had produced 839 tons of cathode copper, with a sales income of14.88 million yuan.
According to China Nonferrous Metals Economic Reference, the global demand for copper will maintain a strong momentum in 2003, with the average price of copper rising by 6.2% to 75 cents per pound, while China still maintains the bright spot of the global copper industry, and the demand for copper will continue to grow. According to the latest report of the national statistics department, in 2002, China's copper consumption reached 2.5 million tons, accounting for 6.4% of the world's total copper15.2 million tons/kloc-0, surpassing the United States and ranking first in the world. However, the continuous shortage of raw materials such as copper concentrate in China will be the bottleneck restricting domestic copper production. On the one hand, it is the market opportunity brought by copper demand, on the other hand, it is the challenge faced by the shortage of domestic copper resources. Zijin decided to seize this opportunity.
From the end of 2002 to the first quarter of 2003, the demand for refined copper was sluggish in most parts of the world except Asia. It is estimated that the global demand for refined copper will increase by 4% in 2003, which is mainly driven by Asia. In the past two years, due to the rapid development of economic construction, China's copper demand has maintained an annual consumption of more than 15%, becoming the largest copper consumer in the world, resulting in a shortage of market demand. At the same time, due to the large decline in social stocks, international copper prices rebounded again, and domestic copper prices also rose sharply, which is a good thing.
In the first quarter of 2003, the copper resources in China increased by 725,300 tons, which was basically the same as that in the same period last year. Among them, resources increased by 254,500 tons in March, with a year-on-year decrease of 1.3%. Imported copper was 365,438+0.65,438+0 million tons, down 9.3% compared with the same period of last year; In the same period, the domestic economy as a whole showed a rare high growth trend in recent years, with the growth rate exceeding 9%, and most copper consumption products also increased substantially, thus driving the consumption of copper to nearly 300,000 tons, with an increase of 23%. In April, copper consumption was 3,654.38 million tons, an increase of 15% over the same period in 2002. From April to April, the cumulative consumption of copper 165438+ 10,000 tons increased by 25% year-on-year. Generally speaking, the demand of copper market in the first four months of 2003 was obviously insufficient, and the gap was mainly solved by inventory. According to statistics, in recent 10 years, the average growth rate of refined copper consumption in China is 2.4 times that of the world. In recent two years, the average annual growth rate was 350,000 tons, from the consumption of 6,543,800 tons in 2000 to 2,500,000 tons in 2002, an increase of 38.9%. The main consumption areas are concentrated in power generation projects and construction projects, such as domestic real estate, infrastructure construction, automobile industry and power grid transformation.
Facing this huge market opportunity, Zijin people, who have made great achievements in the gold industry in China, once again showed their market awareness, and they decided to extend the industrial chain of the enterprise by extending the resource chain. At present, Zijin Mining is stepping up the industrialization of biological copper extraction technology, stepping up the development of Zijinshan copper mine, stepping up research on some technical problems of biological copper extraction, and further improving the quality of cathode copper in enterprises.
Leaders of Zijin Mining said that with the liberalization of the gold market and China's accession to the World Trade Organization, Zijin Mining, like other gold enterprises, is facing a new development situation. However, they believe that China's gold industry needs to "transition" to the international market. In this transitional period, enterprises should further clarify their thinking, choose their own target positioning and development strategy, and make the best preparations for the full opening of the gold market. Zijin Mining hopes to strengthen the contact and cooperation with its peers and realize a smooth transition.
Take precautions and help with your heart.