# Jinchuan Group

Jinchuan Group Ltd. (Chinese: 金川集团) is a Chinese company based in Gansu. It produces the metals nickel, copper, cobalt, platinum, palladium, gold, silver and selenium. As of 2007 it has the capacity to produce 150,000 metric tons of refined nickel per year, producing 90% of China's output, and is the largest nickel producer in Asia. It produces 400,000 tons of copper per year, the fourth largest in China. The company reported that it would make a profit of 10 billion yuan in 2007 compared with 7.2 billion yuan in 2006, with sales of 50 billion yuan.
JinChuan Group Ltd. (Chinese: 金川集团) produces a large variety of metals including nickel, copper, cobalt, platinum, palladium, gold, silver and selenium. It is one of China's largest and the world’s leading nickel and cobalt production companies, with operations in more than 30 countries and regions around the world.. It owns the world’s third largest nickel-copper sulfide deposit and holds the Xiazi Ramu nickel mine in Qinghai. At present, it has a comprehensive production capacity of 330,000 tons of nickel containing products and 17,000 tons of cobalt containing products per year. Their annual production also includes 190,000 tons of electrolytic nickel, 7,000 tons of electrolytic cobalt, and 10,000 tons of nickel carbonyl. Jinchuan created great influence in the metal industry all over the world.
In October 2007, it was reported that it was planning to raise 30 billion yuan in an IPO some time in the next 10 months.In 2011, Jinchuan outbid Vale S.A. in seeking to buy the mining company Metorex for $1.32 billion. This bid was successful, and Metorex became a subsidiary in early 2012.
The Jinchuan Group is a majority (60.01%) shareholder of Jinchuan Group International Resources Co., which is publicly traded on the Hong Kong stock market (SEHK: 2362). As of December 2021, the group was considering taking this company private.
Ranking:
In 2024, the Group ranked 300th on the Fortune Global 500 list, 78th on the Fortune China 500 list, and 78th on the China Top 500 Enterprises list.
Background
JinChuan Ltd. was established in 1959, headquartered in Jinchang, Gansu Province. It is a large joint venture owned by the Gansu Provincial People’s government. The company is involved in mining, processing, metallurgy, and chemical production.
In the 1960s, JinChuan company worked to build China’s first production line of Nickel, cobalt, and platinum group metals. Before China’s economic reform, the nation faced challenges in their metal industry. The industry was dispersed, technology level was insufficient, and output was low. Jinchuan’s production line ended the nation’s shortage of those metals. After the economic reform in 1979 -when China adopted several strategies to recover from the Cultural revolution- the national scientific and technological initiative was launched. This incident united scientists from across China to maximize the use of Jinchuan’s resources. Jinchuan was then designated as one of the country’s three major comprehensive mineral resource bases, setting it on a path of leading technological innovation in the industry.
Historical timeline:
June 1958:
Tang Dongfu, a member of the 145th Team of the Northwest Coalfield Geological Exploration Bureau, discovered a malachite specimen containing copper in a mountain gully west of Baiji Azui. Later, Guogunshan, also found similar mineral specimens while surveying surface routes. Upon further investigation, it was determined that malachite bearing diabase was part of the rock vein. Specimens were collected and reported to the Yongchang County Committee by relevant personnel of the 145th Team.
July 1958:
The Jinchuan Nickel Mine was discovered.
October 1958:
A mobile inspection team of the Gansu Provincial Geological Bureau examined the malachite specimen.
June 1958:
Following directives from the Ministry of Metallurgy and the Gansu Provincial Committee, The Eighth Metallurgical and Chemical Construction Corporation was separated from the Baiyan company to establish the “Northwest Metallurgical Construction Corporation”. On October 19, the Ministry of Metallurgy decided to establish the Yongchang Nickel Mine. Subsequently, on December 25, the Ministry of Metallurgy placed the Yongchang Nickel Mine under the administration of Baiyin Nonferrous Metals Corporation. I
Following the establishment of the Yongchang Nickel Mine, some construction teams from the Baiyin Company and the Northwest Metallurgical Construction Corporation (later known as the Eighth Metallurgical Corporation) began operations in Jinchuan, marking the beginning of China's nickel and cobalt industry development.
Recent:
In the 21st century, Jincuan capitalized on the plan of "two markets"(domestic and oversea market) and developed “two types of resources”(domestic and oversea capital), significantly boosting its overall production level. In recent years, the company has fully embraced new developmental concepts of Innovating, coordinating, greening, opening and sharing. This accelerated the process of growth and stepped into a new era of becoming one of the world's leading enterprises.
By 2023, Jinchuan ranked third globally in nickel production, fifth in cobalt production, first in Asia for platinum group mental productioning from mining, and fourth in China for copper production.