Unit 3101, 31/F, United Centre,
95 Queensway, Hong Kong
香港金鐘道95號統一中心31樓3101室
Jinchuan Group International Resources Co. Ltd
金川集團國際資源有限公司
(Incorporated in the Cayman Islands with limited liability 於開曼群島註冊成立之有限公司)
(Stock Code 股份代號 : 2362)
ANNUAL REPORT
2017 年 報
This annual report is printed on environmentally friendly paper
本年報採用環保紙印製
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CORPORATE PROFILE
公司簡介
Jinchuan Group International Resources Co. Ltd (“JCI” or the
“Company”) is a mining company headquartered and listed in
Hong Kong. The Company was acquired by Jinchuan Group Co.,
Ltd* (“Jinchuan Group” or “JCG”) in November 2010 and is the
Jinchuan Group’s overseas resources development flagship
enterprise established for the purposes of accelerating Jinchuan
Group’s multinational operation strategy and elevating Jinchuan
Group’s global investing, financing and operating capabilities.
The Company is primarily engaged in the development and
operation of overseas mining resources projects, as well as the
trading of raw materials and products of copper, cobalt, nickel
and other non-ferrous metals.
Currently, JCI is the operator of a number of mines and projects
in the Central African countries of the Republic of Zambia
(“Zambia”) and the Democratic Republic of the Congo (“DRC”).
The mining assets now operated by JCI are:
OPERATING MINES:
— Ruashi Mine (75% ownership) — located in the DRC and
comprising 3 open pits and a process plant producing
copper cathode and cobal t for d i rect sale on the
international market.
— Chibuluma South Mine (85% ownership) — located in
Zambia and comprising an underground mine with a
process plant producing copper concentrate for sale to a
smelter located in Zambia.
PROJECT IN TRIAL PRODUCTION STAGE:
— Kinsenda Project (77% ownership) — located in the DRC
and is one of the world’s highest grade copper deposits
with resources grade at % copper. The underground
mine currently being developed will be in production from
beginning of 2018.
EXPLORATION PROJECTS (advanced stage):
— Musonoi Project (75% ownership) and Lubembe Project
(77% ownership) both located in the DRC and are currently
under exploration. Musonoi Project is well prepared for the
development stage to produce copper and cobalt. It had
completed the feasibility study and preliminary mine design.
Currently the project is in construction preparation stage.
The Jinchuan Group currently retains an approximate %
ownership of JCI. The Jinchuan Group was founded in 1958 and
is a state-owned enterprise with its majority interest held by the
People’s Government of Gansu Province. The Jinchuan Group is
one of the world’s largest mining enterprises being the third
largest producer of nickel in the world, the fourth largest cobalt
producer in the world and the third largest copper producer in the
People‘s Republic of China (“PRC”).
金川集團國際資源有限公司（「JCI」或「本公
司」）為一間礦業公司，總部位於香港且於香
港上市。於二零一零年十一月，本公司被金川
集團股份有限公司（「金川集團」或「JCG」）收
購，且為金川集團海外資源開發的旗艦企業，
成立宗旨為加速金川集團的跨國經營策略及
提升金川集團的全球投資、融資及經營能力。
本公司主要從事海外礦產資源項目的開發及
運營以及銅、鈷、鎳及其他有色金屬的原材料
及產品的貿易。
目前，JCI 為中非國家贊比亞共和國（「贊比
亞」）及剛果民主共和國（「剛果（金）」）多個礦
場及項目的運營商。目前由JCI 經營的採礦資
產為：
營運礦場：
— Ruashi礦（75%的所有權） — 位於剛果
（金），包括3個露天礦及一個冶煉廠，生
產電解銅及鈷以直接銷往國際市場。
— Chibuluma南礦（85%的所有權） — 位於
贊比亞，包括1個地下礦，及一個選礦
廠，生產銅精礦銷往贊比亞冶煉廠。
項目在試生產階段：
— Kinsenda項目（77%的所有權） — 位於
剛果（金），是全球品位最高的銅礦床之
一，資源的銅品位為%。目前正在開
發的地下礦將於二零一八年初開始生產。
探礦項目（後期）：
— M u s o n o i 項 目（ 7 5 % 的 所 有 權 ）及
Lubembe 項目（77%的所有權），均位於
剛果（金）並目前正在勘探。Musonoi項
目已做好準備於開發階段生產銅及鈷。
項目現已完成可研和初步礦山設計，現
在處於建設準備期。
金川集團目前保留JCI約%的所有權。金
川集團創辦於一九五八年，為國有企業，其大
部分權益由甘肅省人民政府持有。金川集團
為全球最大的礦業企業之一，為全球第三大
鎳生產商，全球第四大鈷生產商及中華人民
共和國（「中國」）第三大銅生產商。
* 僅供識別* For identification purposes only
CONTENTS
目錄
2
3
4
6
8
11
16
Geographic Location of JCI’s Mines
JCI礦區地理位置分佈
Financial Highlights
財務摘要
Corporate Information
公司資料
Chairman’s Statement
主席報告
CEO’s Report
行政總裁報告
Mining Operational Review
採礦業務回顧
Resources and Reserves
資源量及儲量
21
38
50
67
73
88
Sustainable Development Report
可持續發展報告
Management Discussion and Analysis
管理層討論及分析
Corporate Governance Report
企業管治報告
Directors and Senior Management
董事及高級管理層
Report of the Directors
董事會報告
Independent Auditor’s Report
獨立核數師報告
97
98
100
192
193
101
103
CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表
Consolidated Statement of Profit or Loss and
Other Comprehensive Income
綜合損益及其他全面收益表
Consolidated Statement of Financial Position
綜合財務狀況表
Consolidated Statement of Changes in Equity
綜合權益變動表
Consolidated Statement of Cash Flows
綜合現金流量表
Notes to the Consolidated Financial Statements
綜合財務報表附註
Five-Year Financial Summary
五年財務概要
Glossary
詞彙
2 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
GEOGRAPHIC LOCATION OF JCI’S MINES
JCI礦區地理位置分佈
Zambia
贊比亞
Operating
mines
營運礦場
Exploration
Projects
探礦項目
Democratic Republic of Congo
剛果民主共和國
Head office in
Hong Kong
香港總部
AFRICA 非洲
Musonoi Project Musonoi項目
Kinsenda Project Kinsenda項目
Lubembe Project Lubembe項目
Chibuluma South Mine
Chibuluma南礦
Ruashi Mine Ruashi礦場
Operation office in
South Africa
南非營運辦事處
3 ANNUAL REPORT 2017 二 零 一 七 年 報
FINANCIAL HIGHLIGHTS
財務摘要
MINING ASSET REVENUE
採礦資產收益
MINING PRODUCTION VOLUME
礦山產量
MINING COPPER AND COBALT IN REVENUE
礦山銅收益及鈷收益
EBITDA MARGIN OF MINING ASSET%
採礦資產除息稅折舊攤銷前溢利率％
C1 COST (US$/t)
C1成本（美元╱噸）
CONSOLIDATED PROFIT AND LOSS
綜合損益
0
10
20
30
40
50
60
70
20162017
0
100
200
300
400
500
20162017
Copper (US$ m)
銅（百萬美元）
Cobalt (US$ m)
鈷（百萬美元）
Profit before
tax (US$ m)
稅前利潤（百萬
美元）
Profit after
tax (US$ m)
稅後利潤（百萬
美元）
Profit attributable
to the owners of
the Company
(US$ m)
本公司擁有人
應佔利潤
（百萬美元）
186
263
58
205
0
10000
20000
30000
40000
50000
60000
70000
80000
20162017
Copper (tonne)
銅（噸）
Cobalt (tonne)
鈷（噸）
4,638
42,512
3,391
42,587
0%
20%
40%
60%
80%
100%
120%
20162017
Copper in revenue %
銅收益%
Cobalt in revenue %
鈷收益%
41%
59%
22%
78%
0%
5%
10%
15%
20%
25%
30%
20162017
0
500
1000
1500
2000
2500
3000
3500
4000
4500
20162017
24%
7%
3,008 3,984
4 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
CORPORATE INFORMATION
公司資料
BOARD OF DIRECTORS
Executive Directors
Mr. GAO Tianpeng (Chief Executive Officer)
Mr. QIAO Fugui
Non-executive Directors
Mr. CHEN Dexin (Chairman of the Board)
Mr. ZHANG Youda
Mr. ZENG Weibing
Independent Non-executive Directors
Mr. WU Chi Keung
Mr. YEN Yuen Ho, Tony
Mr. POON Chiu Kwok
COMPANY SECRETARY
Ms. SO Yee Kwan
AUDIT COMMITTEE
Mr. WU Chi Keung (Chairman)
Mr. YEN Yuen Ho, Tony
Mr. POON Chiu Kwok
Mr. ZHANG Youda
REMUNERATION AND NOMINATION
COMMITTEE
Mr. WU Chi Keung (Chairman)
Mr. CHEN Dexin
Mr. QIAO Fugui
Mr. YEN Yuen Ho, Tony
Mr. POON Chiu Kwok
RISK MANAGEMENT COMMITTEE
Mr. YEN Yuen Ho, Tony (Chairman)
Mr. CHEN Dexin
Mr. ZHANG Youda
Mr. WU Chi Keung
Mr. GAO Tianpeng
STRATEGY AND INVESTMENT COMMITTEE
Mr. CHEN Dexin (Chairman)
Mr. GAO Tianpeng
Mr. QIAO Fugui
Mr. ZHANG Youda
Mr. ZENG Weibing
董事會
執行董事
郜天鵬先生（行政總裁）
喬富貴先生
非執行董事
陳得信先生（董事會主席）
張有達先生
曾衛兵先生
獨立非執行董事
胡志強先生
嚴元浩先生
潘昭國先生
公司秘書
蘇漪筠女士
審核委員會
胡志強先生（主席）
嚴元浩先生
潘昭國先生
張有達先生
薪酬及提名委員會
胡志強先生（主席）
陳得信先生
喬富貴先生
嚴元浩先生
潘昭國先生
風險管理委員會
嚴元浩先生（主席）
陳得信先生
張有達先生
胡志強先生
郜天鵬先生
戰略及投資委員會
陳得信先生（主席）
郜天鵬先生
喬富貴先生
張有達先生
曾衛兵先生
5 ANNUAL REPORT 2017 二 零 一 七 年 報
CORPORATE INFORMATION
公司資料
REGISTERED OFFICE ADDRESS
Cricket Square, Hutchins Drive
. Box 2681
Grand Cayman KY1-1111
Cayman Islands
HEAD OFFICE AND PRINCIPAL PLACE OF
BUSINESS IN HONG KONG
Unit 3101, 31/F
United Centre
95 Queensway
Hong Kong
INDEPENDENT AUDITOR
Deloitte Touche Tohmatsu
Certified Public Accountants
CAYMAN ISLANDS PRINCIPAL SHARE
REGISTRAR AND TRANSFER OFFICE
Conyers Trust Company (Cayman) Limited
HONG KONG BRANCH SHARE REGISTRAR
AND TRANSFER OFFICE
Boardroom Share Registrars (HK) Limited
COMPANY WEBSITE
MAJOR BANKERS
China Development Bank Corporation
The Export-Import Bank of China
Bank of China (Hong Kong) Limited
The Hongkong and Shanghai Banking Corporation Limited
DBS Bank Limited
BNP Paribas
註冊辦事處地址
Cricket Square, Hutchins Drive
. Box 2681
Grand Cayman KY1-1111
Cayman Islands
總辦事處暨香港主要經營地點
香港
金鐘道95號
統一中心
31樓3101室
獨立核數師
德勤 • 關黃陳方會計師行
執業會計師
開曼群島主要股份過戶登記處
Conyers Trust Company (Cayman) Limited
股份過戶登記處香港分處
寶德隆證券登記有限公司
公司網址
主要往來銀行
國家開發銀行股份有限公司
中國進出口銀行
中國銀行（香港）有限公司
香港上海滙豐銀行有限公司
星展銀行有限公司
法國巴黎銀行
6 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
CHAIRMAN’S STATEMENT
主席報告
各位尊敬的股東：
衷心感謝各位股東長期以來對金川國際的關
注與支援。我謹代表公司董事會向各位股東
呈報公司2017年年度報告。
2017年公司是充滿新氣象的一年，隨著大宗商
品價格回暖，公司內部「提質增效」見成效，
公司經營業績大幅好轉，公司成功的引入山
東高速為公司的戰略股東，公司股票被納入
MSCI中國小型股指數成分股，公司各項工作
呈現出關鍵性變革和轉折性變化。
報告期內，公司主力礦山如瓦西(Ruashi)的鈷
產量連創新高，單月產量創造了建礦以來的
最高紀錄，新建礦山金森達(Kinsenda)已進入
試生產階段。公司實現收入549百萬美元，同
比增長%，公司股東應佔盈利百萬美
元，同比增長399%。
DEAR SHAREHOLDERS,
I would like to sincerely thank the shareholders who have shown
their concern and support to JCI over the years. On behalf of
the Company’s board of directors, I would like to present to the
shareholders the annual report of the Company for the year
2017.
2017 was a year filled with new dynamics for the Company.
With the recovery of commodity prices, the Company’s policy to
improve quality and efficiency achieved demonstrable results.
The Company recorded a significant improvement in operating
performance, successfully introduced Shandong Hi-Speed as
a strategic shareholder of the Company and was included as
a constituent stock of the MSCI China Small Cap Index. The
Company’s work have shown key reformations and turning point
changes.
During the reporting period, the Company’s main mining
asset, Ruashi, has continuously produced record high cobalt,
with its single month production the largest since the mine
was constructed; while Kinsenda, a newly built mine, has
commenced the trial production. The Company achieved
revenue of US$549 million, representing an year-on-year
increase of %, and earnings attributable to shareholders of
the Company of US$ million, representing an year-on-year
increase of 399%.
Chen Dexin
Chairman of the Board
陳 得 信
董事會主席
7 ANNUAL REPORT 2017 二 零 一 七 年 報
CHAIRMAN’S STATEMENT
主席報告
2017年，公司董事會與管理層進行了調整，
前主席楊志強先生、執行董事張三林先生、張
忠先生辭任公司董事，郜天鵬先生、喬富貴先
生獲委任為新的執行董事，張有達先生獲委
任為新的非執行董事，我本人由行政總裁獲
委任為主席，郜天鵬先生獲委任為新的行政
總裁。這次調整既進一步鞏固了公司國際化、
專業化優勢，又充分體現了大股東金川集團
對本公司發展的高度重視。我本人深感責任
重大，同時，對郜天鵬先生出任新職表示全力
支持並充滿信心，並對楊志強先生、張三林先
生及張忠先生多年來對本公司作出的寶貴貢
獻表示衷心致謝。
2017年，公司還進一步拓展融資管道，成功
引入山東高速作為戰略股東，募資約5000萬
美元，改善了公司資本結構。公司股票也獲得
資本市場關注，交投活躍，2017年11月被納
入MSCI中國小型股指數成分股，表明國際資
本市場對於公司的認可與信心。
圍繞將公司發展成為世界級礦業公司的宏偉
目標，按照董事會確定的戰略：公司將繼續大
力打造礦業板塊；做強做大做優國際貿易業
務；積極尋找機會、拓展新業務板塊；依託香
港國際金融中心的優勢大力開展投融資業務。
展望二零一八年，我們充滿信心。當前，有色
金屬行業進入復蘇週期，本公司銅、鈷產品價
格運行中樞繼續上移。我們將抓住市場時機，
繼續砥礪前行，將各項工作縱深推進，打好提
質增效、轉型升級攻堅戰，完成由資產保值向
資產增值、由規模速度型增長向品質效益型
增長的兩個根本性轉變。
本人謹此向全體股東保證並承諾，本人及行
政總裁郜天鵬先生將帶領本公司全體員工聚
力改革、奮發圖強、全力以赴，爭取本公司平
穩健康可持續發展，為全體股東創造更大的
價值。
本人謹此感謝各位股東、社區及業務夥伴的
大力支持，並對全體員工所作出的辛勤努力
表示衷心的感謝。
陳得信先生
董事會主席
香港，二零一八年三月二十七日
In 2017, the Board and the management have both undergone
changes as Mr. Yang Zhiqiang, our former Chairman, and
Mr. Zhang Sanlin and Mr. Zhang Zhong, both of whom were
executive directors, have resigned as directors of the Company,
along with the appointment of Mr. Gao Tianpeng and Mr. Qiao
Fugui as new executive directors and Mr. Zhang Youda as
new non-executive director. I myself was re-designated from
chief executive officer to Chairman, while Mr. Gao Tianpeng
was appointed as the new chief executive officer. These
changes have further consolidated the Company’s advantages
in internationalisation and specialisation while also fully
demonstrated how the largest shareholder, Jinchuan Group
emphasizes development of the Company. I am fully aware of
the huge responsibility that has been bestowed on me while, on
the other hand, fully supportive and have full confidence in Mr.
Gao Tianpeng. I would like to express my sincere thanks to Mr.
Yang Zhiqiang, Mr. Zhang Sanlin and Mr. Zhang Zhong for their
valuable contributions to the Company over the years.
In 2017, the Company has also further expanded its financing
channel, successfully invited Shandong Hi-Speed as a strategic
shareholder, raised approximately US$50 million and improved
its capital structure. The Company has drawn attention from the
capital market and the stock was actively traded. It was included
as a constituent stock of the MSCI China Small Cap Index in
November 2017, which signified the recognition and confidence
to the Company from global capital market.
Focusing on the grand objective of developing the Company into
a world-class mining company, the Board has established the
following strategies: the Company shall continue to expand its
mining operations; enhance, enlarge and enrich the international
trading business; actively seek opportunities in developing new
business segments; and leverage on Hong Kong’s position as
an international financial hub to develop the investment and
financing business segments.
Looking forward, we have great confidence for 2018. Currently,
the non-ferrous metal industry has entered into a cycle of
recovery, where prices of copper and cobalt continues their
upward trend. We shall seize market opportunities, continue to
work hard to move forward, advance our work in all aspects,
overcome all challenges faced in improving quality and efficiency
and in transformation and upgrade, as well as accomplish the
two fundamental reformations, from maintaining asset value to
increasing of asset value, and from large-scale, speed-oriented
growth to quality and profit driven growth.
I would like to reassure and promise all of our shareholders that
our CEO, Mr. Gao Tianpeng, and myself will lead all employees
of the Company to join force and strive for improvement and
success with our utmost commitment for the stable, healthy and
sustainable development of the Company, in order to create
greater value for all of our shareholders.
I would like to thank all our shareholders, community and
business partners for their strong support, and extend our
sincere gratitude to all employees for their hard work.
Mr. Chen Dexin
Chairman of the Board
Hong Kong, 27 March 2018
8 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
CEO’S REPORT
行政總裁報告
DEAR SHAREHOLDERS,
I am glad to report on behalf of the management of the Company.
I was appointed as the CEO of the Company on 23 August 2017.
I have been working as the non-executive Director of the
Company for the period from 30 November 2010 to 21 March
2014, and overseeing var ious mat ters inc lud ing cost
management, financial management, international trading
management, risk management, foreign exchange business,
equity-linked deals and equity division reform of Jinchuan Group
and daily affairs of the board of directors. Global mining industry
underwent severe challenges for the past few years. Metal prices
turned around towards the end of 2016 and regained momentum
in 2017. I am very optimistic of our company’s capability to
enhance profitability in years to come. My confidence comes
from mining operating team had put efforts to efficiently conduct
cost saving during the past few years in difficult market
environment.
各位尊敬的股東：
本人謹此欣然代表本公司管理層向各位匯報。
本人於二零一七年八月二十三日獲委任為本
公司行政總裁。此前，本人曾擔任本公司的非
執行董事（由二零一零年十一月三十日至二零
一四年三月二十一日期間）。加入金川集團23
年來，從事成本管理、財務管理、國際貿易管
理、風險管理、外匯業務、股權掛鈎交易、金
川集團公司股改上市及董事會日常事務等工
作。全球採礦業過去數年經歷了嚴峻的考驗，
金屬價格二零一六年底開始回升，二零一七
年重拾升勢。本人對未來盈利有望進一步提
升感到非常樂觀。信心源於過去數年我們的
採礦業務團隊在市場困境中同心協力，對成
本進行有效控制。
Gao Tianpeng
Chief Executive Officer
郜 天 鵬
行政總裁
9 ANNUAL REPORT 2017 二 零 一 七 年 報
CEO’S REPORT
行政總裁報告
Apart from the operating mines of Ruashi Mine and Chibuluma
South Mine in the Group’s African mining operations, Kinsenda
Project had finished its commissioning of concentrator.
Establishment of key systems including downhole ramp and
pre-dewatering,ventilation are in progress to ensure the target for
production with full capacity. Kinsenda Project commenced trial
production at the end of 2017. Musonoi Project, a quality copper
and cobalt property, is gaining momentum for its project progress.
The Group will continue to work on the site establishment work.
The recovery in copper and cobalt price during 2017 has given
rise to positive impact on our overall financial performance for
the period under review. Besides, through technological reform,
continuous optimization of economic and technical indicators and
reducing operating costs, the Group was able to increase the
profit significantly in 2017.
More efforts had been put towards corporate financing and new
business development. The Company is aiming to better use of
the capital market to support mine development and achieve
corporate vision. In the area of new business development, we
have also assessed several merger and acquisition opportunities,
in particular Southern Africa which was close our existing mines
to look for synergy. We will continually, prudently and actively
pursue any new business development opportunity.
We will continue to carry out improving quality, efficiency and
product ion. The Company str ives to cont inuously and
significantly reduce production costs on the base of 2017, with its
strategy of “Improvement on Cobalt and Maintaining Growth on
Copper” to increase production and sales and achieve better
profitability.
除Ruashi礦場及Chibuluma南礦此等於本集團
非洲採礦業務中之營運礦場已投入運行外，
Kinsenda項目亦完成選礦廠試車程式。現正
進行主要系統建設，包括井下斜坡道、預排
水、通風等，確保達成全產能運行的目標。
Kinsenda項目於二零一七年末進入試生產階
段。Musonoi項目為優質的銅鈷礦財產，現時
項目進度良好，本集團繼續進行建設前期準
備工作。
銅價及鈷價於二零一七年回升，並為回顧期
內整體財務表現帶來正面影響。此外，通過技
術改造、持續提高經濟技術指標及降低經營
成本，本集團成功使利潤於二零一七年顯著
提高。
我們亦投放了更多精力於企業融資及新業務
發展。本公司矢志從資本運作助力礦業開發，
實現公司願景。在新業務發展方面，為實現協
同效應，我們已探討多個潛在併購機會，尤其
於非洲南部物色現有礦場附近的公司。我們
將勤勉不懈，專注及嚴謹地評估任何新的業
務發展機會。
我們將繼續深入推行提質增效措施，努力提
升產量，不斷降低生產成本，爭取使綜合成本
在二零一七年基礎上再有大幅降低。按照公
司確定的「提鈷保銅」策略，抓好增加產量和
銷售工作，從產量和銷量上實現增盈。
10 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
CEO’S REPORT
行政總裁報告
最後，本人衷心感謝股東、營運單位所在社
區、客戶和合作夥伴對本公司一如既往的支
持。同時，對董事會成員、管理團隊及全體員
工的辛勤努力和做出的貢獻表示由衷謝意。
郜天鵬先生
行政總裁
香港，二零一七年三月二十七日
Finally, I would like to thank the continuous supports of the
Shareholders, the communities where the business units engage,
customers and business partners. At the same time, I would also
like to thank the Board members, management team and all
employees for their hard work and contributions.
Mr. Gao Tianpeng
Chief Executive Officer
Hong Kong, 27 March 2017
11 ANNUAL REPORT 2017 二 零 一 七 年 報
MINING OPERATIONAL REVIEW
採礦業務回顧
The Group’s mining operations include two operating mines
(Ruashi Mine and Chibuluma South Mine (including Chifupu
deposit)), one project in trial production stage (Kinsenda Project),
one project at feasibility study stage (Musonoi Project) and one
exploration project (Lubembe project).
OPERATING MINES
Ruashi Mine
Overview
The Ruashi Mine is an open oxide copper and cobalt mine
situated on the outskirts of Lubumbashi city, the capital of the
Katanga Province of the DRC. It was first discovered by Union
Miniére in 1919 and has been intensively evaluated by drilling
over the years. Up to the end of 2017, 1,955 drillholes have been
drilled on the mine.
The Ruashi Mine currently consists of three open-pit deposits
and a modern SX-EW leach processing plant. These deposits
occur along strike of each other over a combined strike length
of 2,000 meters, and are separated by cross-cutting faults and
breccia zones.
The Group indirectly owns 75% interest of Ruashi Mine and the
remaining 25% interest is held by Gécamines, a state-owned
mining company in the DRC.
Operational Review
The mining plan accelerated stripping rates of waste and lower
grade ore to expedite access to identified areas of high grade
ore.
Ruashi Mine production volumes recorded similar level for the
year ended 31 December 2017 as of for the year ended 31
December 2016.
本集團採礦業務包括兩座營運礦場（Ruashi礦
場及Chibuluma南礦（包括Chifupu礦床））、一
個在試生產階段的項目（Kinsenda項目）、一
個處於可研階段的項目（Musonoi項目）及一個
探礦項目（Lubembe項目）。
營運礦場
Ruashi礦場
概覽
Ruashi礦場為一座位於剛果（金）盧本巴希市
（加丹加省省會）郊區之露天氧化銅、鈷礦。
最先於一九一九年由Union Miniére發現，並多
年來透過鑽探進行徹底評估工作。截至二零
一七年年底，在該礦場已鑽探1,955個鑽孔。
Ruashi礦目前包括三個露天礦床及一座現代
化萃取－電積之浸濾選礦廠。該等礦床出現在
合併條帶長度2,000米的沿走向方向，由橫切
斷層及角礫岩分隔開。
本 集 團 間 接 擁 有Ruashi礦 的75%權 益，餘
下25%權 益 由 剛 果（金）一 間 國 有 礦 業 公 司
Gécamines持有。
營運回顧
為加快進入已知高品位礦區的時間，已按照
採礦計劃加快廢礦及低品位礦石之剝採速度。
Ruashi礦場截至二零一七年十二月三十一日
止年度產量與截至二零一六年十二月三十一
日止年度相若。
12 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
MINING OPERATIONAL REVIEW
採礦業務回顧
During 2017 Ruashi Mine reduced power cost from US$17
c/kWh to US$11 c/kWh, as a result of reduced dependence
on diesel generators supply (14% of total power in 2016 down
to 1% of total power in 2017) and increasing the lower cost
local supply (SNEL) from 22% to 36% of total grid supply. The
Electro winning process, current efficiency, improved from 76%
to 81%, resulting in power savings. Ruashi Mine also achieved
a 9% increase in plant processing capacity, following the
implementation of a de-bottlenecking project.
Production and sales summary for Ruashi Mine:
For the year ended 31 December 2017 2016
截至十二月三十一日止年度 二零一七年 二零一六年
PRODUCTION: 產量：
Copper (tonne) 銅（噸） 31,546 32,129
Cobalt (tonne) 鈷（噸） 4,638 3,391
PRODUCT SOLD: 產品銷量：
Copper (tonne) 銅（噸） 31,480 32,233
Cobalt (tonne) 鈷（噸） 4,677 3,264
Revenue (US$ million) 收入（百萬美元）
Average LME Copper price (US$/tonne) 倫金所平均銅價（美元╱噸） 6,163 4,863
Average MB Cobalt Price (US$/tonne) 金屬導報平均鈷價（美元╱噸） 56,989 25,161
* Ruashi’ s current products include copper cathode and cobalt
hydroxide. The production and sales volume shown in the
above table were calculated in metal content, with selling prices
equivalent to the metal prices. Pricing coefficients were considered
in actual sales volume.
Copper production for the year ended 31 December 2017
decreased by 2% (2016: 32,129 tonnes) to 31,546 tonnes.
Cobalt production for the year ended 31 December 2017
increased by 37% to 4,638 tonnes (2016: 3,391) as compared
to 2016 due to higher feed grade and a higher recovery came
from process recovery improvement. The cobalt recovery
improvements were due to reducing losses at the Fe (iron)
removal section of the plant and improved leach plant
performance.
The average benchmark copper and cobalt prices for the year
ended 31 December 2017 were US$6,163/t and US$56,989/t
(2016: US$4,863 and US$25,161) respectively. The higher
copper and cobalt prices impacted positively on revenue during
the year as compared to 2016. The revenue of Ruashi Mine
has increased significantly by % for the year ended 31
December 2017 as compared to 2016.
於二零一七年，Ruashi礦場減低對柴油發電
的依賴（由二零一六年佔總發電量14%減至二
零一七年佔總發電量1%）及增加使用低成本
本地供應(SNEL)，由佔總電網供應22%提升
至36%，使電力成本由每千瓦時17美分降低至
每千瓦時11美分。電解冶煉生產的電流效率
由76%提升至81%，達致節電效果。Ruashi礦
場亦於實施廠房去瓶頸化項目後實現9%產能
上升。
Ruashi礦場之產量及銷售概要如下：
* Ruashi目前產品為電解銅和氫氧化鈷，上表中
產量和銷量為折合金屬量，售價為金屬價格，
實際銷售額已考慮計價系數。
截至二零一七年十二月三十一日止年度之銅
產量減少2%至31,546噸（二零一六年：32,129
噸）。
截至二零一七年十二月三十一日止年度之鈷
產量較二零一六年增加37%至4,638噸（二零
一六年：3,391噸），此乃由於給礦品位較高及
回收流程改善使採礦回收率更高所致。鈷回
收流程改善是由於減少礦廠之鐵質清除部分
所出現之損失及改善浸出廠表現所致。
截至二零一七年十二月三十一日止年度銅及鈷
的平均基準價分別為6,163美元╱噸及56,989
美元╱噸（二零一六年：4,863美元及25,161美
元）。與二零一六年相比，銅及鈷價上升對本
年度收入有正面影響。Ruashi礦場截至二零
一七年十二月三十一日止年度之收入較二零
一六年大幅增加%。
13 ANNUAL REPORT 2017 二 零 一 七 年 報
MINING OPERATIONAL REVIEW
採礦業務回顧
Cobalt prices rallied during 2017 due to a strong demand for
lithium-ion batteries and the demand is expected to continue in
2018.
The capital expenditure of Ruashi Mine for the year ended 31
December 2017 was primarily spent on the de-bottle necking of
the plant, anodes and cathode replacements as well as Ruashi
III project.
Chibuluma Mine
Overview
Chibuluma Mine is an underground copper mine situated in
Zambia located 13km from the town of Kalulushi. The Chifupu
deposit is located approximately km from the Chibuluma
South Mine.
The Company indirectly owns 85% interest of Chibuluma South
Mine (including Chifupu deposit) and the remaining 15% interest
is held by ZCCM Investment Holdings plc, a Zambian state-
owned mining company.
Operational Review
Chibuluma Mine has undertaken a reserve replacement program
with development of Chifupu copper deposit, Chifupu deposit,
which is expected to be able to extend the life-of-mine (“LOM”)
until 2022. Chifupu access development was completed and
production commenced in the fourth quarter of 2016.
Production and sales summary for Chibuluma South Mine:
For the year ended 31 December 2017 2016
截至十二月三十一日止年度 二零一七年 二零一六年
PRODUCTION: 產量：
Copper (tonne) 銅（噸） 10,966 10,458
PRODUCT SOLD: 產品銷量：
Copper (tonne) 銅（噸） 10,962 10,850
Revenue (US$ million) 收入（百萬美元）
Average LME Copper price (US$/tonne) 倫金所平均銅價（美元╱噸） 6,163 4,863
由於鋰電池需求強勁，鈷價於二零一七年一
直上揚。預期有關需求於二零一八年將持續。
截 至 二 零 一 七 年 十 二 月 三 十 一 日 止 年 度，
Ruashi礦場的資本支出主要用於礦廠的去瓶
頸化工程、陽極與陰極之更換以及Ruashi第三
期項目。
Chibuluma礦場
概覽
Chibuluma礦場乃一座位於贊比亞的地下銅
礦，距Kalulushi鎮區13公里。Chifupu礦床與
Chibuluma南礦相距約公里。
本公司間接擁有Chibuluma南礦（包括Chifupu
礦床）的85%權益，餘下15%權益由贊比亞一
間國有礦業公司ZCCM Investment Holdings
plc持有。
營運回顧
藉 開 發 名 為 C h i f u p u 礦 床 的 銅 礦 床 ，
Chibuluma礦場已實行儲量接替計劃，其預
計將能延長礦場開採期（「LOM」）至二零二二
年。Chifupu礦床已完成開通並於二零一六年
第四季開始投產。
Chibuluma南礦之產量及銷售概要如下：
14 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
MINING OPERATIONAL REVIEW
採礦業務回顧
Copper production for the year ended 31 December 2017
increased by 5% to 10,966 tonnes (2016: 10,458 tonnes) as
compared to 2016 because Chifupu material replaced Chib
South.
Copper revenue for the year ended 31 December 2017
increased by 33% to US$ million (2016: US$ million) as
compared to 2016 as a result of higher copper price during 2017.
Capital expenditure of Chibuluma South Mine (including Chifupu
deposit) for the year ended 31 December 2017 was primarily
spent on the underground mine development and expenditure in
opening of the Chifupu deposit.
PROJECT IN TRIAL PRODUCTION STAGE
Kinsenda Project
Overview
Kinsenda Project located in Katanga Province of DRC, and ranks
one of the world’s highest grade copper deposits. The project
has good access to infrastructure, mine to the regional highway
is 20 km. Kinsenda Project was in trial production stage in 2017,
production capacity is 24,000 tonnes per annum copper in
concentrate (copper content).
The Company indirectly owns 77% interest of Kinsenda Project
and the remaining 23% interest is held by Sodimico, a state
owned enterprise in the DRC.
Kinsenda Project, when in operation, will initially mine high
grades of % copper. Current mine life is 10 plus years and
there exists substantial additional ore resources that could
extend the mine life in excess of 20 years. Once steady state is
achieved, the option to increase throughput will be evaluated.
Construction of the process plant was completed in 2015.
Commercial operation status is expected to be achieved early
2018.
Capital expenditure on the Kinsenda Project for the year ended
31 December 2017 was primarily spent on the development of
the decline ramp to access the orebody as well as the backfill
plant.
截至二零一七年十二月三十一日止年度之銅
產量較二零一六年增加5%至10,966噸（二零
一六年：10,458噸），此乃由於Chifupu的原料
取代了Chibuluma南礦。
受惠二零一七年銅價上升，截至二零一七年
十二月三十一日止年度之銅收入較二零一六年
上升33%至百萬美元（二零一六年：
百萬美元）。
Chibuluma南礦（包括Chifupu礦床在內）於截
至二零一七年十二月三十一日止年度之資本
支出主要用於開發地下礦及作Chifupu礦床開
礦的開支。
項目在試生產階段
Kinsenda項目
概覽
Kinsenda項目位於剛果（金）加丹加省，為全
球最高品位的銅礦床之一。該項目貫接道路
基建之情況良好，礦場與區內高速公路相隔
20公里。Kinsenda項目於二零一七年底進入
試生產階段，年產能達24,000噸銅精礦（含銅
量）。
本公司間接擁有Kinsenda項目的77%權益，餘
下23%權益由剛果（金）國有企業Sodimico持
有。
Kinsenda項 目 一 旦 投 入 運 營，將 初 步 開 採
%的高品位銅。現礦場壽命超過10年，而
其存在大量額外礦石資源可將壽命延長至超
過20年。一旦達至穩定狀態，將會評估提高產
量的方案。
選礦廠已於二零一五年建成。商業運作預期
於二零一八年初達成。
截 至 二 零 一 七 年 十 二 月 三 十 一 日 止 年 度，
Kinsenda項目之資本支出主要用於礦山斜披
道開拓和充填站建設。
15 ANNUAL REPORT 2017 二 零 一 七 年 報
MINING OPERATIONAL REVIEW
採礦業務回顧
PROJECT CURRENTLY AT FEASIBILITY
STUDY STAGE
Musonoi Project
Overview
Musonoi is a greenf ie ld copper and cobal t pro ject
currently at feasibility study stage located on the northern
outskirts of Kolwezi, approximately 360 km North West
of Lubumbashi city, capital of Katanga Province of DRC.
Until 31 December 2017, the focus of Musonoi Project was to
rewrite the feasibility study and conduct a number of optimisation
studies. A detailed evaluation of the orebody indicates that the
mineral resources are SAMREC1 compliant and of sufficient size
and to support a mining project. The studies have indicated that
the orebody occurs on the eastern end of the Dilala Syncline
and is a blind deposit with high-grade mineralisation starting at
between 50 and 100 m below surface. The orebody has a strike
length of 600 to 700 m and is open ended at depth below 600m
from surface, and will be mined from underground using a long
hole stopping mining method and a cut and fill with post pillars
mining method.
As at 31 December 2017, a total of 89 diamond drillholes have
been drilled on the Musonoi Project area totaling 24,604 meters.
60 drillholes covering 17,880 meters have been collared in the
Dilala East area and 21 drillholes covering 3,223 meters in the
Dilala West area.
The optimisation studies and detailed engineering works will be
awarded early in 2018. The final approval and funding strategy is
anticipated to be approved in 2018.
Additional work is conducted to improve the mineral resource
model, hydrogeological model and geotechnical models to de-
risk the project and provide information to assist in mining and
infrastructure layouts.
Musonoi project has high grade of Cobalt content with ore grade
of %.
EXPLORATION PROJECT
Lubembe Project
Overview
The Lubembe Project is a greenfield copper exploration project
situated in Katanga Province of DRC. No additional progress has
been made in evaluating this deposit during the year.
The Lubembe Project mining license was renewed in 2016 and
extended for a further 15 years to 2032.
處於可研階段的項目
Musonoi項目
概覽
Musonoi為一個位於科盧韋齊以北外圍的未開
發銅、鈷並處於可研階段的項目，距剛果（金）
加丹加省省會盧本巴希市西北約360公里。
截 至 二 零 一 七 年 十 二 月 三 十 一 日 止，有 關
Musonoi項目進行之主要工作為重寫可行性研
究報告及進行多項優化研究。礦體經詳盡評估
後顯示，其礦產資源為符合SAMREC1準則，
規模充足並可支持一個採礦項目。該等研究
指出，礦體出現在Dilala Syncline東端，是從
地表下50至100米之間開始礦化的高品位隱伏
礦床。礦體條帶長600至700米，縱深延伸至
地表600米以下，將採用深孔空場採礦法或分
層空場採礦法並配以回填採礦法從地下開採。
截 至 二 零 一 七 年 十 二 月 三 十 一 日 止，已 在
Musonoi項目區域內合共鑽探89個金剛石鑽
孔，總長24,604米；其中，60個覆蓋距離達
17,880米的鑽孔位於Dilala East礦區，21個覆
蓋距離達3,223米的鑽孔位於Dilala West礦區。
優化研究及詳盡工程將於二零一八年初授出。
預計最終批准及資金策略將於二零一八年批
准。
為完善礦產資源模型、水文模型及岩土模型，
已進行多項額外工作，以消除項目的風險及
為採礦和基礎建設的佈置提供資料支持。
Musonoi項目含有高品位鈷，其礦石品位為
%。
探礦項目
Lubembe項目
概覽
Lubembe項目為一個位於剛果（金）加丹加省
的未開發銅探礦項目。於本年度，該礦床的評
估工作尚未取得額外進展。
Lubembe項目的採礦許可證已於二零一六年
重續，並進一步延長15年至二零三二年屆滿。
16 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
RESOURCES AND RESERVES
資源量及儲量
OVERVIEW
The Group’s mineral resources and mineral reserves statement
presented in this report has been prepared as at 31 December
2017 and serves as an update to the mineral resources and
mineral reserves statement as at 31 December 2016.
Mineral resources are defined as a concentration or occurrence
of material of economic interest in or on the earth’s crust in
such a form, quality, and quantity that there are reasonable and
realistic prospects for eventual economic extraction. Mineral
reserves are defined as the economically mineable material
derived from a measured or indicated mineral resource. All
mineral resources and mineral reserves information presented
are compliant with the South African Code for the Reporting
of Exploration Results, Mineral Resources and Reserves (the
SAMREC Code), and are reported according to the requirements
of Chapter 18 of the Listing Rules.
As at 31 December 2017, the Group’s mineral resources are
estimated to contain 4,462 kt of copper and 362 kt of cobalt.
MINERAL RESOURCES
The Group’s mineral resources as at 31 December 2017
accounted for all the currently existing mining projects of the
Group, being two operating mines (Ruashi Mine and Chibuluma
South Mine (including Chifupu deposit)), one project in trial
production stage (Kinsenda Project), one project at feasibility
study stage (Musonoi Project) and one exploration project
(Lubembe Project).
The Mineral Resources are quoted inclusive of Mineral
Reserves.
MINERAL RESOURCES DISCUSSION
Group Mineral Resources showed a decrease from 4,518kt of
contained copper in December 2016 to 4,462kt in December
2017, due to depletions at Ruashi and Chibuluma.
There have been minor changes made to the Musonoi mineral
resources due to an adjustment in the geodesic survey
projection used for the license boundary (Clarke 1866 vs
WGS84).
There has been no change in mineral resources for the Lubembe
project from December 2016 to December 2017.
Group cobalt mineral resources decreased marginally from 366kt
in December 2016 to 362kt in December 2017 due to depletion
of oxide resources at Ruashi. Changes to the Musonoi contained
cobalt mineral resource are the result of shifts in the license
boundary.
概覽
本報告所呈列有關本集團礦產資源量及礦產
儲量之陳述已於二零一七年十二月三十一日
編製，及作為於二零一六年十二月三十一日
礦產資源量及礦產儲量陳述之更新資料。
礦產資源量乃定義為積聚或存在於地殼內或
地表，具內在經濟利益之物質，其形態、質量
及數量存在最終可實現經濟開採之合理及實
際前景。礦產儲量乃定義為來自探明或控制
礦產資源量中可作經濟可採之物質。所有已
呈列之礦產資源量及礦產儲量資料均符合南
非礦產勘探結果、礦產資源及礦產儲量報告
規則（「SAMREC規則」），並根據上市規則第
18章之規定呈報。
於二零一七年十二月三十一日，本集團之礦
產資源量估計含4,462千噸銅及362千噸鈷。
礦產資源量
本集團於二零一七年十二月三十一日之礦
產資源量為本集團目前現有之全部開採項
目資源量，即兩個營運礦場（Ruashi礦場及
Chibuluma南礦（包括Chifupu礦床））、一個在
試生產階段的項目（Kinsenda項目）、一個處
於可研階段的項目（Musonoi項目）及一個探礦
項目（Lubembe項目）。
所報礦產資源量已包含礦產儲量。
礦產資源量討論
本集團礦產資源量由二零一六年十二月之
4,518千噸銅含量下降至二零一七年十二月之
4,462千噸，原因是Ruashi及Chibuluma均進
行開採而減少。
Musonoi之 礦 產 資 源 量 因 於 劃 定 牌 照 地 界
(Clark 1866 vs WGS84)之大地測量中所用預
測出現調整，故有輕微變動。
Lubembe項目之礦產資源量於二零一六年十二
月至二零一七年十二月並無變動。
本集團含鈷礦產資源量由二零一六年十二月之
366千噸輕微下降至二零一七年之362千噸，
乃主要由於Ruashi的氧化資源開採減少所致。
Musonoi的含鈷礦產資源量亦因牌照地界遷移
而有變。
17 ANNUAL REPORT 2017 二 零 一 七 年 報
RESOURCES AND RESERVES
資源量及儲量
The following table summarises the total mineral resources of
the Group as at 31 December 2017:
31 December 2017 31 December 2016
二零一七年十二月三十一日 二零一六年十二月三十一日
Mineral Resources(1) Tonnage Grade(2) Contained Metals Tonnage Grade(2) Contained Metals
礦產資源量(1) 噸位 品位(2) 含金屬量 噸位 品位(2) 含金屬量
(Mt) (% Cu) (% Co) (kt Cu) (kt Co) (Mt) (% Cu) (% Co) (kt Cu) (kt Co)
（百萬噸） （% 銅） （% 鈷） （千噸銅） （千噸鈷） （百萬噸） （% 銅） （% 鈷） （千噸銅） （千噸鈷）
Ruashi Mine
(oxide and sulphide)
Ruashi礦場
（氧化礦和硫化礦）
– Measured －探明 11 1 13 1
– Indicated －控制 305 46 307 49
– Inferred －推斷 255 28 263 28
– Total Ruashi Mine －Ruashi礦場總計 571 75 583 78
Chibuluma South Mine Chibuluma南礦
Chibuluma South Mine Chibuluma南礦
– Measured －探明 – 43 – – 57 –
– Indicated －控制 – 2 – – 6 –
– Inferred －推斷 – – – – – – – – – –
– Total Chibuluma South
Mine
－Chibuluma南礦總計
– 45 – – 63 –
Chifupu deposit Chifupu礦床
– Measured －探明 – 17 – – 22 –
– Indicated －控制 – 7 – – 7 –
– Inferred －推斷 – 37 – – 36 –
– Total Chifupu deposit －Chifupu礦床總計 – 61 – – 65 –
– Total Chibuluma South
Mine (including
Chifupu deposit)
－Chibuluma南礦（包括
Chifupu礦床）總計
– 106 – – 128 –
Kinsenda Project Kinsenda項目
– Measured －探明 – – – – – – – – – –
– Indicated －控制 – 694 – – 711 –
– Inferred －推斷 – 446 – – 446 –
– Total Kinsenda Project －Kinsenda項目總計 – 1,140 – – 1,157 –
Musonoi Project
(Exploration Project)
Musonoi項目
（探礦項目）
– Measured －探明 415 115 424 119
– Indicated －控制 328 126 328 127
– Inferred －推斷 125 46 121 42
– Total Musonoi Project －Musonoi項目總計 868 287 873 288
Lubembe Project
(Exploration Project)
Lubembe項目
（探礦項目）
– Measured －探明 – – – – – – – – – –
– Indicated －控制 – 1,016 – – 1,016 –
– Inferred －推斷 – 761 – – 761 –
– Total Lubembe Project －Lubembe項目總計 – 1,777 – – 1,777 –
Group’s Resources 本集團資源量
– Measured －探明 486 116 516 120
– Indicated －控制 2,352 172 2,375 176
– Inferred －推斷 1,624 74 1,627 70
– Total Resources －資源量總計 4,462 362 4,518 366
下表概述本集團於二零一七年十二月三十一
日之礦產資源總量：
18 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
RESOURCES AND RESERVES
資源量及儲量
Notes:
(1) The figures do not imply precision and may not total due to rounding.
Mineral Resources for the various operations and projects have been
compiled in compliance with the SAMREC Code. Mineral Resources
are quoted inclusive of Mineral Reserves.
(2) Grade for all mines and projects are expressed as Total Copper (TCu)
or Total Cobalt (TCo).
MINERAL RESERVES
The Group’s mineral reserves as at 31 December 2017
accounted for the three operating mines or project in trial
production stage, namely Ruashi and Kinsenda Project in
DRC, and Chibuluma South Mine (including Chifupu deposit)
in Zambia. No mineral reserves have been declared for the
exploration projects of Musonoi Project and Lubembe Project as
at 31 December 2017.
MINERAL RESERVES DISCUSSION
Group Mineral Reserves showed a drop in contained copper
reserves from 502kt in December 2016 to 484kt in December
2017, and a slight decrease in contained cobalt reserves from
29kt to 26kt over the same period.
The drop in copper reserves and in cobalt reserves is largely the
result of mining depletions at Ruashi and Chibuluma for copper,
and Ruashi only for cobalt during 2017.
Kinsenda commenced the trial production at the end of 2017,
with a drop in mineral reserves matching ore production during
the year.
Depletions at Chibuluma were in line with mining activities for the
year.
附註：
(1) 數字並非精確，並可能因進行湊整而無法加總。
各個作業及項目之礦產資源量均符合SAMREC
規則。所報礦產資源量已包含礦產儲量。
(2) 所有礦場及項目之品位均顯示為全銅(TCu)或全
鈷(TCo)。
礦產儲量
本集團於二零一七年十二月三十一日之礦產
儲量計及三個營運礦場或在試生產階段之項
目，其為剛果（金）之Ruashi礦場及Kinsenda
項 目，以 及 贊 比 亞 之Chibuluma南 礦（包 括
Chifupu礦床）。於二零一七年十二月三十一
日，Musonoi項目及Lubembe項目探礦項目並
無申報礦產儲量。
礦產儲量討論
本集團之礦產儲量呈現下跌，銅含量儲量由
二零一六年十二月之502千噸下跌至二零一七
年十二月之484千噸，同期鈷含量儲量由29千
噸輕微下跌至26千噸。
銅儲量及鈷儲量下跌的主要原因是Ruashi及
Chibuluma於銅方面及僅Ruashi於鈷方面出現
開採損耗。
Kinsenda於二零一七年末進入試生產階段，
其礦產儲量因應年內生產而有所下跌。
Chibuluma錄得的損耗與其年內採礦活動一
致。
19 ANNUAL REPORT 2017 二 零 一 七 年 報
RESOURCES AND RESERVES
資源量及儲量
The following table summarises the total mineral reserves of the
Group as at 31 December 2017:
31 December 2017 31 December 2016
二零一七年十二月三十一日 二零一六年十二月三十一日
Mineral Reserves(1) Tonnage Grade(2) Contained Metals Tonnage Grade(2) Contained Metals
礦產儲量(1) 噸位 品位 (2) 含金屬量 噸位 品位 (2) 含金屬量
(Mt) (% Cu) (% Co) (kt Cu) (kt Co) (Mt) (% Cu) (% Co) (kt Cu) (kt Co)
（百萬噸） （% 銅） （% 鈷） （千噸銅） （千噸鈷） （百萬噸） （% 銅） （% 鈷） （千噸銅） （千噸鈷）
Ruashi Mine
(oxide and sulphide)
Ruashi礦場
（氧化礦和硫化礦）
– Proved Reserves －證實儲量 2 0 3 1
– Probable Reserves －概略儲量 168 26 158 28
– Total Ruashi Mine －Ruashi礦場總計 170 26 161 29
Chibuluma South Mine Chibuluma南礦
Chibuluma South Mine Chibuluma南礦
– Proved Reserves －證實儲量 – 28 – – 34
– Probable Reserves －概略儲量 – 1 – – 4 –
– Total Chibuluma South
Mine
－Chibuluma南礦總計
– 29 – – 38 –
Chifupu deposit Chifupu礦床
– Proved Reserves －證實儲量 – 2 – – 8 –
– Probable Reserves －概略儲量 – 2 – – 2 –
– Total Chifupu deposit －Chifupu礦床總計 – 4 – – 10 –
– Total Chibuluma South
Mine (including
Chifupu deposit)
－Chibuluma南礦（包括
Chifupu礦床）總計
– 33 – – 48 –
Kinsenda Project Kinsenda項目
– Proved Reserves －證實儲量 – – – – – – – – – –
– Probable Reserves －概略儲量 – 281 – – 293 –
– Total Kinsenda Project －Kinsenda項目總計 – 281 – – 293 –
Group’s Reserves 本集團儲量
– Proved Reserves －證實儲量 – 32 – 45 1
– Probable Reserves －概略儲量 452 26 457 28
– Total Reserves －儲量總計 484 26 502 29
下表概述本集團於二零一七年十二月三十一
日之礦產儲量總量：
20 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
RESOURCES AND RESERVES
資源量及儲量
Notes:
(1) The figures do not imply precision and may not total due to rounding.
Mineral Reserves for the various operations and projects have been
compiled in compliance with the SAMREC Code. No Mineral Reserve
has as yet been declared for the Musonoi Project and the Lubembe
Project.
(3) Grade for all mines and projects are expressed as Total Copper (TCu)
or Total Cobalt (TCo).
COMPETENT PERSON STATEMENT
Mr. T P Williams, BSc (Hons), PrSciNat (South African Council of
Natural and Scientific Professionals Registration No 400387/04),
FSAIMM (Fellow of the South African Institute of Mining and
Metallurgy). Mr. Williams is the Mineral Resource Management
Executive for Metorex and is a full-time employee of the Group.
He is a mining geologist with more than 27 years’ experience
in exploration, resource development, estimation and mining
geology in gold and base metals through West, Central and East
Africa.
Mr. Williams qualifies as a Competent Person under Chapter 18
of the Listing Rules and the SAMREC Code. He has confirmed
in writing that the information disclosed is compliant with Chapter
18 of the Listing Rules, and that it may be published in the form
and context in which it is intended.
附註：
(1) 數字並非精確，並可能因進行湊整而無法加總。
各個作業及項目之礦產儲量均符合SAMREC規
則。並無就Musonoi項目及Lubembe項目申報任
何礦產儲量。
(2) 所有礦場及項目之品位均顯示為全銅(TCu)或全
鈷(TCo）。
合資格人士聲明
本報告中於二零一七年十二月三十一日之礦
產資源量及礦產儲量乃經T P Williams先生審
閱及編撰。Williams先生，理學士（榮譽），
為PrSciNat(南非自然科學專家委員會(South
African Council of Natural and Scientific
Professionals)註 冊 編 號：400387/04)及
FSAIMM（南 非 採 礦 與 冶 金 研 究 院(South
African Institute of Mining and Metallurgy)資
深會員）。Williams先生為Metorex之礦產資源
管理行政人員，並為本集團全職僱員。彼為採
礦地質學家，於西非、中非及東非的黃金及基
本金屬勘探、資源開發、評估及採礦地質學方
面擁有逾27年經驗。
Williams先生符合上市規則第18章及SAMREC
規則下的合資格人士之資格。彼已以書面確
認，所披露資料符合上市規則第18章，並可以
其擬顯示形式及內容刊登。
21 ANNUAL REPORT 2017 二 零 一 七 年 報
SUSTAINABLE DEVELOPMENT REPORT
可持續發展報告
A. ENVIRONMENTAL PROTECTION
JCI continues to demonstrate its commitment to the
implementation and maintenance of Safety, Health,
Environment and Community (“SHEC”) management
systems in order to facilitate environmental protection.
Ruashi and Chibuluma mines maintained their certification
to ISO14001, the international standard for environmental
management systems during 2017. All companies
complied with relevant legislation and other environmental
requirements in the countries of operation.
SHEC performance across the Group is monitored by
the Metorex Executive Safety, Health, Environment
and Community (SHEC) Committee which meets at
the end of each quarter to assess SHEC performance
and to advise on continual improvement strategies. The
Committee is chaired by Mr. Qiao Fugui (Metorex CEO),
and attended by Mr. Lloyd Bradford (Group Metallurgy
Executive, Ruashi Mine Board representative, Metorex
EXCO SHEC representative), Mr. Timothy Williams
(Group Mineral Resource Executive, Kinsenda Project
Board representative), Mr. Yulong Tian (Assistant to CEO,
Chibuluma Mine Board Representative) and Ms. Colleen
Parkins (SHEC Consultant). The Mine General Managers
may attend on invitation. Information considered includes
incident reporting (number and nature of incidents),
trends in SHEC performance, hazard identification,
risk assessments, natural resource management and
community development initiatives.
SHEC performance is managed on a day-to-day basis
through IsoMetrix, the Group’s electronic SHEC and risk
management system. In addition, the IsoMetrix system is
used to manage Group business risks, and any SHEC-
related risks are included in the Group risk register.
Fines and Legal Action
The JCI Group and its operations incurred no fines or
penalties related to safety, environmental or occupational
health transgressions of legal and other requirements
during 2017. No legal action was brought against JCI
in this regard. Compensation was paid to small-scale
farmers adjacent to Ruashi Mine when the stormwater dam
containing low pH water overflowed during a high rainfall
event and caused crop damage.
Environmental Incidents
Ruashi Mine recorded one Level 3 incident when the storm
water dam, containing water with a low pH, overflowed into
surrounding environment, resulting in some land and crop
damage. The pollution was remediated and the farmers
compensated.
A. 環境保護
JCI持續展現其於促進環保，實施及維護
安全、健康、環境及社區（「SHEC」）管
理系統的決心。Ruashi及Chibuluma礦
場於二零一七年間均成功保持ISO14001
環境管理體系國際標準認證。旗下所有
公司均已遵守其經營所在國家的相關法
例及其他環境規定。
集 團 內 各 部 門 的SHEC表 現 由Metorex
安 全、健 康、環 境 及 社 區(SHEC)執 行
委員會負責監察，委員會每季季末舉行
會議，以評估SHEC表現及對後續改進
策 略 提 出 建 議。委 員 會 由 喬 富 貴 先 生
（Metorex首席執行官）出任主席，並連同
Lloyd Bradford先生（本集團冶金部行政
主管、Ruashi礦場董事會代表、Metorex
執 行 委 員 會SHEC代 表）、T imothy
Williams先生（本集團礦產資源部行政主
管、Kinsenda項目董事會代表）、田玉
龍先生（首席執行官助理、Chibuluma礦
場董事會代表）及Colleen Parkins女士
（SHEC顧問）組成。礦場總經理亦可能
獲邀出席會議。有關會議的審議資料包
括事故報告（事故宗數及性質）、SHEC
表現趨勢、危險識別、風險評估、天然
資源管理及社區發展措施。
本 集 團 利 用 其 電 子SHEC及 風 險 管 理
系 統－IsoMetrix，按 日 常 管 理 基 準 管
理SHEC表 現。此 外，本 集 團 亦 使 用
IsoMetrix系統管理其業務風險，並將任
何SHEC相關風險載入其風險登記冊。
罰金及法律行動
於二零一七年，JCI集團及其營運並無因
違反涉及安全、環境或職業健康的法律
及其他規定而被處以罰金或刑罰，JCI亦
無就此方面被提起任何法律行動。毗鄰
Ruashi礦場的小規模農戶曾因含酸性水
質的礦場雨水壩在一次豪雨事件中決堤
並導致農作物損壞，而獲支付賠償。
環境事故
Ruashi礦場錄得一宗3級事故，含酸性水
質的礦場雨水壩因決堤至周邊環境，導
致部分土地及農作物損壞。其造成的污
染已獲補救，受影響農戶亦獲賠償。
22 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
SUSTAINABLE DEVELOPMENT REPORT
可持續發展報告
Chibuluma recorded 27 Level 2 environmental incidents,
the majority of which were associated with high levels
of total suspended solids in the discharge water. This
occurred as a result of inadequate settling time in the
settling ponds and on the top of the old tailings dam as
it nears capacity. Desilting of settling ponds has been
undertaken and extension of the old tailings storage facility
has since been completed to reduce such incidences.
Environmental Policy
The Group Environmental Policy is as follows:
JCI is committed to the responsible stewardship of natural
resources and the ecological environment. Environmental
management is recognised as a high corporate priority,
and is a component of Zero Harm, one of the company’s
values.
JCI is committed to:
• Cont inual ly improving the assessment and
improvement of environmental performance and the
prevention of pollution through the implementation of
processes, practices and techniques to avoid, reduce
or control the creation, emission or discharge of any
type of pollutant or waste and to reduce adverse
environmental impacts;
• Conducting environmental impact assessments on all
relevant new programmes and projects;
• The integration of environmental management into
management practices throughout the company;
• Minimising the use of consumptive resources and
promoting the reduction and recycling of waste
products where possible;
• Rehabil i tat ing disturbed land and protecting
environmental biodiversity;
• Exercising prudence with cr i t ical ecological
resources, in particular where impacts are unknown
or uncertain;
• Managing environmental risk in the workplace and
surrounding areas;
• Complying with applicable legal requirements and
with other requirements to which the organisation
subscribes and which relate to its environmental
aspects;
• Training and educating employees in environmental
responsibilities; and
• Being transparent and constructive in interactions
with stakeholders.
Chibuluma錄得27宗2級環境事故，大部
分與排放水中的懸浮固體總量偏高有
關。此類事故的發生乃因於沉澱池及舊
建的尾礦壩壩頂容量將近極限，使懸浮
固體於壩頂沉降時間不足而導致。為減
少發生此類事故，沉澱池已進行清淤，
舊建的尾礦貯存設施亦自此完成擴建工
程。
環境政策
本集團環境政策如下：
JCI集團致力於就自然資源及生態環境的
可持續性進行負責任的管理。環境管理
被認為是企業管理的重中之重，並為本
公司核心價值之一「零傷害」的其中一環。
JCI集團致力於：
• 持續優化評估及提高環境績效，並
透過執行各種流程、常規及技術防
止污染產生，以避免、減少或控制
任何種類污染物或廢棄物的產生或
排放及降低對環境產生的不利影
響；
• 對所有相關新計劃及項目進行環境
影響評估；
• 將環境管理融入本公司整體的管理
實踐；
• 盡量減少使用消耗性資源，推動減
廢及盡量循環再造；
• 復修遭破壞的土地及保護環境生物
多樣性；
• 謹慎對待重要生態資源，尤其該等
具有未知或不確定影響的資源；
• 管理工作場所及周圍地區的環境風
險；
• 遵守適用的法律規定以及組織所接
納且與其環境因素有關的其他規
定；
• 培訓及教育僱員有關環境責任；及
• 與利益相關者進行透明及具建設性
的互動。
23 ANNUAL REPORT 2017 二 零 一 七 年 報
SUSTAINABLE DEVELOPMENT REPORT
可持續發展報告
Employees and contractors working at JCI operations play
a fundamental role in achieving environmental objectives
through:
• Tak ing ownership of , and par t ic ipat ing in ,
environmental management programmes and
initiatives; and
• Setting objective and targets for sound environmental
management within the framework of an ISO14001
standard environmental management system.
A1 EMISSIONS
The tables below show the carbon footprint for the
JCI Group companies, as well as the Johannesburg
head office. The total carbon footprint is shown,
as well as Scope 1 (direct emissions, mainly
comprising diesel use for the mining fleet and on-site
generator power) and Scope 2 (purchased electricity)
emissions. It must be noted that most of the power
purchased in the DRC and Zambia is hydro-electric
power.
There has been a substantial reduction in the Group
carbon footprint from 2015 to 2017, which has been
mainly due to the decreased use of generators
to power the Ruashi plant in 2015. There was a
decrease in available purchased power in the DRC
in 2013, resulting in the installation of generators at
Ruashi in order to maintain production. The power
strategy changed in 2016 to operate the generators
with a base load of 6MW to protect critical equipment
rather than maximise copper production. The base
load was further reduced to , before the
generators were switched off during 2017 to save
diesel. Stability of the power grid and availability of
power improved during 2017 due to improvement of
SNEL equipment maintenance as well as the ongoing
availability of the CEC power supply agreement to
import power from Zambia. The average SNEL power
supply usage was in the first quarter,
in Q2, in Q3 and in the last quarter,
demonstrating an increase in the use of hydropower
over diesel.
JCI營運業務的僱員及承包商透過以下方
式於達成環境目標方面發揮關鍵作用：
• 主導及參與環境管理計劃及措施；
及
• 於ISO14001標準環境管理體系框
架內確立良好的環境管理目標及指
標。
A1 排放物
下表列示JCI集團公司及約翰尼斯
堡總部之碳足跡，包括碳足跡總量
以及範圍1（直接排放，主要為採礦
車隊及現場發電所用的柴油）及範
圍2（已購電力）的排放量。值得留
意的是，於剛果（金）及贊比亞購買
的電力大部分為水力發電。
本集團之碳足跡於二零一五年至
二零一七年期間大幅下降，其主因
是Ruashi的工廠於二零一五年減少
使用發電機發電。剛果（金）於二零
一三年可供購買的電力減少，導致
Ruashi須安裝發電機以維持生產。
有關發電策略於二零一六年有所
改變，其中發電機的基載電力改為
6MW，藉此以保護重要設備為主
要目的而非最大化提升銅產量。發
電機的基載電力曾進一步削減至
，其後為節省柴油已於二零
一七年關閉。由於SNEL改善了其
設備保養及透過CEC供電合約可從
贊比亞獲得持續進口電力，故電網
的穩定性及電力供應情況均於二零
一七年有所改善。SNEL平均供電
功率於第一季度為，第二季
度為，第三季度為
及第四季度為，反映其增
加以水力代替柴油供電。
24 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
SUSTAINABLE DEVELOPMENT REPORT
可持續發展報告
KICC於礦場經營玉米農場，於二零
一七年種植約320公頃的玉米。
KICC operates a maize farm on the mine, which
planted approximately 320 Ha of maize in 2017.
Total carbon footprint (t CO2-e)
2015–2017
二零一五年至二零一七年碳足跡
總量（每噸二氧化碳當量）
2015
二零一五年
2016
二零一六年
2017
二零一七年
Ruashi Ruashi 41,423 19,654 4,374
Chibuluma Chibuluma 6,832 5,648 5,816
KICC KICC 5,223 2,530 3,200
Johannesburg Head Office 約翰尼斯堡總部 151 125 143
JCI Group JCI集團 53,629 27,957 13,533
Scope 1 emissions (t CO2-e)
2015–2017
二零一五年至二零一七年範圍1
排放量（每噸二氧化碳當量）
2015
二零一五年
2016
二零一六年
2017
二零一七年
Ruashi Ruashi 41,031 19,231 3,864
Chibuluma Chibuluma 6,757 5,575 5,738
KICC KICC 5,097 2,404 3,020
Johannesburg Operational Office 約翰尼斯堡營運辦事處 0 0 0
JCI Group JCI集團 52,885 27,211 12,622
Scope 2 emissions (t CO2-e)
2015–2017
二零一五年至二零一七年範圍2
排放量（每噸二氧化碳當量）
2015
二零一五年
2016
二零一六年
2017
二零一七年
Ruashi Ruashi 391 423 510
Chibuluma Chibuluma 76 73 78
KICC KICC 126 126 180
Johannesburg Operational Office 約翰尼斯堡營運辦事處 151 125 143
JCI Group JCI集團 744 746 911
Ruashi Mine operates an acid plant which emits SO2
gas. The acid plant emits an average of tonnes
of SO2 per day. The legal limit for SO2 gas emissions
in the DRC is and the levels of SO2 at the
acid plant are measured on a daily basis in order
to comply with the legal standards and protect the
health of plant employees. If the levels of SO2 rise
above legal and occupational health limits, the plant
will be stopped until the cause of the emissions is
identified and resolved.
Ruashi礦場內經營的一座製酸廠
排放二氧化硫氣體。該製酸廠平均
每日排放噸二氧化硫。剛果
（金）的二氧化硫法定排放量上限為
毫克╱立方米，而為符合法定
標準及保障廠房員工健康，製酸廠
的二氧化硫排放量乃每日測量。倘
二氧化硫排放量超過法定上限及
職業健康標準上限，廠房將停止運
作， 直至找出排放原因及作出解決
為止。
25 ANNUAL REPORT 2017 二 零 一 七 年 報
SUSTAINABLE DEVELOPMENT REPORT
可持續發展報告
WASTE
Hazardous waste
The main types of hazardous waste generated by
the mining operations include waste oil and batteries
as well as old reagents and spent catalyst at
Ruashi. Medical waste is generated by the hospital
at Kinsenda and the mine clinics at Ruashi and
Chibuluma. The Kinsenda hospital has an incinerator
for the disposal of medical waste. Medical waste
from Ruashi and Chibuluma mines is taken to the
Baraka hospital and the Kalulushi General Hospital
respectively for incineration.
Waste oil generation at all sites is shown in the table
below.
Waste oil generation (litres) 廢油量（升）
2015
二零一五年
2016
二零一六年
2017
二零一七年
Ruashi Ruashi 81,800 68,000 22,900
Chibuluma Chibuluma 70,770 53,130 68,310
KICC KICC – 3,600 9,700
Used oil generated at Chibuluma is disposed of
to a facility licenced by the Zambia Environmental
Management Agency (ZEMA) and used batteries are
sold to licenced battery companies.
Ruashi has implemented an oil recycling programme
for waste oil. Other hazardous waste generated at
Ruashi includes sulphur ash and vanadium pentoxide
catalyst from the acid plant. The hazardous waste
is currently stored on site. The DRC does not have
a licenced hazardous waste disposal facility, so the
mine intends to export the waste catalyst to South
Africa for disposal in a licenced site. The amounts of
hazardous waste generated by Ruashi are shown in
the table below.
Ruashi hazardous waste generation 於Ruashi產生的有害廢物
2015
二零一五年
2016
二零一六年
2017
二零一七年
Sulphur ash (tonnes) 硫渣（噸） 177 18 151
Vanadium pentoxide catalyst (litres) 五氧化二釩催化劑（升） – – –
於Chibuluma礦場產生的廢油會送
往由贊比亞環境管理局(ZEMA)發牌
的持牌設施處置，而廢棄電池則售
予持牌的電池製造公司。
Ruashi已就廢油推行廢油回收計
劃。於Ruashi礦場產生的其他有害
廢物包括製酸廠產生的硫渣及五氧
化二釩催化劑。有害廢物目前就地
貯存。剛果（金）境內並無經營有
害廢物處置的持牌設施，故此，礦
場擬通過物流公司將廢棄催化劑出
口至南非，以送往持牌場所進行處
置。下表列示於Ruashi礦場產生的
有害廢物量：
廢物
危險廢物
採礦業務產生的危險廢物主要包
括廢油及廢棄電池等類別，以及
於Ruashi產生的舊藥劑及廢棄催
化 劑。醫 療 廢 物 產 生 自Kinsenda
醫院以及Ruashi及Chibuluma內的
礦 場 診 所。Kinsenda醫 院 內 設 有
處置醫療廢物的焚化爐。於Ruashi
及Chibuluma礦場產生的醫療廢物
則分別運往Baraka醫院及Kalulushi
綜 合 醫 院 (Ka lu lush i Genera l
Hospital)作焚化處理。
下表列示各礦址產生的廢油量。
26 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
SUSTAINABLE DEVELOPMENT REPORT
可持續發展報告
Non-hazardous waste
Ruashi and Chibuluma dispose of non-hazardous
waste generated by the mining operation only, while
KICC also assists with the disposal of non-hazardous
domestic waste from nearby Kinsenda village. Ruashi
has a domestic landfill onsite, and disposed of
tonnes of non-hazardous waste in 2017 (2016:
tonnes). The mine also has a plastic recycling
programme in place and tonnes was recycled
(2016: tonnes). Chibuluma mine disposed of
tonnes of domestic waste in 2017 (2016:
tonnes), which was taken to the Uchi landfill site
in Kitwe. tonnes of scrap metal was generated
in 2017, which is initially stored in the salvage yard
and then sold to scrap dealers.
A2 RESOURCE USE
Energy Consumption
The power supplied by the utilities in Zambia and
the DRC is largely hydro-electric power. The DRC
mines have experienced shortages of supply from
power utilities since 2013, and diesel generators are
used as an alternative power source. Ruashi’s power
consumption is shown as kWh per tonne of finished
copper. Chibuluma produces copper concentrate,
so the power consumption is reflected as kWh per
tonne of copper concentrate produced. Kinsenda
Project commenced trial production during 2017, so
total power consumption is shown. The measure will
change to kWh per tonne of copper concentrate as of
the 2018 report.
Ruashi energy use Ruashi能源使用
2015
二零一五年
2016
二零一六年
2017
二零一七年
Power consumption (kWh/t
finished copper)
電力消耗
（千瓦時╱噸成品銅） 4,488 4,580 4,692
非有害廢物
Ruashi及Chibuluma僅處置自採礦
業務產生的非有害廢物，而KICC則
同時協助處置鄰近Kinsenda村莊的
非有害生活廢物。Ruashi自身擁有
廢物堆填區，並於二零一七年處置
了噸非有害廢物（二零一六年：
噸）。此外，礦場訂有塑料回收
計劃，並回收了噸塑料（二零
一六年：噸）。Chibuluma礦
場於二零一七年處置了噸
生活廢物（二零一六年：噸），
全部均運往位於基特韋(Kitwe)的
Uchi堆填區處置。於二零一七年產
生的廢金屬則有噸，其最初
存放於廢棄場並其後售予廢料經銷
商。
A2 資源使用
能源消耗
贊比亞及剛果（金）的供電設施以
水力發電為主。剛果（金）礦場自二
零一三年起因電力設施供電短缺，
故使用柴油發電機作替補電源。
Ruashi的電力消耗以千瓦時╱噸
成品銅表示。Chibuluma生產銅精
礦，故電力消耗反映為千瓦時╱噸
已生產銅精礦。Kinsenda項目於二
零一七年間開始試生產，故顯示總
電力消耗。有關量度單位將於二零
一八年報告中改為千瓦時╱噸銅精
礦。
27 ANNUAL REPORT 2017 二 零 一 七 年 報
SUSTAINABLE DEVELOPMENT REPORT
可持續發展報告
Chibuluma energy use Chibuluma能源使用
2015
二零一五年
2016
二零一六年
2017
二零一七年
Power consumption (kWh/t concentrate) 電力消耗
（千瓦時╱噸銅精礦） 23,032 25,807 10,732
Kinsenda energy use Kinsenda能源使用
2015
二零一五年
2016
二零一六年
2017
二零一七年
Power consumption (Total kWh) 電力消耗（總千瓦時） 35,999,325 35,220,635 48,352,989
Water consumption
Water at Ruashi is recycled from the return water
dams as well as from the stormwater dam for use
in the plant. The Ruashi pit is dewatered with the
use of boreholes, and water from these boreholes is
supplied to REGIDESO, the local water utility, which
then supplies water to the local community. The pH
value is monitored on the site on a daily basis.
Ruashi’s water consumption for 2015 to 2017 is
shown in the table below.
Ruashi water consumption Ruashi耗水量
2015
二零一五年
2016
二零一六年
2017
二零一七年
Copper produced (tonnes) 已生產銅（噸） 35,056 32,129 31,546
Water use (m3/day) 耗水量（立方米╱日） 6,491 7,451 6,868
Water use (m3/tonne Cu) 耗水量（立方米╱噸銅）
Chibuluma mine produces copper concentrate,
which is transported to a smelter in Zambia, so
water consumption is measured per tonne of copper
concentrate produced. The mine uses return water
and water from underground dewatering in the
plant, with make-up water pumped from surface and
underground water sources when required. The mine
monitors water in accordance with the requirements
of its environmental management plan. It must be
noted that more than 90% of the water used in the
Chibuluma plant is recycled from the tailings dam,
and the figure presented therefore reflects actual
water use.
耗水
於Ruashi消耗的水經回流壩及雨
水 壩 循 環，轉 而 供 選 礦 廠 使 用。
Ruashi礦坑的水透過鑽井排出，而
自該等鑽井排出的水乃供給當地供
水公司REGIDESO，由此轉供當地
社區使用。礦場每日監測水的酸鹼
度。
下表列示Ruashi於二零一五年至二
零一七年的耗水量：
Chibuluma礦場生產銅精礦，並將
之運往贊比亞一間冶煉廠，因此，
耗水量以每噸已生產銅精礦計量。
礦場使用選礦廠排出的回注水及
地下水，並於有需要時自地表及地
下水源抽水補給。礦場根據其環境
管理計劃之規定監測水質。務須
注意，Chibuluma選礦廠所耗超過
90%的水乃循環自尾礦壩，因此，
上述數字反映實際耗水量。
28 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
SUSTAINABLE DEVELOPMENT REPORT
可持續發展報告
下表列示Chibuluma的耗水量：Chibuluma’s water use is shown in the table below.
Chibuluma water consumption Chibuluma耗水量
2015
二零一五年
2016
二零一六年
2017
二零一七年
Copper produced (t) 已生產銅（噸） – 10,824 11,017
Water used (m3/day) 耗水量（立方米╱日） – 832 732
Water used (m3/t Cu produced) 耗水量（立方米╱噸銅） –
Construction of the Kinsenda process plant has been
completed and it was commissioned in April and May,
and ramped up to name-plate capacity in December.
Dewatering of the underground mine is undertaken
as mine development progresses. Approximately
40,000m3 of water was pumped out of the mine daily
in 2017. Some of the water is used as make-water for
the process plant but the greater percentage is being
released into the river. The mine is a “wet” mine and
will also be discharging excess water. Copper levels
and pH levels are closely monitored.
The Kinsenda plant is currently using 3300m3 per
tonne of ore processed. The tailings discharge from
the plant is currently feeding into the new tailings
storage facility and is not yet returning water back
to the plant. Make-up water is thus higher than
normal but will drop significantly when return water is
available from the tailings dam.
The mine also draws water from the local spring
which is treated with chlorine before passing to the
local community off-take points. Effluent and drinking
water are monitored on a monthly basis.
The Copper Cathode sheets from the mines are
loaded onto trucks directly, and the metal concentrate
produced in Chibuluma is loaded directly on truck and
transported to the smelter. As a result, there is no
packaging material used.
REAGENTS
Ruashi mine produces finished copper through a
solvent extraction and electrowinning process. It is
therefore the main user of reagents in the Metorex
Group. Ruashi’s reagent consumption is shown in the
table below
Ruashi reagent consumption Ruashi的藥劑使用量
2015
二零一五年
2016
二零一六年
2017
二零一七年
Sulphuric acid (kg/t leached) 硫酸（千克╱浸濾噸）
Diluent (kg/t) 稀釋液（千克╱噸）
Sulphur (tpd) 硫磺（噸╱日） 81 83
Sodium meta-bisulphide (SMBS)
(kg/t leached)
焦亞硫酸鈉(SMBS)
（千克╱浸濾噸）
Lime (kg/t leached) 石灰（千克╱浸濾噸）
Magnesium oxide (t/t cobalt) 氧化鎂（噸╱噸鈷）
Kinsenda選礦廠已完成興建及於四
月和五月進行試運行並於十二月提
升至額定容量。地下礦的排水工作
正跟隨礦場開發的進度進行。二零
一七年每日排水量約為40,000立方
米。部分排出的水供選礦廠使用，
但較大比例的水乃釋放至河流。礦
場屬於「潮濕」礦場，且會有過剩水
量泄出。銅量水平及pH值均受密切
監察。
Kinsenda選礦廠目前就每噸已處理
礦石耗水3,300立方米。自選礦廠
排放的尾礦目前存於新的尾礦貯存
設施，仍未回水至選礦廠。因此，
補給水較正常水平為多，但將於尾
礦壩回水後大幅下降。
礦場亦從區內溫泉取水，所取出的
水於送往地方社區的取出點前均經
過氯氣消毒。污水及飲用水均每月
進行監察。
從各礦場生產之電解銅板直接裝
上貨車，而於Chibuluma生產之金
屬精礦亦直接裝上貨車並運往冶
煉廠。因此，並無使用任何包裝物
料。
藥劑
Ruashi礦場透過溶劑萃取及電解
冶 煉 過 程 生 產 成 品 銅。因 此，其
為Metorex集團內主要的藥劑使用
者。下 表 列 示Ruashi的 藥 劑 使 用
量：
29 ANNUAL REPORT 2017 二 零 一 七 年 報
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The Chibuluma plant is a sulphide floatation plant.
Reagents in the Chibuluma plant include lime and
frother.
Chibuluma reagent consumption Chibuluma的藥劑使用量
2015
二零一五年
2016
二零一六年
2017
二零一七年
Frother (g/t) 起泡劑（克╱噸）
Lime (g/t) 石灰（克╱噸） 191
Kinsenda operates a concentrator producing an oxide
and sulphide flotation product. Reagents used by
Kinsenda are as follows:
Kinsenda Reagent consumption Kinsenda的藥劑使用量
2015
二零一五年
2016
二零一六年
2017
二零一七年
Xanthate (SNPX) g/t 黄原酸鈉(SNPX)
（克╱噸） – – 120
NaSH g/t 硫氫化鈉（克╱噸） – – 350
Frother g/t 起泡劑（克╱噸） – – 95
A3 THE ENVIRONMENT AND NATURAL
RESOURCES
The main environmental aspects of the mining
operations include:
• Rehabilitation of overburden dumps and tailings
dams for closure. Concurrent rehabilitation of
the Ruashi and Chibuluma tailings dams is
in progress. Chibuluma has constructed an
extension to the existing tailings dam, and
topsoil has been stockpiled for the purpose
of rehabilitation. Progressive rehabilitation
on the new tailings dam extension began
towards the end of 2017. 625 assorted plant
species have been planted around new tailings
dam extension and planting of desert grass
on the walls of the dam also commenced
and has continued into 2018. Kinsenda has
commissioned the new tailings dam. The topsoil
from the dam footprint has been stockpiled
for later use. Plant tailings are currently being
deposited into depressions in the basin and
there is no return water at present. The height
of the dam is still well below the initial earth
berms and hence no side slope re-vegetation is
required yet. The initial berms are well grassed.
• Dust generation, mainly from vehicle movement
on unpaved roads, tailings dam and stockpiles.
Fall-out dust is monitored during the dry
season, and roads are watered at all sites to
reduce dust generation.
Chibuluma選礦廠為一座硫化礦物
浮選廠。Chibuluma選礦廠使用的
藥劑包括石灰及起泡劑。
Kinsenda營運的選礦廠生產氧化及
硫化礦物浮選產品。Kinsenda使用
的藥劑如下：
A3 環境與自然資源
針對採礦業務的主要環境問題包
括：
• 對將予關閉的排土場及尾礦壩
進行的復修工程。現時正同步
進行Ruashi及Chibuluma的尾
礦壩復修工程。Chibuluma擴
建了現有尾礦壩，並一直堆存
表層土壤以用於復修工程。新
的尾礦壩擴建部分於二零一七
年底開始逐步復修。新的尾礦
壩擴建部分周圍已種植625棵
不同種類植物，水壩圍牆亦已
開始並於二零一八年持續種
植沙漠草類植物。Kinsenda
已開始興建新尾礦壩，自興建
水壩產生的表層土壤一直堆存
供日後使用。礦廠尾礦水目前
貯於盆地，現時並無任何回注
水。水壩高度仍遠低於第一道
土護堤，故此暫毋須對邊坡進
行再植被。第一道護堤有足夠
草被覆蓋。
• 灰塵，主要產生自汽車於泥路
移動、尾礦壩及庫存。為減少
產生灰塵，於旱季期間會監測
輻射塵灰狀況，及於所有礦址
的道路上灑水。
30 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
SUSTAINABLE DEVELOPMENT REPORT
可持續發展報告
• Pollution from hydrocarbons and chemicals.
Mining operations are heavily mechanised, and
pollution control measures are in place in the
workshops. Leaks outside of contained areas
have the potential to cause pollution, including
cumulative pollution where small leaks are
involved. Preventive maintenance, remediation
of polluted soil, clean-up and training of
employees working with chemicals, fuels and
lubricants are strategies used to reduce and
clean up pollution.
• Impact of mining operations on ground
and surface water quality. All of the mining
operations have implemented water quality
monitor ing programmes on ground and
surface water as appropriate to their approved
environmental management plans.
B SOCIAL
B1 EMPLOYMENT
The Company’s mines operate within the labour
laws of the country of operation. In both Zambia
and the DRC the mines are required to comply
with the Labour Code, Ministerial Decrees and the
Collective Agreements, which include working hours,
rest periods, equal opportunity, anti-discrimination,
work conditions, vocational qualifications and
output. The Group operates under internal policies
on recruitment, remuneration, leave and conditions
of employment which take the legislation of the
countries of operation into account.
Chibuluma Mine has implemented a fat igue
management strategy by ensuring that employees
reduce their leave days due. This has significantly
reduced the number of sick leave days from 342 in
2016 to 299 in 2017.
B2 HEALTH AND SAFETY
Safety
No fatalities occurred at any of the Metorex Group
mines in 2017, and a total of 14 lost time injuries
were recorded in the Group.
Ruashi Mine achieved 2,767,177 fatality free shifts
up to the end of 2017 since the last fatality occurred
in 2013. Seven lost time injuries occurred at the mine
during the year.
• 碳氫化合物及化學物污染。採
礦業務屬高度機械化作業，而
各作業場所均訂有污染管制
措施。任何於控制區內發生的
泄漏均有可能造成污染，包括
自輕微泄漏累積而成的污染。
透過預防性維護、修復污染土
壤、清洗掃除及給予在工作環
境中接觸化學物、燃料及潤滑
劑的員工培訓等策略，降低及
清除污染。
• 採礦業務對地下及地表水質量
的影響。所有採礦業務均已按
彼等的經批准環境管理計劃，
對地下及地表水實施適當的水
質監測計劃。
B 社會
B1 僱傭
本公司的礦場根據其營運所在國家
的勞動法運作。贊比亞及剛果（金）
兩地的礦場均必須遵守勞工守則、
部長法令及集體協議，當中涉及工
作時間、休息時段、平等機會、反
歧視、工作條件、職業資格及生產
力。本集團根據其於招聘、薪酬、
假期及僱傭條件方面的內部政策運
作，而有關內部政策已顧及營運所
在國家的法律。
藉著確保員工放取其賺得的假期，
Chibuluma礦場已實施一套疲勞管
理策略。此做法已使病假數目顯著
減少，由二零一六年342日減少至
二零一七年299日。
B2 健康及安全
安全
Metorex集團旗下礦場於二零一七
年並無發生任何死亡事故，而本集
團錄得合共14宗損失工時工傷事
故。
自二零一三年發生死亡事故以來，
截至二零一七年底止，Ruashi礦場
已達成2,767,177個無死亡個案班
次。礦場於年內發生七宗損失工時
工傷事故。
31 ANNUAL REPORT 2017 二 零 一 七 年 報
SUSTAINABLE DEVELOPMENT REPORT
可持續發展報告
No fatalities occurred at Chibuluma mines in 2017,
and a total of four lost time injuries was recorded. The
lost time injury frequency rate reduced from to
per million man hours worked.
Kinsenda achieved 2,321,715 fatality free shifts in
2017 and three lost time injuries occurred onsite.
Safety Statistics for the Group
Fatality Frequency Rate per million
man-hours worked 每百萬工時的死亡頻率
2015
二零一五年
2016
二零一六年
2017
二零一七年
Ruashi Ruashi
Chibuluma Chibuluma
KICC KICC
Group Mines 本集團礦場
Lost Time Injury Frequency Rate
per million man-hours worked
每百萬工時的
損失工時工傷事故率
2015
二零一五年
2016
二零一六年
2017
二零一七年
Ruashi Ruashi
Chibuluma Chibuluma
KICC KICC
Group Mines 本集團礦場
Health
All of the mining operations fall within areas where
malaria is a significant health risk. Malaria cases
at each operation are shown in the table below.
Prevention measures include indoor residual spraying
in Zambia as well as malaria prevention programs
at the sites. These programs involve the donation
of mosquito nets, removal of stagnant water and
improvement of drainage, and support to existing
government and non governmental organisation
programs and education of the workforce and
community. It is of concern that the number
of malaria cases occurring at the mines is not
decreasing, and further awareness and intervention
is required. The number of malaria cases occurring at
the mine sites has reduced in 2017.
Malaria cases 瘧疾個案宗數
2015
二零一五年
2016
二零一六年
2017
二零一七年
Ruashi Ruashi 1,867 1,741 1,331
Chibuluma Chibuluma 54 85 57
KICC KICC 895 1,069 916
Chibuluma礦場於二零一七年並無
發生任何死亡事故，並錄得合共4
宗損失工時工傷事故。損失工時工
傷事故頻率從每百萬工時宗下跌
至宗。
截至二零一七年止，Kinsenda已達
成2,321,715個無死亡個案班次及發
生3宗損失工時工傷事故。
本集團的安全數據
健康
所有採礦業務所處區域均受瘧疾影
響，並構成重大健康風險。下表顯
示各作業區的瘧疾案例。預防措施
包括於贊比亞進行的室內殘留噴
灑，以及於各礦址實行的瘧疾預防
計劃。該等計劃涉及捐獻蚊帳、掃
除積水及改善排水系統，以及支持
政府和非政府組織現行計劃及對勞
工和社區進行的教育。由於各礦場
的瘧疾個案宗數一直維持不下，故
須加強關注及干預。各礦址的瘧疾
個案宗數已於二零一七年有所減
少。
32 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
SUSTAINABLE DEVELOPMENT REPORT
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The Company actively promotes HIV/AIDS prevention
programs aimed at employees, their families and
the communities in which we operate. Voluntary
counselling and testing for HIV is encouraged
amongst employees and support systems are in
place for employees who test positive for HIV.
VCT for HIV/AIDS 艾滋病病毒╱艾滋病
2015
二零一五年
2016
二零一六年
2017
二零一七年
自願諮詢及檢查數目
Ruashi Ruashi 1,203 1,281 1,011
Chibuluma Chibuluma 2,659 55 200
KICC KICC 2,031 1,045 799
Group Mines 本集團礦場
Kinsenda operates a hospital and primary health
care facility on site which treats employees and their
dependents, and provides a limited service to the
local population. Ruashi and Chibuluma mines have
clinics on site.
B3 DEVELOPMENT AND TRAINING
The Company recognises that development and
training of employees is a continuing process for
every employee at every level of the organisation,
therefore training is perceived as a necessary
investment in order to enhance productivity and attain
the company’s business goals. Critical needs and
affordability are taken into account.
All employees, contractors, consultants and visitors
receive site induction of various levels, depending on
the duration of stay, area to visit and previous visits to
site. Metorex is committed to ensure that employees
are competent in their roles and therefore possess
necessary permits, licences and the like in order to
carry out work safely and in accordance with the laws
of the countries in which we operate.
In addition, the training departments on the
mines identify training needs through advice from
supervisors, comparing the skills and knowledge
of employees to their job profiles, analysing the
performance appraisals, information from the
individual development plans and training and
development required by law in the countries of
operation.
Both Ruashi and Chibuluma are certified to the
international standard ISO14001 for environmental
management systems. One of the requirements of
the management system is environmental training for
all employees and contractors, as well as job-specific
training for employees whose activities have a direct
impact on the environment. Training in pollution
prevention and remediation is also given.
本公司為僱員、僱員家屬及我們營
運所在社區積極推動艾滋病病毒╱
艾滋病預防計劃，鼓勵僱員自願諮
詢及進行艾滋病病毒檢查，並已制
定支援制度幫助該等在艾滋病病毒
測試中呈陽性的僱員。
Kinsenda於礦址內經營一座醫院
及初級護理醫療設施，負責治療僱
員、彼等家眷，及為當地人提供有
限度服務。Ruashi及Chibuluma礦
場內均設有診所。
B3 發展及培訓
本公司意識到，對企業各層面的每
一位僱員而言，發展及培訓為一項
持續過程，因此，培訓被視為提高
生產力及實現本公司業務目標的所
需投資。重大需求及可負擔能力均
已作考慮。
所有僱員、承包商、顧問及訪客可
獲得不同程度的礦場實地介紹，這
取決於停留時間、所走訪區域及過
往的探訪。Metorex致力確保僱員
勝任其崗位，取得必要許可及牌照
等資格，從而符合我們營運所在國
家的法律進行安全生產。
此外，各礦場的培訓部門經參考主
管建議、比較僱員相對其工作崗位
的技能及知識、分析表現評核，以
及自個別發展計劃的資料及營運所
在國家法律所規定的培訓及發展要
求，識別培訓需求。
Ruashi及Chibukuma均獲國際標準
ISO14001環境管理系統認證。管
理系統的其中一項要求是為所有僱
員及承包商提供環保相關培訓，以
及為該等從事於對環境有直接影響
之活動的僱員提供職業培訓。此外
亦有提供有關預防污染及修復的培
訓。
33 ANNUAL REPORT 2017 二 零 一 七 年 報
SUSTAINABLE DEVELOPMENT REPORT
可持續發展報告
B4 LABOUR STANDARDS
The Labour Code in the DRC provides that forced
work is prohibited. The mines do not hire candidates
who are under the age of 18 years, although the
law in the DRC allows for consideration of recruiting
candidates from the age of 16. Ruashi has a Human
Rights policy in place which specifies the right to:
• Human dignity
• Fair treatment (subject to considerations of
affirming previously disadvantages groups)
• Freedom and security of persons
• Not to be subject to slavery, servitude and
forced labour
• Freedom of conscience, religion, thought, belief
and opinion
• F r e e d om o f e x p r e s s i o n ( s u b j e c t t o
considerations of confidentiality and the
prohibition of hate speech and incitement to
cause harm)
• Peaceful assembly
• Freedom of movement
• Fair labour practice
• Not to be employed if a child
• Not to be arbitrarily deprived of property or
possessions
• Freely participate in the cultural life of their
choice
• Lawful, reasonable and fair action; and
• Not to be subjected to arbitrary arrest or
detention.
Chibuluma does not have a particular written
policy on the prevention of child and forced labour,
however, the mine follows the Zambian labour policy
which clearly forbids child labour. Zambia is also a
signatory to the International Labour Organisation
conventions No. 138 (minimum age for admission to
employment and work) and No. 29 (Forced Labour).
B4 勞動標準
剛果（金）的勞工守則規定禁止強迫
工作。礦場並不僱傭年齡低於18歲
的應聘人士，即使剛果（金）的法定
允許考慮聘用年紀為16歲。Ruashi
已制定人權政策，當中訂明以下權
利：
• 人性尊嚴
• 公平對待（但須考慮特別關注
過往弱勢群體）
• 人身自由及安全
• 不得被強迫為奴隸、奴役及強
制勞動
• 道德、宗教、思想、信仰及觀
點自由
• 言論自由（但須考慮保密性問
題及禁止仇恨言論和導致傷害
的煽動）
• 和平集會
• 行動自由
• 公平勞動慣例
• 不得僱傭孩童
• 不得蠻橫地剝奪財產或財物
• 自由選擇自身希望的文化生活
• 合法、合理及公平行動；及
• 不被非法逮捕或拘留。
Chibuluma並無具體訂明書面政策
防止童工及強迫勞動，然而，礦場
遵循贊比亞勞工政策，而該政策明
確禁止童工。贊比亞亦是國際勞工
組織公約第138號《最低年齡公約》
及第29號《強迫勞動公約》的簽署
國。
34 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
SUSTAINABLE DEVELOPMENT REPORT
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Chibuluma also subscribes to and is involved with the
Global Child Forum for the promotion of Children’s
rights – “Global Child Forum brings together thought
leaders and influencers from business, civil society,
academia and government in order to spur action for
social change around children’s rights. In particular,
we focus on the power of business to be a driver
of change, and we encourage businesses to take
approaches in their operations and their communities
that best advance children’s rights. Our work is
underpinned by the United Nations (UN) Convention
on the Rights of the Child and the Children’s Rights
and Business Principles as well as by our own
research and tools. The Global Child Forum is a
Swedish non-profit foundation with headquarters in
the heart of Stockholm.”
Chibuluma has implemented a Fatigue Management
Policy as follows:
Chibuluma Mines Plc identifies that fatigue is an
internal precondition for unsafe acts because it
negatively affects the human operators’ internal
state. The Company will strive to maintain and
enhance safety, performance and productivity in the
operational and manage the risk of fatigue in the work
place.
Through the Fatigue Management policy, Chibuluma
Mines Plc is committed to:
• Taking all practical steps to ensure the safety
of employees at work and in relation to roster
design. This includes reducing night work to
the minimum possible; ensuring no worker
spends more than 2-4 days continuously on
any night shift, providing a minimum of 2 full
nights’ recovery after 2-4 night shifts, rotating
shifts forward (Day, Afternoon, Night), avoiding
rosters that require starting work before
6:30am, implementing responsible alternatives
where the measures herein outlined cannot be
implemented.
• Systemat ical ly ident i fy ing hazards and
assessing their significance in relation to shift
work. This will include; identification of risks in
tasks to be performed and assessing the risk of
performing tasks when workers are fatigued.
• Eliminating, isolating or minimizing these
hazards, in this order of priority.
• When employees face significant hazards,
monitor their hours of work and their health and
safety representatives.
Chibuluma亦登記成為全球兒童論
壇一份子並參與其活動，以推廣兒
童權利：「全球兒童論壇匯聚各個
企業、公民社會、學校、政府的思
想領袖及有影響力者，以激發兒童
權利方面的社會變革。我們尤其關
注企業推動變革的力量，並鼓勵企
業於其業務營運中及在所在社區，
為推動兒童權利而採取行動。我們
的工作獲聯合國《兒童權利公約》、
《兒童權利和企業原則》及我們自身
的研究及工具支持。全球兒童論壇
是一個瑞典非牟利基金團體，其總
部設於斯德哥爾摩的心臟區。」
Chibuluma已實施疲勞管理政策，
詳情如下：
Chibuluma Mines Plc視疲勞為不安
全行為的前兆，因為其可嚴重影響
人體身心狀態。本公司將努力維持
及加強營運安全、表現及生產力，
管理工作場所的疲勞風險。
透 過 疲 勞 管 理 政 策，Chibuluma
Mines Plc致力於：
• 採取一切實際步驟以確保僱
員工作安全，並於編班設計上
採取實際步驟。此包括盡量降
低夜班工作，確保工人並無連
續進行任何夜班工作超過2–4
日、於2–4晚夜班工作後至少
提供2晚全晚休息、實行早午
晚順時針的輪班系統、避免編
排班次於上午六時三十分之前
開始，倘上述措施未能落實，
則實施負責任的替代方案。
• 有系統地識別危機並評估其對
輪班工作的影響。此包括：識
別即將執行的任務的風險及評
估工人於疲勞時執行任務的風
險。
• 消除或隔離或降低有關危機
（按此先後順序進行）。
• 員工面對重大危機時，監察彼
等的工作時數及其健康和安全
指標。
35 ANNUAL REPORT 2017 二 零 一 七 年 報
SUSTAINABLE DEVELOPMENT REPORT
可持續發展報告
• Ensur ing that incident and/or accident
investigations consider whether fatigue was a
contributing factor.
B5 SUPPLY CHAIN MANAGEMENT
The Company contracts specify that all contractors
are required to comply with the Group’s safety,
health, environment and community policies.
Suppliers by geographic region
Suppliers for the operating mines are located in the
following regions:
2016 2017
Ruashi suppliers by geographical region Ruashi供應商（按地理區域劃分） 二零一六年 二零一七年
Democratic Republic of the Congo 剛果民主共和國 317 403
South Africa 南非 178 153
Zambia 贊比亞 15 22
Switzerland 瑞士 3 4
United Kingdom 英國 4 4
United Arab Emirates 阿拉伯聯合酋長國 2 4
Australia 澳大利亞 3 2
Mauritius 毛里求斯 3 4
Canada 加拿大 2 2
China 中國 3 5
Germany 德國 1 2
India 印度 1 1
Portugal 葡萄牙 1 1
Singapore 新加坡 1 1
Kinsenda suppliers by
geographical region
Kinsenda供應商
（按地理區域劃分）
2016
二零一六年
2017
二零一七年
Democratic Republic of the Congo 剛果民主共和國 91 91
South Africa 南非 74 74
Zambia 贊比亞 17 17
Chibuluma Mines suppliers by
geographical region
Chibuluma礦場供應商
（按地理區域劃分）
2016
二零一六年
2017
二零一七年
Zambia 贊比亞 44 520
South Africa 南非 40 112
United Kingdom 英國 1 2
Australia 澳洲 – 1
China 中國 1 5
India 印度 – 1
Hong Kong 香港 – 1
• 確保於調查事故及╱或意外時
把疲勞的影響納入考慮因素。
B5 供應鏈管理
本公司合約訂明所有承包商均必須
遵守本集團之安全、健康、環境及
社區政策。
按地理區域劃分的供應商
各營運礦場的供應商所在地區如
下：
36 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
SUSTAINABLE DEVELOPMENT REPORT
可持續發展報告
B7 ANTI-CORRUPTION
Ruashi has a Code of Ethics in place and Chibuluma
mine addresses corruption through its Code of
Conduct. Kinsenda currently has no specific policies
related to corruption although the Ruashi code is
adopted. Current controls include an approvals
framework for authorisation of orders and contracts
and an online ERP system. The Finance and
Procurement departments have internal policies in
place to address conflict of interest, corruption and
fraud. Ruashi mine has in-house investigators who
are tasked with researching and investigating all case
of fraud, embezzlement, theft, corruption, extortion or
money laundering within the company. Their reports
are presented to the Prosecutor’s office and the
General Management, and cases are escalated to
Metorex Head Office as required.
Kinsenda has no specific policies related to bribery,
extortion, fraud and money laundering. A declaration
of interest was signed by all employees in 2014.
Controls in place include an approvals framework
with authorisation levels and responsibilities, online
approval through an ERP system, internal audit and a
compliance officer and legal resources in place.
B8 COMMUNITY INVESTMENT
The Company has a Community Policy in place as
follows:
Community Policy
The company strives to minimise potential negative
social impacts while promoting opportunities and
benefits for host communities. The company
engages in a range of sustainable development
and community relations activities. Community
management and development is recognised as a
high corporate priority, and is a component of Zero
Harm, one of the company’s values.
JCI is committed to:
• Continually improving community development
and community investment programmes
through monitoring, measuring and managing
our social and economic impacts;
• Developing programmes that ensure the
sustainable welfare of communities;
• Upholding and promoting the human rights of
our employees and contractors, our suppliers,
and the communities in which we operate;
B7 反貪污
Ruashi已 制 定 一 套 道 德 準 則，而
Chibuluma礦場則透過其行為準則
應對貪污。Kinsenda目前並無制定
有關反貪污的具體政策，但其已採
納Ruashi的準則。現行的監控措施
包括就命令及合約授權的批准設立
的框架及一套在線ERP系統。財務
及採購部門訂有內部政策應對利益
衝突、貪污及舞弊事件。Ruashi礦
場內聘有內部調查員，負責研究及
調查本公司內部一切舞弊、挪用公
款、盜竊、貪污、敲詐或洗黑錢個
案。其調查報告將提呈檢察主任及
行政管理層，並視乎需要將案件提
升至Metorex總部。
Kinsenda並 無 制 定 關 於 賄 賂、敲
詐、舞弊及洗黑錢的具體政策。全
體員工已於二零一四年簽署利益申
報聲明。現制定的監控措施包括就
職級與職責授權的批准設立的框
架、透過ERP系統進行在線批准、
內部審核，以及委聘合規主任及配
備法律資源。
B8 社區投資
本公司制定的社區政策如下：
社區政策
本公司在致力為所處社區大力促進
機遇及謀求福祉的同時，會盡量減
少可能對社會造成之負面影響。本
公司參與不同種類可持續發展及社
區關係活動。社區管理及發展被認
為是企業管理的重中之重，「零傷
害」管理是本公司企業價值之一。
JCI致力於：
• 透過監察、測量及管理我們造
成的社會及經濟影響，持續改
善社區發展及社區投資計劃；
• 制定可確保社區永續福祉的計
劃；
• 維護及提升我們僱員、承包
商、供應商及經營所在社區的
人權水平；
37 ANNUAL REPORT 2017 二 零 一 七 年 報
SUSTAINABLE DEVELOPMENT REPORT
可持續發展報告
• Recognising and respecting indigenous
people’s culture, heritage and traditional rights
and supporting the identification, recording,
management and protection of indigenous
cultural heritage;
• Bu i ld ing and ma in ta in ing s takeho lder
relationships with people who are directly
affected or interested in our operations; and
• Managing the risk of public health threats
amongst employees, contractors and local
communities.
Community investment at the mining operations in
2017 and 2016 were undertaken as follows:
Ruashi Community Investment (US$) Ruashi的社區投資（美元）
2016
二零一六年
2017
二零一七年
HIV/AIDS awareness and prevention
提升對艾滋病病毒╱艾滋病的
意識及預防 10,000 10,000
Education 教育 5,000 10,000
Agriculture projects 農業項目 250,000 250,000
TOTAL 總計 265,000 270,000
Kinsenda Community Investment (US$) Kinsenda的社區投資（美元）
2016
二零一六年
2017
二零一七年
Agriculture 農業 7,400 10,495
Community electricity 社區電力 258,222 149,935
Community feeding schemes
(orphans and widows) 社區糧食供給計劃（孤兒及寡婦） 21,027 28,691
Education 教育 4,016 72,786
Sport and recreation 體育與休閒 5,458 4,098
Community sanitation 社區衛生 4,008 5,148
Community relations 社區關係 14,515 51,680
TOTAL 總計 314,646 322,832
Chibuluma Community Investment (US$) Chibuluma的社區投資（美元）
2016
二零一六年
2017
二零一七年
Education 教育 11,620 8,199
Health 健康 18,287 25,506
Skills Development 技能培養 12,406 17,620
Sport and Recreation 體育與休閒 62,873 27,534
TOTAL 總計 105,186 78,859
• 承認及尊重當地居民的文化、
遺產及傳統權利及支持鑑定、
記載、管理及保護當地居民的
文化遺產；
• 與直接受我們業務影響或於我
們業務中擁有權益的人民建立
及維持利益相關者關係；及
• 管理僱員、承包商及地方社區
之公眾健康威脅風險。
於二零一七年及二零一六年在採礦
業務中進行社區投資如下：
38 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
BUSINESS REVIEW
The principal business of the Group is in the mining operations,
primarily copper and cobalt production, the Group also trades
mineral and metal products. The recovery of copper and cobalt
prices during 2017 has given rise to positive impact on our
overall financial performance for the period under review. Beside,
through technological reform, continuous optimization of
economy and reducing operating costs, the Group was able to
achieve more profit in 2017 as compared with last year.
Mining Operations
The Group’s mining operations is represented by the Metorex
Group, which is headquartered in South Africa. Metorex Group
has majority control over two operating mines in Africa which are
Ruashi Mine, a copper and cobalt mine located in the DRC and
Chibuluma South Mine (including the Chifupu copper deposit), a
copper mine located in Zambia. For the year ended 31 December
2017, the Group produced 42,512 tonnes of copper (2016:
42,587 tonnes) and 4,638 tonnes of cobalt (2016: 3,391 tonnes),
and sold 42,443 tonnes of copper (2016: 43,083 tonnes) and
4,677 tonnes of cobalt (2016: 3,264 tonnes) which generated
sales of US$263 million and US$ million respectively (2016:
US$ million and US$58 million respectively). Copper
production was comparable to 2016. The significant increase in
cobalt production was mainly because of technological reform
and optimization and higher cobalt feed grade.
Metorex Group also has control over Kinsenda Project, a
development copper project which commence trial-production
stage at the end of 2017 in the DRC, and Musonoi project, a
copper and cobalt project in feasibility study stage, and Lubembe
project, a copper project in exploration stage.
業務回顧
本集團之主要業務為採礦業務，主要生產銅
及鈷。本集團亦進行礦產品及金屬產品貿易。
銅價及鈷價於二零一七年有所回升，為回顧
期間的整體財務表現帶來正面影響。此外，通
過技術改造、不斷優化經濟指標及降低經營
成本，本集團成功於二零一七年獲得較去年
更多之利潤。
採礦業務
本集團之採礦業務由總部位於南非之Metorex
集團主理。Metorex集團對非洲兩個營運礦
場 擁 有 多 數 控 制 權，分 別 為 位 於 剛 果（金）
之 銅 鈷 礦Ruashi礦 場 及 位 於 贊 比 亞 之 銅 礦
Chibuluma南礦（包括Chifupu礦床）。截至二
零一七年十二月三十一日止年度，本集團生產
42,512噸銅（二零一六年：42,587噸）及4,638
噸鈷（二零一六年：3,391噸），並出售42,443
噸銅（二零一六年：43,083噸）及4,677噸鈷（二
零一六年：3,264噸），產生銷售額分別為263
百萬美元及百萬美元（二零一六年：分別
為百萬美元及58百萬美元）。銅產量與二
零一六年相若。鈷產量則顯著增加，其主要歸
因於技術革新優化及鈷給礦品位較高。
Metorex集團亦擁有Kinsenda項目（一個於二
零一七年末進入試生產階段之剛果（金）銅開
發項目）、Musonoi項目（一個處於可研階段之
銅鈷礦項目），以及Lubembe項目（一個銅探
礦項目）。
39 ANNUAL REPORT 2017 二 零 一 七 年 報
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Trading of Mineral and Metal Products
For the year ended 31 December 2017, GHL purchased and sold
a total of 16,141 tonnes (2016: 19,969 tonnes) of copper blister.
The revenue from sales of copper blister for the year ended 31
December 2017 amounted to US$98 million (2016: US$
million). The copper blister was sourced from a Zambian
producer under a renewed annual contract for 20,000 tonnes in
2017. The volume of copper blister shipped during 2017
decreased by 19% as compared to 2016. The copper blister was
sold in China directly.
The zinc repurchase business that GHL started in late 2016
intended as a low-risk trading business which purchases physical
zinc and hedges the market risk with London Metal Exchange
futures. For the year ended 31 December 2017, GHL traded zine
repo trading products. The profit from zinc repo business for the
year ended 31 December 2017 amounted to US$ million.
FINANCIAL REVIEW
The Group’s operating results for the year ended 31 December
2017 are a consolidation of the results from the mining operations
and the trading of mineral and metal products.
Revenue
The revenue for the year ended 31 December 2017 was
US$ million, representing an increase of % compared
to US$ million for the year ended 31 December 2016.
Revenue increased during the year mainly contributed from
mining operation business which was further discussed below.
礦產品及金屬產品貿易
截 至 二 零 一 七 年 十 二 月 三 十 一 日 止 年 度，
GHL購 買 及 出 售 合 共16,141噸（二 零 一 六
年：19,969噸）粗銅。截至二零一七年十二月
三十一日止年度，銷售粗銅之收益為98百萬
美元（二零一六年：百萬美元）。粗銅乃根
據一份於二零一七年續期之20,000噸年度採
購合約採購自一家贊比亞生產商。二零一七
年裝運之粗銅數量較二零一六年減少19%。粗
銅乃直接於中國銷售。
GHL於二零一六年底開展之鋅回購業務原意
是一項低風險貿易業務，其從事購買實體鋅
金屬，並透過倫敦金屬交易所期貨合約對沖
市場風險。截至二零一七年十二月三十一日
止年度，GHL買賣鋅金屬回購貿易產品。截至
二零一七年十二月三十一日止年度，鋅回購
業務之溢利為百萬美元。
財務回顧
本集團截至二零一七年十二月三十一日止年
度之經營業績為綜合採礦業務與礦產品及金
屬產品貿易業務之業績。
收益
截至二零一七年十二月三十一日止年度之
收益為百萬美元，較截至二零一六年
十二月三十一日止年度之百萬美元上升
%。年內收益上升主要歸因於採礦業務，
其進一步論述如下。
40 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
The Group’s sales performance from its mining operations was
as follows:
2017 2016
二零一七年 二零一六年
Volume of copper sold (tonne) 銅銷售量（噸） 42,443 43,083
Volume of cobalt sold (tonne) 鈷銷售量（噸） 4,677 3,264
Revenue from sales of copper (US$ million) 銅銷售收益（百萬美元）
Revenue from sales of cobalt (US$ million) 鈷銷售收益（百萬美元）
Total revenue from the mining operations
(US$ million)
採礦業務總收益（百萬美元）
Average price received per tonne of copper (US$) 已收每噸銅平均售價（美元） 6,196 4,764
Average price received per tonne of cobalt (US$) 已收每噸鈷平均售價（美元） 39,817 17,770
Note: Cobalt price has already included price ratio of %
During the year ended 31 December 2017, the higher commodity
market prices impacted positively on the Group’s revenue.
Revenue of the Group’s mines reported at US$ million and
increased by 71% from 2016.
The copper mining revenue increased by 28% from 2016 to
2017, as a result of higher price. 2017 copper production volume
was comparable to the 2016 production volume. The cobalt
revenue increased by 221% from 2016 to 2017 as a result of
higher cobalt price as well as an increase in cobalt production
volume.
The trading of mineral and metal products segment recorded a
decrease in revenue from sales of copper related raw materials
by % from US$ million for the year ended 31 December
2016 to US$98 million for the year ended 31 December 2017.
New revenue generated from inventory financing relating to non-
ferrous metal commodities which was initiated in late 2016.
本集團於採礦業務之銷售表現如下：
註：鈷價已包含%之價格比率
於截至二零一七年十二月三十一日止年度，
商品市價上升對本集團收益帶來正面影響。
本集團礦場錄得收益百萬美元，較二零
一六年增加71%。
銅開採收益從二零一六年至二零一七年上升
28%，乃由於價格上升所致。二零一七年銅產
量與二零一六年產量相若。鈷收益從二零一六
年至二零一七年上升221%，乃由於鈷價上升
及鈷產量增加所致。
礦產品及金屬產品貿易分類之收益錄得下降，
銷售銅相關原材料之收益從截至二零一六年
十二月三十一日止年度之百萬美元下降
%至截至二零一七年十二月三十一日止年
度之98百萬美元。有色金屬商品之存貨融資
新業務已自二零一六年底開始產生收益。
41 ANNUAL REPORT 2017 二 零 一 七 年 報
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
銷售成本
銷售成本指與本集團銅鈷生產採礦業務有關
之成本以及礦產品及金屬產品貿易之採購成
本。銷售成本之主要組成部分如下：
Cost of Sales
Cost of sales represents the costs associated with the production
of copper and cobalt from the Group’s mining operations and the
purchase cost for the trading of mineral and metal products. The
major components of cost of sales are as follows:
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Mining Operations: 採礦業務：
Realisation costs 變現成本 6,051 6,167
Mining costs 採礦成本 141,237 44,124
Salaries and wages 薪金及工資 41,330 41,680
Processing costs 加工成本 70,710 78,054
Engineering and technical costs 工程及技術成本 20,661 20,059
Safety, health, environment and community
costs
安全、健康、環境及社區
成本 2,717 2,970
Depreciation of property, plant and
equipment
物業、廠房及設備之折舊
43,377 46,772
Amortisation of mineral rights 礦產權攤銷 7,030 10,973
Other costs 其他成本 497 10,867
Sub-total 小計 333,610 261,666
Purchases for Trading of Mineral and
Metal Products
礦產品及金屬產品貿易之
採購成本 99,415 100,822
Total Cost of Sales 總銷售成本 433,025 362,488
Cost of mining operations increased by % to US$
million (2016: US$ million) for the year ended 31 December
2017 as a result of more stripping cost to mine low grade ore. At
the end of 2017, the mining area already passed the low grade
ore area.
The decrease in purchases for trading of mineral and metal
products was primarily due to the decrease in trade volume of
copper blister.
The decrease in processing costs was mainly attributable to the
implementation of cost saving measures, lower reagent price and
lower power cost. Ruashi Mine had reduced dependence on
diesel generators, and relied more on the lower cost local
electricity supply. Current efficiencies for the Electro-winning
process resulted in additional power savings. The debottle-neck
project impacted positively on production by increasing the plants
processing capacity.
採礦業務成本增加%至截至二零一七年
十二月三十一日止年度百萬美元（二零
一六年：百萬美元）乃由於低品位礦石剝
採成本增加。於二零一七年末，礦區已完成低
品位礦石剝採。
礦產品及金屬產品貿易之採購額下降乃主要
由於粗銅貿易量減少所致。
加工成本減少主要歸因於成本節約措施之
實施、較低的試劑價格及較低的電力成本。
Ruashi礦場已減低對柴油發電機的依賴，並更
依賴較低成本的本地電力供應。電解冶煉生產
過程的電流效率提高了節電效果。去瓶頸化
項目使廠房產能增加，為生產帶來正面影響。
42 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Gross Profit
The gross profit of the Group increased by 4,742% from US$
million for the year ended 31 December 2016 to US$
million for the year ended 31 December 2017. The increase in
copper and cobalt prices and increase in cobalt production
volumes were the main causes of increase in the gross profit.
The gross profit margin increased from % in 2016 to % in
2017.
Net Financing Costs
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Financing income 財務收入 986 686
Financing cost 財務成本 (8,673) (6,832)
(7,687) (6,146)
The net financing costs increased by % from US$ million
to US$ million during 2017. There was an increase of US$
million and US$ million for the financing income and financing
costs for 2017 compared with 2016.
The increase in finance income was mainly due to increase in
bank interest income from time deposit in Hong Kong.
The increase in finance costs was mainly due to the increase in
interest on perpetual subordinated convertible securities
(“PSCS”) by US$ million and increase in average interest rate
during 2017.
Other Gains and Losses
The significant increase in other losses during 2017 was mainly
due to a significant unrealised exchange loss of approximately
US$ mi l l ion der ived f rom the convers ion o f VAT
(“Value-added tax”) receivables denominated in CDF which
depreciated.
毛利
本集團毛利由截至二零一六年十二月三十一
日止年度的百萬美元增加4,742%至截至二
零一七年十二月三十一日止年度的百萬
美元，銅鈷價格及鈷產量上升是毛利增加的
主要原因。毛利率由二零一六年之%增加
至二零一七年之%。
淨財務成本
淨財務成本於二零一七年間由百萬美元增
加%至百萬美元。與二零一六年相比，
二零一七年之財務收入與財務成本分別增加
百萬美元及百萬美元。
財務收入增加主要是由於香港之定期存款銀
行利息收入增加。
財務成本增加主要是由於二零一七年永久次
級可換股證券（「永久次級可換股證券」）利息
增加百萬美元及平均利率增加。
其他收益及虧損
於二零一七年其他虧損錄得顯著增加乃主要
由於剛果法郎貶值，導致於兌換以剛果法郎
計值的應收VAT（「增值稅」）款項時產生顯著
未變現匯兌虧損約百萬美元。
43 ANNUAL REPORT 2017 二 零 一 七 年 報
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
銷售及分銷成本
該等成本主要指本集團於銷售其採礦業務之
銅及鈷時所產生之礦場外成本，主要包括運
輸開支、貨運開支以及清關開支。銷售及分銷
成本之明細如下：
Selling and Distribution Costs
The costs mainly represent the off-mine costs incurred when the
Group sells its copper and cobalt under the mining operations,
and they primarily comprise of transportation expenses, freight
expenses and custom clearing expenses. The breakdown of
selling and distribution costs is as follows:
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Off-mine costs: 礦場外成本：
Transportation 運輸 276 335
Freight 貨運 19,470 13,156
Clearing costs of export 出口清關成本 10,946 9,350
Others 其他 565 599
Total Selling and Distribution Costs 總銷售及分銷成本 31,257 23,440
Selling and distribution costs increased by % from US$
million for the year ended 31 December 2016 to US$ million
for the year ended 31 December 2017. This was primarily due to
the higher production volume of cobalt and tonnage sold.
Administrative Expenses
Administrative expenses decreased by % from US$
million for the year ended 31 December 2016 to US$ million
for the year ended 31 December 2017. Administrative expenses
mainly include staff costs and mining royalties payable to the
minority shareholders and local government of the Operating
Mines in Africa and other operating expenses of the Group.
Reversal of Impairment Loss
During the year under review, the Group recorded a non-cash
reversal of impairment loss of US$ million on the mineral
rights (2016: reversal of impairment loss of US$ million),
since there were increases in copper and cobalt prices towards
the end of the year as well as successful implementation of
cost-saving plans as compared to 2016.
The reversal of impairment loss was made in relation to Ruashi
Mine in the DRC in 2017.
銷售及分銷成本自截至二零一六年十二月
三十一日止年度的百萬美元增加%至
截至二零一七年十二月三十一日止年度的
百萬美元，主要是由於鈷產量上升及已售噸
數上升。
行政開支
行政開支自截至二零一六年十二月三十一日
止年度的百萬美元減少%至截至二零
一七年十二月三十一日止年度的百萬美
元。行政開支主要包括員工成本及應向非洲
營運礦場的少數股東及當地政府支付的礦產
權使用費以及本集團之其他經營開支。
減值虧損撥回
於回顧年度，本集團就礦產權錄得非現金減
值虧損撥回百萬美元（二零一六年：減值
虧損撥回百萬美元），這是由於銅價及鈷
價於本年末與二零一六年末相比有所上升以
及成功實行節省成本計劃所致。
於二零一七年就剛果（金）之Ruashi礦場錄得
減值虧損撥回。
44 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
The reversal of impairment loss was resulted from the change in
value of the principal parameters used in the 2016 impairment
assessment in the mining operations, mainly the higher
estimated price for commodities, namely copper and cobalt, and
the lower est imated cost resul ted from the successful
implementation of cost control measures in 2017.
During the year ended 31 December 2016, despite the recovery
in copper and cobalt price towards the end of 2016, the
production plan of a developing project of the Group has been
delayed mainly due to additional work performed. This additional
work is neither budgeted nor planned. The recoverable amount
of the relevant assets has been determined on the basis of their
value in use. The recoverable amount was determined based on
the cash flow projections derived from the current mine plan,
production reserves and estimated future copper and cobalt
prices. The pre-tax discount rate used in measuring value in use
was % (2016: %). Accordingly, an impairment loss in
respect of exploration and evaluation assets of US$14,017,000
for the related CGU was recognised in profit or loss during the
year ended 31 December 2016. During the year ended 31
December 2017, the mine commence the trial-production stage,
and there is no impairment recognised or reversed after
impairment assessment has been performed as at 31 December
2017.
The key value of input used in the valuation comprise forecast
long term copper price over LOM at a range from US$6,500 per
tonne to US$7,500 per tonne; and forecast long term cobalt price
was US$55,115 per tonne. The discount rate, as another key
value of input, remained stable in 2017 as a result of no
significant change of risk profiles of the countries of the
respective mines are located. Moreover, the successful
optimization of respective current mine plans in 2017, improved
the cost structure, gave rise to favourable effect to the reversal of
the impairment loss.
Given the nature of the Group’s activities, the valuation method
adopted for each mine was determined based on discounting the
respective cash flow projections to derive the value in use as the
recoverable amount.
錄得減值虧損撥回是由於採礦業務就二零一六
年作減值評估所用之主要參數值有變，其主
要為商品（指銅及鈷）估計價格上升及因二零
一七年成功實施成本控制措施而帶來之估計
成本下降。
截至二零一六年十二月三十一日止年度，儘管
銅價及鈷價步入二零一六年末有所回升，但本
集團一個開發項目之生產計劃滯後，主要是由
於年內進行了額外工程。此項額外工程並無制
訂預算或作出規劃。相關資產之可收回金額乃
按其使用價值釐定。可收回金額乃基於當前礦
場計劃、生產儲量及估計未來銅鈷價格得出之
現金流量估算釐定。計量使用價值時所用之除
稅前貼現率為%（二零一六年：%）。
因此，於截至二零一六年十二月三十一日止
年度，已就相關現金產生單位於損益確認勘
探及評估資產之減值虧損14,017,000美元。截
至二零一七年十二月三十一日止年度，礦場
進入試生產階段，而經進行減值評估後，於二
零一七年十二月三十一日並無確認或撥回任
何減值。
估值所用之主要輸入數據包括LOM期內長期
銅價預測介乎每噸6,500美元至每噸7,500美
元；及長期鈷價預測每噸55,115美元。另一主
要輸入數據－貼現率於二零一七年維持穩定，
原因是各礦場所在國家之風險狀況並無重大
變動。另一方面，於二零一七年成功優化各項
當前礦場計劃，使成本架構獲得改善，帶來減
值虧損撥回之利好影響。
基於本集團業務之性質，就各礦場所採用之估
值方法乃以貼現各礦場之現金流量估算為基
礎，以得出使用價值作為可收回金額而釐定。
45 ANNUAL REPORT 2017 二 零 一 七 年 報
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
所得稅開支╱（抵免）
本集團因其於香港、剛果（金）、贊比亞及南
非之業務營運而須繳納該等司法權區之稅項。
截至二零一七年十二月三十一日止年度的所
得稅開支為百萬美元，相比二零一六年則
為所得稅抵免百萬美元。所得稅開支增加
主要是由於二零一七年之除稅前溢利較之二
零一六年有所增加。二零一六年錄得所得稅
抵免乃主要由於確認採礦業務所產生之估計
稅項虧損以及就有關物業、廠房及設備、礦產
權以及勘探及評估資產之變動確認遞延稅項
抵免。
年內溢利
基於上述事項，本集團於截至二零一七年十二
月三十一日止年度錄得綜合溢利為百萬美
元，相較截至二零一六年十二月三十一日止
年度為百萬美元。
未計利息（淨財務成本）、所得稅、折舊及
攤銷以及減值虧損影響前盈利（「EBITDA」）
本集團之EBITDA乃按下表得出：
Income Tax Expense/(Credit)
The Group is subject to taxes in Hong Kong, DRC, Zambia and
South Africa due to its business operations in these jurisdictions.
An income tax expense of US$ million was derived for the
year ended 31 December 2017 as opposite to the income tax
credit of US$ million in 2016. The increase in income tax
expense was primarily due to the increase in profit before tax in
2017 as compared with 2016. The income tax credit in 2016 was
mainly resulted from the recognition of estimated tax losses and
the deferred tax credit from the movements in the property, plant
and equipment, mineral rights and exploration and evaluation
assets arising from the mining operations.
Profit for the Year
As a result of the above, the Group recorded a consolidated
profit of US$ million for the year ended 31 December 2017
as compared to that of US$ million for the year ended 31
December 2016.
Earnings before interest (net finance costs), income
tax, depreciation and amortisation and impairment
loss impact (“EBITDA”)
The EBITDA of the Group is derived as follows:
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Profit for the year 年內溢利（虧損） 53,435 6,314
Add: Net finance costs 加：淨財務成本 7,687 6,146
Add(Less): Income tax expense(credit) 加（減）：所得稅開支（抵免） 7,750 (2,993)
Add: Depreciation of property, plant and equipment 加：物業、廠房及設備折舊 43,422 46,888
Add: Amortisation of mineral rights 加：礦產權攤銷 7,030 10,973
Add: Reversal of impairment loss recognised
in respect of mineral rights
加： 就礦產權確認之減值
虧損撥回 (17,080) (67,765)
Add: Impairment loss recognised in respect of
exploration and evaluation assets
加： 就勘探及評估資產
確認之減值虧損 – 14,017
EBITDA EBITDA 102,244 13,580
46 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
資金流動性、財務資源及資本結構
於二零一七年十二月三十一日，本集團有銀行
結餘及現金約百萬美元，相較於二零一六
年十二月三十一日則為百萬美元。
於二零一七年十二月三十一日，本集團之總
銀行借款為百萬美元，其中為數百
萬美元之銀行借款於一年內到期，為數
百萬美元之銀行借款於兩至五年內到期，及
為數34百萬美元之銀行借款於五年後到期。
於二零一七年十二月三十一日，本集團有為
數百萬美元之關聯公司貸款於一年內到
期。
本集團於二零一七年十二月三十一日之資產負
債比率為%，於二零一六年十二月三十一
日為%。資產負債比率之定義為債務淨額
除以總權益，債務淨額乃來自總借貸（包括應
付中間控股公司款項及應付同系附屬公司的款
項）減銀行結餘及現金。資產負債比率下降，
乃由於二零一七年銀行借款較二零一六年有
所減少及資產淨值於二零一七年上升。
於回顧年度，本集團以銀行信貸額度、關聯公
司提供之貸款及內部產生的現金流為本集團
之營運提供資金。
重大收購及出售投資
年內，本集團與均和控股有限公司（「合資夥
伴」，一間於中國成立之公司，為均和集團的
附屬公司）訂立合資協議（「合資協議」），內容
有關成立一間中國有限責任公司上海金川均
和經濟發展有限公司（「合資公司」）。
根據合資協議，合資公司股權擬分別由本集
團持有60%及合資夥伴持有40%。合資公司之
總註冊資本（其相等於本集團與合資夥伴將予
作出的總投資額）為人民幣100百萬元。
除上述投資外，本集團於回顧年度並無任何
重大投資收購或出售。
Liquidity, Financial Resources and Capital Structure
As at 31 December 2017, the Group had bank balances and
cash of approximately US$ million as compared to US$
million as at 31 December 2016.
As at 31 December 2017, the Group had total bank borrowings
of US$ million in which the bank borrowings of US$
million are due within one year, bank borrowings of US$
million are due within 2 to 5 years and bank borrowings of US$34
million are due over 5 years.
As at 31 December 2017, the Group had loans from related
companies of US$ million which are due within one year.
The gearing ratio of the Group as at 31 December 2017 was
% compared to % as at 31 December 2016. Gearing
ratio is defined as net debt over total equity, and net debt is
derived from total borrowings (including amount due to an
intermediate holding company and amount due to a fellow
subsidiary) less bank balances and cash. The decrease in the
gearing ratio was due to the decrease in bank borrowings in
2017 as compared to 2016 and increase of net asset in 2017.
For the year under review, the Group has financed its operations
with loan facilities provided by banks, borrowings from related
companies and internally generated cash flows.
Material Acquisitions and Disposals of Investments
During the year, the Group entered into a joint venture agreement
(the “JV Agreement”) with Junhe Holdings Limited (the “JV
partner”), a company established in the PRC and a subsidiary of
Junhe Group, in relation to the formation of Shanghai Jinchuan
Junhe Economic Development Co., Ltd (the “JV Company”), a
limited liability company in the PRC.
Pursuant to the JV Agreement, it was intended that the
shareholding of the JV Company would be held as to 60% by the
Group and to 40% by the JV Partner. The total registered capital
(which was equal to the total investment to be made by the
Group and the JV Partner) of the JV Company was RMB100
million.
Except the investment mentioned above, the Group did not
undertake any material acquisitions or disposals of investments
during the year under review.
47 ANNUAL REPORT 2017 二 零 一 七 年 報
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Issue of New Shares
On 20 March 2017, the Company entered into a subscription
agreement with SD Hi-Speed Investment HK Limited (the
“Subscriber”). Pursuant to the subscription agreement, the
Company issued 483,000,000 new ordinary shares to SD
Hi-Speed Investment HK Limited, an independent third party, by
way of subscription at the price of HK$ per subscription
share , and ra i sed g ross p roceeds o f approx imate ly
HK$386,400,000 on 28 April 2017. The closing market price of
the Company’s shares was HK$ per share, which was the
closing price on 20 March 2017, which being the date on which
the subscription agreement was signed. The net price per each
new share was HK$. The said subscription of shares was
intended to serve as a strategic cooperative partnership between
the Group and the Subscriber, whereby the Group has leveraged
on the additional funding from the subscription to strengthen its
financial position and enhance its funding liquidity for internal
operations, while further broadening the shareholder base and
capital base of the Group. The net proceeds has been also used
for general capital working purposes.
Significant Capital Expenditures
During the year, the Group acquired property, plant and
equipment of US$ million (2016: US$ million) and
incurred expenditures on exploration and evaluation assets of
US$ million (2016: US$ million) for the Group’s mining
operations.
Details of Charges on the Group’s Assets
The Group’s inventories of US$ million (2016: US$ million)
and trade and other receivables of US$ million (2016: US$
million), respectively, were pledged to secure general banking
facilities granted to the Group.
Details of Contingent Liabilities
During the year ended 31 December 2017, the Group received a
claim from a non-controlling shareholder of a subsidiary for the
payment of overdue royalties together with interest and
compensation. Save as disclosed above, the Group did not have
any other material contingent liabilities as at 31 December 2017.
發行新股份
於二零一七年三月二十日，本公司與山東高速
環渤海投資（香港）有限公司（「認購人」）訂立
認購協議。根據認購協議，本公司以認購方式
按認購價每股認購股份港元向山東高速環
渤海投資（香港）有限公司（為獨立第三方）發
行483,000,000股新普通股，並於二零一七年
四月二十八日籌得所得款項總額386,400,000
港元。本公司股份之每股收市價為港元，
即於二零一七年三月二十日簽訂認購協議當
日之收市價。每股新股份之淨價格為港
元。上述股份認購旨在建立本集團與認購人
之間的戰略性合作夥伴關係，據此，本集團已
利用自認購所得額外資金鞏固其財務狀況及
增強其資金流動性供內部營運之用，同時進
一步擴大本集團的股東基礎及資本基礎。所
得款項淨額亦已用作一般營運資金。
重大資本開支
年內，本集團購買物業、廠房及設備價值
百萬美元（二零一六年：百萬美元）以及
就本集團採礦業務產生勘探及評估資產開支
百萬美元（二零一六年：百萬美元）。
本集團抵押資產詳情
本集團之存貨百萬美元（二零一六年：
百萬美元）以及貿易及其他應收款項百萬美
元（二零一六年：百萬美元），已分別作為
本集團獲授之一般銀行貸款之抵押。
或然負債詳情
於截至二零一七年十二月三十一日止年度，本
集團收到一間附屬公司之一名非控股股東提
出申索，要求支付未付礦權使用費，連同利息
及賠償。除上文披露者外，本集團於二零一七
年十二月三十一日並無任何其他重大或然負
債。
48 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Foreign Exchange Risk Management
The reporting currency of the Group is US$ and the functional
currencies of subsidiaries of the Group are mainly US$. The
Group’s significant assets are in DRC and the Group’s foreign
exchange risk exposed to CDF. The Group monitors its exposure
to foreign currency exchange risk on a on-going basis. There
have been fluctuations in the exchange rate of CDF against US$
in recent years. Given the exchange rate peg between HK$ and
US$, the Group is not exposed to significant exchange rate risk
of HK$.
MINERAL RESOURCES AND MINERAL
RESERVES
The Group’s Mineral Resources as at 31 December 2017 are
estimated to contain 4,462kt copper and 362kt cobalt. Ruashi
Mine contains 571kt copper and 75kt cobalt; Chibuluma South
Mine contains 106kt copper; Kinsenda Project contains 1,140kt
copper; Musonoi Project contains 868kt copper and 287kt cobalt;
and Lubembe Project contains 1,777kt copper.
The Group’s Mineral Reserves as at 31 December 2017 are
estimated to contain 484kt copper and 26kt cobalt. Ruashi Mine
contains 170kt copper and 26kt cobalt; Chibuluma South Mine
contains 33kt copper; and Kinsenda Project contains 281kt
copper.
外匯風險管理
本集團之呈報貨幣為美元，本集團附屬公司
之主要功能貨幣為美元。本集團大部分資產
位於剛果（金），就此，本集團承受剛果法郎
之外幣匯兌風險。本集團持續地監察其所承
受之外幣匯兌風險。近年，剛果法郎兌美元之
匯率一直波動。鑒於港元兌美元匯率掛鈎，本
集團並無面臨重大港元匯率風險。
礦產資源量及礦產儲量
本集團於二零一七年十二月三十一日之估
計礦產資源量為4,462千噸銅及362千噸鈷，
其中Ruashi礦場有571千噸銅及75千噸鈷；
Chibuluma南礦有106千噸銅；Kinsenda項目
有1,140千噸銅；Musonoi項目有868千噸銅及
287千噸鈷；Lubembe項目有1,777千噸銅。
本集團於二零一七年十二月三十一日之估計礦
產儲量為484千噸銅及26千噸鈷，其中Ruashi
礦場有170千噸銅及26千噸鈷；Chibuluma南
礦有33千噸銅；Kinsenda項目有281千噸銅。
49 ANNUAL REPORT 2017 二 零 一 七 年 報
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
PROSPECTS
As commodities price rose on more positive macroeconomic
data, cobalt price had increased significantly as a result of
growing new energy vehicle and battery market during 2017.
Copper and cobalt prices are anticipated to show a steady to
optimistic outlook in medium to long term. Cost control and
efficiency improvement continue to be undertaken across the
Group to drive operational performance. Apart from the operating
mines of Ruashi Mine and Chibuluma South Mine in the Group’s
African mining operations, Kinsenda Project had finished its
commissioning of concentrator. Establishment of key systems
including pre-dewatering, ventilation and backfill systems are in
progress to ensure the target for production with full capacity.
Kinsenda will be in production from early 2018. Musonoi Project,
a quality copper and cobalt property, is gaining momentum for its
project progress. The Group will continue to work on the site
establishment work. The Group is committed to explore ore
resources within our own mine site as well as surrounding areas
that could extend the mine life and increase output and
production volumes to achieve the growth. Meanwhile, the Group
has been actively pursuing other suitable copper or cobalt
projects to capture opportunities for strategic development. The
Group has strengthened its capital base upon the subscription of
shares to a Subscriber during 2017. With a solid financial
foundation, the Group also plans to leverage on its parent
company, Jinchuan Group’s strengths and experience to
capitalize the growth in demand of commodities market. The
Group remains confident in delivering attractive returns to the
Company’s shareholders in the long run.
EMPLOYEES
As at 31 December 2017, the Group had 4,302 (2016: 3,991)
employees, which comprised 1,985 (2016: 2,017) permanent
workers and 2,317 (2016: 1,974) contractor’s employees.
Employees receive competitive remuneration packages including
salary and medical and other benefits. Key staff may also be
entitled to performance bonus and grant of options shares of the
Company.
展望
於二零一七年，商品價格受惠於更有利的宏觀
經濟數據，鈷價因新能源汽車及電池市場的成
長而錄得顯著增長。預計中長期銅價及鈷價
前景將趨向穩定至樂觀。本集團上下持續進
行成本控制及效益提升措施，以推動營運表
現。除Ruashi礦場及Chibuluma南礦此等於本
集團非洲採礦業務中之營運礦場已投入運行
外，Kinsenda項目亦已完成選礦廠試車程序。
現正進行主要系統建設，包括預排水、通風、
回填系統等，確保達成全產能運行的目標。
Kinsenda將於二零一八年初投產。Musonoi項
目為優質的銅鈷礦財產，現時項目進度良好，
本集團將繼續進行建設前期準備工作。本集團
致力於自家礦場及周邊地區探索礦產資源，
以延長礦場壽命、提升輸出及產量以實現盈
利增長。同時，本集團積極於銅鈷礦資源豐富
地區尋求合適併購項目，以落實發展策略。本
集團於二零一七年獲認購人認購股份，加強
了資本基礎。同時，憑藉其穩固的財務根基，
本集團計劃利用其母公司金川集團的力量及
經驗，從商品市場的需求增長中獲利。本集團
有信心可為本公司股東帶來長遠可觀的回報。
僱員
於 二 零 一 七 年 十 二 月 三 十 一 日，本 集 團 有
4,302名（二零一六年：3,991名）僱員。其中
1,985名（二零一六年：2,017名）為長期員工，
2,317名（二零一六年：1,974名）為合約員工。
本集團之僱員獲取具競爭力之薪酬，包括薪
金及醫療及其他福利。主要職員亦可享有表
現花紅及本公司購股權。
50 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
CORPORATE GOVERNANCE REPORT
企業管治報告
The Company is committed to the establishment of good
corporate governance practices and procedures. The corporate
governance principles of the Company emphasize accountability
and transparency to shareholders. Periodic review will be made
to the corporate governance practices to comply with the
regulatory requirements.
CORPORATE GOVERNANCE CODE
The Company has complied throughout the year ended 31
December 2017 with the code provisions of the Corporate
Governance Code (the “CG Code”) as set out in Appendix 14 to
the Rules Governing the Listing of Securities (the “Listing Rules”)
on The Stock Exchange of Hong Kong Limited (the “Stock
Exchange”), except for code provisions and . Key
corporate governance principles and practices of the Company
as well as the details of the foregoing deviations are summarized
below.
Code provision of the CG Code stipulates that the
chairman of a listed issuer should attend the issuer’s annual
general meeting. Mr. Yang Zhiqiang, the then Chairman of the
Company, was unable to attend the Company’s 2017 annual
general meeting held on 19 June 2017 (the “2017 AGM”) as he
had conflicting business schedule. Other Directors and members
of the Audit Committee, Remuneration and Nomination
Committee, Risk Management Committee, Strategy and
Investment Committee and the then Chief Financial Officer
attended the 2017 AGM. The Company considers that their
presence is also sufficient for answering questions from and
effective communication with shareholders present at the 2017
AGM.
For details relating to the non-compliance with code provision
of the CG Code, please refer to section headed “Board of
Directors” on page 52 of this report.
DIRECTORS’ SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securities
Transactions by Directors of Listed Issuers (the “Model Code”)
set out in Appendix 10 to the Listing Rules as its own code of
conduct regarding the Directors’ dealings in the Company’s
securities. Based on specific enquiry made to the Directors, all of
the Directors have confirmed that they had complied with the
required standard set out in the Model Code for the year ended
31 December 2017.
本公司致力建立良好的企業管治常規及程序，
本公司企業管治原則強調給予股東問責及透
明度，對企業管治常規作出定期檢討以遵守
監管規定。
企業管治守則
本公司已於截至二零一七年十二月三十一日
止年度內一直遵守香港聯合交易所有限公司
（「聯交所」）證券上市規則（「上市規則」）附錄
14所載企業管治守則（「企管守則」）的守則條
文，惟守則條文第及條除外。本公
司主要企業管治原則及實務以及前述之偏離
事項將於下文概述。
企管守則之守則條文第條規定上市發行
人之主席須出席發行人之股東週年大會。本
公司當時在任之董事會主席楊志強先生因另
有公事在身致日程重疊而未能出席本公司於
二零一七年六月十九日舉行之股東週年大會
（「二零一七年股東週年大會」）。其他董事以
及審核委員會、薪酬及提名委員會、風險管
理委員會以及戰略及投資委員會之主席及成
員以及當時在任之首席財務官均有出席二零
一七年股東週年大會。本公司認為，彼等出席
亦已足夠回答二零一七年股東週年大會在場
股東之提問及與在場股東作有效溝通。
有關違反企管守則之守則條文第條之詳
情，請參閱本報告第52頁「董事會」一節。
董事進行證券交易
本公司已就董事買賣本公司證券採納上市規
則附錄10所載有關上市發行人董事進行證券
交易的標準守則（「標準守則」）作為其本身的
行為守則。在對董事作出特定查詢後，所有董
事均已確認，彼等已於截至二零一七年十二
月三十一日止年度一直遵守標準守則之規定。
51 ANNUAL REPORT 2017 二 零 一 七 年 報
CORPORATE GOVERNANCE REPORT
企業管治報告
BOARD OF DIRECTORS
The main duty of the Board is to act in good faith for the benefit
of the Company and the shareholders as a whole with proper
delegation to the management of the Company according to the
articles of association of the Company.
The Board, as at the date of this report, comprised eight
Directors of whom two were executive Directors, three were
non-execut ive Di rectors and three were independent
non-executive Directors. The Company will continuously evaluate
its Board structure to ensure sound corporate governance is in
place.
The Company has arranged appropriate directors’ and officers’
liability insurance in respect of legal action against Directors.
The Directors of the Company during the year ended 31
December 2017 and up to the date of this report were:
Executive directors:
Mr. GAO Tianpeng (Chief Executive Officer)1
Mr. QIAO Fugui1
Mr. YANG Zhiqiang (Ex-Chairman of the Board)2
Mr. ZHANG Sanlin (Ex-Deputy Chairman of the Board)2
Mr. ZHANG Zhong2
Non-executive directors:
Mr. CHEN Dexin (re-designated as a non-executive Director from
an executive Director with effect from 23 August 2017)
(Chairman of the Board1)(Ex-Chief Executive Officer2)
Mr. ZHANG Youda1
Mr. ZENG Weibing3
Independent non-executive directors:
Mr. WU Chi Keung
Mr. YEN Yuen Ho, Tony
Mr. POON Chiu Kwok4
Mr. Neil Thacker MACLACHLAN5
1 Appointed with effect from 23 August 2017.
2 Resigned with effect from 23 August 2017.
3 Appointed with effect from 28 April 2017.
4 Appointed with effect from 21 March 2017.
5 Resigned with effect from 31 January 2017.
董事會
董事會的主要職責是以本公司及股東整體利
益真誠行事，並根據本公司組織章程細則正
確地授予管理層職能。
於本報告日期，董事會由八名董事組成，包括
兩名執行董事、三名非執行董事及三名獨立
非執行董事。本公司將持續評估其董事會結
構，以確保存有良好的公司管治。
本公司已就針對董事之法律行動安排適當的
董事及高級人員責任保險。
截至二零一七年十二月三十一日止年度及截
至本報告日期為止，本公司之董事如下：
執行董事：
郜天鵬先生（行政總裁）1
喬富貴先生1
楊志強先生（前任董事會主席）2
張三林先生（前任董事會副主席）2
張忠先生2
非執行董事：
陳得信先生（於二零一七年八月二十三日
由執行董事調任為非執行董事）
（董事會主席1）（前任行政總裁 2）
張有達先生1
曾衛兵先生3
獨立非執行董事：
胡志強先生
嚴元浩先生
潘昭國先生4
Neil Thacker MACLACHLAN 先生5
1 於二零一七年八月二十三日獲委任。
2 於二零一七年八月二十三日辭任。
3 於二零一七年四月二十八日獲委任。
4 於二零一七年三月二十一日獲委任。
5 於二零一七年一月三十一日辭任。
52 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
CORPORATE GOVERNANCE REPORT
企業管治報告
During the year ended 31 December 2017, the Company was
once unable to meet the following requirements due to the
resignation of Mr. Neil Thacker Maclachlan as an independent
non-executive Director, and a member of both the Audit
Committee and the Remuneration and Nomination Committee of
the Company on 31 January 2017:
(a) Listing Rule (1), which prescribes that the board of
directors of a listed issuer must include at least three
independent non-executive directors;
(b) Listing Rule , which prescribes that a listed issuer
must appoint independent non-executive directors
representing at least one-third of the board;
(c) Listing Rule , which prescribes that a listed issuer’s
audit committee must comprise a minimum of three
members;
(d) Listing Rule , which prescribes that the majority of the
remuneration committee members must be independent
non-executive directors of the listed issuer; and
(e) Code provision of the CG Code, which prescribes
that the majority of the nomination committee members
must be independent non-executive directors of the listed
issuer.
The Company had subsequently fully complied with the aforesaid
Listing Rules and CG Code requirements upon its appointment
of Mr. Poon Chiu Kwok as an independent non-executive
Director and a member of both of the Audit Committee, and the
Remuneration and Nomination Committee of the Company on 21
March 2017.
The biographical details of the Directors are set out under the
section headed “Directors and Senior Management” in this
annual report. None of the members of the Board is related to
one another.
截至二零一七年十二月三十一日止年度，由
於Neil Thacker Maclachlan先生於二零一七年
一月三十一日辭任本公司獨立非執行董事、審
核委員會成員以及薪酬及提名委員會成員，
本公司曾一度未能遵守以下規定：
(a) 上市規則第(1)條所規定上市發行人
的董事會必須包括至少三名獨立非執行
董事；
(b) 上市規則第條所規定上市發行人所
委任的獨立非執行董事必須佔董事會成
員人數至少三分之一；
(c) 上市規則第條所規定上市發行人的
審核委員會至少要有三名成員；
(d) 上市規則第條所規定薪酬委員會大
部分成員須為上市發行人的獨立非執行
董事；及
(e) 企管守則第條守則條文所規定提名
委員會大部分成員須為上市發行人的獨
立非執行董事。
隨著於二零一七年三月二十一日委任潘昭國
先生擔任本公司獨立非執行董事、審核委員
會成員以及薪酬及提名委員會成員，本公司
已全面符合上述上市規則及企管守則之規定。
董事履歷載於本年報「董事及高級管理層」一
節。董事會成員之間概無任何關連。
53 ANNUAL REPORT 2017 二 零 一 七 年 報
CORPORATE GOVERNANCE REPORT
企業管治報告
會議出席情況
截至二零一七年十二月三十一日止年度，本公
司共舉行七次董事會會議、兩次審核委員會會
議、四次薪酬及提名委員會會議、三次風險管
理委員會會議、一次戰略及投資委員會會議、
兩次獨立董事委員會會議、一次股東週年大
會及兩次股東特別大會。此外，主席於截至二
零一七年十二月三十一日止年度曾與非執行
董事（包括獨立非執行董事）舉行一次會議，
當時並無執行董事出席。於二零一七年每位
董事之出席情況詳見下表：
MEETINGS ATTENDANCE
A total of 7 Board meetings, 2 Audit Committee meetings, 4
Remuneration and Nomination Committee meetings, 3 Risk
Management Committee meetings, 1 Strategy and Investment
Committee meeting, 2 Independent Board Committee meetings,
1 annual general meeting and 2 extraordinary general meetings
were held during the year ended 31 December 2017. In addition,
the Chairman held a meeting during the year ended 31
December 2017 with non-executive Directors (including
independent non-executive Directors) without the presence of
executive Directors. The fol lowing is a summary of the
attendance of meetings of each Director in 2017:
Directors Board
Audit
Committee
Remuneration
and
Nomination
Committee
Risk
Management
Committee
Strategy and
Investment
Committee
Independent
Board
Committee
Annual
General
Meeting
Extraordinary
General
Meeting
董事 董事會 審核委員會
薪酬及
提名委員會
風險管理
委員會
戰略及投資
委員會
獨立董事
委員會
股東
週年大會
股東
特別大會
GAO Tianpeng (1) 郜天鵬(1) 2/2 – – 0/0 1/1 – 0/0 0/0
QIAO Fugui (2) 喬富貴(2) 2/2 – 0/0 – 1/1 – 0/0 0/0
YANG Zhiqiang(3) 楊志強(3) 1/5 – – – – – 0/1 0/2
ZHANG Sanlin(4) 張三林(4) 4/5 – 3/4 – 0/0 – 1/1 0/2
ZHANG Zhong(5) 張忠(5) 5/5 – 1/1 3/3 0/0 – 1/1 2/2
CHEN Dexin (6) 陳得信(6) 7/7 – 3/3 3/3 1/1 – 1/1 2/2
ZHANG Youda (7) 張有達(7) 2/2 0/0 – 0/0 1/1 – 0/0 0/0
ZENG Weibing (8) 曾衛兵(8) 2/6 – – – 1/1 – 0/1 0/0
WU Chi Keung 胡志強 7/7 2/2 4/4 3/3 – 2/2 1/1 2/2
YEN Yuen Ho, Tony 嚴元浩 7/7 2/2 4/4 3/3 – 2/2 1/1 2/2
POON Chiu Kwok (9) 潘昭國(9) 6/6 1/1 3/3 – – 0/0 1/1 1/1
Neil Thacker
MACLACHLAN (10)
Neil Thacker
MACLACHLAN (10) 0/0 0/0 0/0 – 0/0 0/1 0/0 0/1
Notes:
1. Mr. Gao Tianpeng was appointed as an executive Director, a
member of the Risk Management Committee and a member of the
Strategy and Investement Committee with effect from 23 August
2017.
2. Mr. Qiao Fugui was appointed as an executive Director, a member
of the Remuneration and Nomination Committee, and a member of
the Strategy and Investment Committee with effect from 23 August
2017.
3. Mr. Yang Zhiqiang’s alternate has also attended two Board
meetings on behalf of Mr. Yang. Mr. Yang Zhiqiang resigned as an
executive Director with effect 23 August 2017.
4. Mr. Zhang Sanlin resigned as an executive Director, a member of
the Remuneration and Nomination Committee and the Chairman
of the Strategy and Investment Committee with effect from 23
August 2017.
附註：
1. 郜天鵬先生於二零一七年八月二十三日獲委任
為執行董事、風險管理委員會成員以及戰略及
投資委員會成員。
2. 喬富貴先生於二零一七年八月二十三日獲委任
為執行董事、薪酬及提名委員會成員以及戰略
及投資委員會成員。
3. 楊志強先生之替任人亦代表楊先生出席兩次董
事會會議。楊志強先生於二零一七年八月二十三
日辭任執行董事。
4. 張三林先生於二零一七年八月二十三日辭任執
行董事、薪酬及提名委員會成員以及戰略及投
資委員會成員。
54 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
CORPORATE GOVERNANCE REPORT
企業管治報告
5. Mr. Zhang Zhong resigned as a member of the Remuneration and
Nomination Committee with effect from 21 March 2017. Mr. Zhang
also resigned as an executive Director, a member of the Risk
Management Committee and a member of the Strategy and
Investment Committee with effect from 23 August 2017.
6. Mr. Chen Dexin was appointed as a member of the Remuneration
and Nomination Committee with effect from 21 March 2017.
7. Mr. Zhang Youda was appointed as a non-executive Director, a
member of the Audit Committee, a member of Risk Management
Committee and a member of the Strategy and Investment
Committee with effect from 23 August 2017.
8. Mr. Zeng Weibing’s alternate has also attended one Board meeting
on behalf of Mr. Zeng. Mr. Zeng Weibing was appointed as a
non-executive Director with effect from 28 April 2017. Mr. Zeng
was also appointed as a member of Strategy and Investment
Committee with effect from 23 August 2017.
9. Mr. Poon Chiu Kwok was appointed as an independent
non-executive Director, a member of the Audit Committee and a
member of the Remuneration and Nomination Committee with
effect from 21 March 2017.
10. Mr. Neil Thacker Maclachlan resigned as an independent
non-executive Director, a member of the Audit Committee, a
member of the Remuneration and Nomination Committee and a
member of the Strategy and Investment Committee with effect
from 31 January 2017.
The Board met regularly during the year and on an ad hoc basis
as required by business needs. The Board’s primary focus is to
determine and review the overall strategic development of the
Company and its subsidiaries and to oversee the achievement of
the plans in relation thereto. Daily operational decisions are
delegated to the executive Directors and the senior management
of the Company. The delegated functions and work tasks are
periodically reviewed by the Board. The management needs to
provide all necessary information to the Board to enable the
Board to make a comprehensive consideration in the meeting.
Approval has to be obtained from the Board prior to any
significant transactions entered into by the above-mentioned
officers.
5. 張忠先生於二零一七年三月二十一日辭任薪酬
及提名委員會成員。張先生亦於二零一七年八
月二十三日辭任執行董事、風險管理委員會成
員以及戰略及投資委員會成員。
6. 陳得信先生於二零一七年三月二十一日獲委任
為薪酬及提名委員會成員。
7. 張有達先生於二零一七年八月二十三日獲委任
為非執行董事、審核委員會成員、風險管理委
員會成員以及戰略及投資委員會成員。
8. 曾衛兵先生之替任人亦代表曾先生出席一次董
事會會議。曾衛兵先生於二零一七年四月二十八
日獲委任為非執行董事。曾先生亦於二零一七
年八月二十三日獲委任為戰略及投資委員會成
員。
9. 潘昭國先生於二零一七年三月二十一日獲委任
為獨立非執行董事、審核委員會成員以及薪酬
及提名委員會成員。
10. Neil Thacker Maclachlan先生於二零一七年一月
三十一日辭任獨立非執行董事、審核委員會成
員、薪酬及提名委員會成員以及戰略及投資委
員會成員。
年內，董事會定期及按業務所需不時舉行會
議。董事會的主要重點為制訂及檢討本公司
及其附屬公司的整體策略發展，以及監督有
關計劃之達成。日常營運決策權乃授予本公
司執行董事及高級管理層。董事會定期檢討
所授予之職能及工作任務。管理層須向董事
會提供一切所需資料，讓董事會能於會上作
出全盤考慮。上述高級管理人員在訂立任何
重大交易前，必須取得董事會批准。
55 ANNUAL REPORT 2017 二 零 一 七 年 報
CORPORATE GOVERNANCE REPORT
企業管治報告
CHAIRMAN OF THE BOARD AND CHIEF
EXECUTIVE OFFICER
During the year ended 31 December 2017, the roles of Chairman
of the Board (“Chairman”) and Chief Executive Officer (“CEO”) of
the Company were separate and performed by different
individuals. As at the date of this report, the Chairman of the
Company is Mr. Chen Dexin and the CEO is Mr. Gao Tianpeng.
The Chairman provides leadership and is responsible for the
effective functioning and leadership of the Board. The CEO
focuses on the Company’s business development and daily
management and operations generally.
INDEPENDENCE OF INDEPENDENT
NON-EXECUTIVE DIRECTORS
The Company has received, from each of the independent
non-executive Directors, an annual confirmation of his
independence pursuant to Rule of the Listing Rules.
The independent non-executive Directors are independent of the
management and hence the Company considers that they are
free of any relationship that could potentially interfere with the
exercise of their independent judgment. None of the independent
non-executive Directors has any business or financial interests
with the Company nor has any relationship with other Directors.
The Company considers all of the independent non-executive
Directors are independent.
TERMS OF APPOINTMENT OF
NON-EXECUTIVE DIRECTORS
All non-executive Directors are appointed for fixed terms, with
Mr. Chen Dexin and Mr. Zhang Youda entered into letters of
appointment with the Company with a term ending 22 August
2020, while Mr. Zeng Weibing, Mr. Wu Chi Keung, Mr. Yen Yuen
Ho, Tony and Mr. Poon Chi Kwok entered into letters of
appointment with the Company with a term or revised term
ending on 31 December 2019, or the date on which he shall
retire from office in accordance with the articles of association of
the Company and the Listing Rules and not having been
re-elected or his appointment is terminated before that.
董事會主席及行政總裁
截至二零一七年十二月三十一日止年度，董
事會主席（「主席」）及本公司行政總裁（「行政
總裁」）之角色已分離並由不同人士履行。於
本報告日期，本公司主席為陳得信先生，而行
政總裁為郜天鵬先生。主席發揮領導作用並
負責董事會之有效運作及領導董事會。行政
總裁專注於本公司之業務發展、日常管理及
一般營運。
獨立非執行董事之獨立性
本公司已收取每位獨立非執行董事根據上市
規則第條之年度獨立性確認書。
獨立非執行董事獨立於管理層，因此，本公司
認為彼等不受可干擾彼等行使其獨立判斷能
力之任何關係影響。獨立非執行董事概無擁
有本公司任何業務或財務權益，亦與其他董
事無任何關係。本公司認為全體獨立非執行
董事均為獨立人士。
非執行董事之委任條款
全體非執行董事之委任均設有固定任期，其中
陳得信先生及張有達先生與本公司訂立的委
任函年期至二零二零年八月二十二日為止，
而曾衛兵先生、胡志強先生、嚴元浩先生及潘
昭國先生與本公司訂立的委任函年期或經修
訂年期則至二零一九年十二月三十一日，或
其需按照本公司組織章程細則及上市規則退
任且並無獲重選或於該日前被終止委任之日
為止。
56 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
CORPORATE GOVERNANCE REPORT
企業管治報告
BOARD COMMITTEES
a) Audit Committee
The Company has established an Audit Committee with
written specific terms of reference in compliance with the
CG Code provisions. As at 31 December 2017, the Audit
Committee of the Company comprised a non-executive
Director, namely Mr. Zhang Youda, and three independent
non-executive Directors, namely Mr. Wu Chi Keung (being
the Chairman of Audit Committee), Mr. Yen Yuen Ho, Tony
and Mr. Poon Chiu Kwok, who together have the relevant
accounting and financial management expertise, industrial
knowledge, legal and business experience to discharge
their duties. The Audit Committee has held 2 meetings
during the year ended 31 December 2017. During the year,
the Audit Committee reviewed and approved the interim
and annual results of the Company, reviewed and
recommended the internal control and risk management
matters and internal audit function of the Group, considered
and recommended the re -appo in tmen t and the
remuneration of the external auditors and reviewed the
continuing connected transactions of the Group and
discussed audit issues with the external auditors.
The principal duties of the Audit Committee are as follows:
• to review the interim and annual financial statements
before they are submitted to the Board for approval;
• to make recommendations to the Board on, the
appointment, the re-appointment and removal of the
external auditors, and approve the remuneration and
terms of engagement of the external auditors, and any
questions of resignation or dismissal of that auditors;
董事會委員會
a) 審核委員會
本公司已按照企管守則之條文成立審
核委員會，並書面訂明特定職權範圍。
於二零一七年十二月三十一日，本公司
之審核委員會由一名非執行董事張有達
先生以及三名獨立非執行董事胡志強先
生（為審核委員會主席）、嚴元浩先生及
潘昭國先生組成，彼等共同具備相關之
會計及財務管理專業知識、行業知識、
法律及業務經驗，以履行彼等職責。審
核委員會已於截至二零一七年十二月
三十一日止年度舉行兩次會議。年內，
審核委員會已審閱及批核本公司之中期
及全年業績、審查內部監控及風險管理
事宜及內部審計職能並提供建議、審議
重新委任本集團外聘核數師及其酬金並
提供建議、審閱本集團之持續關連交易
及與外聘核數師商討審計事項。
審核委員會之主要職務如下：
• 在中期及全年財務報表提呈董事會
批核前審閱有關報表；
• 就委任、重新委任及撤換外聘核數
師向董事會提出建議，批核外聘核
數師的酬金及委聘條款，以及處理
任何有關該核數師辭任或解聘的問
題；
57 ANNUAL REPORT 2017 二 零 一 七 年 報
CORPORATE GOVERNANCE REPORT
企業管治報告
• 按照適用準則，檢討及監察外聘核
數師的獨立及客觀性，以及核數程
序的效用；
• 檢討本公司的財務控制、內部監控
及風險管理系統；
• 檢討本公司的財務及會計政策及慣
例；
• 就聯交所要求之企管守則事項向董
事會報告；及
• 審閱本公司持續關連交易的條款及
條件。
b) 薪酬及提名委員會
本公司已按照企管守則之條文成立薪酬
及提名委員會，並書面訂明特定職權範
圍。於二零一七年十二月三十一日，薪
酬及提名委員會由五名成員組成，當中
一名為執行董事喬富貴先生、一名為非
執行董事陳得信先生，另外三名為獨立
非執行董事胡志強先生（為薪酬及提名委
員會主席）、嚴元浩先生及潘昭國先生。
薪酬及提名委員會之主要職責為執行董
事會所授予之薪酬及提名職能。
薪酬職能
就薪酬職能而言，薪酬及提名委員會的
職責如下：
• 提出有關本公司董事及高級管理層
薪酬之建議，待董事會批核；
• 檢討薪酬政策及建議薪金、花紅、
包括給予本公司董事及高級管理層
之獎勵；
• 管理及就本公司之長期激勵計劃作
出決策，包括於適當時候採納購股
權計劃及股份激勵計劃；及
• to review and moni tor the external audi tors ’
independence and objectivity and the effectiveness of
the audit process in accordance with applicable
standards;
• to review the Company’s financial controls, internal
controls, and risk management systems;
• to review the Company’s financial and accounting
policies and practices;
• to report to the Board on the matters set out in the
CG Code as required by the Stock Exchange; and
• to review the terms and conditions of continuing
connected transactions of the Company.
b) Remuneration and Nomination Committee
The Company has established a Remuneration and
Nomination Committee with written specific terms of
reference in compliance with the CG Code provisions. As
at 31 December 2017, the Remuneration and Nomination
Committee comprised five members, of whom one was
executive Director, namely Mr. Qiao Fugui, one was
non-executive Director, namely Mr. Chen Dexin, and three
were independent non-executive Directors, namely Mr. Wu
Chi Keung (being the Chairman of Remuneration and
Nomination Committee), Mr. Yen Yuen Ho, Tony and
Mr. Poon Chiu Kwok.
The principal duties of the Remuneration and Nomination
Committee are to perform the remuneration and nomination
functions delegated by the Board.
Remuneration functions
In terms of the remuneration functions, the duties of the
Remuneration and Nomination Committee are as follows:
• to make recommendations with respect to the
remuneration of Directors and Senior Management of
the Company for approval by the Board;
• to review the remuneration package and recommend
salaries, bonuses, including the incentive awards for
Directors and Senior Management of the Company;
• to administer and make determinations with regard to
the Company’s long term incentive schemes,
embracing the share option scheme and share
incentive scheme (when appropriate); and
58 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
CORPORATE GOVERNANCE REPORT
企業管治報告
• to administer and make determinations with regard to
the Group’s Key Performance Indicators (“KPI”)
system for short term incentive purposes.
The Remuneration and Nomination Committee sets out
annually its recommendations on the remuneration
packages of Directors and Senior Management. In
determining the packages for a Director and Senior
Management , the Remunerat ion and Nominat ion
Committee considers various factors, including market
comparability, complexity of duties, and performance.
In order to attract, retain, and motivate executives and key
employees serving the Company, the Company has
adopted a share option scheme on 20 June 2012 and a
share incentive scheme on 2 June 2015. Such incentive
schemes enables the eligible persons to obtain an
ownership interest in the Company and thus to reward the
part ic ipants who contr ibute to the success of the
Company’s operation.
Nomination functions
In terms of the nomination functions, the duties of the
Remuneration and Nomination Committee are as follows:
• to perform evaluation of the Board regarding the
structure, size and composition (including the skills,
knowledge and experience) of the Board on a regular
basis and make recommendations on any proposed
changes to the Board to complement the Company’s
corporate strategy;
• to identify, select and nominate individuals suitably
qualified to become Board members and make
recommendations to the Board;
• to assess the independence of independent
non-executive Directors on its appointment or when
their independence is called into question;
• to review the Board diversity policy, as appropriate,
and review the measurable objectives that the Board
has set for implementing the Board diversity policy,
and the progress on achieving the objectives; and
• to make recommendations to the Board on the
appointment or re-appointment of the Directors and
their succession plans.
• 就本集團為短期激勵目的而採用的
關鍵績效指標（「KPI」）體系作出管
理及決定。
薪酬及提名委員會每年就董事及高級管
理層之薪酬待遇作出建議。在決定董事
及高級管理層之薪酬待遇時，薪酬及提
名委員會考慮不同因素，包括市場之可
比較性、職務之複雜性及表現。
為招攬、挽留及激勵在本公司任職之行
政人員及主要僱員，本公司於二零一二
年六月二十日採納一項購股權計劃及於
二零一五年六月二日採納一項股份激勵
計劃。有關激勵計劃使合資格人員可獲
得本公司之所有權權益，從而對本公司
業務成功作出貢獻之參與者提供獎勵。
提名職能
就提名職能而言，薪酬及提名委員會的
職責如下：
• 定期評估董事會的架構、人數及構
成（包括技能、知識及經驗方面），
並就任何為配合本公司的公司策略
而擬對董事會作出的變動提出建
議；
• 物色具備合適資格可擔任董事會成
員的人士，並挑選提名有關人士出
任董事及就此向董事會提供意見；
• 於委任獨立非執行董事時或其獨立
性受到質疑時，評核其獨立性；
• 在適當情況下檢討董事會成員多元
化政策及檢討董事會為執行董事會
成員多元化政策而制定的可計量目
標和達標進度；及
• 就董事委任或重新委任，以及彼等
的繼任計劃向董事會提出建議。
59 ANNUAL REPORT 2017 二 零 一 七 年 報
CORPORATE GOVERNANCE REPORT
企業管治報告
The Remuneration and Nomination Committee has held 4
meetings in 2017. During the year ended 31 December
2017, the Remuneration and Nomination Committee
rev iewed and recommended to the Board on the
compensation packages, policy and structure of the
Directors and the Senior Management of the Company,
reviewed the management structure of the Company and
t he compos i t i on o f t he Boa rd , cons ide red and
recommended to the Board on the re-election of the retiring
Directors at the Company’s 2017 AGM, considered and
recommended to the Board on the change in compositions
of the Board and Board Committees during the year,
assessed the independence o f the independent
non-executive Directors newly appointed during the year,
considered and recommended to the Board on the
remuneration packages for the directors newly appointed/
re-designated during the year.
Pursuant to code provision of the CG Code, the
annual remuneration of the members of the senior
management by band for the year ended 31 December
2017 is set out below:
Remuneration band 2017
薪酬範圍 二零一七年
Number of
individuals
人數
HK$1,000,000 or below
(equivalent to US$256,411 or below)
1,000,000港元或以下
（相等於256,411美元或以下） 1
HK$1,000,001 to HK$2,000,000
(equivalent to US$256,411 to
US$320,513)
1,000,001港元至2,000,000港元
（相等於256,411美元至
320,513美元） 1
2
Details of the remuneration of each Director for the year
ended 31 December 2017 are set out in note 11 to the
consolidated financial statements.
c) Other Committees
As at 31 December 2017, apart from Audit Committee and
Remuneration and Nomination Committee, the Company
has 2 other Board Committees, namely Risk Management
Committee and Strategy and Investment Committee.
As at 31 December 2017, the Risk Management Committee
of the Company comprised an executive Director, namely
Mr. Gao Tianpeng, two non-executive Directors, namely
Mr . Chen Dex in and Mr . Zhang Youda, and two
independent non-executive Directors, namely Mr. Wu Chi
Keung and Mr. Yen Yuen Ho, Tony (being the Chairman of
Risk Management Committee).
薪酬及提名委員會已於二零一七年舉
行四次會議。於截至二零一七年十二月
三十一日止年度，薪酬及提名委員會已
審閱本公司董事及高級管理層之補償待
遇、政策及架構並向董事會提供建議、
檢討本公司之管理架構及董事會的構
成、審議有關於本公司二零一七年股東
週年大會重選退任之董事並向董事會提
供建議、審議有關董事會及董事委員會
於年內之人員變動並向董事會提供建
議、評估年內新委任之獨立非執行董事
之獨立性、審議年內新委任╱調任董事
之薪酬待遇並向董事會提供建議。
根 據 企 管 守 則 第條 守 則 條 文，高
級管理層成員於截至二零一七年十二月
三十一日止年度之年度薪酬範圍載列如
下：
各董事於截至二零一七年十二月三十一
日止年度之薪酬詳情載於綜合財務報表
附註11。
c) 其他委員會
於二零一七年十二月三十一日，除審核
委員會以及薪酬及提名委員會外，本公
司另外亦有兩個董事會轄下委員會，即
風險管理委員會及戰略及投資委員會。
於二零一七年十二月三十一日，本公司
之風險管理委員會由一名執行董事郜天
鵬先生，兩名非執行董事陳得信先生及
張有達先生以及兩名獨立非執行董事胡
志強先生及嚴元浩先生（為風險管理委員
會主席）組成。
60 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
CORPORATE GOVERNANCE REPORT
企業管治報告
The function of Risk Management Committee is to oversee
the Group’s risk management activities and provide
recommendations to the Board on risk strategy and control
measures to mitigate the overall risk arise from market
fluctuation and other external factors.
The Risk Management Committee has held 3 meetings
during the year ended 31 December 2017. During the year,
the Risk Management Committee reviewed and enhanced
the risk management system of the Company, assessed
the potential risk of the significant trading contracts and
loan agreements, and made relevant recommendations to
the Board.
As at 31 December 2017, the Strategy and Investment
Committee of the Company comprised two executive
Directors, namely Mr. Gao Tianpeng and Mr. Qiao Fugui,
and three non-executive Directors, namely Mr. Chen Dexin
(being the Chairman of Strategy and Investment
Committee), Mr. Zhang Youda and Mr. Zeng Weibing.
The functions of Strategy and Investment Committee is to
formulate the long term strategic development of the Group
and provide recommendations to the Board on the
acquisition and disposal of investments, as well as to
oversee the Company’s overseas assets and provide
advice and recommendations to the Board on managing
overseas assets in a sustainable manner and enhancing
better return.
CORPORATE GOVERNANCE FUNCTIONS
The Board is responsible for performing the corporate
governance functions with written specific terms of reference in
compliance with the CG Code provisions.
The duties of the Board in respect of the corporate governance
functions are summarized as follows:
• to develop and review the Company’s policies and
practices on corporate governance;
• to review and monitor the training and continuous
professional development of Directors and Senior
Management;
• to review and monitor the Company’s policies and practices
on compliance with legal and regulatory requirements;
• to develop, review and monitor the code of conduct and
compliance manual applicable to Directors and employees;
and
• to review the Company’s compliance with the CG Code
and disclosure in the Corporate Governance Report in the
Company’s annual report.
風險管理委員會之職能為監督本集團之
風險管理活動及向董事會提供有關風險
政策及監控措施之建議，以減低因市場
波動及其他外在因素而產生之整體風險。
風險管理委員會已於截至二零一七年
十二月三十一日止年度舉行三次會議。
年內，風險管理委員會已檢討並提升本
公司之風險管理系統、評估重大交易合
約及貸款協議之潛在風險，並向董事會
提供相關建議。
於二零一七年十二月三十一日，本公司
之戰略及投資委員會由兩名執行董事郜
天鵬先生及喬富貴先生以及三名非執行
董事陳得信先生（為戰略及投資委員會主
席）、張有達先生及曾衛兵先生組成。
戰略及投資委員會之職能為制定本集團
之長遠策略發展及向董事會提供有關收
購及出售投資項目之建議，以及監督本
公司之海外資產並就可持續性地管理海
外資產及提高回報向董事會提供意見及
建議。
企業管治職能
董事會按照企管守則之條文負責履行企業管
治職能，並書面訂明特定職權範圍。
董事會有關企業管治職能之職責概述如下：
• 建立及檢討本公司的企業管治政策及實
務；
• 檢討及監督董事及高級管理層之培訓及
持續專業發展；
• 檢討及監督本公司在遵守法律及法規條
文方面之政策及實務；
• 建立、檢討及監督適用於董事及僱員之
行為守則及合規手冊；及
• 檢討本公司遵守企管守則之情況，以及
本公司年報企業管治報告內之披露。
61 ANNUAL REPORT 2017 二 零 一 七 年 報
CORPORATE GOVERNANCE REPORT
企業管治報告
BOARD DIVERSITY POLICY
The Company recognises and embraces the benefits of having a
diverse Board to enhance the quality of its performance. As such,
the Board has implemented a policy concerning diversity of
board members in accordance with of the CG Code. The
purpose of the policy is to set out the approach to achieve
diversity on the Board.
With a v iew to achiev ing a susta inable and balanced
development, the Company sees increasing diversity at the
Board level as an essential element in supporting the attainment
of its strategic objectives and its sustainable development. In
designing the Board’s composition as well as the selection of
candidates for directorship, Board diversity has been considered
from a number of aspects, including but not limited to gender,
age, cultural and educational background, ethnicity, professional
experience, skills, knowledge and length of service. All Board
appointments will be based on meritocracy, and candidates will
be considered against objective criteria, having due regard for
the benefits of diversity on the Board.
The ultimate decision will be made by Board on merit and
contribution that the selected candidates will bring to the Board.
During the year, the Board has reviewed its composition under
diversified perspectives and considered the Board to be
adequately diversified. The Board has also reviewed the Board
diversity policy and monitored the implementation of this policy.
ACCOUNTABILITY AND AUDIT
The Directors acknowledge their responsibility for preparing the
financial statements of the Company for the year ended 31
December 2017. The Directors were not aware of any material
uncertainties relating to events or conditions which may cast
significant doubt upon the Company’s ability to continue as a
going concern. Accordingly, the Directors have prepared the
financial statements on a going-concern basis.
The Audit Committee and the Board have reviewed the
consolidated financial statements of the Group for the year
ended 31 December 2017.
The responsibilities of the external auditor with respect to
financial reporting are set out in the independent auditor’s report
attached to the financial statements.
董事會多元化政策
本公司明白並深信董事會成員多元化對提升
公司的表現素質裨益良多。因此，根據企管守
則第條，董事會已落實有關董事會成員
多元化政策。本政策旨在列載董事會為達致
成員多元化而採取的方針。
為達致可持續的均衡發展，本公司視董事會
層面日益多元化為支持其達到戰略目標及維
持可持續發展的關鍵元素。本公司在設定董
事會成員組合及甄選董事人選時，會從多個
方面考慮董事會成員多元化，包括但不限於
性別、年齡、文化及教育背景、種族、專業經
驗、技能、知識及服務任期。董事會所有委任
均以用人唯才為原則，並在考慮人選時以客
觀條件充分顧及董事會成員多元化的裨益。
董事會將按人選的長處及可為董事會提供的
貢獻而作最終決定。
於本年度，董事會已審閱在多元化層面的組
成，並認為董事會多元化達足夠水平。董事會
亦審閱董事會多元化政策，並監察本政策的
執行。
問責性及審核
董事知悉其就編製本公司截至二零一七年十二
月三十一日止年度之財務報表所承擔之責任。
董事並不知悉任何可能會對本公司持續經營
能力造成重大疑慮之事件或情況之重大不確
定因素。因此，董事按持續經營基準編製財務
報表。
審核委員會及董事會已審閱本集團截至二零
一七年十二月三十一日止年度之綜合財務報
表。
外聘核數師就財務申報所承擔之責任載於財
務報表隨附之獨立核數師報告內。
62 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
CORPORATE GOVERNANCE REPORT
企業管治報告
RISK MANAGEMENT AND INTERNAL
CONTROLS
Responsibilities of the Board
The Board acknowledges its responsibility to establish, maintain
and review the effectiveness of the Group’s risk management
and internal control systems. While, it is management’s role to
set the appropriate tone from the top and take charge of the
designing, operating and implementing an appropriate system of
internal control and risk management to manage risks.
Our Risk Management Framework
The Board has established on-going and responsive risk
management and internal control systems and processes, which
are designed to manage rather than eliminate risks of failure to
achieve strategic objectives, and can only provide reasonable
and not absolute assurance against material misstatement or
loss. Such processes involve:
– Understanding organizational objectives;
– Identifying risks associated with achieving or not the
organisational objectives and assessing the likelihood and
potential impact of particular risks; and
– Developing remedial action plans to address and monitor
identified risks.
Through the Chief Risk Officer, the Risk Management Committee
oversees the day-to-day risks of the major activities across the
Group. The business units of the Group, being the risk owners,
identify, evaluate, monitor and mitigate their own risks and report
to Chief Risk Officer on a monthly basis. The Chief Risk Officer
assesses and liaises with the risk owners at each scheduled
meeting, the results of their activities during the preceding period
pertaining to the adequacy and effectiveness of internal controls,
including but not limited to, any indication of failings or material
weaknesses in those controls. The Chief Risk Officer is
accountable to CEO, where the CEO is accountable to the Board
for the Group’s performance and the implementation of the
Board’s strategies and policies, including policies on risk
management and internal control.
風險管理及內部監控
董事會之責任
董事會承擔建立、維持及檢討本集團風險管
理及內部監控系統有效健全之責任。管理層
之角色則是從上而下確立對公司適宜之業務
基調，負責設計、操作及實施合適之內部監控
及風險管理系統，以管理各項風險。
我們的風險管理框架
董事會已制定持續反饋風險管理及內部監控
系統及程序，其設計乃為管理（而非消除）未
能達成策略目標之風險，且只能就不會有重
大失實陳述或損失提供合理（而非絕對）之保
證。有關程序涉及以下步驟：
－ 了解企業目標；
－ 識別與達致或不達致企業目標所涉及之
風險，並評估該等風險之發生機率及潛
在影響；及
－ 編製多項補救計劃以便處理及監察所識
別之風險。
透過風險管控總監執行，風險管理委員會監察
本集團各個主要業務層面之日常風險。本集
團各業務單位，作為風險責任人，負責識別、
評價、監察及減輕自身面對之風險並每月向
風險管控總監匯報。風險管控總監評估上期
風險管理工作表現並就此召開會議與風險責
任人檢討內部監控之充分性及成效，包括但
不限於檢討是否有任何跡象顯示有關監控正
逐漸失效或存在重大缺陷。風險管控總監向
行政總裁負責，而行政總裁就本集團表現及
所實施之董事會策略及政策（包括有關風險管
理及內部監控之政策），向董事會負責。
63 ANNUAL REPORT 2017 二 零 一 七 年 報
CORPORATE GOVERNANCE REPORT
企業管治報告
Internal Control
The Company has outsourced its internal audit function to an
independent external consultant. The independent external
consultant is responsible for conducting internal control reviews
on operational, financial and compliance controls of the major
operating entities and key business units in Africa using a
risk-based approach. Internal control reviews have been
conducted during the year according to the annual internal audit
plan approved by the Audit Committee. During the process of
internal audit reviews, the independent external consultant
identified internal control deficiencies and weaknesses, proposed
recommendations for improvements and remedial actions with
management and process owners. The management has taken
certain remedial actions accordingly and has planned to refine
certain internal control procedures in due course. The results of
the internal control reviews and the management’s remedial
actions have been reported to the Audit Committee.
Review of Risk Management and Internal Control
Systems
An overall review of the effectiveness of the risk management
and internal control systems is conducted annually. Through the
Audit Committee, the Board has conducted an annual review of
the effectiveness of the risk management and internal control
systems of the Group for the year ended 31 December 2017 and
considered the risk management and internal control systems
effective and adequate. The review covers all material controls,
including financial, operational and compliance controls, risk
management functions and making any necessary updates to
the systems. The scope and quality of ongoing monitoring of risk
management and the internal control systems have been
assessed.
The Board has also reviewed and confirmed the adequacy of
resources, qualifications and experience of staff of the Group’s
accounting, internal audit and financial reporting functions, and
their training programmes and budget.
INSIDE INFORMATION
All employees are bound by the Group’s Code of Conduct to
keep all inside information strictly confidential until the disclosure
of such information is appropriately approved and refrain from
accepting personal benefits through the power or authority
derived from their positions. The Company will continue to review
the effectiveness of its internal procedures and internal controls
over handling and dissemination of inside information and update
its Code of Conduct and/or internal procedures from time to time.
內部監控
本公司已外判其內部監控職能予獨立外部顧
問。該獨立外部顧問須負責對位於非洲之主
要營運實體及主要業務單位進行營運、財務
及合規方面之內部監控檢討工作。年內，該獨
立外部顧問按照審核委員會批准之年度內部
審核計劃，採用以風險為本的監控方法進行
內部監控檢討，過程中發現有內部監控缺陷
和不足，並向管理層及風險負責人提出改善
及補救建議。管理層已就此採取若干補救措
施及已打算於不久將來精簡若干內部監控程
序。內部監控之檢討結果及管理層補救措施
已向審核委員會匯報。
進行風險管理及內部監控系統之檢討
風險管理及內部監控系統之成效每年均作全
面檢討。董事會已通過審核委員會對本集團截
至二零一七年十二月三十一日止年度之風險
管理及內部監控系統成效進行年度檢討，並
認為風險管理及內部監控系統有效及完備。
該檢討涵蓋所有重大監控，包括財務、營運及
合規監控，亦包含多個風險管理功能，並會對
系統作出任何必要更新。風險管理監察及內
部監控系統之範圍及進行持續監察及內部監
控之質素已予評估。
董事會亦已對資源之充足度、本集團會計、
內部審核及財務申報部門之員工的資歷及經
驗，以及培訓計劃及預算進行審閱及確認。
內幕消息
所有員工均受本集團之行為守則約束，在內
幕消息獲妥當批准可予披露前，彼等須嚴格
保守所有內幕消息，並嚴禁利用職權謀取個
人利益。本公司將持續檢討有關處理及發放
內幕消息之內部程序及內部監控之成效，並
不時更新其行為守則及╱或內部程序。
64 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
CORPORATE GOVERNANCE REPORT
企業管治報告
PROFESSIONAL TRAINING AND
DEVELOPMENT
Directors keep abreast of responsibilities as a director of the
Company and of the conduct , business act iv i t ies and
development of the Company.
Directors participate in appropriate continuous professional
development to develop and refresh their knowledge and skills to
ensure that their contribution to the Board remains informed and
relevant. Internally facilitated briefings for Directors are arranged
and reading materials on relevant topics are provided to Directors
where appropriate. All Directors are encouraged to attend
relevant training courses. During the year, the Company has
arranged in-house briefings or provided reading materials to all
of the then existing Directors, namely Mr. Gao Tianpeng,
Mr. Qiao Fugui, Mr. Chen Dexin, Mr. Zhang Youda, Mr. Zeng
Weibing, Mr. Wu Chi Keung, Mr. Yen Yuen Ho, Tony, Mr. Poon
Chiu Kwok, Mr. Yang Zhiqiang, Mr. Zhang Sanlin, Mr. Zhang
Zhong and Mr. Neil Thacker Maclachlan, provided update to the
Directors on the latest developments regarding the Listing Rules
and other applicable regulatory requirements to ensure
compliance and enhance the Directors’ awareness of good
corporate governance practices for the purpose of code provision
of the CG Code. All Directors have participated in
continuous professional development and provided a record of
training they received for the financial year ended 31 December
2017 to the Company.
COMPANY SECRETARY
The Company Secretary of the Company is currently Ms. So Yee
Kwan of Tricor Services Limited, an external service provider.
The primary contact of Ms. So at the Company is Ms. Sun Wei,
the General Legal Counsel and Head of Company Secretary
Department.
In compliance with Rule of the Listing Rules, the Company
Secretary of the Company has undertaken no less than 15 hours
of relevant professional training during the year ended 31
December 2017.
SHAREHOLDERS’ COMMUNICATION AND
RIGHTS
The Company is committed to ensuring the Group’s compliance
with its disclosure obligations under the Listing Rules and other
applicable laws and regulations. The Company would ensure all
shareholders and potential investors have equal opportunities to
receive and obtain the information published by the Company.
專業培訓及發展
董事不斷留意作為本公司董事的責任，以及本
公司的行為、業務活動及發展事宜。
董事參與適用的持續專業發展，務求發展及更
新彼等的知識及技能，確保其繼續在知情及切
合所需情況下對董事會作出貢獻。本公司為
董事安排內部籌辦的簡報，於適用情況下向
董事提供相關題材的閱讀資料，並鼓勵全體
董事出席相關培訓課程。於本年度，就企管守
則第條守則條文而言，本公司已向當時
全體現任董事（即郜天鵬先生、喬富貴先生、
陳得信先生、張有達先生、曾衛兵先生、胡志
強先生、嚴元浩先生、潘昭國先生、楊志強
先生、張三林先生、張忠先生及Neil Thacker
Maclachlan先生）安排內部簡報或提供閱讀材
料，以向董事提供有關上市規則及其他適用
監管規定的最新發展情況，確保合規及提高
董事在良好企業管治常規方面的意識。全體
董事已參與持續專業發展，並已向本公司提
供彼等於截至二零一七年十二月三十一日止
財政年度接受培訓之記錄。
公司秘書
本公司現任公司秘書為蘇漪筠女士，彼為外部
服務供應商卓佳專業商務有限公司之僱員。
蘇女士於本公司之主要聯絡人為本公司法務
總監兼公司秘書部主管孫蔚女士。
依照上市規則第條，本公司之公司秘書已
於截至二零一七年十二月三十一日止年度完
成不少於15個小時之相關專業培訓。
股東溝通及權利
本公司致力於確保本集團遵守上市規則及其
他適用法例及法規下之披露義務。本公司會
確保全部股東及潛在投資者有平等機會收取
及取得本公司所刊發之資料。
65 ANNUAL REPORT 2017 二 零 一 七 年 報
CORPORATE GOVERNANCE REPORT
企業管治報告
The Company welcomes its shareholders to attend the general
meetings to express their opinions and encourages all Directors
to attend the general meetings to get into direct communications
with shareholders. The external auditors are also required to
attend the annual general meeting to assist the Directors in
answering any pertinent questions from shareholders. The
Company regularly releases information to its shareholders such
as annual and interim reports, circulars and notices of general
meetings in accordance with the Listing Rules.
Set out below are procedures for shareholders of the Company
to convene an extraordinary general meeting, put enquiries to
the Board and put proposals at shareholders’ meetings. These
procedures are generally governed by the articles of association
of the Company and applicable laws, rules and regulations,
which prevail over the below information in case of any
inconsistencies.
a) Procedures for shareholders of the Company to convene
an extraordinary general meeting
1. One or more shareholders of the Company holding,
at the date of deposit of requisition, not less than
one-tenth of the paid up capital of the Company
carrying the right of voting at general meetings of the
Company shall at all time have the right, by written
requisition, to require an extraordinary general
meeting to be called by the Board for the transaction
of any business specified in such requisition.
2. The requisition must be deposited at the principal
office of the Company in Hong Kong or, in the event
the Company ceases to have such a principal office,
the registered office.
3. The requisition must specify the objects of the
meeting and be signed by the requisitionist(s). The
signature(s) of such requisitionist(s) will be verified by
the Company’s principal share registrars or branch
share registrars (where applicable).
4. On the condit ion that the requisit ion from the
requisitionist(s) is proper and in order, the Board
will within 21 days from the date of deposit of the
requisition proceed to convene an extraordinary
general meeting and such meeting for transacting the
business specified in the requisition shall be held
within 2 months after the deposit of such requisition.
本公司鼓勵其股東出席股東大會發表意見，
亦鼓勵全體董事出席股東大會與股東直接溝
通。外聘核數師亦須出席股東週年大會，協助
董事解答股東提出之有關問題。本公司按上
市規則之規定，定期向股東發放資訊，如年報
及中期報告、通函及股東大會通告等。
下文載列本公司股東召開股東特別大會、向董
事會查詢及於股東大會上提出建議之程序。
該等程序一般受本公司組織章程細則及適用
法律、法規及規則監管，如與下文有歧義，概
以上述法律、法規及規則為準。
a) 本公司股東召開股東特別大會的程序
1. 在提交要求當日持有不少於本公司
十分之一已繳足股本並有權在股
東大會上投票之一名或多名本公
司股東，有權隨時以書面方式提出
要求，要求董事會召開股東特別大
會，處理在要求內所列明之任何事
務。
2. 要求必須提交至本公司於香港之主
要辦事處，或若本公司停止設立該
主要辦事處，則須提交至註冊辦事
處。
3. 要求必須列明大會之目的，並由要
求者簽署。該要求者之簽署將由本
公司之主要股份過戶登記處或股東
過戶登記分處（視何者適用）核實。
4. 如要求者所提出之要求妥善而適
當，董事會將於提交要求當日起計
21日內著手召開股東特別大會，而
該處理要求所列明事項之大會須於
提交有關要求後兩個月內舉行。
66 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
CORPORATE GOVERNANCE REPORT
企業管治報告
5. I f the Board fa i ls to proceed to convene an
extraordinary general meeting within 21 days from
the date of deposit of a val id requisit ion, the
requisitionist(s) themselves or any of them may
convene an extraordinary general meeting in the
same manner as that in which extraordinary general
meeting is to be convened by the Board, and all
reasonable expenses incurred by the requisitionist(s)
as a result of the failure of the Board shall be
reimbursed to them by the Company.
b) Procedures for shareholders to put enquiries to the Board
Shareholders of the Company who have enquiries for the
Board are most welcomed to contact the Company at any
time and such enquiries will be forwarded to the Board. The
contact details are as follows:
Address: Unit 3101, 31/F, United Centre, 95 Queensway,
Hong Kong
Facsimile: (852) 3919 7208
E-mail: info@
c) Procedures for shareholders to put proposals at general
meetings
Shareholders of the Company are advised to follow article
of the articles of association of the Company for
including a resolution through a valid requisition of an
extraordinary general meeting. Details are set out in
paragraph a) above.
During the year under review, the Company has not made any
changes to its articles of association. An up-to date version of the
articles of association of the Company is available on the
websites of the Company and the Stock Exchange. Shareholders
may refer to the articles of association for further details of the
rights of shareholders.
INVESTOR RELATIONS
Updated information of the Company is available to investors via
the Company’s website . All material
information such as circulars, annual and interim reports and
procedures for nomination of directors for election can be
accessed via the Company’s website.
AUDITOR’S REMUNERATION
The Group’s external auditor is Deloitte Touche Tohmatsu,
Certified Public Accountants. The auditor’s remuneration for the
year ended 31 December 2017 is US$439,000 out of which
US$370,000 was related to audit services for the consolidated
financial statements and US$69,000 was related to non-audit
services regarding the review of interim results and other
professional services.
5. 若董事會未能於提交有效要求當日
起計21日內召開股東特別大會，要
求者可自行以同一方式召開股東特
別大會，該股東特別大會與董事會
所召開之股東特別大會無異，而要
求者因董事會未能召開大會所致之
一切合理開支將由本公司向彼等付
還。
b) 股東向董事會查詢的程序
本公司股東如擬向董事會查詢，敬請隨時
與本公司聯繫，有關查詢將轉交董事會處
理。聯繫詳情如下：
地址： 香港金鐘道95號統一中心31樓
3101室
傳真： (852) 3919 7208
電郵： info@
c) 股東在股東大會上提出建議的程序
本公司股東可按照本公司組織章程細則第
條之規定，經合理要求下在股東特別
大會上加入一項決議案。詳情載於上文a）
段。
於回顧年度內，本公司並無對其組織章程細
則作出任何更改。本公司組織章程細則之最
新版本可於本公司及聯交所網站查閱。股東
可就有關股東權利之進一步詳情參閱組織章
程細則。
投資者關係
投資者可通過本公司網站-intl.
com得悉本公司最新資訊。通函、年報、中期
報告及提名董事參選程序等全部重大資料，
均可從本公司網站獲取。
核數師酬金
本集團之外聘核數師為執業會計師德勤 • 關黃
陳方會計師行。截至二零一七年十二月三十一
日止年度，核數師薪酬為439,000美元，其中
370,000美元與綜合財務報表之核數服務有
關，另外69,000美元則為與審閱中期業績及其
他專業服務有關的非核數服務。
67 ANNUAL REPORT 2017 二 零 一 七 年 報
DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理層
EXECUTIVE DIRECTORS
執行董事
GAO Tianpeng (Chief Executive Officer)
Mr. Gao Tianpeng, aged 46, BEng and EMBA, was appointed
as the Chief Executive Officer and an executive Director of
Jinchuan Group International Resources Co. Ltd. since
August 2017. During his 25-year career in Jinchuan, he has
been working as the non-executive Director of the Company
for the period from 30 November 2010 to 21 March 2014, and
overseeing various matters including cost management,
financial management, international trading management, risk
management, foreign exchange business, capital operation
and equity division reform of Jinchuan Group and daily affairs
of the board of directors. He was also a manager of the Cost
Branch of Financial Department of Jinchuan Group, manager
of Financial Department of International Trading, general
manager of Risk Management Department, general manager
of Capital Operation Department, the general manager of
International Department of Resources Capital, vice general
manager of China Jinchuan Investment Holding Limited and
the director of Metorex successively. He has extensive
experience in financial cost management, risk management
and asset management.
QIAO Fugui
Mr. Qiao Fugui, aged 52, was appointed as an Executive
Director since August 2017. Mr. Qiao graduated in 1988 from
Central South University of Technology (now Central South
University) majoring in Mineral Exploration. He then obtained
his MSEE in 2005 from Kunming University of Science and
Technology majoring in Geological Engineering. Mr. Qiao is
currently the assistant of the president of Jinchuan Group and
the chairman and general manager of Metorex (subsidiary of
Jinchuan Group). During his 29-year career, Mr. Qiao has
s e r v e d i n v a r i o u s p o s i t i o n s i n c l u d i n g a c t i n g a s a
non-executive Director of the Company for the period from 30
November 2010 to 1 January 2014, and working in Jinchuan
as the vice manager of the Mining area 3 of Jinchuan Group,
vice director of the Mine Department (responsible for the
overall work), vice director of the Planning and Development
Department, general manager of the Mineral Resources
Department, manager of the Mining area 3 of Jinchuan
Group, Chairman of Gansu Jin Ao Mining Limited (a joint
venture of Jinchuan Group and BHP) (resigned in 2015) and
director of GobiMin Inc.* ( resigned on 1 March 2018)
successively. He is a technical professional with extensive
operational management experience in mineral exploration
and development.
* The share of GobiMin Inc. listed on the TSX Venture Exchange
and the symbol of which is GMN.
郜天鵬（行政總裁）
郜天鵬先生，現年46歲，工學學士、EMBA，
自二零一七年八月起獲委任為金川集團國際
資源有限公司行政總裁、執行董事。他曾經擔
任本公司的非執行董事（由二零一零年十一月
三十日至二零一四年三月二十一日期間）。加
入金川集團 25年來，從事成本管理、財務管
理、國際貿易管理、風險管理、外匯業務、資
本運營、金川集團公司股改上市及董事會日
常事務等工作。他曾同時擔任金川集團財務
部成本室經理、國際貿易公司財務部經理、集
團公司風險管理部總經理、集團公司資產運
營部總經理、集團公司資源資本國際部總經
理、中國金川投資控股公司副總經理、梅特瑞
斯董事等職，具有較高的財務成本管理、風險
管理、資本運營經驗。
喬富貴
喬富貴先生，現年52歲，自二零一七年八月起
獲委任為執行董事。喬先生一九八八年畢業
於中南工業大學（現稱中南大學）礦產勘查專
業，二零零五年畢業於昆明理工大學地質工
程專業，工程碩士。現任金川集團總裁助理及
金川集團附屬公司梅特瑞斯公司董事長兼總
經理。參加工作29年來，喬先生一直在金川
公司工作，曾先後擔任本公司非執行董事（由
二零一零年十一月三十日至二零一四年一月
一日）、金川集團三礦區副礦長、金川集團礦
山部副主任（負責全面工作）、金川集團規劃
發展部副主任、礦產資源部總經理、金川集團
三礦區礦長、金川與必和必拓公司的合資公
司－甘肅金澳礦業公司董事長（於二零一五年
辭任）、戈壁礦業公司*（於二零一八年三月一
日辭任）董事等職。他在礦產勘查、開發領域
具有較高的專業技術水準和豐富的經營管理
經驗。
* 戈壁礦業公司的股票於TSX Venture Exchange
上市，其股票代號為GMN。
68 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理層
NON-EXECUTIVE DIRECTORS
非執行董事
CHEN Dexin (Chairman of the Board)
Mr. Chen Dexin, aged 48, professorate senior engineer,
completed his postgraduate studies in Economics and
Management. He is currently a director, the general manager
and the deputy party committee secretary of the Jinchuan
Group. He was an executive Director of the Company from
January 2014 to August 2017 and he was the Chief Executive
Officer of the Company from June 2016 to August 2017.
Mr. Chen was appointed as a non-executive Director and the
chairman of the Board since August 2017. Mr. Chen joined
the Jinchuan Group in July 1994 and since then has been
consecutively responsible for the mining technology and
management of Jing Hang Engineering Company ( 井巷工程
公 司 ) of the Jinchuan Group, No. 2 Mine ( 二 礦 區 ) of the
Jinchuan Group and No. 1 (Longshou) Mine ( 龍首礦 ) of the
Jinchuan Group. He was the acting chief executive officer
and the chairman of the board of directors of Metorex. He has
extensive operation and management experience in the
mining industry. He was also a non-executive director and the
deputy chairman of the board of Wesizwe Platinum Limited, a
company listed on the Johannesburg Stock Exchange in the
Republic of South Africa (the “South Africa”). He is the
chairman of the board of directors of Tibet Tian Yuan Minerals
Exploration Ltd since 2011.
ZHANG Youda
Mr. Zhang Youda, aged 44, started his career in 1991 after
getting his master degree of business administration. He was
appointed as a non-executive Director since August 2017. He
is a senior accountant, senior economist, leading talent in
accounting both in Gansu province and in China at large,
expert consultant of Internal Standards-Controlling Committee
of China’s Ministry of Finance, AAIA (Associate Member of
The Association of International Accountants) and CGMA
(Chartered Global Management Accountant). He is now the
general manager of Financial Department of Jinchuan Group,
and director of Gansu Bank as well as Gansu Province
Materials & Industry Group. He was the financial manager
and cost branch manager of Financial Departments of several
basic units, financial manager of construction site of Pakistan
35KM Highway Project, vice director manager of Financial
Department of Jinchuan Group. He is a finance professional
with extensive operat ional management experience in
financial management. He currently serves as non-executive
director of Bank of Gansu Co., Ltd. (a company listed on the
Stock Exchange; stock code: 2139).
陳得信（董事會主席）
陳得信先生，48歲，教授級高級工程師，經
濟管理專業研究生畢業。彼現任金川集團董
事、總經理及黨委副書記。自二零一四年一
月至二零一七年八月為本公司執行董事，自
二零一六年六月至二零一七年八月為本公司
行政總裁。自二零一七年八月起獲委任為非執
行董事及董事會主席。陳先生於一九九四年
七月加入金川集團，自此曾先後負責金川集
團井巷工程公司、金川集團二礦區及金川集
團龍首礦之開採技術及管理。彼曾任Metorex
的 代 理 行 政 總 裁 及 董 事 會 主 席。彼 於 礦 業
有 豐 富 營 運 及 管 理 經 驗。彼 曾 任Wesizwe
Platinum Limited（於南非共和國（「南非」）約
翰尼斯堡證券交易所上市之公司）非執行董事
及董事會副主席。彼自二零一一年起擔任西
藏天圓礦業資源開發有限公司董事會主席。
張有達
張 有 達 先 生，現 年44歲，一 九 九 一 年 參 加
工作，研究生畢業，工商管理碩士，自二零
一七年八月起獲委任為非執行董事。彼為高
級會計師，高級經濟師，甘肅省高端會計領
軍人才，全國會計領軍人才，甘肅省領軍人
才，財政部內部控制標準委員會諮詢專家。
國際會計師公會全權會員(AAIA) 和全球特許
管理會計師 (CGMA) 。現任金川集團財務部
總經理，兼任甘肅銀行股份有限公司、甘肅
省物產集團有限責任公司董事，歷任多個基
層單位財務經理、財務部成本室經理、巴基
斯坦35KM公路專案施工現場財務經理、金川
集團財務部副總經理等職務。他在財務管理
方面具有較高的專業技術水準和豐富的經營
管理經驗。他同時擔任甘肅銀行股份有限公
司（聯交所上市公司，股票代號：2139）的非
執行董事。
69 ANNUAL REPORT 2017 二 零 一 七 年 報
DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理層
ZENG Weibing
Mr. Zeng Weibing, aged 48, holds a PhD and is a researcher of
engineering application technology. He was appointed as a
non-executive Director since April 2017. Mr. Zeng is currently the
legal representative and general manager of Shandong
High-Speed Investment Holding Co., Ltd.* ( 山東高速投資控股有
限 公 司 ), a wholly-owned subsidiary of Shandong Hi-Speed
Group Co., Ltd. ( 山 東 高 速 集 團 有 限 公 司 ), which is an
international conglomerate specialising in the investment,
construct ion, operat ion and management of highways,
expressways, railways, bridges ports and airports. Mr. Zeng
joined Shandong High-Speed Group Co., Ltd. in 1997 and since
then he has held several key positions in a number of important
projects. He has extensive exper ience in merger and
acquis i t ions, investment , asset management , pro ject
management and development, market development and
operation management. Mr. Zeng currently serves as a member
of the supervisory board and the chairman of the Remuneration,
Nomination and Governance Committee of the Toulouse-Blagnac
Airport in France. Also, he serves as an executive director of
China Smarter Energy Group Holdings Limited (a company listed
on the Stock Exchange; stock code: 1004) from 16 August 2017.
INDEPENDENT NON-EXECUTIVE DIRECTORS
獨立非執行董事
WU Chi Keung
Mr. Wu Chi Keung, aged 61, was appointed as an independent
non-executive Director of the Company since January 2011. He
graduated from Hong Kong Polytechnic (now known as Hong
Kong Polytechnic University) in 1980 with a Higher Diploma in
Accountancy. He has more than 30 years of experience mainly in
financial audit and specializes in providing auditing and
assurance services, financial due diligence reviews, support
services for merger and acquisitions, corporate restructuring and
fund raising engagements. Mr. Wu’s prior experience in finance
mainly includes working with international accounting firms until
he retired as a partner from Deloitte Touche Tohmatsu in 2008.
Mr. Wu is currently the managing director of a family-owned
private company in Hong Kong engaging in property and other
investment activities. He is an independent non-executive
director of China Medical System Holdings Limited, Zhong Fa
Zhan Holdings Limited, Huabao International Holdings Limited,
YuanShengTai Dairy Farm Limited, Huajin International Holdings
Limited and Zhou Hei Ya International Holdings Company
Limited (the shares of these companies are listed on the Stock
Exchange). Mr. Wu was also an independent non-executive
director of COFCO Meat Holdings Limited from 23 June 2016 to
12 December 2017. Mr. Wu is an associate member of the Hong
Kong Institute of Certified Public Accountants and a fellow
member of the Association of Chartered Certified Accountants in
the United Kingdom.
曾衛兵
曾衛兵先生，48歲，持有博士學位，為工程應
用技術研究員。彼自二零一七年四月起獲委任
為非執行董事。曾先生現任山東高速投資控股
有限公司（山東高速集團有限公司之全資附屬
公司，其為國際集團，專門從事公路、高速公
路、鐵路、橋樑、港口及機場的投資、建設、
營運及管理）之法定代表及總經理。曾先生於
一九九七年加入山東高速集團有限公司，自
此於多個重要項目中擔任不同要職。彼於併
購、投資、資產管理、項目管理及開發、市場
發展及營運管理方面具有廣泛經驗。曾先生
現為法國圖盧兹－布拉尼亞克機場之監事會
成員及薪酬、提名及管治委員會主席。同時，
他自二零一七年八月十六日起擔任中國智慧
能源集團控股有限公司（聯交所上市公司，股
票代號：1004）的執行董事。
胡志強
胡志強先生，61歲，自二零一一年一月起獲委
任為本公司獨立非執行董事。彼於一九八零年
畢業於香港理工學院（現為香港理工大學），
獲會計學高級文憑。胡先生擁有逾30年的財
務審計經驗，專長提供審計及驗證服務、財務
盡職審查、併購支援服務、企業重組及融資安
排。胡先生先前之財務經驗主要包括在國際會
計師行工作，直至於二零零八年從德勤 • 關黃
陳方會計師行合夥人崗位退休。胡先生現為
一家從事物業及其他投資活動的香港家族私
人公司的董事總經理。胡先生為聯交所上市
公司康哲藥業控股有限公司、中發展控股有
限公司、華寶國際控股有限公司、原生態牧業
有限公司、華津國際控股有限公司及周黑鴨
國際控股有限公司之獨立非執行董事。胡先
生亦曾任中糧肉食控股有限公司之獨立非執
行董事，由二零一六年六月二十三日至二零
一七年十二月十二日。胡先生為香港會計師公
會會員及英國特許公認會計師協會資深會員。
70 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理層
YEN Yuen Ho, Tony
Mr. Yen Yuen Ho, Tony, aged 70, was appointed as an
independent non-executive Director of the Company since
August 2010. He is a solicitor of Hong Kong and the United
Kingdom. He is also a barrister and solicitor of Australia, and was
a member of The Law Reform Commission of Hong Kong.
Mr. Yen has been practicing law in Hong Kong since 1983 and
was the Law Draftsman of the Department of Justice in Hong
Kong from 1995 to 2007. Currently, Mr. Yen is an Adjunct
Professor of the Beijing Normal University and an Honorary
Court Member of the court of the Hong Kong University of
Science and Technology. He was an Adjunct Professor of the
City University of Hong Kong from July 2011 to June 2014. He is
a Director of the Hong Kong Institute for Public Administration
and an Honorary Legal Adviser to the Friends of Scouting, Scout
Association of Hong Kong. Additionally, Mr. Yen serves as the
Director of two secondary schools, the Chairman of the
Neighbourhood Advice Action Council and a Member of Heep
Hong Society’s Executive Council. He is also an Honorary
Adviser to the Pok Oi Hospital, Honorary Adviser to the Hong
Kong Academy of Nursing and the Honorary Legal Adviser to the
Shanghai Fraternity Association. Mr. Yen was appointed as an
Honorary Fellow of the School of Education, University of Hong
Kong in 2014. In the past years, he was appointed by the
HKSAR Government as a member of the Education Bureau’s
Panel of Review Board on School Complaints and as the
Vice-Chairman of the Social Welfare Lump Sum Grant
Independent Complaints Handling Committee. Mr. Yen also
serves as a guest speaker to various universities in Hong Kong.
He is an independent non-executive director of Panda Green
Group Limited, Alltronics Holdings Limited and WWPKG Holdings
Company Limited (the shares of which are listed on the Stock
Exchange). He was also an independent non-executive director
of Link Holdings Limited (the shares of which are listed on the
Stock Exchange) from June 2014 to October 2014. Mr. Yen was
in October 2015 appointed by China Minsheng Jiaye Investment
Co. Limited as an independent director.
嚴元浩
嚴元浩先生，70歲，自二零一零年八月起獲委
任為本公司獨立非執行董事。彼乃香港及英
國律師。嚴先生亦為澳洲大律師及事務律師，
並曾任香港法律改革委員會委員。嚴先生自
一九八三年起為香港執業律師，於一九九五年
至二零零七年期間，他在香港政府律政司擔
任法律草擬專員一職。現時，嚴先生為北京師
範大學兼任教授及香港科技大學顧問委員會
榮譽委員。彼曾於二零一一年七月至二零一四
年六月期間任香港城市大學特聘教授。嚴先生
是香港公共行政學院之董事及香港童軍總會
童軍之友社之義務法律顧問。此外，嚴先生亦
在兩間中學擔任校董，嚴先生同時亦為香港鄰
舍輔導會主席及香港協康會的執行委員會委
員。他也是香港博愛醫院的名譽顧問、香港護
理專科學院的名譽顧問及香港上海總會的名
譽法律顧問。嚴先生在二零一四年獲香港大學
教育學院頒授為榮譽院士。於過往年度，彼曾
獲香港特區政府委任為教育局學校投訴覆檢
委員會的委員及社會福利整筆撥款獨立處理
投訴委員會的副主席。嚴先生亦在香港多所
大學講課。嚴先生為於聯交所上市公司熊貓
綠色能源集團有限公司、華訊股份有限公司
及縱橫遊控股有限公司之獨立非執行董事。
彼亦曾於二零一四年六月至二零一四年十月
期間任聯交所上市公司華星控股有限公司之
獨立非執行董事。嚴先生於二零一五年十月
獲中民嘉業投資有限公司委任為獨立董事。
71 ANNUAL REPORT 2017 二 零 一 七 年 報
DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理層
POON Chiu Kwok
Mr. Poon Chiu Kwok, aged 55, was appointed as an independent
non-executive Director since March 2017, holds a master’s
degree in international accounting, a post-graduate diploma in
laws, a bachelor’s degree in laws and a bachelor’s degree in
business studies. He has years of experience in regulatory
affairs, corporate finance, listed companies governance and
management. He is an executive director, vice president and
company secretary of Huabao International Holdings Limited,
whose shares are listed on the Stock Exchange. He currently
serves as an independent non-executive director of the following
companies listed on the Stock Exchange: AUX International
Holdings Limited, Changan Minsheng APLL Logistics Co., Ltd.,
Greentown Service Group Co. Ltd., Sany Heavy Equipment
International Holdings Company Limited, Sunac China Holdings
Limited, Tonly Electronics Holdings Limited, TUS International
Limited,Yuanda China Holdings Limited, Honghua Group Limited
and Yanzhou Coal Mining Company Limited. He also serves as a
non-executive director of Chong Kin Group Holdings Limited.
Mr. Poon is a fellow member of CPA Australia, The Institute of
Chartered Secretaries and Administrators, The Hong Kong
Institute of Chartered Secretaries and a member of its Technical
Consultation Panel,Mainland China Focus Group, Audit
Committee and Professional Development Committee. He is also
a fellow member and Associate Instructor of Hong Kong
Securities and Investment Institute.
潘昭國
潘昭國先生，55歲，自二零一七年三月起獲
委任為獨立非執行董事，持有國際會計學碩
士學位、法學深造文憑、法學學士學位和商業
學學士學位。彼於規管事宜、企業融資、及上
市公司管治及管理方面擁有逾多年經驗。彼
為一間在聯交所上市的公司華寶國際控股有
限公司的執行董事、副總裁及公司秘書。彼現
時於以下聯交所上市公司擔任獨立非執行董
事：奧克斯國際控股有限公司、重慶長安民生
物流股份有限公司、綠城服務集團有限公司、
三一重裝國際控股有限公司、融創中國控股有
限公司、通力電子控股有限公司、啟迪國際有
限公司、遠大中國控股有限公司、宏華集團有
限公司及兗州煤業股份有限公司。彼也擔任
創建集團（控股）有限公司的非執行董事。潘
先生為澳洲會計師公會之資深註冊會計師、
英國特許秘書及行政人員公會資深會員、以
及香港特許秘書公會資深會員以及其技術諮
詢小組、中國內地關注小組、審計委員會及專
業發展委員會成員。彼亦是香港證券及投資
學會資深會員及特邀導師。
72 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理層
SENIOR MANAGEMENT
CHIEF EXECUTIVE OFFICER
GAO Tianpeng
For details of Mr. Gao Tianpeng’s biography, please see the
sub-section headed “Executive Directors” on page 67.
CHIEF FINANCIAL OFFICER
HAN Xiao Qing
Ms. Han Xiao Qing, aged 49, was appointed as the Chief
Financial Officer of the Company since May 2017. Ms. Han
graduated from Beijing Polytechnic University with a Bachelor of
Science degree in Electronic Engineering and a Bachelor of
Science degree in Foreign Trade. She has studied at The
Securities Institute of Australia with major in Applied Investment
and Finance. Ms. Han has more than 20 years of experience in
the sector of natural resources. She has served as the Risk
Control Manager of China Nonferrous Metals Import & Export
Corporation, the Chief Financial Officer of China United Copper
Co., Ltd., Investment Manager of Minmetals Group, Head of
China Metals and Mining of ABN AMRO Bank ., China Metals
and Mining coordinator of UBS, Executive Director of the
Investment Bank Department (China) of Goldman Sachs, and
Senior Vice President of Shougang Fushan Resources Group
Ltd. Ms. Han was responsible for the initiation and execution of
several projects which have become the milestones in the history
of China’s metal and mining industry.
CHAIRMAN OF METOREX
QIAO Fugui
For details of Mr. Qiao Fugui’s biography, please see the
sub-section headed “Executive Directors” on page 67.
CHIEF FINANCIAL OFFICER OF METOREX
YIN Weiwu
Mr. Yin Weiwu, aged 44, auditor. He was appointed as the CFO
of Metorex (Pty) Ltd since January 2018. He joined Jinchuan
Group in July 1997 and duties involved risk control, auditing and
financial management. Former financial manager of Jinchuan
Group Co. Ltd. Nickel Smelter and Jinchuan Group Marketing
Company.
高級管理層
行政總裁
郜天鵬
有關郜天鵬先生之詳細履歷，請參閱第67頁
「執行董事」分節。
首席財務官
韓曉青
韓曉青女士，49歲，自二零一七年五月起獲
委任為本公司之首席財務官。韓女士畢業於
北京工業大學，獲得電子工程專業和對外貿
易專業雙學位。曾就讀於澳洲證券業協會應
用金融與投資專業。韓女士在自然資源領域
有超過20年經驗。曾任中國有色進出口總公
司風險控制經理，中銅聯合銅業有限公司財
務總監，中國五礦集團投資經理，荷蘭銀行金
屬和採礦業中國區主管，瑞士銀行投行部金
屬和採礦業中國業務協調人，高盛投行部中
國區執行董事，首鋼福山資源集團有限公司
高級副總裁。韓女士負責發起和執行了中國
金屬和採礦業數個里程碑專案。
METOREX主席
喬富貴
有關喬富貴先生之詳細履歷，請參閱第67頁
「執行董事」分節。
METOREX財務總監
尹緯武
尹緯武先生，44歲，審計師，自二零一八年一
月起獲委任為南非梅特瑞斯公司財務總監。
一九九七年七月加入金川集團，從事過風險
控制、審計、財務管理工作，曾任金川集團鎳
冶煉廠及金川集團行銷公司財務經理。
73 ANNUAL REPORT 2017 二 零 一 七 年 報
REPORT OF THE DIRECTORS
董事會報告
The Directors of the Company present their report and the
audited financial statements of the Company and the Group for
the year ended 31 December 2017.
PRINCIPAL ACTIVITIES
The Company is an investment holding company. The principal
activities of its subsidiaries are set out in note 41 to the
consolidated financial statements. During the year, there were
no significant changes in the nature of the Group’s principal
activities.
BUSINESS REVIEW
A fair review of the Group’s business and a description of the
principal risks and uncertainties being faced by the Group are
provided in the “Chairman’s Statement”, “CEO’s Report” and
“Management Discussion and Analysis” sections of this annual
report. Particulars of important events affecting the Group
that have occurred since the end of the year, and indication
of likely future development in the Group’s business can also
be found in these sections and this “Report of the Directors”.
An analysis of the Group’s performance during the year using
financial key performance indicators is set out on page 3 and in
“Management Discussion and Analysis” section. A discussion
on the Company’s environmental policies and performance
can be found in the “Sustainable Development Report” on
pages 21 to 37. An account of the Group’s relationship with its
shareholders and investors can be found on pages 64 to 66.
These discussions from part of this “Report of the Directors”.
COMPLIANCE WITH LAWS AND
REGULATIONS
Save as disclosed under the section headed “Event After The
Reporting Period”, during the year ended 31 December 2017,
as far as the Board is aware, there was no material breach of
or non-compliance with the Cayman Islands Companies Law,
Listing Rules, SFO and other applicable laws and regulations
that have a significant impact on the Group’s business and
operation by the Group.
RESULTS AND DIVIDENDS
The Group’s results for the year ended 31 December 2017 and
the state of affairs of the Company and the Group at that date
are set out in the financial statements on pages 88 to 191.
No dividend has been paid or declared by the Company in
respect of the year ended 31 December 2017.
本公司董事謹提呈截至二零一七年十二月
三十一日止年度之董事會報告以及本公司及
本集團之經審核財務報表。
主要業務
本公司乃一間投資控股公司，其附屬公司之主
要業務載於綜合財務報表附註41。於年內，
本集團的主要經營業務活動性質並未出現任
何重大變動。
業務回顧
本集團業務的公允回顧及本集團正面臨的主
要風險及不確定因素的概述載於本年報「主席
報告」、「行政總裁報告」以及「管理層討論及
分析」中。自本年度末所發生影響本集團的重
大事件細節以及本集團業務的可能未來發展
方向亦載於該等章節及本「董事會報告」內。
採用財務關鍵績效指標對本集團於年內的表
現作出的分析載於第3頁及「管理層討論及分
析」一節。就本公司的環保政策及表現的討論
載於第21至37頁的可持續發展報告。本集團
與其股東及投資者的關係論述載於第64至66
頁。該等討論構成本「董事會報告」之一部分。
遵守法律及法規
除於「申報期後事項」一節所披露者外，截至
二零一七年十二月三十一日止年度，就董事
會所知，本集團並無嚴重違反或不遵守開曼
群島公司法、上市規則、證券及期貨條例，以
及其他適於用本集團且對本集團業務及運作
構成重大影響的法例及法規。
業績及股息
本集團截至二零一七年十二月三十一日止年
度之業績以及本公司及本集團於該日之業務
狀況載於第88至191頁之財務報表。
本公司並無就截至二零一七年十二月三十一
日止年度派發或宣派任何股息。
74 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
REPORT OF THE DIRECTORS
董事會報告
FIVE-YEAR FINANCIAL SUMMARY
A summary of the published results and of the assets, liabilities
and non-controlling interests of the Group for the last five
financial years, as extracted from the Group’s audited financial
statements and restated as appropriate, is set out on page
192. This summary does not form part of the audited financial
statements.
PROPERTY, PLANT AND EQUIPMENT
Details of the movements in the property, plant and equipment of
the Company and the Group during the year are set out in note
15 to the consolidated financial statements.
BANK BORROWINGS
Particulars of bank borrowings of the Group as at 31 December
2017 are set out in note 27 to the consolidated financial statements.
DISCLOSURES PURSUANT TO RULE
OF THE LISTING RULES
On 29 May 2014, Kinsenda Copper Company SA (as borrower),
a 77% owned subsidiary of the Company, and Jinchuan Group
(as guarantor) entered into a facility agreement (“Facility
Agreement 1”) with China Development Bank Corporation
(“CDBC”) (as lender) in relation to a term loan facility in an
amount of US$225,000,000. The final repayment date of the term
loan facility will be the date falling 10 years from the date of the first
utilization of such facility, which had taken place on 30 May 2014.
On 27 May 2016, Metorex (as borrower), an indirect wholly-
owned subsidiary of the Company, entered into a facility
agreement (“Facility Agreement 2”) with CDBC (as lender),
whereas Jinchuan Group acted as guarantor, in relation to a
loan facility for the purpose of funding its working capital and
operations in an amount of US$25,000,000. The final repayment
date of the loan facility will be the date falling on the last day of
a 12-month period from the date of the first utilization of such
facility, which had taken place on 6 June 2016. The loan facility
was fully repaid.
On 9 November 2016, Metorex (as borrower) entered into
a facility agreement (“Facility Agreement 3”) with CDBC (as
lender), whereas Jinchuan Group acted as guarantor, in relation
to a loan facility for the purpose of funding the working capital
and operations of Metorex and its subsidiaries in an amount of
US$100,000,000. The final repayment date of the loan facility will
be the date falling on the last day of a 36-month period from the
date of the first utilization of such facility, which had taken place
on 14 November 2016.
五年財務概要
本集團過往五個財政年度之已公佈業績及資
產、負債及非控股權益概要載於第192頁，摘
錄自本集團經審核財務報表及已重新編列（如
適用）。有關概要並不構成經審核財務報表之
一部份。
物業、廠房及設備
本公司及本集團於年內之物業、廠房及設備
之變動詳情載於綜合財務報表附註15。
銀行借貸
本集團於二零一七年十二月三十一日之銀行
借貸詳情載於綜合財務報表附註27。
根據上市規則第條規定進行的
披露
於 二 零 一 四 年 五 月 二 十 九 日，本 公 司 持 股
77%的附屬公司Kinsenda Copper Company
SA（作為借款人）、金川集團（作為擔保人）
與國家開發銀行股份有限公司（「國家開發
銀 行」）（作 為 貸 款 人）訂 立 一 項 融 資 協 議
（「融資協議1」），內容有關金額為225,000,000
美元之有期貸款融資。該筆有期貸款融資之
最後還款日期將為首次動用該筆融資當日起
計十年，而該筆融資已於二零一四年五月三十
日首次動用。
於二零一六年五月二十七日，本公司之間接
全資附屬公司Metorex（作為借款人）與國家開
發銀行（作為貸款人）訂立一項融資協議（「融
資協議2」），由金川集團作為擔保人，內容有
關金額為25,000,000美元之貸款融資，以用作
撥付Metorex之營運資金及業務運作。該筆貸
款融資之最後還款日期將為首次動用該筆融
資當日起計十二個月之最後一日，而該筆融
資已於二零一六年六月六日首次動用。有關
貸款融資已悉數償還。
於二零一六年十一月九日，Metorex（作為借
款人）與國家開發銀行（作為貸款人）訂立一項
融資協議（「融資協議3」），由金川集團作為擔
保人，內容有關金額為100,000,000美元之貸
款融資，以用作撥付Metorex及其附屬公司之
營運資金及業務運作。該筆貸款融資之最後還
款日期將為首次動用該筆融資當日起計三十六
個月之最後一日，而該筆融資已於二零一六
年十一月十四日首次動用。
75 ANNUAL REPORT 2017 二 零 一 七 年 報
REPORT OF THE DIRECTORS
董事會報告
Pursuant to the Facility Agreement 1, Jinchuan Group, the
controlling shareholder of the Company, is required, at all times,
to (directly or indirectly) own more than 50% of the shares of
Kinsenda Copper Company SA (the “Specific Performance
Obligation”). However, for sake of future development, the Group
had obtained a waiver of the Specific Performance Obligation
from CDBC in August 2017.
Pursuant to the Facility Agreement 2 and Facility Agreement 3,
Jinchuan Group, the controlling shareholder of the Company,
is required, at all times, to (directly or indirectly) own not less
than 51% of the shares of Metorex. Breach of the specific
performance obligation stated in each of the above facility
agreements will constitute an event of default of the previous
facility agreement(s). Upon the occurrence of such event of
default, the relevant bank may declare the loan facility to be
cancelled and all outstanding amounts may become immediately
due and payable.
SHARE CAPITAL
The Company issued new ordinary shares during the year upon
completion of subscription of new shares, details of which are
disclosed in the section headed “Issue of New Shares” under
“Management Discussion & Analysis” of this annual report.
Details of movements in the Company’s share capital during
the year are set out in note 30 to the consolidated financial
statements.
EQUITY-LINKED AGREEMENTS
Save as (i) the Company’s share option scheme disclosed in
the section headed “Share Option Scheme” and note 31 to the
consolidated financial statements, (ii) the subscription agreement
entered into between the Company and the Subscriber
disclosed in the section headed “Issue of New Shares” under
“Management Discussion & Analysis” of this annual report and
note 30 to consolidated financial statements, (iii) the Company’s
share incentive scheme disclosed in the section headed “Share
Incentive Scheme”, and (iv) the Convertible Securities disclosed
in note 32 to the consolidated financial statements, no equity-
linked agreements that will or may result in the Company issuing
shares were entered into by the Company during the year and
subsisted at the end of the year.
CONTRACT OF SIGNIFICANCE
No contract of significance has been entered into between
the Company or any of its subsidiaries and the controlling
shareholder or any of its subsidiaries during the year.
根據融資協議1，本公司控股股東金川集團須
於所有時候直接或間接擁有Kinsenda Copper
Company SA超 過50%股 份（「特 定 履 約 責
任」）。然而，考慮到未來發展，本集團於二零
一七年八月從國家開發銀行取得特定履約責
任的豁免。
根據融資協議2及融資協議3，本公司控股股
東金川集團須於所有時候直接或間接擁有
Metorex不少於51%股份。違反上述各份融資
協議所訂明之特定履約責任將構成違反先前
訂立的融資協議。當違約事件發生時，有關銀
行可宣告註銷有關貸款融資，而所有未償還
金額將即時到期繳付。
股本
本公司於完成認購新股份後於年內發行了新
普通股，詳情於本年報「管理層討論及分析」
中「發行新股份」一節內披露。本公司於年內
之股本變動詳情載於綜合財務報表附註30。
股權掛鈎協議
除(i)於「購股權計劃」一節及綜合財務報表附註
31內披露之本公司購股權計劃；(ii)於本年報
「管理層討論及分析」中「發行新股份」一節及
綜合財務報表附註30內披露之本公司與認購人
之間訂立的認購協議；(iii)於「股份激勵計劃」
一節披露之本公司股份激勵計劃；及(iv)於綜
合財務報表附註32內披露之可換股證券外，
並無於年內訂立且於年結日存續之股權掛鈎
協議將會或可能令本公司發行股份。
重大合約
本公司或其任何附屬公司於年內並無與控股
股東或其任何附屬公司訂立任何重大合約。
76 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
REPORT OF THE DIRECTORS
董事會報告
PURCHASES, SALES OR REDEMPTION OF
LISTED SECURITIES OF THE COMPANY
Neither the Company nor any of its subsidiaries had purchased,
sold or redeemed any of the Company’s listed securities during
the year ended 31 December 2017.
RESERVES
Details of movements in the reserves of the Company and the
Group during the year are set out in note 42 to the consolidated
financial statements and in the consolidated statement of
changes in equity, respectively.
DISTRIBUTABLE RESERVES
The Company’s reserves available for distr ibution to
shareholders as at 31 December 2017, representing the
aggregate of share premium account, contributed surplus and
accumulated losses, amounted to nil (2016: nil).
DIRECTORS
The Directors of the Company during the year and up to the date
of this report were:
Executive Directors:
Mr. GAO Tianpeng (Chief Executive Officer)1
Mr. QIAO Fugui1
Mr. YANG Zhiqiang (Ex-Chairman of the Board)2
Mr. ZHANG Sanlin (Ex-Deputy Chairman of the Board)2
Mr. ZHANG Zhong2
Non-Executive Directors:
Mr. CHEN Dexin (re-designated as a non-executive Director from
an executive Director with effect from 23 August 2017)
(Chairman of the Board1)(Ex-Chief Executive Officer2)
Mr. ZHANG Youda1
Mr. ZENG Weibing3
Independent Non-Executive Directors:
Mr. WU Chi Keung
Mr. YEN Yuen Ho, Tony
Mr. POON Chiu Kwok4
Mr. Neil Thacker MACLACHLAN5
1 Appointed with effect from 23 August 2017.
2 Resigned with effect from 23 August 2017.
3 Appointed with effect from 28 April 2017.
4 Appointed with effect from 21 March 2017.
5 Resigned with effect from 31 January 2017.
購買、出售或贖回本公司上市證券
截至二零一七年十二月三十一日止年度，本
公司或其任何附屬公司概無購買、出售或贖
回本公司任何上市證券。
儲備
本公司及本集團於年內之儲備變動詳情已分
別載於綜合財務報表附註42及綜合權益變動
表。
可供分派儲備
本公司可供分派予股東之儲備相當於股份溢
價賬、實繳盈餘及累計虧損之總和，其於二
零一七年十二月三十一日為零（二零一六年：
無）。
董事
年內及截至本報告日期止期間之本公司董事
如下：
執行董事：
郜天鵬先生（行政總裁）1
喬富貴先生1
楊志強先生（前任董事會主席）2
張三林先生（前任董事會副主席）2
張忠先生2
非執行董事
陳得信先生（於二零一七年八月二十三日由
執行董事調任為非執行董事）
（董事會主席1）（前任行政總裁2）
張有達先生1
曾衛兵先生3
獨立非執行董事：
胡志強先生
嚴元浩先生
潘昭國先生4
Neil Thacker MACLACHLAN先生5
1 於二零一七年八月二十三日獲委任
2 於二零一七年八月二十三日辭任
3 於二零一七年四月二十八日獲委任
4 於二零一七年三月二十一日獲委任
5 於二零一七年一月三十一日辭任
77 ANNUAL REPORT 2017 二 零 一 七 年 報
REPORT OF THE DIRECTORS
董事會報告
Pursuant to article of the Company’s articles of
association, Mr. Chen Dexin, Mr. Wu Chi Keung and Mr. Poon
Chiu Kwok shall retire from office as Directors by rotation at the
forthcoming annual general meeting of the Company. All of the
above three retiring directors, being eligible, will offer themselves
for re-election at the forthcoming annual general meeting of the
Company.
DIRECTORS’ SERVICE CONTRACTS
None of the Directors being proposed for re-election at the
Company’s forthcoming annual general meeting has service
contracts with the Company or any of its subsidiaries which is
not terminable by the Group within one year without payment of
compensation (other than statutory compensation).
DIRECTORS’ AND CHIEF EXECUTIVE’S
INTERESTS AND SHORT POSITIONS IN
SHARES, UNDERLYING SHARES AND
DEBENTURES OF THE COMPANY OR ITS
ASSOCIATED CORPORATIONS
As at 31 December 2017, none of the Directors or chief
executive of the Company had any interest or short position in
the shares, underlying shares and debentures of the Company
or its associated corporations (within the meaning of Part XV of
the SFO) which were required: (a) pursuant to Section 352 of the
SFO, to be entered in the register referred to therein; or (b) to be
notified to the Company and the Stock Exchange pursuant to the
Model Code as set out in Appendix 10 to the Listing Rules.
DIRECTORS’ RIGHTS TO ACQUIRE SHARES
AND DEBENTURES
Save as disclosed in the section headed “Share Option Scheme”
and “Share Incentive Scheme” below, neither at the end of nor
at any time during the year there subsisted any arrangement
to which the Company or any of its subsidiaries or its parent
companies or its fellow subsidiaries was a party and the
objectives of or one of the objectives of such arrangement are/is
to enable the Directors, their respective spouse or children under
the age of 18 to acquire benefits by means of the acquisition
of shares in or debentures of the Company or any other body
corporate.
DIRECTORS’ INTERESTS IN
TRANSACTIONS, ARRANGEMENTS OR
CONTRACTS
Except for those disclosed in the section headed “Continuing
Connected Transactions” below, no contracts, transactions
or arrangements of significance, to which the Company, its
subsidiaries, its holding company or any of its subsidiaries was a
party and in which a Director or entity connected with a Director
had a material interest, whether directly or indirectly, subsisted at
the end of the year or at any time during the year.
按照本公司的組織章程細則第條，陳得
信先生、胡志強先生及潘昭國先生須於應屆
股東週年大會輪值退任董事。上述三名退任
董事均合資格並願意於本公司應屆股東週年
大會膺選連任。
董事服務合約
概無於本公司應屆股東週年大會膺選連任之
董事與本公司或其任何附屬公司訂有任何不
可由本集團於一年內終止而毋須作出賠償（法
定賠償除外）之服務合約。
董事及最高行政人員於本公司或其
相聯法團之股份、相關股份及債券
之權益及淡倉
於二零一七年十二月三十一日，概無本公司
董事或最高行政人員於本公司或其相聯法團
（定義見證券及期貨條例第XV部）之股份、相
關股份及債券中，擁有(a)須記錄於根據證券
及期貨條例第352條所規定存置之登記冊之權
益或淡倉；或(b)根據上市規則附錄10所載標
準守則須知會本公司及聯交所之權益或淡倉。
董事購買股份及債券之權利
除下文「購股權計劃」及「股份激勵計劃」一節
所披露者外，於年結日及年內任何時間本公
司或其任何附屬公司或其母公司或其同系附
屬公司概無訂有任何安排，而有關安排之目
的或其中一項目的為使董事、其各自之配偶
或十八歲以下之子女能以收購本公司或任何
其他法人團體之股份或債券之方式獲得利益。
董事於交易、安排或合約之權益
除下文「持續關連交易」一節所披露者外，於
年結日或年內任何時間，本公司、其附屬公
司、其控股公司或其任何附屬公司概無訂有
董事或與董事有關連的實體直接或間接擁有
重大權益之重大合約、交易或安排。
78 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
REPORT OF THE DIRECTORS
董事會報告
MANAGEMENT CONTRACTS
No contracts concerning the management and administration of
the whole or any substantial part of the business of the Group
were entered into or existed during the year ended 31 December
2017.
PERMITTED INDEMNITY PROVISION
The Company’s articles of association state that every Directors
is entitled to be indemnified out of the assets of the Company
against all losses or liabilities incurred or sustained by him as a
Director in defending any proceedings, whether civil or criminal,
in which judgment is given in his favour, or in which he is
acquitted. The Company has arranged for appropriate insurance
cover for potential liabilities of Directors and officers of the
Company to third parties arising out of their corporate activities.
All Directors have the benefit of directors’ and officers’ liability
insurance.
This permitted indemnity provision was in force for the benefit of
the Directors during the financial year ended 31 December 2017,
and remains to be in force as at the date of this “Report of the
Directors”.
SHARE OPTION SCHEME
The Company operates a share option scheme (the “Scheme”)
for the purpose of providing incentives and rewards to eligible
participants who contribute to the success of the Group’s
operations. Further details of the Scheme are disclosed in note
31 to the consolidated financial statements.
There were no share options of the Company outstanding at the
end of the year ended 31 December 2017.
SHARE INCENTIVE SCHEME
A share incentive scheme (the “Share Incentive Scheme”)
was approved by the then shareholders at the annual general
meeting of the Company held on 2 June 2015 (the “Adoption
Date”). The purpose of the Share Incentive Scheme is to provide
incentive or reward to Directors or employees of the Group
for their contributions to, and continuing efforts to promote the
interests of, the Group and its business. Pursuant to the Share
Incentive Scheme, performance-based shares of the Company
may be granted to eligible persons. The Share Incentive Scheme
permits the granting of the performance-based shares to the
eligible persons that are either new shares of the Company or
existing shares of the Company that are purchased pursuant to
the terms of the Share Incentive Scheme.
The aggregate number of the performance-based shares which
may be allotted and issued and/or purchased upon vesting of the
performance-based shares granted under the Share Incentive
Scheme is limited to 10% of the total number of shares of the
Company in issue as at the Adoption Date. Pursuant to the
Share Incentive Scheme, the maximum aggregate number
管理合約
截至二零一七年十二月三十一日止年度，本
集團並無訂立或存續任何涉及管理及行政管
理其全部或任何主要部分業務的合約。
獲准許之彌償條文
本公司組織章程細則訂明，每位董事均可獲
本公司以其資產彌償其作為董事因就任何民
事或刑事訴訟作出抗辯（限於其獲判勝訴或無
罪之訴訟）而招致或蒙受之一切損失或負債。
本公司已為董事及高級職員安排合適保險保
障，針對因進行公司業務而可能需向第三方
承擔的責任。所有董事均享有董事及行政人
員責任保險保障。
前述准許的彌償條文在截至二零一七年十二
月三十一日的財政年度中有效，且在本「董事
會報告」刊發日期仍然有效。
購股權計劃
本公司設有購股權計劃（「計劃」）向對本集團
業務成績有所貢獻之合資格參與者提供激勵
及獎勵。計劃之進一步詳情於綜合財務報表
附註31披露。
截至二零一七年十二月三十一日止年度完結
時，概無本公司尚未行使之購股權。
股份激勵計劃
股份激勵計劃（「股份激勵計劃」）於二零一五
年六月二日（「採納日期」）舉行之本公司股東
週年大會上獲當時之股東批准。股份激勵計
劃之目的是為向本集團董事或員工提供獎勵
或獎賞，以嘉獎彼等對提高本集團及其業務
之利益作出之貢獻及持續作出的努力。根據
股份激勵計劃，本公司可向合資格人士授出
本公司之業績股份。股份激勵計劃允許本公
司向合資格人士授出本公司之新股份，或本
公司根據股份激勵計劃之條款所購買之現有
股份作為業績股份。
於根據股份激勵計劃授出之業績股份歸屬時，
可能配發及發行及╱或購買之業績股份總數
以採納日期本公司已發行股份總數10%為限。
根據股份激勵計劃，於根據股份激勵計劃授出
之業績股份歸屬時可能配發及發行或購買之
股份，連同根據本公司其他長期激勵計劃（包
79 ANNUAL REPORT 2017 二 零 一 七 年 報
REPORT OF THE DIRECTORS
董事會報告
of shares of the Company which may be allotted and issued
or purchased upon the vesting of performance-based shares
granted under the Share Incentive Scheme and yet to be vested
in relation to shares of the Company or options granted under
other long-term incentive schemes of the Company (including
the Scheme) must not, in aggregate, exceed 30% of the total
number of shares of the Company in issue from time to time.
At the 2017 AGM held on 18 May 2017, a scheme mandate was
granted to the Board to exercise the powers of the Company
to issue new shares of the Company not exceeding 2% of the
issued share capital of the Company as at the date of 2017
AGM. Such mandate has not been used and will lapse at the
conclusion of the 2018 annual general meeting of the Company.
It is expected that the Company will continue to seek granting of
similar scheme mandates from the shareholders at future annual
general meetings of the Company during the term of the Share
Incentive Scheme so as to enable the Company to allot and
issue new shares to satisfy the grant of the performance-based
shares under the Share Incentive Scheme.
INTERESTS AND SHORT POSITIONS OF
SUBSTANTIAL SHAREHOLDERS IN THE
SHARES AND UNDERLYING SHARES OF
THE COMPANY
As at 31 December 2017, so far as is known to the Directors, the
following persons (i) had interests or short positions in the shares
and/or underlying shares of the Company which were recorded
in the register required to be kept by the Company under section
336 of the SFO; or (ii) were, directly or indirectly, interested in
5% or more of the nominal value of any class of share capital
carrying the right to vote in all circumstances at general meetings
of the Company or any options in respect of such capital.
Long positions in the shares and underlying shares of the
Company:
Number of shares
interested
擁有權益之
股份數目
Number of shares
which may be
converted from
PSCS (Note 3)
Percentage of the
total number
of shares in issue
(%) (Note 2)
Name of shareholder
股東名稱
Note
附註
Capacity/nature of
interest
身份╱權益性質
永久次級可換
股證券可兌換之
股份之數目(附註3）
佔已發行股份
總數之百分比
(%)（附註2）
Jinchuan Group Co., Ltd*
金川集團股份有限公司
(1) & (3) Interest of controlled
corporation
受控法團權益
2,981,205,857 8,466,120,000 %
Jinchuan Group (Hongkong)
Resources Holdings Limited
金川集團（香港）資源控股有限公司
(1) & (3) Interest of controlled
corporation
受控法團權益
2,981,205,857 8,466,120,000 %
括計劃）所授出之股份或購股權之相關未歸屬
股份總數，合共最多不得超過本公司不時已
發行股份總數之30%。
於二零一七年五月十八日舉行之二零一七年
股東週年大會上，董事會獲授予計劃授權，
藉此可行使本公司之權力發行不超過於二零
一七年股東週年大會日期本公司已發行股本
2%之本公司新股份。該授權尚未動用，且將
於本公司之二零一八年股東週年大會結束時
失效。預期本公司將於股份激勵計劃之年期
內，在日後之本公司股東週年大會上繼續尋
求股東授出類似之計劃授權，以便本公司配
發及發行新股份，從而得以根據股份激勵計
劃授出業績股份。
主要股東於本公司股份及相關股份
之權益及淡倉
於二零一七年十二月三十一日，就董事所知，
下列人士(i)於本公司股份及╱或相關股份中持
有根據證券及期貨條例第336條須登記於本公
司所保存登記冊內之權益或淡倉，或(ii) 直接
或間接擁有附有權利可於任何情況下在本公
司股東大會投票之任何類別股本面值5%或以
上之權益或該等股本之任何相關購股權。
於本公司股份及相關股份之好倉：
80 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
REPORT OF THE DIRECTORS
董事會報告
Number of shares
interested
擁有權益之
股份數目
Number of shares
which may be
converted from
PSCS (Note 3)
Percentage of the
total number
of shares in issue
(%) (Note 2)
Name of shareholder
股東名稱
Note
附註
Capacity/nature of
interest
身份╱權益性質
永久次級可換
股證券可兌換之
股份之數目(附註3）
佔已發行股份
總數之百分比
(%)（附註2）
Jinchuan (BVI) Limited
金川(BVI) 有限公司
(1) & (3) Interest of controlled
corporation/
Beneficial owner
受控法團權益╱
實益擁有人
2,981,205,857 8,466,120,000 %
Jinchuan (BVI) 1 Limited
金川(BVI)1有限公司
(1) Beneficial owner
實益擁有人
1,888,449,377 N/A
不適用
%
Jinchuan (BVI) 2 Limited
金川(BVI)2有限公司
(1) Beneficial owner
實益擁有人
557,834,372 N/A
不適用
%
Jinchuan (BVI) 3 Limited
金川(BVI)3有限公司
(1) Beneficial owner
實益擁有人
534,922,108 N/A
不適用
%
Taikang Asset Management Co., Ltd*
泰康資產管理有限責任公司
(4) Interest of controlled
corporation
受控法團權益
483,000,000 N/A
不適用
%
Shandong Hi-Speed Urbanization
Fund Management Centre (Limited
Partnership)*
山東高速城鎮化基金管理中心
（有限合夥）
(4) Interest of controlled
corporation
受控法團權益
483,000,000 N/A
不適用
%
SD Hi-Speed Huanbohai (Tianjin)
Equity Investment Fund (Limited
Partnership)
山東高速環渤海（天津）股權投資基金
合夥企業（有限合夥）
(4) Interest of controlled
corporation
受控法團權益
483,000,000 N/A
不適用
%
SD Hi-Speed Investment HK Limited
山東高速環渤海投資（香港）有限公司
(4) Beneficial owner
實益擁有人
483,000,000 N/A
不適用
%
81 ANNUAL REPORT 2017 二 零 一 七 年 報
REPORT OF THE DIRECTORS
董事會報告
Notes:
1. Jinchuan Group Co., Ltd* directly owned 100% of the issued share
capital of Jinchuan Group (Hongkong) Resources Holdings Limited
which in turn owned 100% of the issued share capital of Jinchuan
(BVI) Limited which owned 100% of the issued share capital of each
of Jinchuan (BVI) 1 Limited, Jinchuan (BVI) 2 Limited and Jinchuan
(BVI) 3 Limited. Therefore, Jinchuan Group Co., Ltd*, Jinchuan
Group (Hongkong) Resources Holdings Limited and Jinchuan (BVI)
Limited were deemed to have interests in the 1,888,449,377 shares,
557,834,372 shares and 534,922,108 shares of the Company held by
Jinchuan (BVI) 1 Limited, Jinchuan (BVI) 2 Limited and Jinchuan (BVI)
3 Limited respectively under the SFO.
2. The calculation is based on the number of shares and/or underlying
shares of the Company as a percentage of the total number of issued
shares of the Company (. 4,833,753,051 Shares) as at 31 December
2017.
3. Jinchuan (BVI) Limited directly held PSCS in the amount of
US$1, million (equivalent to approximately HK$8, million)
which may be converted into 8,466,120,000 shares of the Company at
an initial conversion price of HK$ per share. Based on the relations
set out in note 1 above, Jinchuan Group Co., Ltd* and Jinchuan Group
(Hongkong) Resources Holdings Limited were deemed to be interested
in the 8,466,120,000 underlying shares of the Company held by
Jinchuan (BVI) Limited under the SFO.
4. Taikang Asset Management Co., Ltd* owned % of the issued
share capital of Shandong Hi-Speed Urbanization Fund Management
Centre (Limited Partnership)* which in turn owned 99% of the issued
share capital of SD Hi-Speed Huanbohai (Tianjin) Equity Investment
Fund (Limited Partnership) which owned 100% of the issued share
capital of SD Hi-Speed Investment HK Limited. Therefore, Taikang
Asset Management Co., Ltd*, Shandong Hi-Speed Urbanization
Fund Management Centre (Limited Partnership)* and SD Hi-Speed
Huanbohai (Tianjin) Equity Investment Fund (Limited Partnership) were
deemed to have interest in the 483,000,000 shares of the Company
held by SD Hi-Speed Investment HK Limited under the SFO.
Save as disclosed above, as at 31 December 2017, so far as
is known to the Directors, no other person (i) had interests
or short positions in the shares and underlying shares of the
Company which were recorded in the register required to be
kept by the Company under Section 336 of the SFO, or (ii) were,
directly or indirectly, interested in 5% or more of the nominal
value of any class of share capital carrying the right to vote in
all circumstances at general meetings of the Company or any
options in respect of such capital.
* For identification purposes only
附註：
1. 金川集團股份有限公司直接持有金川集團（香港）
資源控股有限公司已發行股本之100%，金川集
團（香港）資源控股有限公司持有金川(BVI)有限
公司已發行股本之100%，金川(BVI)有限公司持
有金川(BVI)1有限公司、金川(BVI)2有限公司及
金川(BVI)3有限公司各自已發行股本之100%。
因此，根據證券及期貨條例，金川集團股份有
限公司、金川集團（香港）資源控股有限公司及
金川(BVI)有限公司被視為於金川(BVI)1有限公
司、金川(BVI)2有限公司及金川(BVI)3有限公司
分別持有的1,888,449,377股、557,834,372股及
534,922,108股本公司股份中擁有權益。
2. 已發行股份總數之百分比乃根據於二零一七年
十二月三十一日之本公司股份及╱或相關股份
數目佔本公司已發行股份總數（即4,833,753,051
股）之百分比計算。
3. 金川(BVI)有限公司直接持有合共1,百萬美
元（相當於約8,百萬港元）之永久次級可換
股證券，據此可按初步換股價每股港元轉
換為8,466,120,000股本公司股份。按照上文附
註1列明之關係，根據證券及期貨條例，金川
集團股份有限公司及金川集團（香港）資源控股
有限公司被視為於金川(BVI)有限公司所持有之
8,466,120,000股本公司相關股份中擁有權益。
4. 泰康資產管理有限責任公司擁有山東高速城
鎮化基金管理中心（有限合夥）已發行股本的
%，山東高速城鎮化基金管理中心（有限
合夥）擁有山東高速環渤海（天津）股權投資基金
合夥企業（有限合夥）已發行股本的99%，山東
高速環渤海（天津）股權投資基金合夥企業（有限
合夥）擁有山東高速環渤海投資（香港）有限公司
已發行股本的100%。因此，根據證券及期貨條
例，泰康資產管理有限責任公司、山東高速城
鎮化基金管理中心（有限合夥）及山東高速環渤
海（天津）股權投資基金合夥企業（有限合夥）被
視為於山東高速環渤海投資（香港）有限公司所
持有之483,000,000股本公司股份中擁有權益。
除上文披露者外，於二零一七年十二月三十一
日，就董事所知，概無其他人士(i)於本公司股
份及相關股份中擁有須記入本公司根據證券
及期貨條例第336條所規定存置之登記冊之權
益或淡倉；或(ii)直接或間接擁有附帶權利可
於所有情況下在本公司股東大會上投票之任
何類別股本面值5%或以上權益，或有關該等
股本之任何購股權。
* 僅供識別
82 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
REPORT OF THE DIRECTORS
董事會報告
MAJOR CUSTOMERS AND SUPPLIERS
During the year under review, sales to the Group’s five largest
customers accounted for % (2016: %) of the total sales
for the year and sales to the Group’s largest customer accounted
for % (2016: %) of the total sales for the year.
Purchases from the Group’s five largest suppliers accounted
for % (2016: %) of the total purchases for the year and
purchases from the largest supplier accounted for % (2016:
%) of the total purchases for the year.
At no time during the year did a Director, a close associate
of a Director, or a shareholder of the Company (which to the
knowledge of the Directors own more than 5% of the Company’s
number of issued shares) had any beneficial interest in any
of the Group’s five largest customers or suppliers for the year
ended 31 December 2017, save that a non-wholly owned
subsidiary of Jinchuan Group was the largest customer of
the Group (2016: save that Jinchuan Group was the largest
customer of the Group).
RETIREMENT BENEFIT SCHEMES
The Group strictly complies with the Mandatory Provident
Fund Schemes Ordinance in making mandatory contributions
for its staff in Hong Kong, and also make contributions to staff
retirement fund for those staff in the South Africa, the DRC and
Zambia. Details of the Group’s retirement benefit schemes for
the year ended 31 December 2017 are set out in note 37 to the
consolidated financial statements.
PRE-EMPTIVE RIGHTS
There are no provisions for pre-emptive rights under the
Company’s articles of association, or the laws of the Cayman
Islands, where the Company is incorporated, which oblige the
Company to offer new shares on a pro-rata basis to existing
shareholders.
COMPETING INTERESTS
Save as disclosed in this report, none of the Directors and their
respective associates (as defined in the Listing Rules) had an
interest in a business which competes or is likely to compete
with the business of the Group throughout the year ended 31
December 2017.
EMOLUMENT POLICY
The emolument policy of the employees of the Group is set
out by the Board on the basis of their merit, qualifications and
competence.
主要客戶及供應商
於回顧年度，本集團的五大客戶銷售額佔年
度銷售總額的%（二零一六年：%），
而本集團最大客戶銷售額佔年度銷售總額的
%（二零一六年：%）。本集團的五大
供應商採購額佔年度採購總額的%（二零
一六年：%），而最大供應商採購額佔年
度採購總額%（二零一六年：%）。
於年內任何時間，除金川集團旗下一間非全
資附屬公司為本集團五大客戶之一（二零一六
年：除金川集團為本集團最大客戶）之外，本
公司董事、董事之緊密聯繫人士或股東（就董
事所知擁有本公司已發行股份數目5%以上）概
無於本集團截至二零一七年十二月三十一日
止年度之五大客戶或供應商中擁有任何實益
權益。
退休福利計劃
本集團嚴格遵照強制性公積金計劃條例，為香
港員工作出強制性供款，並為南非、剛果（金）
及贊比亞之員工作出員工退休金供款。本集
團截至二零一七年十二月三十一日止年度之
退休福利計劃詳情載於綜合財務報表附註37。
優先購買權
本公司之公司組織章程細則或本公司註冊地
點開曼群島之法例並無有關優先購買權之規
定，本公司毋須按比例向現有股東提呈新股
份。
競爭性權益
除本報告披露者外，董事及彼等各自之聯繫人
士（定義見上市規則）於截至二零一七年十二
月三十一日止年度概無於對本集團之業務構
成或可能構成競爭之業務中擁有權益。
薪酬政策
本集團之僱員薪酬政策乃由董事會按彼等之
優點、資歷及能力釐定。
83 ANNUAL REPORT 2017 二 零 一 七 年 報
REPORT OF THE DIRECTORS
董事會報告
The emoluments of the Directors are decided by the Board,
having regard to the Company’s operating results, individual
performance and comparable market statistics as well as
the recommendations of the Remuneration and Nomination
Committee of the Board.
The Company has adopted a share option scheme on 20
June 2012 and a share incentive scheme on 2 June 2015 as
an incentive to directors and eligible employees of the Group.
Details of the share option scheme adopted on 20 June 2012 are
set out in note 31 to the consolidated financial statements.
SUFFICIENCY OF PUBLIC FLOAT
Based on information that is publicly available to the Company
and within the knowledge of the Directors, as at the date of this
report, the Company has maintained sufficient public float not
less than 25% of the Company’s total number of issued shares
as required under the Listing Rules.
CONNECTED TRANSACTIONS
As the corporate bonds issued by Jinchuan Group (the
“Corporate Bonds”) offer a stable return on cash for the
Group, Golden Harbour, a wholly owned subsidiary of the
Company, purchased Corporate Bonds in a series of on-market
transactions conducted between 30 June 2016 and 7 July 2016
with a total nominal value of RMB27,000,000 (equivalent to
approximately US$4,049,008) at an aggregate consideration of
RMB25,661,250 (equivalent to approximately US$3,848,245). All
of the Corporate Bonds have been redeemed upon maturity in
2017.
As Jinchuan Group is the controlling shareholder of the
Company, Jinchuan Group is therefore a connected person
of the Company under the Listing Rules. Accordingly, the
abovementioned purchases of Corporate Bonds constituted
connected transactions of the Company. These transactions
were subject to reporting and announcement requirements
pursuant to the Listing Rules, but were exempt from the
independent shareholders’ approval requirement.
董事之薪酬乃由董事會經考慮本公司經營業
績、個別表現、市場可比較公司之數據以及董
事會薪酬及提名委員會的建議而定。
本公司已於二零一二年六月二十日採納購股
權計劃及於二零一五年六月二日採納股份激
勵計劃，以向本集團董事及合資格僱員提供
獎勵。於二零一二年六月二十日採納的購股
權計劃詳情載於綜合財務報表附註31。
足夠公眾持股量
根據本公司可取得之公開資料及據董事所知
悉，於本報告日期，本公司維持根據上市規則
之規定不少於本公司已發行股份總數25%之足
夠公眾持股量。
關連交易
由於金川集團所發行之公司債券（「公司債
券」）可為本集團提供穩定現金回報，故本公
司之全資附屬公司金港源於二零一六年六月
三十日至二零一六年七月七日期間之連串
市場上交易中購買公司債券，其面值總額為
人 民 幣27,000,000元（相 當 於 約4,049,008美
元），總代價為人民幣25,661,250元（相當於約
3,848,245美元）。所有公司債券已於二零一七
年到期時被贖回。
由於金川集團為本公司之控股股東，故根據
上市規則，金川集團為本公司之關連人士。因
此，上述之購買公司債券構成本公司之關連
交易。根據上市規則，該等交易須遵守申報及
公告規定但獲豁免遵守獨立股東批准規定。
84 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
REPORT OF THE DIRECTORS
董事會報告
CONTINUING CONNECTED TRANSACTIONS
During the year under review, the Group had the following
continuing connected transactions which were subject to
reporting and announcement requirements pursuant to
the Listing Rules, but were exempt from the independent
shareholders’ approval requirement.
(i) Through subleasing the licensed premises to Golden
Wealth International Trading Limited (“GWL”) in return for
license fee payable to Golden Grand Investment Limited
(“GGL”), a wholly-owned subsidiary of the Company,
the Company could reduce the financial burden on the
rental expenses. Therefore, the Company entered into the
following agreements. On 16 May 2016, GWL (as licensee)
entered into a licence agreement (the “2016 Licence
Agreement”) with GGL (as licensor), a wholly owned
subsidiary of the Company, pursuant to which GGL has
agreed to license to GWL the non-exclusive right to use
and occupy the office premises located at Unit 3101, 31/F,
United Centre, 95 Queensway, Admiralty, Hong Kong for a
term form 16 May 2016 to 31 March 2019. On 1 November
2017, GGL and GWL entered into a supplemental
agreement (the “Supplemental Agreement”) to amend
certain terms of the 2016 Licence Agreement, including
reducing the licensed area granted to GWL with effect from
1 November 2017 and reducing the licensed fee with effect
from 1 December 2017. GWL is an indirect wholly-owned
subsidiary of Jinchuan Group, the controlling shareholder
of the Company, and thus a connected person of the
Company. The transactions contemplated under 2016
Licence Agreement as supplemented by the Supplemental
Agreement constitute continuing connected transactions
of the Company under the Listing Rules. In such respect,
the Group received rental income of approximately
HK$2,566,000 (equivalent to US$329,000) for the year
ended 31 December 2017 which did not exceed the then
annual cap for 2017 of HK$3,240,000 (equivalent to
US$416,452). From 1 November 2017 to 31 December
2017, the Group received rental income of approximately
HK$304,000 (equivalent to approximately US$39,000)
which did not exceed the annual cap for the said period
of HK$428,000 (equivalent to approximately US$54,872).
Details of these continuing connected transactions were
set out in the announcements of the Company dated 16
May 2016 and 1 November 2017.
During the year under review, the Group had the following
continuing connected transactions which were subject to
reporting, announcement and independent shareholders’
approval requirements pursuant to the Listing Rules.
持續關連交易
於回顧年度，本集團已進行下列根據上市規
則須遵守申報及公告規定但獲豁免遵守獨立
股東批准規定之持續關連交易。
(i) 通 過 向 金 鴻 源 國 際 貿 易 有 限 公 司
（「GWL」）分租其許可物業，以獲得應付
予本公司全資附屬公司金昌盛投資有限
公司（「GGL」）之許可費用，本公司能減
輕其租金開支之財務負擔。因此，本公
司已訂立下列協議：於二零一六年五月
十六日，GWL（作為獲許可方）與本公司
之全資附屬公司GGL（作為授許可方）訂
立許可協議（「二零一六年許可協議」），
據此，GGL同意授予GWL使用及佔有香
港金鐘金鐘道95號統一中心31樓3101室
辦公物業的非專屬授權，由二零一六年
五月十六日起至二零一九年三月三十一
日止。於二零一七年十一月一日，GGL
及GWL訂立補充協議（「補充協議」），
以修訂二零一六年許可協議若干條款，
包括自二零一七年十一月一日起縮減授
予GWL的許可範圍，以及自二零一七年
十二月一日起降低許可費用。GWL是本
公司控股股東金川集團的間接全資附屬
公司，故為本公司之關連人士。根據上
市規則，二零一六年許可協議（經補充協
議所補充）項下擬進行之交易構成本公
司之持續關連交易。就此而言，本集團
於截至二零一七年十二月三十一日止年
度收取租金收入約2,566,000港元（相當
於329,000美元），其並無超出當時之二
零一七年年度上限3,240,000港元（相當
於416,452美元）。本集團於二零一七年
十一月一日至二零一七年十二月三十一
日期間收取租金收入約304,000港元(相
當於39,000美元），其並無超出上述期
間 的 年 度 上 限428,000港 元（相 當 於 約
54,872美元）。該等持續關連交易之詳情
載於本公司日期為二零一六年五月十六
日及二零一七年十一月一日之公告。
於回顧年度，本集團已進行下列根據上市規
則須遵守申報、公告及獨立股東批准規定之
持續關連交易。
85 ANNUAL REPORT 2017 二 零 一 七 年 報
REPORT OF THE DIRECTORS
董事會報告
(i) In order to align with the business strategy of the Group,
on 29 November 2016, the Company entered into an
agreement (the “2016 CCT Agreement”) with Jinchuan
Group in respect of the trading of Mineral and Metal
Products between the Group and the JCG Group for
three years commencing 1 January 2017 up to 31
December 2019. As Jinchuan Group is the controlling
shareholder of the Company, Jinchuan Group is therefore
a connected person of the Company. Accordingly, the
transactions contemplated under the 2016 CCT Agreement
constitute continuing connected transactions of the
Company under the Listing Rules. In such respect, the
Group recorded transaction amounts between the Group
and JCG Group amounted to US$ million for the
year ended 31 December 2017 (the “2017 Transaction
Amount”) which exceeded the approved annual cap for
year ended 31 December 2017 of US$165 million (the
“2017 Approved Annual Cap”). Details of these continuing
connected transactions were set out in the Company’s
announcements dated 29 November 2016, 11 January
2017, 9 February 2018 and the section headed “Events
After The Reporting Period” section on page 87.
(ii) For sake of the Company’s business needs, on 10 March
2017, Ruashi Mining entered into an agreement (the
“2017 Copper Agreement”) with Gécamines SA, pursuant
to which Gécamines SA has agreed to sell, and Ruashi
Mining has agreed to purchase copper ores on the
stockpiles of Lupoto situated in Kalumines, a copper mining
property invested by Gécamines SA, for a period of 18
months.
Ruashi Mining is a subsidiary of the Company which is
held as to 75% indirectly by the Company and as to 25%
by Gécamines SA, and therefore Gécamines SA is a
connected person of the Company at the subsidiary level.
The transactions contemplated under the 2017 Copper
Agreement constitute continuing connected transactions of
the Company under the Listing Rules. In such respect, the
Group recorded purchases of US$ million for the year
ended 31 December 2017 which did not exceed the annual
cap for period from 10 March 2017 to 31 December 2017
of US$ million. Details of these continuing connected
transactions were set out in the announcement of the
Company dated 10 March 2017.
All the above continuing connected transactions for the
year ended 31 December 2017 have been reviewed by the
independent non-executive Directors. The independent non-
executive Directors have confirmed that the continuing
connected transactions have been entered into:
(a) in the ordinary and usual course of business of the Group;
(i) 為配合本集團之業務策略，於二零一六
年十一月二十九日，本公司與金川集團
訂立協議（「二零一六年持續關連交易
協議」），內容有關本集團與JCG集團於
二零一七年一月起至二零一九年十二月
三十一日止三年內的礦產品及金屬產品
貿易。由於金川集團為本公司之控股股
東，故金川集團為本公司之關連人士。
因此，根據上市規則，二零一六年持續
關連交易協議項下擬進行的交易構成本
公司之持續關連交易。就此而言，本集
團與JCG集團之間的交易額於截至二零
一七年十二月三十一日止年度為百
萬美元（「二零一七年交易金額」），其超
出截至二零一七年十二月三十一日止年
度的年度上限165百萬美元（「二零一七
年經批准年度上限」）。該等持續關連交
易之詳情載於本公司日期為二零一六年
十一月二十九日、二零一七年一月十一
日及二零一八年二月九日之公告，以及
第87頁之「申報期後事項」一節。
(ii) 為了本公司之業務需要，於二零一七年
三月十日，Ruashi Mining與Gécamines
SA訂立協議（「二零一七年銅協議」），據
此，Gécamines SA已同意出售及Ruashi
M in ing已 同 意 採 購 位 於Ka lumines
（Gécamines SA所投資之銅礦資產）之
Lupoto銅礦的堆積礦石，為期十八個月。
Ruash i M in ing為 本 公 司 之 附 屬 公
司，由 本 公 司 間 接 持 有 其75%權 益 及
Gécamines SA持 有 其25%權 益，
Gécamines SA因而在附屬公司層面上為
本公司之關連人士。根據上市規則，二
零一七年銅協議項下擬進行的交易構成
本公司之持續關連交易。就此而言，本
集團於二零一七年十二月三十一日止年
度錄得採購額百萬美元，其並無超
出於二零一七年三月十日至二零一七年
十二月三十一日期間之年度上限百
萬美元。該等持續關連交易之詳情載於
本公司日期為二零一七年三月十日之公
告。
上述截至二零一七年十二月三十一日止年度之
持續關連交易均已經獨立非執行董事審閱。獨
立非執行董事確認，所訂立之持續關連交易：
(a) 於本集團之日常及一般業務過程中進行；
86 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
REPORT OF THE DIRECTORS
董事會報告
(b) either on normal commercial terms or better; and
(c) in accordance with the respective agreements governing
them on terms that are fair and reasonable and in the
interests of the shareholders of the Company as a whole.
The Company’s auditor was engaged to report on the Group’s
continuing connected transactions in accordance with the Hong
Kong Standard on Assurance Engagements 3000 (Revised)
“Assurance Engagements Other Than Audits or Reviews
of Historical Financial Information” and with reference to
Practice Note 740 “Auditor’s Letter on Continuing Connected
Transactions under the Hong Kong Listing Rules” issued by the
Hong Kong Institute of Certified Public Accountants. The auditor
has issued a letter containing their findings and conclusions in
respect of the continuing connected transactions for the year
ended 31 December 2017 in accordance with Rule of the
Listing Rules. The conclusions of the auditor are set out below:
(a) nothing has come to auditor’s attention that causes the
auditor to believe that the transactions have not been
approved by the Company’s Board of Directors;
(b) for transactions involving the provision of goods or services
by the Group, nothing has come to auditor’s attention that
causes the auditor to believe that the transactions were
not, in all material respects, in accordance with the pricing
policies of the Group;
(c) nothing has come to auditor’s attention that causes the
auditor to believe that the transactions were not entered
into, in all material respects, in accordance with the
relevant agreements governing such transactions; and
(d) with respect to the aggregate amount of each of the
continuing connected transactions, except for the total
sales of Mineral and Metal Products to the JCG Group
of US$209,619,000 under the continuing connected
transactions set out in item (i) above, nothing has come
to the auditor’s attention that causes the auditor to believe
that the transactions have exceeded the annual cap as set
by the Company.
Except that the total sales of Mineral and Metal Products to the
JCG Group under the continuing connected transactions set out
in item (i) above has exceeded the 2017 Approved Annual Cap,
the Company complied with the requirements under Chapter 14A
of the Listing Rules during the year.
A copy of the auditor’s letter has been provided by the Company
to the Stock Exchange.
(b) 按正常或更佳的商業條款進行；及
(c) 按照規管有關交易之各自之協議進行，
其條款屬公平合理，並符合本公司股東
之整體利益。
本公司的核數師已獲委聘，按照香港會計師
公會頒佈之香港核證業務準則第3000號（經
修訂）「非審核或審閱過往財務資料的核證工
作」，並參照香港會計師公會頒佈之實務說明
第740號「關於香港上市規則所述持續關連交
易的核數師函件」，就本集團之持續關連交易
作出報告。核數師已按照上市規則第
條之規定就截至二零一七年十二月三十一日
止年度之持續關連交易發出函件，當中載有
其進行核證的結果及結論如下：
(a) 核數師並無發現任何事項，致使其相信
本公司董事會並未批准有關交易；
(b) 關於涉及本集團提供貨品或服務之交
易，核數師並無發現任何事項，致使其
相信有關交易並無在所有重大方面按照
本集團之定價政策進行；
(c) 核數師並無發現任何事項，致使其相信
有關交易並無在所有重大方面按照規管
有關交易之有關協議進行；及
(d) 就 各 持 續 關 連 交 易 之 總 金 額 而 言，除
上文第(i)項所載JCG集團根據持續關連
交易於礦產品及金屬產品之銷售總額
209,619,000美元外，核數師並無發現任
何事項，致使其相信有關交易超出本公
司所訂之年度上限。
除上文第(i)項所載JCG集團根據持續關連交易
於礦產品及金屬產品之銷售總額超出二零一七
年經批准年度上限外，本公司於年內已符合
上市規則第14A章之規定。
本公司已向聯交所提交該核數師函件之副本。
87 ANNUAL REPORT 2017 二 零 一 七 年 報
REPORT OF THE DIRECTORS
董事會報告
Save as disclosed above, no contracts, transactions or
arrangements of significance to which the Company or any
of its subsidiaries was a party and in which a director or any
entity connected with a director had a material interest, whether
directly or indirectly, subsisted at the end of the year or at any
time during the year.
The Directors confirmed that the material related party
transactions as disclosed in note 39 to the consolidated financial
statements fall under the definition of connected transactions or
continuing connected transactions. The Directors confirmed that
those transactions complied with the disclosure requirements in
accordance with Chapter 14A of the Listing Rules.
EVENTS AFTER THE REPORTING PERIOD
As disclosed by the Company in its announcement dated
9 February 2018, the Company discovered that the 2017
Transaction Amount exceeded the 2017 Approved Annual Cap.
The 2017 Approved Annual Cap was exceeded mainly due to
an unexpected surge in the price and demand for cobalt and
the oversight of the sale figure of copper blister to Sky Hero for
2017.
As the 2017 Transaction Amount exceeded the 2017 Approved
Annual Cap, the Company would need to re-comply with the
requirement under Rule of the Listing Rules. The
Company convened an at extraordinary general meeting on
16 April 2018 and obtained the approval from the independent
shareholders to confirm and ratify the 2017 Transaction Amount.
Please refer to the poll results published by the Company on 16
April 2018.
AUDITOR
During the year, Deloitte Touche Tohmatsu (“Deloitte”) were
the auditor of the Company. A resolution for the re-appointment
of Deloitte as auditor of the Company will be proposed at the
forthcoming annual general meeting.
On behalf of the Board
Chen Dexin
Chairman
27 March 2018
除上文披露者外，本公司或任何其附屬公司
並無訂立其為訂約一方，且董事或與董事有
關連的任何實體擁有重大權益（不論直接或間
接）而於年結日或本年度任何時間存續之重大
合約、交易或安排。
董事確認，於綜合財務報表附註39披露之重
大關聯人士交易符合關連交易或持續關連交
易之定義。董事確認該等交易已符合上市規
則第14A章之披露規定。
申報期後事項
誠如本公司日期為二零一八年二月九日之公
告所披露，本公司發現二零一七年交易金額
超出了二零一七年經批准年度上限。超出二
零一七年經批准年度上限之主要原因為出現
預料之外的鈷價及鈷需求急升，以及漏報二
零一七年與天恒之粗銅銷售數字所致。
由於二零一七年交易金額超出二零一七年經
批准年度上限，本公司將須重新遵守上市規
則第條之規定。本公司已於二零一八
年四月十六日召開股東特別大會並取得獨立
股東批准確認及追認二零一七年交易金額。
請參閱本公司於二零一八年四月十六日發佈
之投票表決結果。
核數師
年內，本公司核數師為執業會計師德勤 • 關黃
陳方會計師行（「德勤」）。於應屆股東週年大
會上將提呈決議案重新委聘德勤為本公司核
數師。
代表董事會
陳得信
主席
二零一八年三月二十七日
88 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
TO THE SHAREHOLDERS OF
JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD
(incorporated in the Cayman Islands with limited liability)
OPINION
We have audited the consolidated financial statements of
Jinchuan Group International Resources Co. Ltd (the “Company”)
and its subsidiaries (collectively referred to as “the Group”) set
out on pages 97 to 191, which comprise the consolidated
statement of financial position as at 31 December 2017, and the
consolidated statement of profit or loss and other comprehensive
income, consolidated statement of changes in equity and
consolidated statement of cash flows for the year then ended,
and notes to the consolidated financial statements, including a
summary of significant accounting policies.
In our opinion, the consolidated financial statements give a true
and fair view of the consolidated financial position of the Group
as at 31 December 2017, and of its consolidated financial
performance and its consolidated cash flows for the year then
ended in accordance with International Financial Reporting
Standards (“IFRSs”) issued by the International Accounting
Standards Board (“IASB”) and have been properly prepared in
compliance with the disclosure requirements of Hong Kong
Companies Ordinance.
BASIS FOR OPINION
We conducted our audit in accordance with Hong Kong
Standards on Auditing (“HKSAs”) issued by the Hong Kong
Institute of Certified Public Accountants (“HKICPA”). Our
responsibilities under those standards are further described in
the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report. We are independent
of the Group in accordance with the HKICPA’s Code of Ethics for
Professional Accountants (“the Code”), and we have fulfilled our
other ethical responsibilities in accordance with the Code. We
believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
致金川集團國際資源有限公司股東
（於開曼群島註冊成立之有限公司）
意見
本核數師（以下簡稱「我們」）已審計列載於97
至191頁的金川集團國際資源有限公司（以下
簡稱「貴公司」）及其附屬公司（以下統稱「貴集
團」）的綜合財務報表，此財務報表包括於二零
一七年十二月三十一日的綜合財務狀況表與
截至該日止年度的綜合損益及其他全面收益
表、綜合權益變動表和綜合現金流量表，以及
綜合財務報表附註，包括主要會計政策概要。
我們認為，該等綜合財務報表已根據國際會
計準則委員會（「國際會計準則委員會」）頒佈
之《國際財務報告準則》真實而中肯地反映了
貴集團於二零一六年十二月三十一日的綜合
財務狀況及截至該日止年度的綜合財務表現
及綜合現金流量，並已遵照香港《公司條例》
的披露要求妥為擬備。
意見基礎
我們已根據香港會計師公會頒佈的《香港審計
準則》進行審計。我們在該等準則下承擔的責
任已在本報告「核數師就審計綜合財務報表承
擔的責任」部分中作進一步闡述。根據香港會
計師公會頒佈的《專業會計師道德守則》（以下
簡稱「守則」），我們獨立於貴集團，並已履行
守則中的其他專業道德責任。我們相信，我們
所獲得的審計憑證能充足及適當地為我們的
審計意見提供基礎。
89 ANNUAL REPORT 2017 二 零 一 七 年 報
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional
judgment, were of most signif icance in our audit of the
consolidated financial statements of the current period. These
matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on
these matters.
Key audit matter
關鍵審計事項
How our audit addressed the key audit matter
我們的審計如何對關鍵審計事項進行處理
Depreciation/amortisation of property, plant and equipment and mineral rights for mining operations
(“Mining Assets”)
採礦業務所用物業、廠房及設備以及礦產權（「採礦資產」）的折舊╱攤銷
We identified the depreciation/amortisation of Mining
Assets calculated using the units of production (“UOP”)
method as a key audit matter due to the significance
of the balance to the consolidated statement of profit
or loss and other comprehensive income, combined
with the significant management judgement and
estimation associated with determining the mineral
reserves.
由於採礦資產結餘為綜合損益及其他全面收益表的重
大項目，加上釐定礦產儲量涉及管理層的重大判斷及
估計，故我們認為採礦資產的折舊╱攤銷（按產量單
位（「UOP」）法計算）屬於關鍵審計事項。
Our procedures in re la t ion to deprec ia t ion/
amortisation of the Mining Assets included:
我們針對採礦資產的折舊╱攤銷執行的程序包括：
• Working with our internal industry expert to
examine the mining plan prepared by the Group’s
experts on extraction of estimated proved and
probable ore reserves throughout the life of the
mines, and checking the consistency of estimated
mineral reserves, notably changes in the geology
of the reserves and assumpt ions used in
determining the economic feasibil ity of the
reserves used in the mining plan to these
reserves estimates.
與我們內部的行業專家協作審查由貴集團專家就
於礦場開採期內開採證實及概約礦石估計儲量而
編製的採礦計劃，並檢查於該等礦石估計儲量採
礦計劃中所述的儲量估計方法的一致性、儲量的
地質狀況及用以釐定儲量的經濟可行性所用的假
設。
關鍵審計事項
關鍵審計事項是根據我們的專業判斷，認為對
本期綜合財務報表的審計最為重要的事項。
這些事項是在我們審計整體綜合財務報表及
出具意見時進行處理的。我們不會對這些事
項提供單獨的意見。
90 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
Key audit matter
關鍵審計事項
How our audit addressed the key audit matter
我們的審計如何對關鍵審計事項進行處理
Depreciation/amortisation of property, plant and equipment and mineral rights for mining operations
(“Mining Assets”) (Continued)
採礦業務所用物業、廠房及設備以及礦產權（「採礦資產」）的折舊╱攤銷（續）
As explained in note 4 to the consolidated financial
statements, the depreciation and amortisation of the
Mining Assets for the year ended 31 December 2017
amounted to US$43,377,000 and US$7,030,000
respectively. The management of the Group assesses
the UOP rates against the estimated reserve base and
operating and development plan regularly, taking into
account the recent economic production and technical
information about each mine from the Group’s experts.
The UOP rates of depreciation and amortisation can
fluctuate from init ial estimates when there are
s ign i f i can t changes in any o f the fac to rs o r
assumptions used in estimating mineral reserves.
如綜合財務報表附註4所解釋，採礦資產的折舊╱攤
銷額於截至二零一七年十二月三十一日止年度分別為
43,377,000美元及7,030,000美元。貴集團管理層參考
貴集團專家就各礦場所提供的近期經濟生產及技術信
息，定期評估估計儲量基礎及經營開發計劃的UOP比
率。倘用以估計礦產儲量的任何因素或假設出現重大
變動，折舊及攤銷的UOP比率可能較初步估計有所變
動。
• Assessing the Group’s ability to achieve the
production level by reference to the Group’s
historical performance and future outlook of the
mining industry.
參考貴集團的過往財務表現及採礦業的未來前景
而評估貴集團達致生產水平的能力。
• Assessing the reasonableness of the management’s
UOP rates and recalculating the depreciation and
amortisation of the Mining Assets.
評估管理層所定的UOP比率的合理性並重新計算
採礦資產的折舊及攤銷額。
91 ANNUAL REPORT 2017 二 零 一 七 年 報
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
Key audit matter
關鍵審計事項
How our audit addressed the key audit matter
我們的審計如何對關鍵審計事項進行處理
Impairment assessment of property, plant and equipment, mineral rights and exploration and
evaluation assets (“Non-current Assets”)
物業、廠房及設備、礦產權以及勘探及評估資產（「非流動資產」）的減值評估
We identified impairment assessment of Non-current
Assets as a key audit matter due to the significance of
the balances to the consolidated financial statements
as a whole, combined with the significant management
judgement and estimation associated with determining
the recoverab le amounts in the impa i rment
assessment.
由於非流動資產結餘為整體綜合財務報表的重大項目，
加上釐定減值評估的可收回金額涉及管理層的重大判
斷及估計，故我們認為非流動資產的減值評估為關鍵
審計事項。
The carrying amount of property, plant and equipment,
minerals rights and exploration and evaluation assets as
at 31 December 2017 amounted to US$671,077,000
US$488,057,000 and US$212,332,000 respectively and
are allocated to five cash generating units (“CGUs”) in
respect of the Group’s mining operations in Zambia and
Democratic Republic of the Congo as per note 4 to the
consolidated financial statements.
物業、廠房及設備、礦產權以及勘探及評估資產於二
零一七年十二月三十一日的賬面值分別為671,077,000
美元、488,057,000美元及212,332,000美元，如綜合
財務報表附註4所述，有關項目已分配至貴集團於贊
比亞及剛果民主共和國的採礦業務下的五個現金產生
單位（「現金產生單位」）。
Our procedures in relation to impairment assessment
of Non-current Assets included:
我們針對非流動資產的減值評估執行的程序包括：
• Unde rs tand ing t he G roup ’ s impa i rmen t
assessment process, including the impairment
assessment model adopted, CGU allocation and
assumptions used.
了解貴集團的減值評估過程，包括採納的減值評
估模型、現金產生單位的分配及所用假設。
• Working with our internal industry expert to carry
out, among others, the following procedures:
與我們內部的行業專家協作執行（其中包括）下列
程序：
– evaluating the appropriateness of the model
used to calculate the recoverable amounts;
對用以計算可收回金額的模型的恰當性作出
評價；
– assessing the reasonableness of the discount
rates by benchmarking against independent
data;
以獨立所得數據為基準評估貼現率的合理性；
92 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
Key audit matter
關鍵審計事項
How our audit addressed the key audit matter
我們的審計如何對關鍵審計事項進行處理
Impairment assessment of property, plant and equipment, mineral rights and exploration and
evaluation assets (“Non-current Assets”) (Continued)
物業、廠房及設備、礦產權以及勘探及評估資產（「非流動資產」）的減值評估（續）
During the year ended 31 December 2017, the
management of the Group performed an impairment
assessment of these CGUs due to recovery in copper
and cobalt prices, successful implementation of a
cost-saving plan as well as the current mine plan and
production reserves, details of which are set out in
note 8 to the consolidated financial statements. The
recoverable amounts of these CGUs are determined
using value in use calculat ions based on the
management’s cash flow forecasts in which key
assumptions on future production level, future copper
and cobalt prices and discount rates can significantly
affect the discounted cash flows.
截至二零一七年十二月三十一日止年度，由於銅價及
鈷價回升、成功實施成本節約措施以及當前礦場計劃
及生產儲量，故貴集團管理層對該等現金產生單位執
行減值評估，詳情載於綜合財務報表附註8。該等現
金產生單位的可收回金額乃基於管理層的現金流量估
算（當中涉及對未來生產水平、未來銅價及鈷價及貼
現率作出關鍵假設，其可對貼現現金流量構成重大影
響）按使用價值計算釐定。
Based on the impairment assessment on each of the
CGUs, as described in note 8 to the consolidated
financial statements, the management of the Group
reversed an impairment loss of US$17,080,000 on
mineral rights during the year ended 31 December
2017.
根據綜合財務報表附註8所述的各項現金產生單位的
減值評估，於截至二零一七年十二月三十一日止年度，
貴集團管理層就礦產權錄得減值撥回17,080,000美元。
– evaluating if the management’s estimate of
future production level is consistent with the
reserve estimates and mining plan prepared
by the Group’s internal expert; and
對管理層就未來生產水平的估計與儲量估計
及貴集團內部專家所編製採礦計劃的一致性
作出評價；及
– assessing the appropriateness of estimated of
future copper and cobalt prices by reference
to entity-specific historical information and
market data.
參考實體的特定過往信息及市場數據來評估
於未來估計之銅價及鈷價的恰當性。
• Evaluat ing the h is tor ica l accuracy of the
management’s cash flow forecasts by comparing
the historical cash flow forecasts with the actual
performance.
透過對歷史現金流量預測與實際表現的比較，對
管理層過往的現金流量預測準確度作出評價。
• Re-performing the sensitivity analysis on the key
inputs performed by the Group to evaluate the
magnitude of impact on the recoverable amounts.
重新執行貴集團對主要輸入數據進行的敏感度
分析，以評估可收回金額的受影響程度。
93 ANNUAL REPORT 2017 二 零 一 七 年 報
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
OTHER INFORMATION
The directors of the Company are responsible for the other
information. The other information comprises the information
included in the annual report, but does not include the
consolidated financial statements and our auditor’s report
thereon.
Our opinion on the consolidated financial statements does not
cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated financial
statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is
materially inconsistent with the consolidated financial statements
or our knowledge obtained in the audit or otherwise appears to
be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We
have nothing to report in this regard.
RESPONSIBILITIES OF DIRECTORS AND
THOSE CHARGED WITH GOVERNANCE FOR
THE CONSOLIDATED FINANCIAL
STATEMENTS
The directors of the Company are responsible for the preparation
of the consolidated financial statements that give a true and fair
view in accordance with IFRSs issued by the IASB and the
disclosure requirements of the Hong Kong Companies
Ordinance, and for such internal control as the directors
determine is necessary to enable the preparation of consolidated
financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements, the directors
are responsible for assessing the Group’s ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless
the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Those charged with governance are responsible for overseeing
the Group’s financial reporting process.
其他資訊
貴公司董事需對其他資訊負責。其他資訊包
括刊載於年報內的資訊，但不包括綜合財務
報表及我們的核數師報告。
我們對綜合財務報表的意見並不涵蓋其他資
訊，我們亦不對該等其他資訊發表任何形式
的鑒證結論。
結合我們對綜合財務報表的審計，我們的責
任是閱讀其他資訊，在此過程中，考慮其他
資訊是否與綜合財務報表或我們在審計過程
中所瞭解的情況存在重大抵觸或者似乎存在
重大錯誤陳述的情況。基於我們已執行的工
作，如果我們認為其他資訊存在重大錯誤陳
述，我們需要報告該事實。在這方面，我們沒
有任何報告。
董事及治理層就綜合財務報表須承
擔的責任
貴公司董事須負責根據國際會計準則委員會
頒佈之《國際財務報告準則》及香港《公司條
例》的披露要求擬備真實而中肯的綜合財務報
表，並對其認為為使綜合財務報表的擬備不
存在由於欺詐或錯誤而導致的重大錯誤陳述
所需的內部控制負責。
在擬備綜合財務報表時，董事負責評估貴集
團持續經營的能力，並在適用情況下披露與
持續經營有關的事項，以及使用持續經營為
會計基礎，除非董事有意將貴集團清盤或停
止經營，或別無其他實際的替代方案。
治理層須負責監督貴集團的財務報告過程。
94 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS
Our objectives are to obtain reasonable assurance about whether
the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion solely to you,
as a body, in accordance with our agreed terms of engagement,
and for no other purpose. We do not assume responsibility
towards or accept liability to any other person for the contents of
this report. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance
with HKSAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial
statements.
As part of an audit in accordance with HKSAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of
the consolidated financial statements, whether due to fraud
or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Group’s
internal control.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by the directors.
核數師就審計綜合財務報表承擔的
責任
我們的目標，是對綜合財務報表整體是否不存
在由於欺詐或錯誤而導致的重大錯誤陳述取
得合理保證，並按照我們商定的業務約定條
款僅向全體股東出具包括我們意見的核數師
報告。除此以外，我們的報告不可用作其他用
途。本行並不就本行報告之內容對任何其他人
士承擔任何責任或接受任何義務。合理保證是
高水準的保證，但不能保證按照《香港審計準
則》進行的審計，在某一重大錯誤陳述存在時
總能發現。錯誤陳述可以由欺詐或錯誤引起，
如果合理預期它們單獨或匯總起來可能影響
綜合財務報表使用者依賴財務報表所作出的
經濟決定，則有關的錯誤陳述可被視作重大。
在根據《香港審計準則》進行審計的過程中，
我們運用了專業判斷，保持了專業懷疑態度。
我們亦：
• 識別和評估由於欺詐或錯誤而導致綜
合財務報表存在重大錯誤陳述的風險，
設計及執行審計程序以應對這些風險，
以及獲取充足和適當的審計憑證，作為
我們意見的基礎。由於欺詐可能涉及串
謀、偽造、蓄意遺漏、虛假陳述，或淩
駕於內部控制之上，因此未能發現因欺
詐而導致的重大錯誤陳述的風險高於未
能發現因錯誤而導致的重大錯誤陳述的
風險。
• 瞭解與審計相關的內部控制，以設計適
當的審計程序，但目的並非對貴集團內
部控制的有效性發表意見。
• 評價董事所採用會計政策的恰當性及作
出會計估計和相關披露的合理性。
95 ANNUAL REPORT 2017 二 零 一 七 年 報
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS (Continued)
• Conclude on the appropriateness of the directors’ use of
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
significant doubt on the Group’s ability to continue as a
going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated
financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the
Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of
the consolidated financial statements, including the
disclosures, and whether the consolidated financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities
within the Group to express an opinion on the consolidated
financial statements. We are responsible for the direction,
supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit
and signif icant audit f indings, including any signif icant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related
safeguards.
核數師就審計綜合財務報表承擔的
責任（續）
• 對董事採用持續經營會計基礎的恰當性
作出結論。根據所獲取的審計憑證，確
定是否存在與事項或情況有關的重大不
確定性，從而可能導致對貴集團的持續
經營能力產生重大疑慮。如果我們認為
存在重大不確定性，則有必要在核數師
報告中提請使用者注意綜合財務報表中
的相關披露。假若有關的披露不足，則
我們應當發表非無保留意見。我們的結
論是基於核數師報告日止所取得的審計
憑證。然而，未來事項或情況可能導致
貴集團不能持續經營。
• 評價綜合財務報表的整體列報方式、結
構和內容，包括披露，以及綜合財務報
表是否中肯反映交易和事項。
• 就貴集團內實體或業務活動的財務資訊
獲取充足、適當的審計憑證，以對綜合
財務報表發表意見。我們負責貴集團審
計的方向、監督和執行。我們為審計意
見承擔全部責任。
除其他事項外，我們與治理層溝通了計劃的審
計範圍、時間安排、重大審計發現等，包括我
們在審計中識別出內部控制的任何重大缺陷。
我們還向治理層提交聲明，說明我們已符合
有關獨立性的相關專業道德要求，並與他們
溝通有可能合理地被認為會影響我們獨立性
的所有關係和其他事項，以及在適用的情況
下，相關的防範措施。
96 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS (Continued)
From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements
of the current period and are therefore the key audit matters. We
describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
The engagement partner on the audi t resul t ing in the
independent auditor’s report is Mak Chun Bon.
Deloitte Touche Tohmatsu
Certified Public Accountants
Hong Kong
27 March 2018
核數師就審計綜合財務報表承擔的
責任（續）
從與治理層溝通的事項中，我們確定哪些事
項對本期綜合財務報表的審計最為重要，因
而構成關鍵審計事項。我們在核數師報告中
描述這些事項，除非法律法規不允許公開披
露這些事項，或在極端罕見的情況下，如果合
理預期在我們報告中溝通某事項造成的負面
後果超過產生的公眾利益，我們決定不應在
報告中溝通該事項。
出具本獨立核數師報告的審計專案合夥人是
麥振邦。
德勤 · 關黃陳方會計師行
執業會計師
香港
二零一八年三月二十七日
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
97 ANNUAL REPORT 2017 二 零 一 七 年 報
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
綜合損益及其他全面收益表
2017 2016
二零一七年 二零一六年
Notes US$’000 US$’000
附註 千美元 千美元
Revenue 收益 5 549,188 364,845
Cost of sales 銷售成本 (433,025) (362,488)
Gross profit 毛利 116,163 2,357
Other gains and losses 其他收益及虧損 7 (12,527) (2,273)
Selling and distribution costs 銷售及分銷成本 (31,257) (23,440)
Administrative expenses 行政開支 (20,587) (20,925)
Reversal of impairment loss 減值虧損撥回 8 17,080 53,748
Finance income 財務收入 986 686
Finance costs 財務成本 9 (8,673) (6,832)
Profit before tax 除稅前溢利 10 61,185 3,321
Income tax (expense) credit 所得稅（開支）抵免 12 (7,750) 2,993
Profit for the year 年內溢利 53,435 6,314
Other comprehensive income: 其他全面收入：
Item that may be reclassified
subsequently to profit or loss:
其後可能重新分類至
損益之項目：
Fair value change on cash flow
hedges, net of income tax
現金流量對沖之公平值
變動，扣除所得稅 – 270
Other comprehensive income
for the year
本年度其他全面收入
– 270
Total comprehensive income
for the year
本年度全面收入總額
53,435 6,584
Profit (loss) for the year
attributable to:
下列人士應佔年內
溢利（虧損）：
Owners of the Company 本公司擁有人 41,624 8,347
Non-controlling interests 非控股權益 11,811 (2,033)
53,435 6,314
Total comprehensive income
(expense) attributable to:
下列人士應佔全面收入
（開支）總額：
Owners of the Company 本公司擁有人 41,624 8,617
Non-controlling interests 非控股權益 11,811 (2,033)
53,435 6,584
Earnings per share 每股盈利 13
Basic (US cents) 基本（美仙）
Diluted (US cents) 攤薄（美仙）
At 31 December 2017
於二零一七年十二月三十一日
98 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
綜合財務狀況表
2017 2016
二零一七年 二零一六年
Notes US$’000 US$’000
附註 千美元 千美元
Non-current assets 非流動資產
Property, plant and equipment 物業、廠房及設備 15 671,077 688,100
Mineral rights 礦產權 16 488,057 478,007
Exploration and evaluation assets 勘探及評估資產 17 212,332 181,630
Other non-current assets 其他非流動資產 18 16,602 18,578
1,388,068 1,366,315
Current assets 流動資產
Inventories 存貨 19 172,093 109,066
Trade and other receivables 貿易及其他應收款項 20 146,808 104,395
Held for trading investments 持作買賣投資 23 – 3,705
Derivative financial instruments 衍生金融工具 24 – 219
Bank balances and cash 銀行結餘及現金 25 75,162 96,402
394,063 313,787
Current liabilities 流動負債
Trade and other payables 貿易及其他應付款項 26 87,787 71,764
Amount due to an intermediate
holding company
應付中間控股公司款項
22 119,815 4,331
Amount due to a fellow subsidiary 應付同系附屬公司款項 22 5,974 744
Amount due to a non-controlling
shareholder of a subsidiary
應付附屬公司非控股
股東款項 22 418 –
Bank borrowings 銀行借款 27 133,881 83,333
Short-term provisions 短期撥備 28 10,000 5,416
Tax payable 應繳稅項 2,392 338
360,267 165,926
Net current assets 流動資產淨值 33,796 147,861
Total assets less current
liabilities
總資產減流動負債
1,421,864 1,514,176
Non-current liabilities 非流動負債
Bank borrowings 銀行借款 27 231,415 311,222
Long-term provisions 長期撥備 28 28,772 27,303
Deferred tax liabilities 遞延稅項負債 29 291,195 288,107
Amount due to an intermediate
holding company
應付中間控股公司款項
22 – 115,000
Amount due to a fellow subsidiary 應付同系附屬公司款項 22 – 5,000
551,382 746,632
Net assets 資產淨值 870,482 767,544
At 31 December 2017
於二零一七年十二月三十一日
99 ANNUAL REPORT 2017 二 零 一 七 年 報
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
綜合財務狀況表
2017 2016
二零一七年 二零一六年
Notes US$’000 US$’000
附註 千美元 千美元
Capital and reserves 股本及儲備
Share capital 股本 30 6,197 5,578
Perpetual subordinated
convertible securities
永久次級可換股證券
32 1,089,084 1,089,084
Reserves 儲備 (303,571) (394,079)
Equity attributable to owners of the
Company
本公司擁有人應佔權益
791,710 700,583
Non-controlling interests 非控股權益 78,772 66,961
Total equity 權益總額 870,482 767,544
The consolidated financial statements on pages 97 to 191 were
approved and authorised for issue by the Board of Directors on
27 March 2018 and are signed on its behalf by:
GAO Tianpeng CHEN Dexin
郜天鵬 陳得信
DIRECTOR DIRECTOR
董事 董事
載於第97至191頁的綜合財務報表已經董事會
於二零一八年三月二十七日批准及授權刊發，
並由以下人士代為簽署：
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
100 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
綜合權益變動表
Attributable to owners of the Company
本公司擁有人應佔
Share capital
股本
Perpetual
subordinated
convertible
securities
永久次級
可換股證券
Share
premium
股份溢價
Translation
reserve
換算儲備
Hedging
reserve
對沖儲備
Other
reserves
其他儲備
Accumulated
losses
累計虧損
Total
總計
Non-
controlling
interests
非控股權益
Total
總權益
US$’000
千美元
US$’000
千美元
US$’000
千美元
US$’000
千美元
US$’000
千美元
US$’000
千美元
US$’000
千美元
US$’000
千美元
US$’000
千美元
US$’000
千美元
(Note)
（附註）
At 1 January 2016 於二零一六年一月一日 5,578 1,089,084 294,196 (23,844) (270) (400,721) (272,057) 691,966 68,994 760,960
Profit (loss) for the year 年內溢利（虧損） – – – – – – 8,347 8,347 (2,033) 6,314
Other comprehensive income
for the year
本年度其他全面收入
– – – – 270 – – 270 – 270
Total comprehensive income
(expense) for the year
本年度全面收入
（開支）總額 – – – – 270 – 8,347 8,617 (2,033) 6,584
At 31 December 2016
於二零一六年十二月
三十一日 5,578 1,089,084 294,196 (23,844) – (400,721) (263,710) 700,583 66,961 767,544
Profit and total comprehensive
income for the year
本年度溢利及全面
收入總額 – – – – – – 41,624 41,624 11,811 53,435
Ordinary shares issued (Note 30) 已發行普通股（附註30） 619 – 48,919 – – – – 49,538 – 49,538
Transaction costs attributable to
issue of new ordinary shares
發行新普通股所產生
之交易成本 – – (35) – – – – (35) – (35)
At 31 December 2017
於二零一七年十二月
三十一日 6,197 1,089,084 343,080 (23,844) – (400,721) (222,086) 791,710 78,772 870,482
Note: Other reserves comprised (i) the excess of the nominal value of
the shares of the subsidiaries acquired pursuant to a group
reorganisation (“Combination”) in 2013 over the nominal value of
the Company’s shares issued in exchange therefor and (ii) the
issue of 1,595,880,000 shares of the Company with a fair value
of US$206,646,000 and the issue of perpetual subordinated
convertible securities (“Convertible Securities”) of the Company
with a fair value of US$1,089,084,000 on 14 November 2013 in
exchange for the entire equity interests in Jin Rui Mining
Investment Limited (“Jin Rui”) and the settlement of al l
shareholder’s loans outstanding by Jin Rui to Jintai Mining
Investment Limited (“Jintai”) amounting to the principal amount of
South African Rand (“ZAR”) 9,193,369,000 (equivalent to
US$895,000,000).
附註： 其他儲備包括(i)於二零一三年度根據集團重
組（「合 併」）所 收 購 附 屬 公 司 股 份 之 面 值，
超過本公司作為收購代價所發行股份之面值
的差額及(ii)於二零一三年十一月十四日發行
1,595,880,000股公平值為206,646,000美元的
本公司股份以及發行公平值為1,089,084,000
美元的本公司永久次級可換股證券（「可換股證
券」），以收購金瑞礦業投資有限公司（「金瑞」）
之全部股本權益，以及結清金瑞結欠金泰礦業
投資有限公司（「金泰」）的所有未償還股東貸款
本金額9,193,369,000南非蘭特（「南非蘭特」）
（相當於895,000,000美元）。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
101 ANNUAL REPORT 2017 二 零 一 七 年 報
CONSOLIDATED STATEMENT OF CASH FLOWS
綜合現金流量表
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
OPERATING ACTIVITIES 經營活動
Profit before tax 除稅前溢利 61,185 3,321
Adjustments for: 經調整：
Finance income 財務收入 (986) (686)
Finance costs 財務成本 8,673 6,832
Loss on disposal of property, plant and
equipment
出售物業、廠房及設備虧損
– 98
Change in fair value of derivative financial
instruments, net
衍生金融工具公平值變動，
淨額 219 1,113
Change in fair value of held for trading
investments
持作買賣投資公平值變動
(275) 143
Provisions for rehabilitation and
environmental expenditure
復修及環保開支的撥備
6,696 2,830
Depreciation of property, plant and
equipment
物業、廠房及設備折舊
43,422 46,888
Amortisation of mineral rights 礦產權攤銷 7,030 10,973
Reversal of impairment loss recognised in
respect of mineral rights
已確認礦產權
減值虧損撥回 (17,080) (67,765)
Decrease in royalty prepayment 礦權使用費預付款項減少 912 2,446
Impairment loss recognised in respect of
exploration and evaluation assets
已確認勘探及評估資產
減值虧損 – 14,017
Operating cash flows before movements in
working capital
未計營運資金變動前之經營
現金流量 109,796 20,210
Increase in inventories 存貨增加 (63,027) (6,105)
(Increase) decrease in trade and other
receivables
貿易及其他應收款項
（增加）減少 (42,413) 14,377
Redemption (purchase) of
held for trading investments
贖回（購買）持作買賣投資
3,980 (3,848)
Increase (decrease) in trade and other
payables
貿易及其他應付款項
增加（減少） 15,988 (21,143)
Increase in rehabilitation trust fund 復修信託基金增加 (14) (12)
Cash generated from operations 經營業務所得現金 24,310 3,479
Income tax paid 已付所得稅 (2,608) (3,802)
NET CASH FROM (USED IN)
OPERATING ACTIVITIES
經營活動所得（動用）現金淨額
21,702 (323)
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
102 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
CONSOLIDATED STATEMENT OF CASH FLOWS
綜合現金流量表
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
INVESTING ACTIVITIES 投資活動
Repayment from a Democratic Republic
of Congo ( “DRC” ) state-owned power
company
自剛果民主共和國
（「剛果（金）」）國有電力公司
之還款 1,078 1,183
Interest received 已收利息 986 686
Expenditure on exploration and evaluation
assets
勘探及評估資產開支
(30,702) (22,962)
Purchase of property, plant and equipment 購買物業、廠房及設備 (12,938) (32,519)
Payment made on rehabilitation and
environmental provision
復修及環保撥備款項
(643) (4,581)
Decrease in restricted cash deposits 受限制現金存款減少 – 4,182
Proceeds from disposal of property, plant
and equipment
出售物業、廠房及
設備所得款項 – 365
NET CASH USED IN INVESTING
ACTIVITIES
投資活動動用現金淨額
(42,219) (53,646)
FINANCING ACTIVITIES 融資活動
New bank borrowings raised 新增銀行借款 3,667 207,789
Increase (decrease) in trade invoices
discounting facility
貿易發票貼現融資
增加（減少） 44,553 (3,871)
Proceeds from issue of new shares 發行新股份所得款項 49,538 –
Advance from an intermediate holding
company
來自中間控股公司
之墊款 484 1,716
Advance from a non-controlling
shareholder of a subsidiary
來自附屬公司之
非控股股東之墊款 418 –
Advance from a fellow subsidiary 來自同系附屬公司之
墊款 230 –
Repayments of bank borrowings 償還銀行借款 (77,479) (82,800)
Interest paid 已付利息 (22,134) (19,885)
NET CASH (USED IN) FROM FINANCING
ACTIVITIES
融資活動（動用）所得現金淨額
(723) 102,949
NET (DECREASE) INCREASE IN CASH
AND CASH EQUIVALENTS
現金及現金等值項目（減少）
增加淨額 (21,240) 48,980
CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF THE YEAR
年初現金及現金等值項目
96,402 47,422
CASH EQUIVALENTS AT THE END
OF THE YEAR
年終現金等值項目
75,162 96,402
ANALYSIS OF CASH AND CASH
EQUIVALENTS,
現金及現金等值項目分析
represented by bank balances and cash 銀行結餘及現金 75,162 96,402
103 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
1. GENERAL
Jinchuan Group International Resources Co., Ltd. (the
“Company”) is a public limited company incorporated in the
Cayman Islands and its shares are listed on The Stock
Exchange of Hong Kong Limited (the “Stock Exchange”).
Its parent is Jinchuan (BVI) Limited (incorporated in the
British Virgin Islands) and its ultimate holding company is
金川集團股份有限公司 (Jinchuan Group Co., Ltd) (“JCG”)
(incorporated in the People’s Republic of China (the
“PRC”)). The addresses of registered office and principal
place of business of the Company are disclosed in the
Corporate Information in the annual report.
The Company is an investment holding company. The
principal activities of the Company and its subsidiaries
(collectively referred to as the “Group”) are mining
operations and the trading of mineral and metal products.
The consolidated financial statements are presented in
United States dollars (“US$”), which is also the functional
currency of the Company.
2. APPLICATION OF NEW AND REVISED
INTERNATIONAL FINANCIAL
REPORTING STANDARDS (“IFRSs”)
Amendments to IFRSs that are mandatorily
effective for the current year
In the current year, the Group has applied the following
amendments to IFRSs issued by the International
Accounting Standards Board (the “IASB”) for the first time:
Amendments to IAS 7 Disclosure initiative
Amendments to IAS 12 Recognition of deferred
tax assets for unrealised
losses
Amendments to IFRS 12 As part of the annual
improvements to IFRSs
2014-2016 cycle
1. 一般資料
金川集團國際資源有限公司（「本公司」）
於開曼群島註冊成立為公眾有限公司，
其股份於香港聯合交易所有限公司（「聯
交所」）上市。其母公司為金川(BVI)有限
公司（於英屬處女群島註冊成立）及其
最終控股公司為金川集團股份有限公司
（「JCG」）（於中華人民共和國（「中國」）註
冊成立）。本公司的註冊辦事處及主要營
業地點的地址於年報的公司資料部分披
露。
本公司為投資控股公司。本公司及其附
屬公司（統稱「本集團」）之主要業務為採
礦業務與礦產品及金屬產品貿易。
綜合財務報表以美元（「美元」）呈列，美
元亦為本公司功能貨幣。
2. 應用新訂及經修訂國際財務報告
準則（「國際財務報告準則」）
於本年度强制生效之國際財務報告準
則之修訂
本集團已於本年度首次應用以下國際會
計準則委員會（「國際會計準則委員會」）
頒佈之國際財務報告準則之修訂：
國際會計準則第7號之修訂 披露計劃
國際會計準則第12號之修訂 就未變現虧損確認遞延稅
項資產
國際財務報告準則第12號
之修訂
作為對國際財務報告準則
二零一四年至二零一六
年週期之年度改進之一
部分
104 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
2. APPLICATION OF NEW AND REVISED
INTERNATIONAL FINANCIAL
REPORTING STANDARDS (“IFRSs”)
(Continued)
Except as described below, the application of the
amendments to IFRSs in the current year has had no
material impact on the Group’s financial performance and
positions for the current and prior years and/or on the
disclosures set out in these consolidated financial
statements.
Amendments to IAS 7 “Disclosure initiative”
The Group has applied these amendments for the first time
in the current year. The amendments require an entity to
provide disclosures that enable users of f inancial
statements to evaluate changes in liabilities arising from
financing activities, including both cash and non-cash
changes. In addition, the amendments also require
disclosures on changes in financial assets if cash flows
from those financial assets were, or future cash flows will
be, included in cash flows from financing activities.
Specifically, the amendments require the following to be
disclosed: (i) changes from financing cash flows; (ii)
changes arising from obtaining or losing control of
subsidiaries or other businesses; (iii) the effect of changes
in foreign exchange rates; (iv) changes in fair values; and
(v) other changes.
A reconciliation between the opening and closing balances
of these items is provided in note 40. Consistent with the
transition provisions of the amendments, the Group has not
disclosed comparative information for the prior year. Apart
from the additional disclosure in note 40, the application of
these amendments has had no impact on the Group’s
consolidated financial statements.
2. 應用新訂及經修訂國際財務報告
準則（「國際財務報告準則」）（續）
除下文所述者外，於本年度應用國際財
務報告準則之修訂對本集團於本年度及
過往年度之財務表現及狀況及╱或於綜
合財務報表內所載之披露資料並無重大
影響。
國際會計準則第7號之修訂「披露計劃」
本集團於本年度首次應用此等修訂。有
關修訂要求實體提供披露資料，使財務
報表使用者能夠評估融資活動產生的
負債變動，包括現金及非現金變動。此
外，倘若金融資產的現金流量已經（或將
來的現金流量將會）計入融資活動的現金
流量，則此等修訂亦要求披露該等金融
資產的變動。
具體而言，有關修訂要求披露以下項目：
(i)融資現金流量的變動；(ii)因取得或失
去附屬公司或其他業務的控制權而產生
的變動；(iii)匯率變動的影響；(iv)公平值
變動；及(v)其他變動。
有關該等項目期初及期末結餘之對賬已
載於附註40。為符合有關修訂之過渡條
文，本集團並無披露過往年度的比較資
料。除附註40內所載之額外披露外，應
用此等修訂對本集團之綜合財務報表並
無影響。
105 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
2. APPLICATION OF NEW AND REVISED
INTERNATIONAL FINANCIAL
REPORTING STANDARDS (“IFRSs”)
(Continued)
New and amendments to IFRSs in issue but not
yet effective
The Group has not early applied the following new and
amendments to IFRSs that have been issued but are not
yet effective:
IFRS 9 Financial instruments1
IFRS 15 Revenue from contracts with
customers and the related
amendements1
IFRS 16 Leases2
IFRS 17 Insurance contracts4
IFRIC 22 Foreign currency
transactions and advance
consideration1
IFRIC 23 Uncertainty over income tax
treatments2
Amendments to IFRS 2 Classification and
measurement of
share-based payment
transactions1
Amendments to IFRS 4 Applying IFRS 9
“Financial instruments”
with IFRS 4
“Insurance contracts” 1
Amendments to IFRS 9 Prepayment features with
negative compensation2
Amendments to IFRS 10
and IAS 28
Sale or contribution of assets
between an investor and its
associate or joint venture3
Amendments to IAS 19 Plan amendment, curtailment
or settlement2
Amendments to IAS 28 Long-term interests in
associates and joint
ventures2
Amendments to IAS 40 Transfers of investment
property1
Amendments to IAS 28 As part of the annual
improvements to IFRSs
2014–2016 cycle1
Amendments to IFRSs Annual improvements to
IFRSs 2015–2017 cycle2
1 Effective for annual periods beginning on or after 1 January
2018
2 Effective for annual periods beginning on or after 1 January
2019
3 Effective for annual periods beginning on or after a date to
be determined
4 Effective for annual periods beginning on or after 1 January
2021
2. 應用新訂及經修訂國際財務報告
準則（「國際財務報告準則」）（續）
已頒佈但尚未生效之新訂國際財務報
告準則及國際財務報告準則之修訂
本集團並無提早採納下列已頒佈但尚未
生效的新訂及經修訂國際財務報告準則：
國際財務報告準則
第9號
金融工具1
國際財務報告準則
第15號
與客戶訂約產生之收益以
及相關修訂1
國際財務報告準則
第16號
租賃2
國際財務報告準則
第17號
保險合約4
國際財務報告詮釋
委員會詮釋第22號
外幣交易及預付代價1
國際財務報告詮釋
委員會詮釋第23號
所得稅處理之不確定性2
國際財務報告準則
第2號之修訂
以股份為基礎的付款交易
之分類及計量1
國際財務報告準則
第4號之修訂
一併應用國際財務報告準
則第9號「金融工具」與
國際財務報告準則第4號
「保險合約」1
國際財務報告準則
第9號之修訂
具有負補償之提前還款
特性2
國際財務報告準則
第10號及國際會計
準則第28號之修訂
投資者及其聯營公司或合
資企業間之資產出售或
注入3
國際會計準則第19號
之修訂
計劃修訂、削減或結算2
國際會計準則第28號
之修訂
於聯營公司及合資企業之
長期權益2
國際會計準則第40號
之修訂
投資物業之轉撥1
國際會計準則第28號
之修訂
作為對國際財務報告準則
二零一四年至二零一六
年週期之年度改進之一
部分1
國際財務報告準則
之修訂
國際財務報告準則二零
一五年至二零一七年
週期之年度改進2
1 於二零一八年一月一日或之後開始之年度
期間生效
2 於二零一九年一月一日或之後開始之年度
期間生效
3 於待釐定日期或之後開始之年度期間生效
4 於二零二一年一月一日或之後開始之年度
期間生效
106 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
2. APPLICATION OF NEW AND REVISED
INTERNATIONAL FINANCIAL
REPORTING STANDARDS (“IFRSs”)
(Continued)
IFRS 9 “Financial instruments”
IFRS 9 introduces new requirements for the classification
and measurement of financial assets, financial liabilities
and impairment requirements for financial assets.
Key requirements of IFRS 9 which are relevant to the
Group are:
• All recognised financial assets that are within the
scope of IFRS 9 are required to be subsequently
measured at amortised cost or fair value. Specifically,
debt investments that are held within a business
model whose objective is to collect the contractual
cash flows, and that have contractual cash flows that
are solely payments of principal and interest on the
principal outstanding are generally measured at
amortised cost at the end of subsequent accounting
periods. Debt instruments that are held within a
business model whose objective is achieved both by
collecting contractual cash flows and selling financial
assets, and that have contractual terms of the
financial asset give rise on specified dates to cash
flows that are solely payments of principal and
interest on the principal amount outstanding, are
measured at fair value through other comprehensive
income. All other financial assets are measured at
their fair value at subsequent accounting periods. In
addition, under IFRS 9, entit ies may make an
irrevocable election to present subsequent changes
in the fair value of an equity investment (that is not
held for trading) in other comprehensive income, with
only dividend income generally recognised in profit or
loss.
2. 應用新訂及經修訂國際財務報告
準則（「國際財務報告準則」）（續）
國際財務報告準則第9號「金融工具」
國際財務報告準則第9號引入有關分類及
計量金融資產及金融負債之新規定以及
金融資產減值規定。
國際財務報告準則第9號中與本集團有關
的主要規定如下：
• 所有符合國際財務報告準則第9號
範疇的已確認金融資產須於其後
按攤銷成本或公平值計量。具體而
言，業務模型內以收取合約現金流
量為目標的債務投資，以及合約現
金流量僅為支付本金及未償還本金
之利息的債務投資，一般於其後會
計期間結束時按攤銷成本計量。業
務模型內透過收取合約現金流量及
出售金融資產達致目標，及按照金
融資產的合約條款於特定日期產生
的現金流量僅為支付本金及未償還
本金之利息而持有的債務工具，乃
按公平值計入其他全面收入計量。
所有其他金融資產於其後會計期間
按公平值計量。此外，根據國際財
務報告準則第9號，實體可不可撤
回地選擇於其他全面收入呈列股本
投資（並非持作買賣者）公平值的其
後變動，而僅股息收入為通常於損
益確認。
107 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
2. APPLICATION OF NEW AND REVISED
INTERNATIONAL FINANCIAL
REPORTING STANDARDS (“IFRSs”)
(Continued)
IFRS 9 “Financial instruments” (Continued)
• In relation to the impairment of financial assets, IFRS
9 requires an expected credit loss model, as opposed
to an incurred credit loss model under IAS 39. The
expected credit loss model requires an entity to
account for expected credit losses and changes in
those expected credit losses at each reporting date to
reflect changes in credit risk since initial recognition.
In other words, it is no longer necessary for a credit
event to have occurred before credit losses are
recognised.
Based on the Group’s financial instruments and risk
management policies as at 31 December 2017, the
directors of the Company anticipate the following potential
impact on initial application of IFRS 9:
• All financial assets and financial liabilities will continue
to be measured on the same bases as are currently
measured under IAS 39.
Impairment
In the opinion of the directors of the Company the
probability of default payment of the financial assets that
are subject to impairments (including loan receivables,
trade and other receivables and bank balances) is very low.
Hence, the directors of the Company anticipate that the
application of the expected credit loss model of IFRS 9 will
not have material impact on the Group’s future consolidated
financial statements.
2. 應用新訂及經修訂國際財務報告
準則（「國際財務報告準則」）（續）
國際財務報告準則第9號「金融工具」
（續）
• 就金融資產減值而言，相對於國際
會計準則第39號的已產生信貸虧損
模型，國際財務報告準則第9號規
定一項預期信貸虧損模型。該預期
信貸虧損模型要求實體將各報告日
期的預期信貸虧損及其變動入賬，
以反映自初步確認以來的信貸風險
變動。換言之，確認信貸虧損無須
再以發生信貸事件為前提。
根據本集團於二零一七年十二月三十一
日的金融工具及風險管理政策，本公司
董事預計初步應用國際財務報告準則第
9號將有下列潛在影響：
• 所有金融資產及金融負債將繼續按
現時國際會計準則第39號所採用的
相同基準計量。
減值
本公司董事認為，可予減值之金融資產
（包括應收貸款、貿易及其他應收款項以
及銀行結餘）出現欠款之可能性極低。因
此，本公司董事預計，應用國際財務報
告準則第9號中之預期信貸虧損模型將不
會對本集團往後的綜合財務報表造成重
大影響。
108 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
2. APPLICATION OF NEW AND REVISED
INTERNATIONAL FINANCIAL
REPORTING STANDARDS (“IFRSs”)
(Continued)
IFRS 15 “Revenue from contracts with
customers”
IFRS 15 was issued wh ich es tab l i shes a s ing le
comprehensive model for entities to use in accounting for
revenue arising from contracts with customers. IFRS 15 will
supersede the current revenue recognition guidance
including IAS 18 “Revenue”, IAS 11 “Construction
contracts” and the related interpretations when it becomes
effective.
The core principle of IFRS 15 is that an entity should
recognise revenue to depict the transfer of promised goods
or services to customers in an amount that reflects the
consideration to which the entity expects to be entitled in
exchange for those goods or services. Specifically, the
standard introduces a 5-step approach to revenue
recognition:
• Step 1: Identify the contract(s) with a customer
• Step 2: Identify the performance obligations in the
contract
• Step 3: Determine the transaction price
• Step 4: Al locate the t ransact ion pr ice to the
performance obligations in the contract
• Step 5: Recognise revenue when (or as) the entity
satisfies a performance obligation
Under IFRS 15, an entity recognises revenue when (or as)
a performance obligation is satisfied, . when ‘control’ of
the goods or services underlying the particular performance
obligation is transferred to the customer. Far more
prescriptive guidance has been added in IFRS 15 to deal
with specific scenarios. Furthermore, extensive disclosures
are required by IFRS 15.
2. 應用新訂及經修訂國際財務報告
準則（「國際財務報告準則」）（續）
國際財務報告準則第15號「與客戶訂約
產生之收益」
頒佈國際財務報告準則第15號乃為建立
一套單一的綜合模型供實體使用，以對
與客戶訂約產生之收益進行會計處理。
國際財務報告準則第15號生效後，其將
取代現時沿用的收益確認指引，包括國
際會計準則第18號「收益」、國際會計準
則第11號「建築合約」及相關詮釋。
國際財務報告準則第15號的核心原則
是：實體應確認收益以體現向客戶轉讓
承諾貨品或服務的數額，而該數額須反
映實體預期於交換該等貨品或服務時應
得的代價。具體而言，該準則引入確認
收益的五步法：
• 第1步：確定與客戶的合約
• 第2步：確定合約內的履約責任
• 第3步：釐定交易價格
• 第4步：將交易價格分攤至合約內
的履約責任
• 第5步：當實體達成履約責任時確
認收益
根據國際財務報告準則第15號，當實體
達成履約責任，即當貨品或服務按特定
的履約責任轉移並由客戶「控制」時確
認收益。國際財務報告準則第15號已加
入更為規範的指引，以處理個別特定情
境。此外，國際財務報告準則第15號要
求廣泛詳盡的披露。
109 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
2. APPLICATION OF NEW AND REVISED
INTERNATIONAL FINANCIAL
REPORTING STANDARDS (“IFRSs”)
(Continued)
IFRS 15 “Revenue from contracts with
customers” (Continued)
In 2016, the IASB issued Clarifications to IFRS 15 in
relation to the identification of performance obligations,
principal versus agent considerations, as well as licensing
application guidance.
The directors of the Company anticipate that the application
of IFRS 15 in the future may result in more disclosures,
however, the directors of the Company do not anticipate
that the application of IFRS 15 will have a material impact
on the timing and amounts of total revenue recognised in
the respective reporting periods.
IFRS 16 “Leases”
IFRS 16 introduces a comprehensive model for the
identification of lease arrangements and accounting
treatments for both lessors and lessees. IFRS 16 will
supersede IAS 17 “Leases” and the related interpretations
when it becomes effective.
IFRS 16 distinguishes lease and service contracts on the
basis of whether an identified asset is controlled by a
customer. Distinctions of operating leases and finance
leases are removed for lessee accounting, and is replaced
by a model where a right-of-use asset and a corresponding
liability have to be recognised for all leases by lessees,
except for short-term leases and leases of low value
assets.
2. 應用新訂及經修訂國際財務報告
準則（「國際財務報告準則」）（續）
國際財務報告準則第15號「與客戶訂約
產生之收益」（續）
於二零一六年，國際會計準則理事會頒
佈國際財務報告準則第15號之澄清，內
容有關識別履約責任、主事人與代理人
的代價，以及牌照申請指引。
本公司董事預計，未來應用國際財務報
告準則第15號可能導致須作出更多披
露，然而，本公司董事預計，應用國際
財務報告準則第15號將不會對各報告期
間所確認總收益的時間及金額造成重大
影響。
國際財務報告準則第16號「租賃」
國際財務報告準則第16號為識別出租人
及承租人的租賃安排及會計處理而引入
一套綜合模型。國際財務報告準則第16
號生效後，其將取代國際會計準則第17
號「租賃」及相關詮釋。
國際財務報告準則第16號根據所識別資
產是否由客戶控制來區分租賃及服務合
約。經營租賃及融資租賃的差異已自承
租人會計處理中刪除，並由另一套模型
取代，根據該模型除短期租賃及低價值
資產租賃外，承租人須就所有租賃確認
使用權資產及相應負債。
110 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
2. APPLICATION OF NEW AND REVISED
INTERNATIONAL FINANCIAL
REPORTING STANDARDS (“IFRSs”)
(Continued)
IFRS 16 “Leases” (Continued)
The right-of-use asset is initially measured at cost and
subsequently measured at cost (subject to certain
exceptions) less accumulated depreciation and impairment
losses, adjusted for any remeasurement of the lease
liability. The lease liability is initially measured at the
present value of the lease payments that are not paid at
that date. Subsequently, the lease liability is adjusted for
interest and lease payments, as well as the impact of lease
modifications, amongst others. For the classification of
cash flows, the Group currently presents lease payments
as investing cash flows in relation to prepaid lease
classified as finance lease and accounted for as property,
plant and equipment, while other operating lease payments
are presented as operating cash flows. Upon application of
IFRS 16, lease payments in relation to lease liability will be
allocated into a principal and an interest portion which will
be presented as financing cash flows by the Groups.
In contrast to lessee accounting, IFRS 16 substantially
carries forward the lessor accounting requirements in IAS
17, and continues to require a lessor to classify a lease
either as an operating lease or a finance lease.
Furthermore, extensive disclosures are required by IFRS
16.
As at 31 December 2017, the Group has non-cancellable
operating lease commitments of US$1,201,000 as
disclosed in note 35. A preliminary assessment indicates
that these arrangements will meet the definition of a lease.
Upon application of IFRS 16, the Group will recognise a
right-of-use asset and a corresponding liability in respect of
all these leases unless they qualify for low value or
short-term leases.
In addition, the Group currently considers refundable rental
deposits paid of US$516,000 as rights under leases to
which IAS 17 applies. Based on the definition of lease
payments under IFRS 16, such deposits are not payments
relat ing to the r ight to use the underlying assets,
accordingly, the carrying amounts of such deposits may be
adjusted to amortised cost and such adjustments are
considered as additional lease payments. Adjustments to
refundable rental deposits paid would be included in the
carrying amount of right-of-use assets.
2. 應用新訂及經修訂國際財務報告
準則（「國際財務報告準則」）（續）
國際財務報告準則第16號「租賃」（續）
使用權資產初步按成本計量，並其後以
成本（惟若干例外情況除外）減累計折舊
及減值虧損計量，並就任何租賃負債的
重新計量而作出調整。租賃負債初步按
租賃付款（非當日支付）的現值確認。其
後，租賃負債經（其中包括）利息及租賃
付款以及租賃修訂的影響而作出調整。
就現金流量分類而言，本集團目前將租
賃付款呈列為與分類為融資租賃並入賬
列為物業、廠房及設備之預付租賃款項
有關之投資現金流量，而其他經營租賃
付款則呈列為經營現金流量。於應用國
際財務報告準則第16號時，有關租賃負
債的租賃付款將分配為本金及利息部
分，而本集團將呈列有關部分為融資現
金流量。
與承租人會計處理相反，國際財務報告
準則第16號大致保留國際會計準則第17
號內的出租人會計處理規定，並繼續要
求出租人將租賃分類為經營租賃或融資
租賃。
此外，國際財務報告準則第16號要求廣
泛詳盡的披露。
於二零一七年十二月三十一日，本集團
有附註35所披露之不可撤銷經營租賃承
擔1,201,000美元。初步評估顯示，該等
安排將符合租賃的定義。於應用國際財
務報告準則第16號時，本集團將就所有
租賃確認使用權資產及相應負債，除非
該等租賃符合低價值租賃或短期租賃的
定義，則作別論。
此外，本集團現時視已付可退回租賃按
金516,000美元為國際會計準則第17號所
適用租賃項下的權利。根據國際財務報
告準則第16號項下租賃付款的定義，有
關按金並非與相關資產使用權有關的付
款，因此，有關按金的賬面值可予調整
至攤銷成本，而有關調整乃被視為額外
租賃付款。已付可退回租賃按金的調整
將計入使用權資產的賬面值內。
111 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
2. APPLICATION OF NEW AND REVISED
INTERNATIONAL FINANCIAL
REPORTING STANDARDS (“IFRSs”)
(Continued)
IFRS 16 “Leases” (Continued)
Furthermore, the application of new requirements may
result in changes in measurement, presentation and
disclosure as indicated above.
Except for the new IFRSs mentioned above, the directors
of the Company anticipate that the application of the other
amendments to IFRSs and Interpretations will have no
material impact on the consolidated financial statements in
the foreseeable future.
3. SIGNIFICANT ACCOUNTING POLICIES
The consolidated financial statements have been prepared
in accordance with IFRSs issued by the IASB. In addition,
the consolidated financial statements include applicable
disclosures required by the Rules Governing the Listing of
Securities on the Stock Exchange (“Listing Rules”) and by
the Hong Kong Companies Ordinance.
The consolidated financial statements have been prepared
on the historical cost basis except for derivative financial
instruments and held for trading investments that are
measured at fair value at the end of each reporting period,
as explained in the accounting policies set out below.
Historical cost is generally based on the fair value of the
consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date,
regardless of whether that price is directly observable or
estimated using another valuation technique. In estimating
the fair value of an asset or a liability, the Group takes into
account the characteristics of the asset or liability if market
participants would take those characteristics into account
when pricing the asset or liability at the measurement date.
Fair value for measurement and/or disclosure purposes in
these consolidated financial statements is determined on
such a basis, except for leasing transactions that are within
the scope of IAS 17 “Lease”, and measurements that have
some similarities to fair value but are not fair value, such as
net realisable value in IAS 2 “Inventories” or value in use in
IAS 36 “Impairment of assets”.
2. 應用新訂及經修訂國際財務報告
準則（「國際財務報告準則」）（續）
國際財務報告準則第16號「租賃」（續）
此 外，應 用 新 規 定 或 會 導 致 上 述 的 計
量、呈列及披露資料有變。
除上述新訂國際財務報告準則外，本公
司董事預計，應用其他經修訂國際財務
報告準則及詮釋將不會對本集團可見將
來之綜合財務報表造成重大影響。
3. 重大會計政策
綜合財務報表已根據國際會計準則委
員會頒佈之國際財務報告準則編製。另
外，綜合財務報表包括聯交所證券上市
規則（「上市規則」）及香港公司條例規定
之適用披露。
誠如下文所載之會計政策所闡述，除於
各報告期末按公平值計量的衍生金融工
具及持作買賣投資外，綜合財務報表乃
按歷史成本基準編製。
歷史成本一般基於交換貨品及服務之代
價的公平值計算。
公平值乃市場參與者於計量日在有序交
易中出售資產所收取或轉讓負債所付出
的價格，而不論該價格為可直接觀察獲
得或可使用其他估值技術估計。於估計
資產或負債的公平值時，本集團會考慮
該等市場參與者於計量日對資產或負債
定價時所考慮的資產或負債的特徵。於
該等綜合財務報表中作計量及╱或披露
用途的公平值乃按此基準釐定，惟屬於
國際會計準則第17號「租賃」範圍內的租
賃交易，以及與公平值存在若干相似之
處但並非公平值（如國際會計準則第2號
「存貨」的可變現淨值或國際會計準則第
36號「資產減值」的使用價值）的計量除
外。
112 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
In addition, for financial reporting purposes, fair value
measurements are categorised into Level 1, 2 or 3 based
on the degree to which the inputs to the fair value
measurements are observable and the significance of the
inputs to the fair value measurement in its entirety, which
are described as follows:
• Level 1 inputs are quoted prices (unadjusted) in
active markets for identical assets or liabilities that the
entity can access at the measurement date;
• Level 2 inputs are inputs, other than quoted prices
included within Level 1, that are observable for the
asset or liability, either directly or indirectly; and
• Level 3 inputs are unobservable inputs for the asset
or liability.
The principal accounting policies are set out below.
Basis of consolidation
The consolidated financial statements incorporate the
financial statements of the Company and entities controlled
by the Company and its subsidiaries. Control is achieved
when the Company:
• has power over the investee;
• is exposed, or has rights, to variable returns from its
involvement with the investee; and
• has the ability to use its power to affect its returns.
The Group reassesses whether or not it controls an
investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control
listed above.
Consolidation of a subsidiary begins when the Group
obtains control over the subsidiary and ceases when the
Group loses control of the subsidiary. Specifically, income
and expenses of a subsidiary acquired or disposed of
during the year are included in the consolidated statement
of profit or loss and other comprehensive income from the
date the Group gains control until the date when the Group
ceases to control the subsidiary.
3. 重大會計政策（續）
此外，就財務申報而言，公平值計量按
公平值計量的輸入數據的可觀察程度及
該等輸入數據對公平值計量整體的重要
性劃分為第一、二或三級，詳情如下：
• 第一級輸入數據為實體於計量日可
獲得的相同資產或負債於活躍市場
的報價（未調整）；
• 第二級輸入數據為（不包括計入第
一級的報價）資產或負債可直接或
間接觀察的輸入數據；及
• 第三級輸入數據為資產或負債無法
觀察的輸入數據。
主要會計政策載列如下。
綜合基準
綜合財務報表包括本公司以及本公司及
其附屬公司所控制實體的財務報表。當
本公司符合以下各項時，即取得控制權：
• 有權控制被投資方；
• 承擔或有權獲得來自參與被投資方
營運之可變回報；及
• 有能力行使其權力影響其回報金
額。
倘事實及情況表明上文所列三個控制權
元素中的一個或多個有變，則本集團重
新評估其是否對被投資方擁有控制權。
附屬公司於本集團取得其控制權時綜合
入賬，並於本集團喪失對其的控制權時
終止綜合入賬。具體而言，自本集團取
得控制權當日起，年內所收購或出售附
屬公司之收支均計入綜合損益及其他全
面收益表，直至本集團不再控制該附屬
公司當日止。
113 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Basis of consolidation (Continued)
Profit or loss and each item of other comprehensive income
are attributed to the owners of the Company and to the
non-controlling interests. Total comprehensive income of
subsidiaries is attributed to the owners of the Company and
to the non-controlling interests even if this results in the
non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial
statements of subsidiaries to bring their accounting policies
into line with the Group’s accounting policies.
All intragroup assets and liabilities, equity, income,
expenses and cash flows relating to transactions between
members o f the Group are e l im ina ted in fu l l on
consolidation.
Revenue recognition
Revenue is measured at the fair value of the consideration
received or receivable. Revenue is reduced for estimated
customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when the
goods are delivered and titles have passed, at which time
all the following conditions are satisfied:
• the Group has transferred to the buyer the significant
risks and rewards of ownership of the goods;
• the Group retains neither continuing managerial
involvement to the degree usually associated with
ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated
with the transaction will flow to the Group; and
• the costs incurred or to be incurred in respect of the
transaction can be measured reliably.
3. 重大會計政策（續）
綜合基準（續）
損益及各其他全面收入項目歸屬至本公
司擁有人及非控股權益。附屬公司的全
面收入總額歸屬至本公司擁有人及非控
股權益，即使此舉會導致非控股權益出
現虧絀結餘。
倘有需要，將對附屬公司的財務報表作
出調整，以令其會計政策與本集團的會
計政策貫徹一致。
與本集團成員公司之間的交易相關的集
團內公司間資產與負債、股本、收入、
開支及現金流量於綜合賬目時全數對銷。
收益確認
收益按已收或應收代價之公平值計量，
並根據所估計的客戶退貨、回扣及其他
類似補貼作相應下調。
銷售貨物的收益於貨物交付及所有權移
交時，並滿足下列全部條件時確認：
• 本集團已向買方轉移有關貨物所有
權之顯著風險及報酬；
• 本集團既無保留繼續參與管理，亦
無實際控制已售之貨物；
• 收益的金額能夠可靠地計量；
• 與交易相關的經濟利益極大可能能
夠流入本集團；及
• 有關交易所產生或將產生的成本能
夠可靠地計量。
114 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Revenue recognition (Continued)
For all sales of minerals, revenue is recognised initially at a
selling price that is determined on a provisional basis. The
final selling price is subject to the grades of copper and
cobalt in the Group’s copper and cobalt products and
movements in copper and cobalt prices up to the date of
final pricing, normally 30 days to 90 days after initial
booking. The adjustment in respect of the final grades
based on the third party examination is included within the
“revenue” line item. The adjustment to the final prices that
is part of the fair value through profit or loss measurement
of the trade and bill receivables (see the accounting policy
in respect of financial assets at FVTPL) is also included
within the “revenue” line item.
Interest income from a financial asset is accrued on a time
basis, by reference to the principal outstanding and at the
effective interest rate applicable, which is the rate that
exactly discounts the estimated future cash receipts
through the expected life of the financial asset to that
asset’s net carrying amount on initial recognition.
Property, plant and equipment
Property, plant and equipment (other than freehold land
and construction in progress) are stated in the consolidated
statement of financial position at historical cost less
subsequent accumulated depreciation and accumulated
impairment losses, if any.
Freehold land is stated at cost and is not depreciated.
Construction in progress, which represents assets under
construction, is stated at cost less impairment loss, if any.
When the assets are completed and ready for intended
use, the carrying amount of the assets will be reclassified
to the appropriate categories of property, plant and
equipment. Depreciation of these assets, on the same
basis as the appropriate categories of property, plant and
equipment, commences when the assets are ready for their
intended use.
Mining assets, including buildings and infrastructure, shafts
and mine development costs, are depreciated to their
residual values based on estimated proved and probable
ore reserves using the unit of production (“UOP”) method.
For mine development costs, please refer to ‘stripping
costs’ section below.
3. 重大會計政策（續）
收益確認（續）
就全部礦物銷售而言，收益初步按以臨
時定價基準釐定之售價確認。最終銷售
價格乃取決於本集團銅鈷產品之銅鈷品
位，以及截至最終定價日期止（一般為初
步入賬後之30至90日）之銅鈷價格波動情
況而定。經第三方查驗後對最終品位所
作出之調整計入「收益」分項內。對最終
價格所作出之調整屬於貿易應收款項及
應收票據中按公平值計入損益之一部分
（詳見有關按公平值計入損益之金融資產
之會計政策），其亦計入「收益」分項內。
金融資產之利息收入乃參照未償還本金
按適用實際利率，以時間基準累計。適
用實際利率指透過金融資產之預計可使
用年期，將估計未來現金收入準確地貼
現至有關資產於初步確認時之賬面淨值
之比率。
物業、廠房及設備
物業、廠房及設備（不包括永久業權土地
及在建工程）按歷史成本減其後的累計折
舊及累計減值虧損（如有）於綜合財務狀
況表列賬。
永久業權土地按成本列示，且不予折舊。
在建工程指興建中之資產，按成本減減
值虧損（如有）列賬。當有關資產完成及
可投入作擬定用途時，該等資產之賬面
值將重新分類至適當的物業、廠房及設
備類別。該等資產計提折舊的基準與適
當類別之物業、廠房及設備相同，即在
資產可投入作擬定用途時開始計提折舊。
採礦資產（包括樓宇及基礎設施、豎井及
礦場開發成本）按估計的證實及概約礦石
儲量使用產量單位（「UOP」）法對其餘值
計提折舊。有關礦場開發成本詳情，請
見下文「剝採成本」一節。
115 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Property, plant and equipment (Continued)
Depreciation for other property, plant and equipment (other
than freehold land, mining assets and construction in
progress) are depreciated using the straight-line method
over their estimated useful lives to their residual value,
which vary between 4 to 10 years.
The estimated mineral reserves, useful lives and residual
values are reviewed at the end of each reporting period,
with the effect of any changes in estimate accounted for on
a prospective basis.
An item of property, plant and equipment is derecognised
upon disposal or when no future economic benefits are
expected to arise from the continued use of the asset. Any
gain or loss arising on the disposal or retirement of an item
of property, plant and equipment is determined as the
difference between the sales proceeds and the carrying
amount of the asset and is recognised in profit or loss.
Stripping cost
Stripping costs incurred in the development phase of a
surface mine are capitalised as mine development costs.
Depreciation of the stripping costs, on the same basis as
the related mines, commences when the mines commence
production. To the extent that stripping costs incurred in the
production phase of a surface mine (“production stripping
costs”) provide improved access to ore, such costs are
recognised as a non-current asset (“stripping activity
asset”) when certain criteria are met:
• it is probable that the future economic benefit
(improved access to the ore body) associated with
the stripping activity will flow to the Group;
• the Group can identify the component of the ore body
for which access has been improved; and
• the costs relating to the stripping activity associated
with that mine can be measured reliably.
Stripping costs are capitalised as mine development costs
and are subsequently depreciated based on estimated
proved and probable ore reserves using the UOP method
once the mine comes into commercial production. The
costs of normal ongoing operational stripping activities are
accounted for as inventories.
3. 重大會計政策（續）
物業、廠房及設備（續）
其他物業、廠房及設備（不包括永久業權
土地、採礦資產及在建工程）按其估計可
使用年期（介乎4年至10年）以直線法計
提折舊至剩餘價值。
估計礦產儲量、可使用年期及餘值乃於
各報告期末進行檢討，估計發生變動之
影響則按未來適用法入賬。
物業、廠房及設備項目於出售時或當預
期繼續使用該資產不會產生未來經濟利
益時取消確認。物業、廠房及設備項目
出售或報廢產生之任何損益，按出售所
得款項與資產賬面值之間的差額釐定並
於損益確認。
剝採成本
露天礦場開發階段所產生之剝採成本乃
資本化為礦場開發本。剝採成本由礦場
開始生產時開始計提折舊，基準與相關
礦場相同。倘露天礦場生產階段所產生
之剝採成本（「生產剝除成本」）可改善礦
石開採，則該等成本將於符合若干條件
時確認為非流動資產（「剝採活動資產」）：
• 與剝除活動有關之未來經濟利益
（即經改善之礦體開採）可能會流入
本集團；
• 本集團能夠識別開採經改善之礦體
之成分；及
• 與該礦場有關之剝除活動相關成本
能夠可靠地計量。
剝除成本乃資本化為礦場開發成本。一
經礦場投入商業生產，該等成本其後將
使用UOP法按估計的證實及概約礦石儲
量計提折舊。正常持續的經營性剝採活
動之成本則入賬列為存貨。
116 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Mineral rights
Mineral rights represent the rights to conduct mining
activities:
Mineral r ights are stated at cost less accumulated
amortisation and any impairment losses. Mineral rights
include the cost of acquiring mining licences. Mineral rights
are amortised based on estimated proved and probable ore
reserves using the UOP method.
Mineral rights are derecognised on disposal, or when no
future economic benefits are expected from use or
disposal. Gains and losses arising from derecognition of an
intangible asset, measured as the difference between the
net disposal proceeds and the carrying amount of the
asset, are recognised in profit or loss when the asset is
derecognised.
Impairment losses on tangible and intangible
assets other than exploration and evaluation
assets
At the end of the reporting period, the Group reviews the
carrying amounts of its tangible and intangible assets to
determine whether there is any indication that those assets
have suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in
order to determine the extent of the impairment loss, if any.
When it is not possible to estimate the recoverable amount
of an individual asset, the Group estimates the recoverable
amount of the cash-generating unit to which the asset
belongs. When a reasonable and consistent basis of
allocation can be identified, corporate assets are also
allocated to individual cash-generating units, or otherwise
they are allocated to the smallest group of cash-generating
units for which a reasonable and consistent allocation basis
can be identified.
Intangible assets with indefinite useful lives and intangible
assets not yet available for use are tested for impairment at
least annually, and whenever there is an indication that
they may be impaired.
Recoverable amount is the higher of fair value less costs of
disposal and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the
risks specific to the asset for which the estimates of future
cash flows have not been adjusted.
3. 重大會計政策（續）
礦產權
礦產權指從事採礦活動之權利。
礦產權按成本減累計攤銷及任何減值虧
損列賬。礦產權包括取得採礦許可證之
成本。礦產權按估計的證實及概約礦石
儲量使用UOP法計提攤銷。
礦產權於出售或預期不會從其使用或出
售產生未來經濟利益時取消確認。於取
消確認無形資產時所產生之收益及虧損
以出售所得款項淨額與該資產賬面值間
之差額計算，並將於取消確認時於損益
確認。
有形及無形資產（勘探及評估資產除
外）之減值虧損
於報告期末，本集團對其有形及無形資
產之賬面值作出檢討，以釐定是否有任
何跡象顯示該等資產已出現減值虧損。
如有任何該等跡象，則會估計資產的可
收回金額，以釐定減值虧損（如有）的程
度。倘不大可能估計個別資產的可收回
金額，本集團將估計該資產所屬現金產
生單位的可收回金額。倘可確定合理及
連貫的分配基準，企業資產亦分配至個
別現金產生單位，否則，則將企業資產
分配至能確定合理及連貫的分配基準的
最小組別現金產生單位。
具無限可使用年期的無形資產及尚無法
投入使用的無形資產，至少每年以及於
有跡象顯示其可能出現減值時作減值測
試。
可收回金額乃公平值減出售成本與使
用價值兩者中之較高者。評估使用價值
時，採用除稅前貼現率將估計未來現金
流量貼現至其現值，該貼現率應反映當
前市場對貨幣時間值及資產特定風險（未
來現金流量之估計未就該等風險作出調
整）之評估。
117 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Impairment losses on tangible and intangible
assets other than exploration and evaluation
assets (Continued)
If the recoverable amount of an asset (or a cash-generating
unit) is estimated to be less than its carrying amount, the
carrying amount of the asset (or a cash-generating unit) is
reduced to its recoverable amount. In allocating the
impairment loss, the impairment loss is allocated first to
reduce the carrying amount of any goodwill (if applicable)
and then to the other assets on a pro-rata basis based on
the carrying amount of each asset in the unit. The carrying
amount of an asset is not reduced below the highest of its
fair value less costs of disposal (if measurable), its value in
use (if determinable) and zero. The amount of the
impairment loss that would otherwise have been allocated
to the asset is allocated pro rata to the other assets of the
unit. An impairment loss is recognised immediately in profit
or loss.
Where an impairment loss subsequently reverses, the
carrying amount of the asset (or cash-generating unit) is
increased to the revised estimate of its recoverable amount,
but so that the increased carrying amount does not exceed
the carrying amount that would have been determined had
no impairment loss been recognised for the asset (or a
cash-generating unit) in prior years. A reversal of an
impairment loss is recognised immediately in profit or loss.
Exploration and evaluation assets
Exploration and evaluation assets are recognised at cost
on initial recognition. Subsequent to initial recognition,
exploration and evaluation assets are stated at cost less
any accumulated impairment losses. Costs of exploration
are capitalised pending a determination of whether
sufficient quantities of potential mineral reserves have been
discovered.
Exploration and evaluation assets include the cost of
exploration rights and the expenditures incurred in the
search for mineral resources as well as the determination
of the technical feasibility and commercial viability of
extracting those resources. Once the technical feasibility
and commercial viability of the extraction of mineral
resources in an area of interest are demonstrated, any
previously recognised exploration and evaluation assets
attributable to that area of interest are first tested for
impairment and then reclassified to either mineral rights or
property, plant and equipment under the heading of
construction in progress.
3. 重大會計政策（續）
有形及無形資產（勘探及評估資產除
外）之減值虧損（續）
倘某項資產（或現金產生單位）之可收回
金額估計將低於其賬面值，則該資產（或
現金產生單位）之賬面值將調減至其可
收回金額。於分配減值虧損時，首先分
配減值虧損以調減任何商譽的賬面值（如
適用），其後按照單位內各資產之賬面
值比例分配至其他資產。資產之賬面值
不會下調至低於其公平值減去出售成本
（若可計量）、其使用價值（若可釐定）與
零之間的最高者。本應分配至該資產之
減值虧損金額按比例分配至該單位之其
他資產。減值虧損即時於損益確認。
倘減值虧損其後撥回，則將該資產（或現
金產生單位）之賬面值增至其可收回金額
的經修訂估計值，惟增加後的賬面值不
得超過該資產（或現金產生單位）過往年
度並無確認減值虧損情況下所應釐定之
賬面值。減值虧損撥回金額即時於損益
確認。
勘探及評估資產
勘探及評估資產於初步確認時按成本確
認。初步確認後，勘探及評估資產按成
本減任何累計減值虧損列賬。勘探成本
是否資本化取決於是否發現足夠數量的
潛在礦產儲量。
勘探及評估資產包括探礦權之成本以及
於探索礦產資源及釐定開採該等資源之
技術可行性及商業可行性時所產生之開
支。當可證實於某個權益地區開採礦產
資源之技術可行性及商業可行性時，先
前確認歸屬於該權益地區的任何勘探及
評估資產首先進行減值測試，之後重新
分類至礦產權或在建工程下的物業、廠
房及設備。
118 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Impairment of exploration and evaluation assets
The carrying amount of exploration and evaluation assets
is reviewed at least annually and whenever there is an
indication that they may be impaired. Impairment test is
performed in accordance with IAS 36 “Impairment of
assets” whenever one of the following events or changes in
circumstances indicate that the carrying amount may not
be recoverable (the list is not exhaustive):
• the period for which the Group has the right to explore
in the specific area has expired during the period or
will expire in the near future, and is not expected to
be renewed; substantive expenditure on further
exploration for and evaluation of mineral resources in
the specific area is neither budgeted nor planned;
• exploration for and evaluation of mineral resources in
the specific area have not led to the discovery of
commercially viable quantities of mineral resources
and the Group has decided to discontinue such
activities in the specific area; or
• sufficient data exist to indicate that, although a
development in the specific area is likely to proceed,
the carrying amount of the exploration and evaluation
asset is unl ikely to be recovered in ful l f rom
successful development or by sale.
An impairment loss is recognised in profit or loss whenever
the carrying amount of an asset exceeds its recoverable
amount.
Where an impairment loss subsequently reverses, the
carrying amount of exploration and evaluation assets
is increased to the revised estimate of its recoverable
amount, but so that the increased carrying amount
does not exceed the carrying amount that would
have been determined had no impairment loss been
recognised for exploration and evaluation assets in prior
years. A reversal of an impairment loss is recognised
immediately in profit or loss.
3. 重大會計政策（續）
勘探及評估資產之減值
勘探及評估資產之賬面值至少每年或於
有跡象顯示其可能出現減值時進行檢
討。倘出現下列其中一項事件或事況變
化，顯示賬面值或無法收回（所列項目並
非詳盡無遺），根據國際會計準則第36號
「資產減值」進行減值測試：
• 本集團於特定地區之勘探權年期已
於期內或將於不久將來屆滿，且預
期不會續期；於特定地區進一步勘
探及評估礦產資源所產生之大量開
支並非在預算或計劃之內；
• 於特定地區域勘探及評估礦產資源
並無導致發現在商業上可行的礦產
資源數量，而本集團已決定終止於
該特定區域進行該等活動；或
• 存在充分數據顯示，儘管於特定地
區之開發可能會繼續進行，但勘探
及評估資產之賬面值不大可能從成
功開發或銷售中全數收回。
倘一項資產之賬面值超出其可收回金
額，則於損益確認減值虧損。
倘減值虧損其後撥回，則勘探及評估資
產之賬面值將增至其可收回金額的經修
訂估計值，惟增加後的賬面值不得超過
勘探及評估資產過往年度並無確認減值
虧損情況下所應釐定之賬面值。減值虧
損撥回金額即時於損益確認。
119 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Taxation
Income tax expense represents the sum of the tax currently
payable and deferred tax.
The tax currently payable is based on taxable profit for the
year. Taxable profit differs from “profit before tax” as
reported in the consolidated statement of profit or loss and
other comprehensive income because of items of income
or expense that are taxable or deductible in other years
and items that are never taxable or deductible. The Group’s
current tax is calculated using the tax rates that have been
enacted or substantively enacted by the end of the
reporting period.
Deferred tax is recognised on temporary differences
between the carrying amounts of assets and liabilities in
t he conso l i da ted f i nanc i a l s t a t emen ts and t he
corresponding tax bases used in the computation of taxable
profit. Deferred tax liabilities are generally recognised for all
taxable temporary differences. Deferred tax assets are
generally recognised for all deductible temporary difference
to the extent that it is probable that taxable profits will be
available against which those deductible temporary
differences can be utilised. Such deferred tax assets and
liabilities are not recognised if the temporary difference
arises from the initial recognition (other than in a business
combination) of assets and liabilities in a transaction that
affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary
differences associated with investments in subsidiaries,
except where the Group is able to control the reversal of
the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable
future. Deferred tax assets arising from deductible
temporary differences associated with such investments
are only recognised to the extent that it is probable that
there will be sufficient taxable profits against which to utilise
the benefits of the temporary differences and they are
expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at
the end of the reporting period and reduced to the extent
that it is no longer probable that sufficient taxable profit will
be available to allow all or part of the asset to be recovered.
3. 重大會計政策（續）
稅項
所得稅開支指當期應繳稅項及遞延稅項
之總和。
即期應繳稅項根據年內應課稅溢利計
算。應課稅溢利有別於綜合損益及其他
全面收益表內呈報之「除稅前溢利」，因
其不包括其他年度之應課稅或可扣稅收
入或開支項目，亦不包括毋須課稅或不
可扣稅項目。本集團之即期稅項採用於
報告期末已實施或大致已實施之稅率計
算。
遞延稅項乃就綜合財務報表內資產及負
債之賬面值與用以計算應課稅溢利之相
關稅基準之暫時差額而確認。遞延稅項
負債一般就所有應課稅暫時差額確認。
遞延稅項資產則在有可能獲得可動用可
扣減暫時差額之應課稅溢利時確認。倘
暫時差額乃因初步確認一宗交易（業務合
併除外）中的資產及負債產生，且不影響
應課稅溢利及會計溢利，則相關遞延稅
項資產及負債不予確認。
遞延稅項負債乃就於附屬公司之投資相
關之應課稅暫時差額而確認，惟倘本集
團能控制暫時差額之撥回及暫時差額不
大可能於可見將來撥回則除外。因該等
投資之可扣減暫時差額而產生之遞延稅
項資產，僅於有可能獲得可供動用暫時
差額之利益的足夠應課稅溢利且其預計
可於可見將來撥回時確認。
遞延稅項資產之賬面值於報告期末檢
討，並扣減至當不再可能有足夠應課稅
溢利可供收回所有或部分資產為止。
120 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Taxation (Continued)
Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply in the period in which the
liability is settled or the asset is realised, based on tax rate
(and tax laws) that have been enacted or substantively
enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets
reflects the tax consequences that would follow from the
manner in which the Group expects, at the end of the
reporting period, to recover or settle the carrying amount of
its assets and liabilities.
Current and deferred tax is recognised in profit or loss.
Foreign currencies
In preparing the financial statements of each individual
group entity, transactions in currencies other than the
functional currency of that entity (foreign currencies) are
recognised at the rates of exchanges prevailing on the
dates of the transactions. At the end of the reporting period,
monetary items denominated in foreign currencies are
ret rans lated at the rates prevai l ing at that date.
Non-monetary i tems carr ied at fair value that are
denominated in foreign currencies are retranslated at the
rates prevailing on the date when the fair value was
determined. Non-monetary items that are measured in
terms of historical cost in a foreign currency are not
retranslated.
Exchange differences arising on the settlement of monetary
items, and on the retranslation of monetary items, are
recognised in profit or loss in the period in which they arise.
For the purposes of presenting the consolidated financial
statements, the assets and liabilities of the Group’s
operation are translated into the presentation currency of
the Group (. US$) using exchange rates prevailing at the
end of the reporting period. Income and expenses items
are translated at the average exchange rates for the year,
unless exchange rates fluctuate significantly during the
period, in which case, the exchange rates prevailing at the
dates of transactions are used. Exchange differences
arising, if any, are recognised in other comprehensive
income and accumulated in equity (the translation reserve).
3. 重大會計政策（續）
稅項（續）
遞延稅項資產及負債按預期於清償負債
或變現資產之期間適用之稅率計量，該
稅率乃根據於報告期末已實施或大致已
實施之稅率（及稅法）釐定。
遞延稅項負債及資產之計量反映本集團
於報告期末預期收回或結清其資產及負
債賬面值之方式可能會帶來之稅務後果。
即期及遞延稅項於損益確認。
外幣
於編製各個別集團實體之財務報表時，
以該實體功能貨幣以外之貨幣（外幣）所
進行之交易，按交易當日適用之匯率確
認。於報告期末，以外幣定值之貨幣項
目乃按於該日適用之匯率重新換算。按
公平值列賬以外幣定值之非貨幣項目乃
按於釐定公平值當日之適用匯率重新換
算。按歷史成本計量以外幣定值之非貨
幣項目無須重新換算。
因貨幣項目結算及因重新換算貨幣項目
而產生之匯兌差額，乃於產生期間在損
益內確認。
就呈列綜合財務報表而言，本集團業務
之資產及負債按報告期末適用之匯率換
算為本集團之呈列貨幣（即美元）。收入
及開支項目按年內平均匯率換算；惟倘
期內匯率大幅波動，則採用交易當日適
用之匯率。所產生之匯兌差額（如有）於
其他全面收入確認，並於權益（換算儲
備）中累計。
121 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Borrowing costs
Borrowing costs directly attributable to the acquisition,
construction or production of qualifying assets, which are
assets that necessarily take a substantial period of time to
get ready for their intended use or sale, are added to the
cost of those assets, until such time as the assets are
substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in
the period in which they are incurred.
Inventories
Consumable stores are valued at the lower of cost,
determined on a weighted average basis, and estimated
net realisable value. Net realisable value represents the
estimated sel l ing price less al l est imated costs of
completion and costs to be incurred in marketing, selling
and distribution. Obsolete and slow-moving consumable
stores are identified and are written down to their net
realisable values. Product inventories are valued at the
lower of cost, determined on a weighted average basis,
and net realisable value. Costs include direct mining costs
and directly attributable mine overheads.
Retirement benefits costs
Payments to defined contribution retirement benefit
schemes are recognised as an expense when employees
have rendered service entitling them to the contributions.
Payments made are dealt with as defined contribution
plans where the Group’s obligations under the schemes
are equivalent to those arising in a defined contribution
retirement benefit plan.
Provisions
Provisions are recognised when the Group has a present
obligation (legal or constructive) as a result of a past event,
it is probable that the Group will be required to settle the
obligation, and a reliable estimate can be made of the
amount of the obligation.
3. 重大會計政策（續）
借款成本
因收購、興建或生產合資格資產（即需一
段頗長時間方可投入作擬定用途或出售
之資產）而直接產生之借款成本，乃計入
該等資產之成本，直至資產大致上可投
入作擬定用途或出售為止。
所有其他借款成本於產生期間在損益內
確認。
存貨
易耗品按成本（以加權平均基準釐定）
與估計可變現淨值間之較低者定值。可
變現淨值指估計售價減完成的所有估計
成本及於營銷、銷售及分銷時產生之成
本。過時及滯銷易耗品須作識別並撇減
至其可變現價值。產品存貨按成本（以加
權平均基準釐定）與可變現淨值間之較低
者定值。成本包括直接開採成本及直接
應佔的礦場間接成本。
退休福利成本
向界定供款退休福利計劃繳付之款項於
僱員提供令其有權享有供款之服務時確
認為開支。倘本集團於計劃下之責任等
同於界定供款退休福利計劃所產生之責
任，所繳付之款項按界定供款計劃處理。
撥備
倘本集團因過往事件而承擔現時之法律
或推定責任，及本集團很可能須履行責
任，且有關責任金額能夠可靠地估計，
則確認撥備。
122 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Provisions (Continued)
The amount recognised as a provision is the best estimate
of the consideration required to settle the present obligation
at the end of the reporting period, taking into account the
risks and uncertainties surrounding the obligation. Where a
provision is measured using cash flows estimated to settle
the present obligation, its carrying amount is the present
value of those cash flows (when the effect of the time value
of money is material).
Provision for rehabilitation and environmental
expenditure
Long-term environmental obligations are provided for
based on the Group’s environmental plans, in compliance
with current environmental and regulatory requirements.
Full provision is made based on the net present value of
the est imated cost of restoring the environmental
disturbance that has occurred up to the end of the reporting
period. The estimated cost is capitalised in property, plant
and equipment as decommissioning assets and amortised
based on estimated proved and probable ore reserves
using the UOP method. The estimated cost of rehabilitation
is reviewed annually and adjusted as appropriate for
changes in legislation or technology and unwinding for the
time value of money. Changes in estimated costs are
added or deducted from the cost of the relevant assets in
the period such changes occurred.
Financial instruments
Financial assets and financial liabilities are recognised
when a group entity becomes a party to the contractual
provisions of the instruments.
Financial assets and financial liabilities are initially
measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets
and financial liabilities (other than financial assets and
financial liabilities at fair value through profit or loss) are
added to or deducted from the fair value of the financial
assets or financial liabilities, as appropriate, on initial
recognition. Transaction costs directly attributable to the
acquisition of financial assets or financial liabilities at fair
value through profit or loss are recognised immediately in
profit or loss.
3. 重大會計政策（續）
撥備（續）
確認為撥備之金額為於報告期末對履行
現時責任所需代價之最佳估計，並經考
慮責任相關之風險及不確定性。倘撥備
採用履行現時責任之估計現金流量計
量，而貨幣時間值之影響重大，則其賬
面值為該等現金流量之現值。
復修及環保開支撥備
長期環保責任乃遵照現行環保及監管規
定根據本集團之環保計劃計提撥備。
截至報告期末已發生的環境干擾修復
活動，乃按其估計成本淨現值作全數撥
備。估計成本於物業、廠房及設備進行
資本化為善後資產，並按估計的證實及
概約礦石儲量使用UOP法計提攤銷。估
計復修成本每年檢討，並就法例或科技
之改變以及貨幣時間值之展開作適當調
整。估計成本之變動乃加入或扣自出現
變動期內相關資產之成本。
金融工具
當集團實體成為工具合約條款之訂約方
時，確認金融資產及金融負債。
金融資產及金融負債初步按公平值計
量。於初步確認時，購買或發行金融資
產及金融負債（不包括按公平值計入損益
之金融資產及金融負債）直接應佔之交易
成本適當地計入金融資產或金融負債之
公平值或從中扣除。購買按公平值計入
損益之金融資產或金融負債直接應佔之
交易成本即時於損益確認。
123 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Financial instruments (Continued)
Financial assets
The Group’s financial assets are classified into the following
specified categories: financial assets at fair value through
profit or loss (“FVTPL”) and loans and receivables. The
classification depends on the nature and purpose of the
financial assets and is determined at the time of initial
recognition. All regular way purchases or sales of financial
assets are recognised and derecognised on a trade date
basis. Regular way purchases or sales are purchases or
sales of financial assets that require delivery of assets
within the t ime frame established by regulation or
convention in the marketplace.
Effective interest method
The effective interest method is a method of calculating the
amortised cost of a financial asset and of allocating interest
income over the relevant period. The effective interest rate
is the rate that exactly discounts estimated future cash
receipts (including all fees and points paid or received that
form an integral part of the effective interest rate,
transaction costs and other premiums or discounts) through
the expected l i fe of the f inancial asset, or, where
appropriate, a shorter period to the net carrying amount on
initial recognition.
Interest income is recognised on an effective interest basis
for debt instruments.
3. 重大會計政策（續）
金融工具（續）
金融資產
本集團之金融資產分為以下幾個具體類
別：按公平值計入損益（「按公平值計入
損益」）之金融資產以及貸款及應收款
項。該分類取決於金融資產之性質及用
途，並於初步確認時釐定。所有日常買
賣之金融資產均於交易日確認及取消確
認。日常買賣指須於市場規例或慣例所
規定之期間內交付資產之金融資產買賣
活動。
實際利率法
實際利率法為一種計算金融資產攤銷成
本及於有關期間內分配利息收入之方
法。實際利率為一項於金融資產之預計
年期內或（如適用）較短期間內將估計未
來現金收入（包括構成實際利率一部分之
所有已付或已收費用及點差、交易成本
及其他溢價或折讓）準確貼現至初步確認
時之賬面淨值之利率。
債務工具的利息收入按實際利率基準確
認。
124 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Financial instruments (Continued)
Financial assets (Continued)
Financial assets at FVTPL
Financial assets are classified at FVTPL when the financial
assets is either held for trading or it is designated as at
FVTPL on initial recognition.
A financial asset is classified as held for trading if:
• it has been acquired principally for the purpose of
selling in the near term; or
• on initial recognition it is a part of a portfolio of
identified financial instruments that the Group
manages together and has a recent actual pattern of
short-term profit-taking; or
• it is a derivative that is not designated and effective
as a hedging instrument.
Financial assets held for trading are stated at fair value,
with any gains or losses arising on remeasurement
recognised in profit or loss. The net gain or loss recognised
in profit or loss incorporates any dividend or interest earned
on the financial assets and is included in the ‘other gains
and losses’ line item.
3. 重大會計政策（續）
金融工具（續）
金融資產（續）
按公平值計入損益之金融資產
持作買賣或於初步確認時指定為按公平
值計入損益之金融資產分類為按公平值
計入損益。
符合下列條件之金融資產分類為持作買
賣：
• 購買之主要目的為於短期內出售；
或
• 於初步確認時為本集團共同管理的
已識別金融工具組合之一部分，且
近期已形成實際的短期獲利模式；
或
• 為一項未有指定及非有效對沖工具
的衍生工具。
持作買賣之金融資產按公平值計量，重
新計量產生之任何收益或虧損於損益確
認。於損益確認之收益或虧損淨額包括
金融資產賺取之任何股息或利息，並計
入「其他收益及虧損」分項。
125 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Financial instruments (Continued)
Financial assets (Continued)
Financial assets at FVTPL (Continued)
A financial asset other than a financial asset held for
trading may be designated as at FVTPL upon initial
recognition if:
• such designation eliminates or significantly reduces a
measurement or recognition inconsistency that would
otherwise arise; or
• the financial asset forms part of a group of financial
assets or f inancial l iabil i t ies or both, which is
managed and its performance is evaluated on a fair
value basis, in accordance wi th the Group’s
documented risk management or investment strategy,
and information about the grouping is provided
internally on that basis; or
• it forms part of a contract containing one or more
embedded derivatives, and HKAS 39 permits the
entire combined contract (asset or liability) to be
designated as at FVTPL.
Trade and bill receivables under provisional pricing
arrangements contain an embedded derivative in relation
to the London Metal Exchange ("LME") future commodity
prices (see the accounting policy in respect of embedded
derivatives below). The Group has designated the trade
and bill receivables containing the embedded derivatives to
be measured at FVTPL. The change in fair value is
included in the “revenue” line item.
Fair value is determined in the manner described in note
33.
Loans and receivables
Loans and receivables are non-derivative financial assets
with fixed or determinable payments that are not quoted in
an active market. Loans and receivables (including loan
receivable, trade and other receivables and bank balances
and cash) are measured at amortised cost using the
effective interest method, less any impairment losses.
3. 重大會計政策（續）
金融工具（續）
金融資產（續）
按公平值計入損益之金融資產（續）
金融資產（持有作買賣之金融資產除外）
倘滿足下列條件，可於初步確認時指定
為按公平值計入損益：
• 有關指定消除或大幅減少可能會出
現的計量或確認方面之不一致性；
或
• 根據本集團制定之風險管理或投資
策略，該項金融資產構成一組金融
資產組別或金融負債組別或兩者組
成之組別之一部分，其按公平值基
準管理且其表現以公平值為基準進
行評估，而有關組別之資料亦按此
基準向內部提供；或
• 其構成包含一項或多項嵌入式衍生
工具之合約之一部分，且香港會計
準則第39號允許將全部合併合約
（資產或負債）指定為按公平值計入
損益。
有臨時定價安排之貿易應收款項及應收
票據包含一項針對倫敦金屬交易所（「倫
金所」）未來商品價格而訂立之嵌入式衍
生工具（見下文有關嵌入式衍生工具之會
計政策）。本集團已將包含嵌入式衍生工
具之貿易應收款項及應收票據指定為按
公平值計入損益。公平值之變動計入「收
益」分項。
公平值按附註33所述方式釐定。
貸款及應收款項
貸款及應收款項指具有固定或可釐定付
款，而並無活躍市場報價之非衍生金融
資產。貸款及應收款項（包括應收貸款、
貿易及其他應收款項以及銀行結餘及現
金）採用實際利率法按攤銷成本減去任何
減值虧損計量。
126 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Financial instruments (Continued)
Financial assets (Continued)
Impairment of financial assets
Financial assets, other than those at FVTPL, are assessed
for indicators of impairment at the end of each reporting
period. Financial assets are considered to be impaired
where there is objective evidence that, as a result of one or
more events that occurred after the initial recognition of the
financial asset, the estimated future cash flows of the
investment have been affected.
Objective evidence of impairment could include:
• signif icant f inancial di f f iculty of the issuer or
counterparty; or
• breach of contract, such as default or delinquency in
interest or principal payments; or
• it becoming probable that the borrower will enter
bankruptcy or financial reorganisation.
For certain categories of financial assets, such as trade
receivables, assets are assessed for impairment on a
collective basis even if they were assessed not to be
impaired individually. Objective evidence of impairment for
a portfolio of receivables could include the Group’s past
experience of collecting payments, an increase in the
number of delayed payments in the portfolio past the
average credit period, as well as observable changes in
national or local economic conditions that correlate with
default on receivables.
For financial assets that are carried at amortised cost, the
amount of the impairment recognised is the difference
between the asset’s carrying amount and the present value
of estimated future cash flows, discounted at the financial
asset’s original effective interest rate.
3. 重大會計政策（續）
金融工具（續）
金融資產（續）
金融資產減值
金融資產（不包括按公平值計入損益之金
融資產）於各報告期末評定有否減值跡
象。如有客觀憑證顯示因初步確認金融
資產後發生一項或多項事件，導致投資
之估計未來現金流量受到影響，則金融
資產視為減值。
減值之客觀憑證可包括：
• 發行人或對手方陷入嚴重的財務困
境；或
• 違約，如無法償還或拖欠支付利息
或本金款項；或
• 借款人有可能破產或進行財務重
組。
就若干類別金融資產如貿易應收款項而
言，評定為不會個別減值之資產乃集體
評估減值。應收款項組合減值之客觀憑
證可包括本集團過往收款記錄、組合中
延遲付款至超逾平均信貸期之宗數增
加，以及國家或地方經濟狀況出現明顯
變化而與無力償還應收款項有連帶關係。
就按攤銷成本列賬之金融資產而言，已
確認減值金額為資產賬面值與按該金融
資產原實際利率貼現的估計未來現金流
量現值間之差額。
127 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Financial instruments (Continued)
Financial assets (Continued)
Impairment of financial assets (Continued)
The carrying amount of the financial asset is reduced by
the impairment loss directly for all financial assets with the
exception of trade receivables, where the carrying amount
is reduced through the use of an allowance account. When
a trade receivable is considered uncollectible, it is written
off against the allowance account. Subsequent recoveries
of amounts previously written off are credited against the
allowance account. Changes in the carrying amount of the
allowance account are recognised in profit or loss.
For financial assets measured at amortised cost, if, in a
subsequent period, the amount of the impairment loss
decreases and the decrease can be related objectively to
an event occurring after the impairment was recognised,
the previously recognised impairment loss is reversed
through profit or loss to the extent that the carrying amount
of the investment at the date the impairment is reversed
does not exceed what the amortised cost would have been
had the impairment not been recognised.
Financial liabilities and equity instruments
Financial liabilities and equity instruments issued by a
group entity are classified as either financial liabilities or as
equity in accordance with the substance of the contractual
arrangements and the definitions of a financial liability and
an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a
residual interest in the assets of an entity after deducting all
of its liabilities. Equity instruments issued by a group entity,
are recognised at the proceeds received, net of direct issue
costs.
3. 重大會計政策（續）
金融工具（續）
金融資產（續）
金融資產減值（續）
所有金融資產之減值虧損直接於其賬
面值減除，惟貿易應收款項除外，其賬
面值乃透過使用撥備賬減少。倘貿易應
收款項被視為不可收回，則於撥備賬撇
銷。其後收回先前撇銷之金額計入損益
內。撥備賬之賬面值變動於損益確認。
就按攤銷成本計量之金融資產而言，倘
於往後期間減值虧損金額減少，而該減
少與確認減值後發生之事件客觀相關，
則先前確認之減值虧損透過損益撥回，
惟於撥回減值當日，投資之賬面值不得
超過並無確認減值時之攤銷成本。
金融負債及股本工具
由集團實體發行之金融負債及股本工
具，乃根據合約安排之內容、金融負債
及股本工具之定義分類為金融負債或權
益。
股本工具
股本工具指證明擁有某實體資產於扣減
其所有負債後之剩餘權益之任何合約。
集團實體所發行之股本工具按已收所得
款項扣除直接發行成本確認。
128 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Financial instruments (Continued)
Financial liabilities and equity instruments (Continued)
Perpetual subordinated convertible securities
Perpetual subordinated convert ible securi t ies are
convertible into a fixed number of ordinary shares of the
Company and include no contractual obligation for the
Group to deliver cash or another financial asset to the
holders or to exchange financial assets or financial liabilities
with the holders under conditions that are potentially
unfavourable to the Group. These securities are classified
as equity instruments and are initially recognised at their
fair value on the date of issuance and are not subsequently
remeasured.
Financial liabilities
Financial liabilities are classified as either financial liabilities
at FVTPL or other financial liabilities.
Financial liabilities at FVTPL
Financial liabilities are classified as at FVTPL when the
financial liability is either held for trading or it is designated
as FVTPL on initial recognition.
A financial liability is classified as held for trading if:
• it has been incurred principally for the purpose of
repurchasing in the near term; or
• on initial recognition it is a part of portfolio of identified
f inancial instruments that the Group manages
together and has a recent actual pattern of short-term
profit-taking; or
• it is a derivative that is not designated and effective
as a hedging instrument.
Financial liabilities at FVTPL are stated at fair value, with
any gains or losses arising on remeasurement recognised
in profit or loss. The net gain or loss incorporates any
interest paid on the financial liability and is included in the
‘other gains and losses’ line item.
3. 重大會計政策（續）
金融工具（續）
金融負債及股本工具（續）
永久次級可換股證券
永久次級可換股證券可轉換為固定數目
的本公司普通股，不包含若發生有可能
不利於本集團之情況，則由本集團向持
有人交付現金或其他金融資產，或與持
有人交換金融資產或金融負債的合約責
任。該等證券分類為股本工具，初步按
其於發行日期的公平值確認，其後不予
重新計量。
金融負債
金融負債分類為按公平值計入損益之金
融負債或其他金融負債。
按公平值計入損益之金融負債
倘金融負債為持作買賣或於初步確認時
指定為按公平值計入損益，則分類為按
公平值計入損益之金融負債。
符合下列條件之金融負債分類為持作買
賣：
• 產生的主要目的為於短期內購回；
或
• 於初步確認時為本集團共同管理的
已識別金融工具組合的一部分，且
近期已形成實際的短期獲利模式；
或
• 其為未有指定及非有效對沖工具的
衍生工具。
按公平值計入損益之金融負債按公平值
計量，而重新計量產生之任何收益或虧
損於損益確認。收益或虧損淨額包括金
融負債的任何已付利息，並計入「其他收
益及虧損」分項。
129 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Financial liabilities at FVTPL (Continued)
A financial liability other than a financial liability held for
trading may be designated as at FVTPL upon initial
recognition if:
• such designation eliminates or significantly reduces a
measurement or recognition inconsistency that would
otherwise arise; or
• the financial liability forms part of a group of financial
assets or f inancial l iabil i t ies or both, which is
managed and its performance is evaluated on a fair
value basis, in accordance wi th the Group’s
documented risk management or investment strategy,
and information about the grouping is provided
internally on that basis; or
• it forms part of a contract containing one or more
embedded derivatives, and HKAS 39 permits the
entire combined contract (asset or liability) to be
designated as at FVTPL.
Trade payables under provisional pricing arrangements
contain an embedded derivative in relation to the LME
future commodity prices (see the accounting policy in
respect of embedded derivatives below). The Group has
designated the trade payables containing the embedded
derivatives to be measured at FVTPL. The change in fair
value is included in the “cost of sales” line item.
Fair value is determined in the manner described in note
33.
3. 重大會計政策（續）
按公平值計入損益之金融負債（續）
金融負債（持有作買賣之金融負債除外）
倘滿足下列條件，可於初步確認時指定
為按公平值計入損益：
• 有關指定消除或大幅減少可能會出
現的計量或確認方面之不一致性；
或
• 根據本集團制定之風險管理或投資
策略，該項金融負債構成一組金融
資產組別或金融負債組別或兩者組
成之組別之一部分，其按公平值基
準管理且其表現以公平值為基準進
行評估，而有關組別之資料亦按此
基準向內部提供；或
• 其構成包含一項或多項嵌入式衍生
工具之合約之一部分，且香港會計
準則第39號允許將全部合併合約
（資產或負債）指定為按公平值計入
損益。
有臨時定價安排之貿易應付款項包含一
項針對倫金所未來商品價格而訂立之嵌
入式衍生工具（見下文有關嵌入式衍生工
具之會計政策）。本集團已將包含嵌入式
衍生工具之貿易應付款項指定為按公平
值計入損益。公平值之變動計入「銷售成
本」分項。
公平值按附註33所述方式釐定。
130 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Financial instruments (Continued)
Financial liabilities and equity instruments (Continued)
Financial liabilities (Continued)
Other financial liabilities
Other financial l iabilit ies (including trade and other
payables, amounts due to an intermediate holding
company, a fellow subsidiary and a non-controlling
shareholder of a subsidiary and bank borrowings) are
subsequently measured at amortised cost using the
effective interest method.
Effective interest method
The effective interest method is a method of calculating the
amortised cost of a financial liability and of allocating
interest expense over the relevant period. The effective
interest rate is the rate that exactly discounts estimated
future cash payments (including all fees and points paid or
received that form an integral part of the effective interest
rate, transaction costs and other premiums or discounts)
through the expected life of the financial liability, or, where
appropriate, a shorter period, to the net carrying amount on
initial recognition.
Interest expense is recognised on an effective interest
basis.
Derivative financial instruments
In the ordinary course of its operations, the Group may
enter into a variety of derivative financial instruments to
manage its exposure to commodity price and foreign
exchange rate risks.
Derivatives are initially recognised at fair value at the date
when derivative contracts are entered into and are
subsequently remeasured to their fair value at the end of
the report ing period. The result ing gain or loss is
recognised in profit or loss immediately unless the
derivative is designated and effective as a hedging
instrument, in which case the timing of the recognition in
prof i t or loss depends on the nature of the hedge
relationship.
3. 重大會計政策（續）
金融工具（續）
金融負債及股本工具（續）
金融負債（續）
其他金融負債
其他金融負債（包括貿易及其他應收款
項、應付中間控股公司、同系附屬公司
及附屬公司非控股股東之款項及銀行借
款）其後採用實際利率法按攤銷成本計
量。
實際利率法
實際利率法為一種計算金融負債攤銷成
本及於有關期間內分配利息開支之方
法。實際利率為一項於金融負債之預計
年期內或（如適用）較短期間內將估計未
來現金付款（包括構成實際利率一部分之
所有已付或已收費用及點差、交易成本
及其他溢價或折讓）準確地貼現至初步確
認時之賬面淨值之利率。
利息開支按實際利率基準確認。
衍生金融工具
於日常業務過程中，本集團會訂立各類
衍生金融工具，以管理其商品價格及匯
率風險敞口。
衍生工具初步按衍生工具合約訂立當日
之公平值確認，其後按其於報告期末之
公平值重新計量。由此產生之收益或虧
損即時於損益確認，惟倘衍生工具指定
為有效的對沖工具，則於損益確認之時
間將視乎對沖關係之性質而定。
131 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Financial instruments (Continued)
Derivative financial instruments (Continued)
Embedded derivatives
Derivatives embedded in non-derivative host contracts are
treated as separate derivatives when they meet the
definition of a derivative, their risks and characteristics are
not closely related to those of the host contracts and the
host contracts are not measured at FVTPL.
Hedge accounting
The Group designates certain derivatives, which include
derivatives in respect of commodity price risk or foreign
currency risk, as hedging instruments for cash flow hedges.
Hedges of commodity price risk or foreign exchange risk
are accounted for as cash flow hedges.
At the inception of the hedge relationship, the Group
documents the relationship between the hedging instrument
and the hedged item, along with its risk management
objectives and its strategy for undertaking various hedge
transactions. Furthermore, at the inception of the hedge
and on an ongoing basis, the Group documents whether
the hedging instrument is highly effective in offsetting
changes in fair values or cash flows of the hedged item
attributable to the hedged risk.
Cash flow hedges
The effective portion of changes in the fair value of
derivatives that are designated and qualify as cash flow
hedges is recognised in other comprehensive income and
accumulated under the heading of ‘hedging reserve’. The
gain or loss relating to the ineffective portion is recognised
immediately in profit or loss and is included in the ‘other
gains and losses’ line item.
Amounts previously recognised in other comprehensive
income and accumulated in equity (hedging reserve) are
reclassified to profit or loss in the period when the hedged
item affects profi t or loss, in the same l ine as the
recognised hedged item.
3. 重大會計政策（續）
金融工具（續）
衍生金融工具（續）
嵌入式衍生工具
並非衍生工具之主體合約內含的衍生工
具於符合衍生工具之定義時視作獨立的
衍生工具，其風險及特徵與主體合約的
風險及特徵並不密切相關，而主體合約
並非以按公平值計入損益計量。
對沖會計法
本集團將若干衍生工具（包括有關商品價
格風險或外匯風險之衍生工具）指定為用
作現金流量對沖之對沖工具。商品價格
風險或外匯風險之對沖入賬列作現金流
量對沖。
於建立對沖關係時，本集團記錄對沖工
具與對沖項目間之關係，並訂明其風險
管理目標及其進行多項對沖交易之策
略。此外，自訂立對沖起，本集團持續
記錄對沖工具能否極為有效地抵銷對沖
風險造成的對沖項目公平值或現金流量
之變動。
現金流量對沖
對於指定及符合資格作為現金流量對沖
之衍生工具，其公平值變動之有效部分
於其他全面收入確認，並於「對沖儲備」
累計。與無效部分有關之收益或虧損即
時於損益確認，並計入「其他收益及虧
損」分項。
先前於其他全面收入確認並於權益（對沖
儲備）累計之金額，於對沖項目影響損益
期間重新分類至損益，與已確認對沖項
目處於相同項下。
132 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Financial instruments (Continued)
Derivative financial instruments (Continued)
Cash flow hedges (Continued)
Hedge accounting is discontinued when the Group revokes
the hedging relationships, when the hedging instrument
expires or is sold, terminated, or exercised, or when it no
longer qualifies for hedge accounting. Any gain or loss
recogn ised in o ther comprehens ive income and
accumulated in equity (hedging reserve) at that time
remains in equity and is recognised when the forecast
transaction is ultimately recognised in profit or loss. When
a forecast transaction is no longer expected to occur, the
gain or loss accumulated in equi ty is recognised
immediately in profit or loss.
Derecognition
The Group derecognises a financial asset only when the
contractual rights to the cash flows from the asset expire,
or when it transfers the financial asset and substantially all
the risks and rewards of ownership of the asset to another
entity. If the Group retains substantially all the risks and
rewards of ownership of a transferred financial asset, the
Group continues to recognise the financial asset and also
recognises a collateralised borrowing for the proceeds
received.
On derecognition of a financial asset, the difference
between the asset’s carrying amount and the sum of the
consideration received and receivable and the cumulative
ga in o r l oss tha t had been recogn ised in o ther
comprehensive income and accumulated in equity is
recognised in profit or loss.
The Group derecognises financial liabilities when, and only
when, the Group’s obligations are discharged, cancelled or
expired. The difference between the carrying amount of the
financial liability derecognised and the consideration paid
and payable is recognised in profit or loss. When equity
instruments are issued to extinguish financial liabilities, the
difference between the carrying amount of the financial
liabilities and the fair value of equity instruments, if any, is
recognised in profit or loss.
3. 重大會計政策（續）
金融工具（續）
衍生金融工具（續）
現金流量對沖（續）
倘本集團撤銷對沖關係、對沖工具屆滿
或被出售、終止或被行使，或倘其不再
符合資格作對沖會計處理，則終止對沖
會計處理。屆時，於其他全面收入確認
並於權益（對沖儲備）累計之任何收益或
虧損仍於權益保留，並於預期交易最終
於損益確認時確認。倘預期交易預計不
再發生，則於權益累計之收益或虧損即
時於損益確認。
取消確認
本集團僅會於從資產取得現金流量之合
約權利屆滿，或於其將金融資產及該資
產擁有權之絕大部分風險及回報轉移予
另一實體時方取消確認金融資產。倘本
集團保留一項已轉讓金融資產之擁有權
的絕大部分風險及回報，本集團會繼續
確認該金融資產，亦就已收款項確認有
抵押借款。
於取消確認金融資產時，資產賬面值與
已收及應收代價及已於其他全面收入確
認並於權益累計之累積收益或虧損總和
間之差額，於損益中確認。
本集團僅於本集團之責任解除、取消或
屆滿時方取消確認金融負債。取消確認
之金融負債之賬面值與已付及應付代價
間之差額於損益確認。倘發行股本工具
清償金融負債，金融負債賬面值與股本
工具公平值間之差額（如有）於損益確認。
133 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
3. SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Leasing
Leases are classified as finance leases whenever the terms
of the lease transfer substantially all the risks and rewards
of ownership to the lessee. All other leases are classified
as operating leases.
The Group as lessee
Operating lease payments are recognised as an expense
on a straight-line basis over the lease term.
4. CRITICAL ACCOUNTING JUDGEMENTS
AND KEY SOURCES OF ESTIMATION
UNCERTAINTY
In the process of applying the Group’s accounting policies,
which are described in note 3, the directors of the Company
have identified the following judgements and key sources
of estimation uncertainty that have significant effect on the
amounts recognised in the consol idated f inancial
statements.
The key sources of estimation uncertainty at the end of the
reporting period that may have a significant risk of causing
a material adjustment to the carrying amounts of assets
and liabilities within the next financial year are disclosed
below.
Mineral reserves
Technical estimates of the Group’s mineral reserves are
inherently imprecise and represent only estimated amounts
because of the subject ive judgements involved in
developing such information. There are authoritative
guidelines regarding the engineering criteria that have to be
met before estimated mineral reserves can be designated
as “proved” and “probable”. Proved and probable mineral
reserves estimates are updated on a regular basis and take
into account recent economic production and technical
information about each mine. In addition, as production
levels and technical standards change from year to year,
the estimate of proved and probable mineral reserves also
changes. Despite the inherent imprecision in these
technical estimates, these estimates are used as the basis
for calculation of depreciation of property, plant and
equipment and amortisation of mineral rights and for
assessment of impairment losses as appropriate.
3. 重大會計政策（續）
租賃
當租賃之條款將擁有權之絕大部分風險
及回報轉移至承租人時，租賃分類為融
資租賃。所有其他租賃則分類為經營租
賃。
本集團作為承租人
經營租賃款項以直線基準於租期內確認
為開支。
4. 關鍵會計判斷及估計不確定因素
之主要來源
於應用本集團之會計政策（詳見附註3）過
程中，本公司董事已識別以下對綜合財
務報表之已確認金額有重大影響之判斷
及估計不確定因素之主要來源。
下文為於報告期末極有可能導致下個財
政年度資產及負債之賬面值作重大調整
之估計不確定因素之主要來源。
礦產儲量
鑒於編製礦產儲量資料涉及主觀判斷，
本集團礦產儲量之技術估計本身並不精
確，僅為估計數額。在估計礦產儲量可
指定為「證實」及「概略」儲量前，須達致
有關工程標準之權威性指引。證實及概
約礦產儲量估計乃定期更新，並計入各
個礦場最近之經濟生產量及技術資料。
此外，由於生產水平及技術標準逐年變
更，故證實及概約礦產儲量之估計亦會
出現變動。此等技術估計雖然本身並不
精確，但乃作為基準用作計算物業、廠
房及設備之折舊以及礦產權之攤銷，以
及適當評估減值虧損。
134 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
4. CRITICAL ACCOUNTING JUDGEMENTS
AND KEY SOURCES OF ESTIMATION
UNCERTAINTY (Continued)
Depreciation of property, plant and equipment
and amortisation of mineral rights
Mining assets included within property, plant and equipment
and mineral r ights are depreciated and amort ised
respectively using the UOP method. The calculation of the
UOP rate of depreciation and amortisation, and therefore
the annual depreciation and amortisation charge to
operations, can fluctuate from initial estimates. This could
generally result when there are significant changes in any
of the factors or assumptions used in estimating mineral
reserves, notably changes in the assumptions relating to
geology of the reserves and assumptions used in
determining the economic feasibility of the reserves.
Estimates of proved and probable reserves are prepared
by experts in extraction, geology and reserve determination.
Assessments of the UOP rates against the estimated
reserve base and operating and development plan are
performed regularly. Any change in estimates will increase
or decrease the inventories in the period in which the
changes occur. The depreciation and amortisation of the
mining assets are US$43,377,000 (2016: US$46,772,000)
and US$7,030,000 (2016: US$10,973,000) respectively for
the year ended 31 December 2017. The carrying amounts
of property, plant and equipment and mineral rights are set
out in notes 15 and 16, respectively.
Impairment assessment of property, plant and
equipment, mineral rights and exploration and
evaluation assets
Property, plant and equipment, mineral r ights and
exploration and evaluation assets are reviewed for
impairment whenever events or changes in circumstances
indicate that the carry ing value may not be fu l ly
recoverable. If an asset’s recoverable amount is less than
the asset’s carrying amount, an impairment loss is
recognised. Future cash flow estimates which are used to
calculate the asset’s recoverable amount are based on
expectations about future operations primarily comprising
estimates about production and sales volumes, commodity
prices, reserves, operat ing and rehabi l i tat ion and
restoration costs. Changes in such estimates could impact
recoverable values of these assets. Estimates are reviewed
regularly by the management. Where the recoverable
amount is less than expected, a material impairment loss
may arise. As at 31 December 2017, property, plant and
equipment were at carrying amount of US$671,077,000
(2016: US$688,100,000), mineral rights were at carrying
amount of US$488,057,000 (2016: US$478,007,000) and
exploration and evaluation assets were at carrying amount
of US$212,332,000 (2016: US$181,630,000).
4. 關鍵會計判斷及估計不確定因素
之主要來源（續）
物業、廠房及設備之折舊以及礦產權
之攤銷
分別計入物業、廠房及設備以及礦產權
之採礦資產乃分別採用UOP法計提折
舊及攤銷。折舊及攤銷的UOP比率乃至
經營所產生的年度折舊及攤銷支出之計
算結果可能較初步估計有所變動。變動
一般源自用以估計礦產儲量之任何因素
或假設出現重大變動，尤其是與儲量之
地質狀況有關之假設及用以釐定儲量經
濟可行性時所用的假設出現變動。證實
及概約儲量之估計乃由開採、地質及儲
量計算專家編製。UOP比率須按估計儲
量基礎及經營開發計劃定期作出評估。
任何估計之變動將會增加或減少變動發
生期間之存貨。截至二零一七年十二月
三十一日止年度，採礦資產之折舊及攤
銷金額分別為43,377,000美元（二零一六
年：46,772,000美 元）及7,030,000美 元
（二零一六年：10,973,000美元）。物業、
廠房及設備以及礦產權之賬面值分別載
於附註15及16。
物業、廠房及設備、礦產權以及勘探
及評估資產之減值評估
物業、廠房及設備、礦產權以及勘探及
評估資產乃於發生事件或情況變化，
顯示其賬面值可能無法全數收回時作
減 值 檢 討。倘 資 產 之 可 收 回 金 額 少 於
其賬面值，則確認減值虧損。用於計算
資產可收回金額之未來現金流量估計
乃 基 於 有 關 未 來 經 營 之 預 期 釐 定，主
要包括有關產量及銷售量、商品價格、
儲 量、經 營 及 復 墾 與 復 修 成 本 有 關 之
估 計。此 等 估 計 之 變 動 可 能 影 響 相 關
資 產 之 可 收 回 價 值。估 計 乃 由 管 理 層
定期檢討。倘可收回金額少於預期，則
可 能 產 生 重 大 減 值 虧 損。於 二 零 一 七
年十二月三十一日，物業、廠房及設備
之賬面值為671,077,000美元（二零一六
年：688,100,000美 元）；礦 產 權 之 賬
面值為488,057,000美元（二零一六年：
478,007,000美元）以及勘探及評估資產
之賬面值為212,332,000美元（二零一六
年：181,630,000美元）。
135 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
4. CRITICAL ACCOUNTING JUDGEMENTS
AND KEY SOURCES OF ESTIMATION
UNCERTAINTY (Continued)
Impairment assessment of property, plant and
equipment, mineral rights and exploration and
evaluation assets (Continued)
The recoverable amount is determined on the basis of
value in use. Details of these are set out in note 8.
Provision for rehabilitation and environmental
expenditure
The provision for rehabilitation and environmental costs
has been determined by the directors of the Company
based on their best estimates. The directors of the
Company estimate this liability for final reclamation and
mine closure based upon detailed calculations of the
amount and timing of future cash flows spending for a third
party to perform the required work, escalated for inflation,
then discounted at a discount rate that reflects current
market assessments of the time value of money, adjusted
for inflation and the risks specific to the liability, such that
the provision reflects the present value of the estimated
cost of restoring the environment disturbance that is
expected to be required to settle the obligation. However,
as the effect on the land and the environment from current
mining activities becomes apparent in future periods, the
estimate of the associated costs may be subject to change
in the future. The provision is reviewed regularly to ensure
that it properly reflects the present value of the obligation
arising from the current and past mining activities.
Recognition of revenue and inventories
Mineral and metal products are purchased and sold under
provisional pricing arrangements where final grades of
copper and cobalt in the Group’s copper and cobalt
products are agreed based on third-party examination and
final prices are set on the date of final pricing. Revenues
and inventories are recognised when title and risk of the
mineral and metal products are passed to customers and
from suppliers using history of grades of copper and cobalt
in copper and cobal t products based on in ternal
examination statistics and estimated average prices up to
the date of final pricing.
4. 關鍵會計判斷及估計不確定因素
之主要來源（續）
物業、廠房及設備、礦產權以及勘探
及評估資產之減值評估（續）
可收回金額乃根據使用價值釐定。相關
詳情載於附註8。
復修及環保開支撥備
復修及環保成本撥備乃由本公司董事根
據其最佳估計釐定。本公司董事對此項
最終復墾及閉井之責任作出估計時，乃
基於對第三方從事所需工程所耗用之未
來現金流量金額及時間之詳盡計算（因應
通脹上調），然後按可反映市場當前對貨
幣時間值（就通脹作出調整）及該負債特
定風險之評估的貼現率貼現，以使撥備
反映清償責任預期所需之環境破壞估計
修復成本之現值。然而，由於目前採礦
活動對土地及環境之影響將於往後期間
愈發明顯，故相關成本之估計日後可能
有所變動。撥備乃定期作出檢討，以確
保其適當地反映目前及過往採礦活動所
產生責任之現值。
收益及存貨之確認
礦產及金屬產品根據臨時定價安排買
賣，而臨時定價安排中本集團銅鈷產品
所含之銅鈷最終品位乃基於第三方之檢
驗協定，最終價格於最終訂價日訂定。
收益及存貨於礦產及金屬產品之所有權
及風險轉移至客戶及由供應商轉出時，
採用銅及鈷產品之銅及鈷品位的過往記
錄（基於內部檢驗結果的統計數據釐定）
及截至最終訂價日止之估計平均價格確
認。
136 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
4. CRITICAL ACCOUNTING JUDGEMENTS
AND KEY SOURCES OF ESTIMATION
UNCERTAINTY (Continued)
Deferred tax assets
Deferred tax assets are recognised for all temporary
differences to the extent that it is probable that taxable
profit will be available against which the deductible
temporary differences can be utilised. Recognition primarily
involves judgement regarding the future performance of the
particular legal entity in which the deferred tax asset has
been recognised. A variety of other factors are also
evaluated in considering whether there is convincing
evidence that it is probable that some portion or all of the
deferred tax assets will ultimately be utilised, such as the
amounts of the future taxable profit and tax planning
strategies. No deferred tax asset has been recognised on
the tax losses of US$59,860,000 (2016: US$57,824,000)
due to the unpredictability of future profits streams. The
carrying amount of deferred tax assets is set out in note 29.
5. REVENUE
Revenue represents revenue arising from sales of goods.
An analysis of the Group’s revenue for the year is as
follows:
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Sales of copper 銷售銅 360,952 306,848
Sales of cobalt 銷售鈷 186,226 57,997
Sales of zinc 銷售鋅 2,010 –
549,188 364,845
4. 關鍵會計判斷及估計不確定因素
之主要來源（續）
遞延稅項資產
倘有可能獲得可供動用可扣減暫時差額
之應課稅溢利，則就所有暫時差額確認
遞延稅項資產。確認主要涉及對已確認
遞延稅項資產之特定法人之未來表現作
出判斷。考慮是否有具說服力之憑證證
明有可能最終動用若干部分或所有遞延
稅項資產時，亦會評定多項其他因素，
如未來應課稅溢利金額及稅務規劃策略
等。並無就稅項虧損59,860,000美元（二
零一六年：57,824,000美元）確認遞延
稅項資產，原因是無法預測未來溢利情
況。遞延稅項資產之賬面值載於附註29。
5. 收益
收益指銷售貨品所產生之收益。本集團
年內之收益分析如下：
137 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
6. SEGMENT INFORMATION
IFRS 8 “Operating segments” requires operating segments
to be identified on the basis of internal reports about
components of the Group that are regularly reviewed by the
chief operating decision maker (“CODM”) in order to
al locate resources to the segment and assess i ts
performance.
The CODM has been identified as the executive directors
of the Company. They review the Group’s internal reporting
for the purpose of resource allocation and assessment of
segment performance.
The Group’s operating and reportable segments are as
follows:
• Mining operations
• Trading of mineral and metal products
Segment revenues and results
The following is an analysis of the Group’s revenue and
results by operating and reportable segments.
For the year ended 31 December 2017
Mining
operations
Trading
of mineral
and metal
products Total
採礦業務
礦產品及金屬
產品貿易 總計
US$’000 US$’000 US$’000
千美元 千美元 千美元
Segment revenues 分類收益 449,203 99,985 549,188
Segment results 分類業績 63,413 (474) 62,939
Unallocated corporate income 未分配公司收入 986
Unallocated corporate expenses 未分配公司開支 (2,740)
Profit before tax 除稅前溢利 61,185
6. 分類資料
國際財務報告準則第8號「經營分類」規
定，經營分類須按本集團組成部分之內
部報告確定，有關內部報告經由主要營
運決策者（「主要營運決策者」）定期審
閱，以分配分類資源及評估分類表現。
主要營運決策者經確定為本公司執行董
事。彼等負責審閱本集團之內部報告以
進行資源分配及評估分類表現。
本集團之經營及可報告分類如下：
• 採礦業務
• 礦產品及金屬產品貿易
分類收益及業績
以下為本集團按經營及可報告分類劃分
之收益及業績分析。
截至二零一七年十二月三十一日止年度
138 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
6. SEGMENT INFORMATION (Continued)
Segment revenues and results (Continued)
For the year ended 31 December 2016
Mining
operations
Trading
of mineral
and metal
products Total
採礦業務
礦產品及金屬
產品貿易 總計
US$’000 US$’000 US$’000
千美元 千美元 千美元
Segment revenues 分類收益 263,186 101,659 364,845
Segment results 分類業績 6,886 (962) 5,924
Unallocated corporate income 未分配公司收入 217
Unallocated corporate expenses 未分配公司開支 (2,820)
Profit before tax 除稅前溢利 3,321
Note: The accounting policies of operating segments are the same
as the Group’s accounting policies. Segment revenues and
segment results comprise revenue from external customers
and profit before tax of each segment (excluding finance
income, other gains and losses and other centra l
administration costs), respectively.
6. 分類資料（續）
分類收益及業績（續）
截至二零一六年十二月三十一日止年度
附註： 經營分類之會計政策與本集團會計政策
相同。分類收益及分類業績分別包括各
分類來自外界客戶之收益及各分類所錄
得之除稅前溢利（不包括財務收入、其
他收益及虧損及其他中央行政成本）。
139 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
6. SEGMENT INFORMATION (Continued)
Segment assets and liabilities
The following is an analysis of the Group’s assets and
liabilities by operating and reportable segments:
Segment assets
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Mining operations 採礦業務 1,656,646 1,623,689
Trading of mineral and metal products 礦產品及金屬產品貿易 72,564 49,339
Total segment assets 分類資產總值 1,729,210 1,673,028
Unallocated corporate assets 未分配公司資產 52,921 7,074
Consolidated assets 綜合資產 1,782,131 1,680,102
Segment liabilities
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Mining operations 採礦業務 566,289 599,887
Trading of mineral and metal products 礦產品及金屬產品貿易 50,625 23,302
Total segment liabilities 分類負債總額 616,914 623,189
Unallocated corporate liabilities 未分配公司負債 294,735 289,369
Consolidated liabilities 綜合負債 911,649 912,558
Note: Segment assets and segment liabilities comprise total
assets (excluding unallocated corporate assets) and total
liabilities (excluding tax payable, deferred tax liabilities and
other unallocated corporate liabilities) of each segment,
respectively.
6. 分類資料（續）
分類資產及負債
以下為本集團按經營及可報告分類劃分
之資產及負債分析：
分類資產
附註： 分類資產及分類負債分別包括各分類之
資產總值（不包括未分配公司資產）及負
債總額（不包括應繳稅項、遞延稅項負
債及其他未分配公司負債）。
分類負債
140 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
6. SEGMENT INFORMATION (Continued)
Other segment information
For the year ended 31 December 2017
Mining
operations
Trading
of mineral
and metal
products Unallocated Total
採礦業務
礦產品及金屬
產品貿易 未分配 總計
US$’000 US$’000 US$’000 US$’000
千美元 千美元 千美元 千美元
Amounts included in the
measure of segment results
and segment assets:
計量分類業績及
分類資產時
計入的金額：
Addition to non-current assets
(Note)
非流動資產添置
（附註） 57,101 – – 57,101
Finance income 財務收入 548 5 433 986
Finance costs 財務成本 6,924 664 1,085 8,673
Reversal of impairment loss
recognised in respect of
mineral rights
就礦產權確認之減值
虧損撥回
(17,080) – – (17,080)
Depreciation of property, plant
and equipment
物業、廠房及設備折舊
43,377 33 12 43,422
Amortisation of mineral rights 礦產權攤銷 7,030 – – 7,030
6. 分類資料（續）
其他分類資料
截至二零一七年十二月三十一日止年度
141 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
6. 分類資料（續）
其他分類資料（續）
截至二零一六年十二月三十一日止年度
6. SEGMENT INFORMATION (Continued)
Other segment information (Continued)
For the year ended 31 December 2016
Mining
operations
Trading
of mineral
and metal
products Unallocated Total
採礦業務
礦產品及金屬
產品貿易 未分配 總計
US$’000 US$’000 US$’000 US$’000
千美元 千美元 千美元 千美元
Amounts included in the
measure of segment results
and segment assets:
計量分類業績及
分類資產時
計入的金額：
Addition to non-current assets
(Note)
非流動資產添置
（附註） 67,933 – 601 68,534
Finance income 財務收入 593 92 1 686
Finance costs 財務成本 6,583 112 137 6,832
Impairment loss recognised in
respect of exploration and
evaluation assets
就勘探及評估資產
確認之減值虧損
14,017 – – 14,017
Reversal of impairment loss
recognised in respect of
mineral rights
就礦產權確認之
減值虧損撥回
(67,765) – – (67,765)
Depreciation of property, plant
and equipment
物業、廠房及設備折舊
46,772 39 77 46,888
Amortisation of mineral rights 礦產權攤銷 10,973 – – 10,973
Loss (gain) on disposal of
property, plant and equipment
出售物業、廠房及
設備虧損（收益） 126 (28) – 98
Note: Non-current assets excluded loan receivable and
rehabilitation trust fund.
附註： 非流動資產不包括應收貸款及復修信託
基金。
142 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
6. SEGMENT INFORMATION (Continued)
Geographical information
Information about the Group’s revenue from external
customers is presented based on geographical location of
the customers. Information about the Group’s non-current
assets (excluding loan receivable and rehabilitation trust
fund) are based on geographical location of the assets.
Revenue from
external customers Non-current assets
外界客戶之收益 非流動資產
2017 2016 2017 2016
二零一七年 二零一六年 二零一七年 二零一六年
US$’000 US$’000 US$’000 US$’000
千美元 千美元 千美元 千美元
Hong Kong 香港 – – 576 628
Africa 非洲 70,341 52,813 1,385,652 1,362,783
Mainland China 中國內地 358,345 159,655 – –
Switzerland 瑞士 118,492 152,377 – –
Others 其他 2,010 – – –
549,188 364,845 1,386,228 1,363,411
Information about major customers
The following is an analysis of revenue from customers of
the corresponding year contributing over 10% of the total
revenue of the Group:
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Customer A (notes a and b) 客戶A（附註a及b） 186,226 45,175
Customer B (notes a and c) 客戶B（附註a及c） 74,144 N/A不適用
Customer C (notes a and c) 客戶C（附註a及c） 70,341 N/A不適用
Customer D (notes a and d) 客戶D（附註a及d） N/A不適用 77,899
Customer E (notes a and d) 客戶E（附註a及d） N/A不適用 72,961
Customer F (notes a and d) 客戶F（附註a及d） N/A不適用 52,288
Notes:
(a) Revenue from the above customers is arising from mining
operations.
(b) The customer is an indirect non-wholly owned subsidiary of
the ultimate holding company of the Company.
(c) The corresponding revenue did not contribute over 10% of
the total revenue of the Group during 2016.
(d) The corresponding revenue did not contribute over 10% of
the total revenue of the Group during 2017.
6. 分類資料（續）
地區資料
有關本集團外界客戶收益之資料乃基於
客戶所在地區呈列。有關本集團非流動
資產（不包括應收貸款及復修信託基金）
之資料乃基於資產所在地區呈列。
有關主要客戶之資料
以下為於有關年度向本集團貢獻10%以
上總收益之客戶之收益分析：
附註：
(a) 以上客戶貢獻之收益乃源自採礦業務。
(b) 該客戶為本公司最終控股公司之間接非全
資附屬公司。
(c) 相應收益於二零一六年並無為本集團總收
益貢獻10%以上。
(d) 相應收益於二零一七年並無為本集團總收
益貢獻10%以上。
143 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
7. OTHER GAINS AND LOSSES
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Other exchange (loss) gain, net 其他匯兌（虧損）收益，淨額 (13,686) 126
Loss on disposal of property, plant
and equipment
出售物業、廠房及設備虧損
– (98)
Change in fair value of derivative
financial instruments, net
衍生金融工具公平值變動，
淨額 (219) (1,113)
Others 其他 1,378 (1,188)
(12,527) (2,273)
8. REVERSAL OF IMPAIRMENT LOSS
(IMPAIRMENT LOSS)
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Reversal of impairment loss recognised
in respect of mineral rights (note a)
就礦產權確認之
減值虧損撥回
（附註a） 17,080 67,765
Impairment loss recognised in respect
of exploration and evaluation assets
(note b)
就勘探及評估資產確認
之減值虧損（附註b）
– (14,017)
17,080 53,748
Notes:
For the purpose of impairment testing, the Group’s property, plant
and equipment, mineral rights and exploration and evaluation
assets were allocated to five cash-generating units (“CGUs”),
compromising two operating mines, one developing project and
two exploration projects in Zambia and DRC, within mining
operations segment. Details of the impairment assessment are set
out below:
(a) As a result of the recovery in the copper and cobalt prices
and the successful implementation of the cost-saving plan
for the two operating mines during the year, the impairment
r e v i e w l e d t o a r e v e r s a l o f i m p a i r m e n t l o s s o f
US$17,080,000 for one of the operating mines during the
year ended 31 December 2017 (2016: reversal of
impairment loss of US$67,765,000 for two operating mines).
The recoverable amount of the relevant assets has been
determined on the basis of their value in use. The
recoverable amount was determined based on the cash flow
projections derived from the current mine plan, production
reserves and estimated future copper and cobalt prices. The
pre-tax discount rate used in measuring value in use was
% and % (2016: % and %) for Zambia and
DRC respectively.
7. 其他收益及虧損
8. 減值虧損撥回（減值虧損）
附註：
為進行減值測試，本集團之物業、廠房及設備、
礦業權以及勘探及評估資產已分配至採礦業務
分類下五個現金產生單位（「現金產生單位」），
包括兩座營運礦場、一個開發項目及兩個探礦
項目，其位於剛果（金）及贊比亞。減值評估之
詳情如下：
(a) 由於銅價及鈷價有所回升及年內成功於
兩座營運礦場實施成本節約措施，故經
減值評估後，於截至二零一七年十二月
三十一日止年度就其中一座營運礦場錄得
減值虧損撥回17,080,000美元（二零一六
年：就兩座營運礦場錄得減值虧損撥回
67,765,000美元）。相關資產之可收回金
額乃按其使用價值釐定。可收回金額乃基
於當前礦場計劃、生產儲量及估計未來銅
鈷價格得出之現金流量估算釐定。計量贊
比亞及剛果（金）之使用價值時所用之除稅
前貼現率分別為%及%（二零一六
年：%及%）。
144 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
8. REVERSAL OF IMPAIRMENT LOSS
(IMPAIRMENT LOSS)
Notes: (Continued)
(b) During the year ended 31 December 2016, despite the
recovery in copper and cobalt price towards the end of
2016, the production plan of a developing project of the
Group has been delayed mainly due to additional work
performed. The additional work is neither budgeted nor
planned. The recoverable amount of the relevant assets
has been determined on the basis of their value in use.
The recoverable amount was determined based on the
cash flow projections derived from the current mine plan,
production reserves and estimated future copper and
cobalt prices. The pre-tax discount rate used in measuring
value in use was %. Accordingly, an impairment loss
in respect of explorat ion and evaluat ion assets of
US$14,017,000 for the related CGU is recognised in profit or
loss during the year ended 31 December 2016. During the
year ended 31 December 2017, the mine commenced the
trial-production stage and there is no impairment recognised
or reversed after impairment assessment has been
performed as at 31 December 2017.
Given the nature of the Group’s activities, information on
the fair value of an asset is usually difficult to obtain unless
negotiations with potential purchasers are taking place.
Apart from disclosed above, there is no impairment
recognised or reversed for the other CGUs during both
years.
9. FINANCE COSTS
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Interest on 以下各項之利息
Convertible securities 可換股證券 1,094 135
Bank and other borrowings 銀行貸款及其他借貸 17,772 15,733
Loan from an intermediate holding
company
來自中間控股公司之貸款
2,274 3,057
Loan from a fellow subsidiary 來自同系附屬公司之貸款 994 960
22,134 19,885
Less: Amounts capitalised in the cost
of qualifying assets
減：資本化合資格資產之
成本金額 (13,461) (13,053)
8,673 6,832
8. 減值虧損撥回（減值虧損）（續）
附註：（續）
(b) 截至二零一六年十二月三十一日止年度，
儘管銅價及鈷價步入二零一六年末有所回
升，但本集團一個開發項目之生產計劃滯
後，主要是由於年內進行了額外工程。此
項額外工程並無制訂預算或作出規劃。相
關資產之可收回金額乃按其使用價值釐
定。可收回金額乃基於當前礦場計劃、生
產儲量及估計未來銅鈷價格得出之現金
流量估算釐定。計量使用價值時所用之除
稅前貼現率為%。因此，於截至二零
一六年十二月三十一日止年度，已就相關
現金產生單位於損益確認勘探及評估資
產之減值虧損14,017,000美元。截至二零
一七年十二月三十一日止年度，礦場進入
試生產階段，而經進行減值評估後，於二
零一七年十二月三十一日並無確認或撥回
任何減值。
鑑於本集團之業務性質，通常難以取得
有關資產公平值之資料，除非是於與潛
在買家協商之過程取得。
除上文披露者外，於兩個年度並無就其
他的現金產生單位確認或撥回減值。
9. 財務成本
145 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
10. PROFIT BEFORE TAX
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Profit before tax has been arrived
at after charging (crediting):
除稅前溢利已扣除（計入）
下列項目：
Staff costs 員工成本
Directors’ emoluments (note 11) 董事酬金（附註11） 252 1,118
Other staff costs 其他員工成本
– Salaries and other benefits －薪金及其他福利 38,791 40,408
– Retirement benefits schemes
contributions
－退休福利計劃供款
3,984 2,538
43,027 44,064
Auditors’ remuneration 核數師酬金 370 355
Depreciation of property, plant and
equipment
物業、廠房及設備折舊
43,422 46,888
Amortisation of mineral rights 礦產權攤銷 7,030 10,973
Change in fair value of derivative
financial instruments, net
衍生金融工具公平值變動，
淨額 219 1,113
Change in fair value of held for trading
investments
持作買賣投資公平值變動
(275) 143
Operating lease rentals in respect of
equipment, premises and vehicles
設備、物業及汽車之
經營租賃租金 1,120 1,044
Interest income 利息收入 (986) (686)
10. 除稅前溢利
146 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
11. DIRECTORS’, CHIEF EXECUTIVE’S AND
EMPLOYEES’ EMOLUMENTS
(a) Directors’ and chief executive’s emoluments
For the year ended 31 December 2017
Fees
Salaries and
allowances
Retirement
benefits schemes
contributions Total
袍金 薪金及津貼
退休福利
計劃供款 總計
US$’000 US$’000 US$’000 US$’000
千美元 千美元 千美元 千美元
Executive directors 執行董事
Gao Tianpeng (note c) 郜天鵬（附註c） – 6 – 6
Qiao Fugui (note d) 喬富貴（附註d） – – – –
Yang Zhiqiang (note a) 楊志強（附註a） – – – –
Zhang Sanlin (note f) 張三林（附註f） – – – –
Zhang Zhong (note j) 張忠（附註j） 20 144 2 166
Non-executive directors 非執行董事
Chen Dexin (note b) 陳得信（附註b） – – – –
Zhang Youda (note h) 張有達（附註h） – – – –
Zeng Weibing (note i) 曾衛兵（附註i） – – – –
Independent non-executive directors 獨立非執行董事
Wu Chi Keung 胡志強 28 – – 28
Yen Yuen Ho, Tony 嚴元浩 28 – – 28
Poon Chiu Kwok (note k) 潘昭國（附註k） 22 – – 22
Neil Thacker Maclachlan (note g) Neil Thacker Maclachlan
（附註g） 2 – – 2
100 150 2 252
11. 董事、最高行政人員及僱員酬金
(a) 董事及最高行政人員酬金
截至二零一七年十二月三十一日止
年度
147 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
11. DIRECTORS’, CHIEF EXECUTIVE’S AND
EMPLOYEES’ EMOLUMENTS (Continued)
(a) Directors’ and chief executive’s emoluments
(Continued)
For the year ended 31 December 2016
Fees
Salaries and
allowances
Retirement
benefits schemes
contributions Total
袍金 薪金及津貼
退休福利
計劃供款 總計
US$’000 US$’000 US$’000 US$’000
千美元 千美元 千美元 千美元
Executive directors 執行董事
Yang Zhiqiang (note a) 楊志強（附註a） – – – –
Zhang Sanlin (note f) 張三林（附註f） – – – –
Chen Dexin (note b) 陳得信（附註b） – – – –
Zhang Zhong (note j) 張忠（附註j） 30 183 2 215
Peter Geoffrey Albert
(note e)
Peter Geoffrey Albert
（附註e） 21 796 2 819
Independent non-executive directors 獨立非執行董事
Wu Chi Keung 胡志強 28 – – 28
Yen Yuen Ho, Tony 嚴元浩 28 – – 28
Neil Thacker Maclachlan
(note g)
Neil Thacker Maclachlan
（附註g） 28 – – 28
135 979 4 1,118
The executive directors’ and chief executive’s
emoluments shown above were mainly for their
services in connection with the management of the
af fa i rs o f the Company and the Group. The
n o n - e x e c u t i v e d i r e c t o r s ’ a n d i n d e p e n d e n t
non-executive directors’ emoluments shown above
were mainly for their services as directors of the
Company.
11. 董事、最高行政人員及僱員酬金
（續）
(a) 董事及最高行政人員酬金（續）
截至二零一六年十二月三十一日止
年度
上述執行董事及最高行政人員的酬
金主要與彼等就本公司及本集團管
理事務提供服務有關。上述獨立非
執行董事的酬金主要為彼等擔任本
公司董事之酬金。
148 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
11. DIRECTORS’, CHIEF EXECUTIVE’S AND
EMPLOYEES’ EMOLUMENTS (Continued)
(a) Directors’ and chief executive’s emoluments
(Continued)
Notes:
(a) This director resigned as an Executive Director on 23
August 2017. His emoluments were borne by the
ultimate holding company.
(b) This director was an Executive Director and the Chief
Executive Officer of the Company up to 23 August
2017 and re-designated as a Non-executive Director
on 23 August 2017. He waived his director fees for
both years.
(c) This director was appointed as an Executive Director
and Chief Executive Officer of the Company on 23
August 2017. He waived his director fees for this year.
(d) This director was appointed as an Executive Director
on 23 August 2017. His emoluments were born by the
ultimate holding company.
(e) This director resigned as an Executive Director and
the Chief Executive Officer of the Company on 13
June 2016.
(f) This director resigned as an Executive Director on 23
August 2017. His emoluments were born by the
ultimate holding company.
(g) T h i s d i r e c t o r r e s i g n e d a s a n I n d e p e n d e n t
Non-executive Director on 31 January 2017.
(h) The director was appointed as a Non-executive
Director on 23 August 2017. His emoluments were
born by the ultimate holding company.
(i) The director was appointed as a Non-executive
Director on 28 April 2017. His emoluments were born
by the ultimate holding company.
(j) The director was resigned as an Executive Director on
23 August 2017.
(k) The director was appointed as an Independent
Non-executive Director on 21 March 2017.
There was no arrangement under which a director or
the chief executive, except Mr. Chen Dexin and
Mr. Gao Tianpeng, waived or agreed to waive any
remuneration for both years.
11. 董事、最高行政人員及僱員酬金
（續）
(a) 董事及最高行政人員酬金（續）
附註：
(a) 該董事於二零一七年八月二十三日
辭任執行董事。彼之酬金由最終控
股公司承擔。
(b) 該董事曾擔任本公司執行董事及行
政總裁至二零一七年八月二十三
日，並於二零一七年八月二十三日
調任為非執行董事，彼已放棄其兩
個年度之董事袍金。
(c) 該董事於二零一七年八月二十三日
獲委任為本公司執行董事及行政總
裁。彼已放棄其本年度之董事袍金。
(d) 該董事於二零一七年八月二十三日
獲委任為執行董事。彼之酬金由最
終控股公司承擔。
(e) 該董事於二零一六年六月十三日辭
任本公司執行董事及行政總裁。
(f) 該董事於二零一七年八月二十三日
辭任執行董事。彼之酬金由最終控
股公司承擔。
(g) 該董事於二零一七年一月三十一日
辭任獨立非執行董事。
(h) 該董事於二零一七年八月二十三日
獲委任為非執行董事。彼之酬金由
最終控股公司承擔。
(i) 該董事於二零一七年四月二十八日
獲委任為非執行董事。彼之酬金由
最終控股公司承擔。
(j) 該董事於二零一七年八月二十三日
辭任執行董事。
(k) 該董事於二零一七年三月二十一日
獲委任為獨立非執行董事。
除與陳得信先生及郜天鵬先生外，
並無訂立可讓董事或最高行政人員
放棄或同意放棄其於兩個年度之任
何酬金之安排。
149 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
11. DIRECTORS’, CHIEF EXECUTIVE’S AND
EMPLOYEES’ EMOLUMENTS (Continued)
(b) Employees’ emoluments
The five highest paid employees in the Group during
the year included none of the directors (2016: one
director), details of whose emoluments are set out in
(a) above. Details of the remuneration for the year of
the remain ing f ive (2016: four) h ighest paid
employees who are neither a director nor chief
executive officer of the Company are as follows:
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Salaries and allowances 薪金及津貼 1,205 933
Retirement benefits schemes
contributions
退休福利計劃供款
391 101
Performance related incentive
payments
與績效掛鈎之獎金
206 157
1,802 1,191
The performance related incentive payment is
de te rm ined w i th re fe rence to the f i nanc ia l
performance of the Group and the performance of the
individuals.
The number of the highest paid employees who are
not the directors of the Company whose remuneration
fell within the following bands is as follows:
2017 2016
二零一七年 二零一六年
No. of
employees
No. of
employees
僱員人數 僱員人數
Hong Kong dollars ( “HK$” )
$2,000,001 to HK$2,500,000
(equivalent to US$256,411 to
US$320,513)
2,000,001港元（「港元」）至
2,500,000港元（相等於
256,411美元至320,513美
元） 2 1
HK$2,500,001 to HK$3,000,000
(equivalent to US$320,513 to
US$384,615)
2,500,001港元至3,000,000
港元（相等於320,513美元
至384,615美元） 2 3
HK$3,000,001 to HK$3,500,000
(equivalent to US$384,616 to
US$448,718)
3,000,001港元至3,500,000
港元（相等於384,616美元
至448,718美元） – –
HK$3,500,001 to HK$4,000,000
(equivalent to US$448,718 to
US$512,821)
3,500,000港元至4,000,000
港元（相等於448,718美元
至512,821美元） 1 –
5 4
No emoluments were paid by the Group to the directors of
the Company or the five highest paid individuals as an
inducement to join or upon joining the Group.
11. 董事、最高行政人員及僱員酬金
（續）
(b) 僱員酬金
本年度本集團五名最高薪僱員並
無包括董事（二零一六年：一名董
事）， 其酬金詳情載於上文(a)段。
並非本公司董事或行政總裁的餘下
五名（二零一六年：四名）最高薪僱
員之本年度薪酬詳情如下：
與績效掛鈎之獎金乃參照本集團財
務表現及個人表現釐定。
並非為本公司董事且其酬金介乎以
下範圍的最高薪僱員人數如下：
本集團概無向本公司董事或五名最高薪
人士支付任何酬金，作為加入本集團或
加入本集團後之獎勵。
150 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
12. INCOME TAX EXPENSE (CREDIT)
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
The tax expense (credit) comprises: 稅項開支（抵免）包括：
Current taxation 即期稅項
Hong Kong Profits Tax 香港利得稅 – –
Corporate income tax in DRC 剛果（金）企業所得稅 3,130 2,134
Corporate income tax in Zambia 贊比亞企業所得稅 1,248 34
Corporate income tax in South Africa 南非企業所得稅 279 –
Underprovision in prior years 過往年度撥備不足 5 45
4,662 2,213
Deferred taxation (note 29) 遞延稅項（附註29） 3,088 (5,206)
7,750 (2,993)
No provision for Hong Kong Profits Tax has been made as
the Company does not have assessable profits arising in
Hong Kong for both years.
Corporate income tax in Mauritius, South Africa and the
DRC are calculated at 15%, 28% and 30% (2016: 15%,
28% and 30%) on the estimated assessable profits for the
year, respectively.
Corporate income tax in Zambia is calculated at 30% in the
current year (2016: 30%). The tax rate applicable to the
assessable profits arising in Zambia for the year ranged
from 30% to 45%. The applicable tax rate is determined on
a number of factors including the revenue of respective
subsidiaries and the average copper price of the year.
12. 所得稅開支（抵免）
由於該兩個年度本公司並無於香港產生
之應課稅溢利，故未計提香港利得稅撥
備。
毛里求斯、南非及剛果（金）之企業所得
稅 分 別 根 據 年 內 估 計 應 課 稅 溢 利 按
15%、28%及30%（ 二零一六年：15%、
28%及30%）之稅率計算。
贊比亞之企業所得稅年內按30%（二零
一六年：30%）之稅率計算。適用於年內
於贊比亞產生的應課稅溢利之稅率介乎
30%至45%。適用稅率基於多項因素釐
定，包括相應附屬公司之收入及年內平
均銅價。
151 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
12. INCOME TAX EXPENSE (CREDIT)
(Continued)
The tax expense (credit) for the year can be reconciled to
the profit before tax per the consolidated statement of profit
or loss and other comprehensive income as follows:
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Profit before tax 除稅前溢利 61,185 3,321
Tax credit at Hong Kong Profits Tax
at % (2016: %)
按%（二零一六年：
%）計算香港利得稅
稅項抵免 (455) (548)
Tax charge (credit) at income tax
rate in Zambia for operation at 30%
(2016: 30%)
按贊比亞所得稅率30%
（二零一六年：30%）計算
營運稅項扣除（抵免） 994 (4,566)
Tax charge (credit) at income tax
rate in DRC for operation at 30%
(2016: 30%)
按剛果（金）所得稅率30%
（二零一六年：30%）計算
營運稅項扣除（抵免） 4,875 (15,720)
Tax credit at income tax rate in
Mauritius for operation at 15%
(2016: 15%)
按毛里求斯所得稅率15%
（二零一六年：15%）計算
營運稅項抵免 (1) (2)
Tax charge at income tax rate in
South Africa for operation at 28%
(2016: 28%)
按南非所得稅率28%
（二零一六年：28%）計算
營運稅項扣除 1,875 17,650
7,288 (3,186)
Tax effect of expenses not deductible
for tax purposes
不可扣稅開支之稅務影響
153 134
Tax effect of income not taxable for
tax purpose
毋須課稅收入之稅務影響
(32) (439)
Tax effect of utilisation of tax losses
previously not recognised
動用過往未確認稅項虧損
之稅務影響 (60) –
Tax effect of tax losses not recognised 未確認稅項虧損之稅務影響 396 453
Underprovision in prior years 過往年度撥備不足 5 45
Income tax charge (credit) for the year 年內稅項扣除（抵免） 7,750 (2,993)
12. 所得稅開支（抵免）（續）
本年度的稅項開支（抵免）可與綜合損益
及其他全面收益表項下的除稅前溢利對
賬如下：
152 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
13. EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share
attributable to the owners of the Company is based on the
following data:
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Earnings 盈利
Earnings for the purpose of basic
earnings per share
用作計算每股基本盈利
之盈利 41,624 8,347
Added: Interest expense on Convertible
Securities
加：可換股證券之利息開支
1,094 135
Earnings for the purpose of diluted
earnings per share
用作計算每股攤薄盈利
之盈利 42,718 8,482
2017 2016
二零一七年 二零一六年
Number of shares 股份數目
Weighted average number of ordinary
shares for the purpose of basic
earnings per share
用作計算每股基本盈利之
普通股加權平均數
4,682,898,256 4,350,753,051
Effect of dilutive potential
ordinary shares:
攤薄性潛在普通股之影響：
Convertible Securities 可換股證券 8,466,120,000 8,466,120,000
Weighted average number of ordinary
shares for the purpose of diluted
earnings per share
用作計算每股攤薄盈利
之普通股加權平均數
13,149,018,256 12,816,873,051
There were no other potential ordinary shares outstanding
as at the end of both reporting periods.
14. DIVIDEND
No dividend was paid or proposed for ordinary shareholders
of the Company during the year and no dividend has been
proposed since the end of the reporting period (2016:
US$Nil).
13. 每股盈利
本公司擁有人應佔每股基本及攤薄盈利
乃根據下列數據計算：
本公司於兩個報告期末概無其他已發行
的潛在普通股。
14. 股息
年內並無派發或建議派發股息予本公司
普通股股東，自報告期末以來亦無建議
派發股息（二零一六年：零美元）。
153 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
15. PROPERTY, PLANT AND EQUIPMENT
Freehold land
Buildings and
infrastructure
Plant,
machinery and
shafts
Mine
development
costs
Construction in
progress Others Total
永久業權
土地 樓宇及基建
廠房、機器
及豎井
礦場開發
成本 在建工程 其他 總計
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
千美元 千美元 千美元 千美元 千美元 千美元 千美元
(Note)
（附註）
At 1 January 2016 於二零一六年一月一日
Cost 成本 6,488 29,912 648,131 112,666 214,392 74,731 1,086,320
Accumulated depreciation
and impairment
累計折舊及減值
– (13,130) (341,752) (19,516) – (22,043) (396,441)
Carrying amount 賬面值 6,488 16,782 306,379 93,150 214,392 52,688 689,879
At 1 January 2016, net of
accumulated depreciation and
impairment
於二零一六年一月一日，
扣除累計折舊及減值
6,488 16,782 306,379 93,150 214,392 52,688 689,879
Depreciation provided during the year 年內計提折舊 – (1,743) (33,143) (8,930) – (3,072) (46,888)
Additions 添置 – 105 541 – 25,880 19,046 45,572
Disposals 出售 – (210) (1) – – (252) (463)
At 31 December 2016, net of
accumulated depreciation
and impairment
於二零一六年十二月三十一日，
扣除累計折舊及減值
6,488 14,934 273,776 84,220 240,272 68,410 688,100
At 31 December 2016 於二零一六年十二月三十一日
Cost 成本 6,488 29,807 648,671 112,666 240,272 93,525 1,131,429
Accumulated depreciation
and impairment
累計折舊及減值
– (14,873) (374,895) (28,446) – (25,115) (443,329)
Carrying amount 賬面值 6,488 14,934 273,776 84,220 240,272 68,410 688,100
At 1 January 2017, net of
accumulated depreciation and
impairment
於二零一七年一月一日，
扣除累計折舊及減值
6,488 14,934 273,776 84,220 240,272 68,410 688,100
Depreciation provided during the year 年內計提折舊 – (1,391) (27,059) (7,242) – (7,730) (43,422)
Additions 添置 223 548 14,485 – 7,014 4,129 26,399
Transfer 轉撥 – – 951 – (11,007) 10,056 –
At 31 December 2017, net of
accumulated depreciation
and impairment
於二零一七年十二月三十一日，
扣除累計折舊及減值
6,711 14,091 262,153 76,978 236,279 74,865 671,077
At 31 December 2017 於二零一七年十二月三十一日
Cost 成本 6,711 30,355 664,107 112,666 236,279 107,710 1,157,828
Accumulated depreciation and
impairment
累計折舊及減值
– (16,264) (401,954) (35,688) – (32,845) (486,751)
Carrying amount 賬面值 6,711 14,091 262,153 76,978 236,279 74,865 671,077
Note: Included in others are pollutant treatment plant and related
equipment and facilities and decommissioning assets, motor
vehicles, furniture and fixtures, office equipment and other
equipment.
The Group’s freehold land is situated in DRC and Zambia.
Impairment assessment is performed for the years ended
31 December 2017 and 2016, details of which are set out
in note 8.
15. 物業、廠房及設備
附註： 其他包括污染物處理廠及相關設備及設
施及善後資產、汽車、傢俬及裝置、辦
公室設備及其他設備。
本集團的永久業權土地位於剛果（金）及
贊比亞。
於截至二零一七年及二零一六年十二月
三十一日止年度均有進行減值評估，有
關詳情載於附註8。
154 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
16. MINERAL RIGHTS
US$’000
千美元
(Note)
（附註）
At 1 January 2016 於二零一六年一月一日
Cost 成本 995,243
Accumulated amortisation and impairment 累計攤銷及減值 (574,028)
Carrying amount 賬面值 421,215
At 1 January 2016, net of accumulated
amortisation and impairment
於二零一六年一月一日，
扣除累計攤銷及減值 421,215
Amortisation provided during the year 年內計提攤銷 (10,973)
Reversal of impairment loss recognised in
profit or loss (see note 8 for details)
於損益內確認減值虧損撥回
（詳情見附註8） 67,765
At 31 December 2016, net of accumulated
amortisation and impairment
於二零一六年十二月三十一日，
扣除累計攤銷及減值 478,007
At 31 December 2016 於二零一六年十二月三十一日
Cost 成本 995,243
Accumulated amortisation and impairment 累計攤銷及減值 (517,236)
Carrying amount 賬面值 478,007
At 1 January 2017, net of accumulated
amortisation and impairment
於二零一七年一月一日，
扣除累計攤銷及減值 478,007
Amortisation provided during the year 年內計提攤銷 (7,030)
Reversal of impairment loss recognised in
profit or loss (see note 8 for details)
於損益內確認減值虧損撥回
（詳情見附註8） 17,080
At 31 December 2017, net of accumulated
amortisation and impairment
於二零一七年十二月三十一日，
扣除累計攤銷及減值 488,057
At 31 December 2017 於二零一七年十二月三十一日
Cost 成本 995,243
Accumulated amortisation and impairment 累計攤銷及減值 (507,186)
Carrying amount 賬面值 488,057
Note: The mineral rights represent the rights to conduct mining
activities in the Group’s two operating mines, one developing
project and two exploration projects in Zambia and DRC.
The mineral rights for the two operating mines are granted
for the remaining terms of 2 and 6 years (2016: 3 and 7
years).
16. 礦產權
附註： 礦產權指本集團於贊比亞及剛果（金）的
兩個營運礦場、一個發展中項目及兩個
探礦項目從事採礦活動之權利，該兩個
營運礦場獲授礦產權餘下年期為2及6年
（二零一六年：3及7年）。
155 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
17. EXPLORATION AND EVALUATION
ASSETS
US$’000
千美元
At 1 January 2016 於二零一六年一月一日 172,685
Additions 添置 22,962
Impairment loss recognised in profit or loss
(see note 8 for details)
於損益內確認減值虧損
（詳情見附註8） (14,017)
At 31 December 2016 於二零一六年十二月三十一日 181,630
Additions 添置 30,702
At 31 December 2017 於二零一七年十二月三十一日 212,332
Exploration and evaluation assets represent the cost
incurred for evaluating the technical feasibil ity and
commercial viability of extracting mineral resources in the
Group’s exploration mines. The management considers
that the determination of commercial viability is still in
progress at the end of the reporting period.
18. OTHER NON-CURRENT ASSETS
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Loan to a DRC state-owned power
company (Note a)
向剛果（金）國有電力公司
提供貸款（附註a） 3,746 4,824
Less: Amount to be recovered within
1 year included in trade and
other receivables (note 20)
減：計入貿易及其他應收款
項並將於一年內收回
之款項（附註20） (2,000) (2,000)
1,746 2,824
Royalty prepayment to non-controlling
shareholders of subsidiaries (Note b)
向附屬公司非控股股東預付
礦權使用費（附註b） 14,762 15,674
Rehabilitation trust fund (Note c) 復修信託基金（附註c） 94 80
16,602 18,578
17. 勘探及評估資產
勘探及評估資產指為評估在本集團勘探
礦場內開採礦產資源之技術及商業可行
性而產生之成本。管理層認為，於報告
期末，仍在釐定其商業可行性。
18. 其他非流動資產
156 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
18. OTHER NON-CURRENT ASSETS
(Continued)
Notes:
(a) It represents a loan provided to a DRC state-owned power
company for the construction and commissioning of a
high-voltage powerline and substation in DRC to secure the
future power supply to the Group. The loan carries interest
at London Interbank Offered Rate (“LIBOR”) plus 2% (2016:
LIBOR plus 2%) per annum. It is unsecured and has no
fixed repayment term. The management considers that
US$2,000,000 of the total amount will be settled within one
year.
(b) It represents an advance to the non-controlling shareholders
of subsidiaries operating in DRC. The directors anticipate
that it will be recovered through royalties to be charged in
the future.
(c) Payments are made to rehabilitation trusts or investment
accounts held by banking institutions with the intention of
fully funding those liabilities as required by the governments
in South Africa for the mines that have been closed.
19. INVENTORIES
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Consumable stores 易耗品 39,493 35,489
Product inventories 產品存貨 132,600 73,577
172,093 109,066
18. 其他非流動資產（續）
附註：
(a) 指一筆提供予一間剛果（金）國有電力
公司之貸款，用於剛果（金）一座高壓電
線變電站的建設及試運，以保障本集團
日後獲得供電。該貸款按倫敦銀行同業
拆息（「倫敦銀行同業拆息」）加2厘（二
零一六年：倫敦銀行同業拆息加2厘）之
年利率計息，為無抵押及並無固定還款
期。管理層認為總額2,000,000美元將於
一年內結付。
(b) 指墊付予在剛果（金）開展業務之附屬公
司的非控股股東之款項，董事預計日後
將以收取礦權使用費之形式收回。
(c) 向銀行機構持有之復修信託或投資賬戶
支付款項，旨在按南非政府之規定全數
撥付已關閉礦場之負債。
19. 存貨
157 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
20. TRADE AND OTHER RECEIVABLES
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Trade and bill receivables 貿易應收款項及應收票據 60,886 39,363
Less: Impairment 減：減值 – (310)
60,886 39,053
Other receivables 其他應收款項 14,083 9,116
Prepayments 預付款項 3,396 2,790
Loan to a DRC state-owned power
company – current (note 18)
向剛果（金）國有電力公司
提供貸款－即期（附註18） 2,000 2,000
Value-added tax recoverable 可收回增值稅 66,443 51,436
146,808 104,395
Included in trade and bill receivables as at 31 December
2017 was an amount due from a fellow subsidiary of
US$21,161,000 (2016: US$6,631,000), which was of trade
nature. The Group provided this fellow subsidiary with a
credit period of 60 days.
The Group provided customers (other than its fellow
subsidiaries) with a credit period ranging from 15 days to
90 days. Before accepting new customers, the Group uses
a credit bureau to perform a credit assessment to assess
the potential customers’ credit limit and credit quality.
As at 31 December 2016, the amounts of trade and
bill receivable under provisional pricing arrangements
had been adjusted for US$572,000 (2017: US$Nil),
being the difference between the average London Metal
Exchange ( “LME” ) future commodify prices for the
duration up to the date of final pricing and the quoted
price on the date of recognition of revenue when title
and risks and rewards of the mineral and metal products
are passed to customers.
20. 貿易及其他應收款項
於二零一七年十二月三十一日之貿易應
收款項及應收票據包括應收一間同系附
屬公司款項21,161,000美元（二零一六
年：6,631,000美元），有關款項屬貿易
性質。本集團向該同系附屬公司提供60
日之信貸期。
本集團向客戶（不包括其同系附屬公司）
提供介乎15日至90日之信貸期。接納新
客戶前，本集團委聘信貸單位開展信貸
評估，以評估潛在客戶之信貸限額及信
貸質素。
於二零一六年十二月三十一日，有臨時
定價安排之貿易應收款項及應收票據被
調整至572,000美元（二零一七年：零美
元）， 即截至最終訂價日為止之倫敦金屬
交易所（「倫金所」）未來商品平均價格，
與礦產品及金屬產品之擁有權及風險回
報轉移至客戶時確認收益當日之報價間
之差額。
158 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
20. TRADE AND OTHER RECEIVABLES
(Continued)
The Group seeks to maintain strict control over its
outstanding receivables to minimise credit risk. Overdue
balances are reviewed regularly by senior management.
The Group has significant concentration of credit risk where
a debtor, being a fellow subsidiary of the Company,
constitutes 35% (2016: 17%) of trade and bill receivables.
The following is an aged analysis of trade and bil l
receivables, net of impairment, presented based on invoice
date at the end of the reporting period.
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Within 3 months 三個月內 60,886 36,768
4 to 6 months 四至六個月 – 2,285
60,886 39,053
As at 31 December 2016, included in trade receivables is a
receivable of US$1,627,000 (2017: US$Nil) which was past
due as at the end of the reporting date and was regarded
as not impaired as there had not been a significant change
in the credit standing of the debtor. The Group did not hold
any collateral over the receivable.
20. 貿易及其他應收款項（續）
本集團力求對未結清應收款項維持嚴密
監控，以將信貸風險降至最低。逾期結
餘由高級管理層定期檢討。因一名債務
人（即本公司同系附屬公司）佔貿易應收
款項及應收票據之35%（二零一六年：
17%），本集團擁有重大信貸集中風險。
以下為於報告期末根據發票日期呈列之
貿易應收款項及應收票據（扣除減值）之
賬齡分析。
於二零一六年十二月三十一日，貿易應
收款項包括於報告期末已逾期之應收
款項1,627,000美元（二零一七年：零美
元），由於債務人之信用狀況並無發生重
大變動，該筆款項被視為未出現減值。
本集團並無就該筆應收款項持有任何抵
押品。
159 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
20. TRADE AND OTHER RECEIVABLES
(Continued)
Movement in provision for impairment
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
1 January 一月一日 310 310
Amount written off as uncollectible 撇銷為不可收回之金額 (310) –
31 December 十二月三十一日 – 310
As at 31 December 2016, included in the above provision
for impairment of trade receivables was a provision for
individually impaired trade receivables of US$310,000 with
a carrying amount before provision of US$310,000. The
amount was written off in 2017.
The individually impaired trade receivables related to
customers that were in default or delinquency in principal
payments and none of the receivables was expected to be
recovered.
20. 貿易及其他應收款項（續）
減值撥備變動
於二零一六年十二月三十一日，上述貿
易應收款項減值撥備中包括個別減值之
貿易應收款項（撥備前賬面值為310,000
美元）之撥備310,000美元。該筆款項已
於二零一七年撇銷。
個別減值之貿易應收款項與欠付或拖欠
本金還款的客戶有關，且該等應收款項
預期概不可收回。
160 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
21. TRANSFER OF FINANCIAL ASSETS
The following were the Group’s trade receivables that were
transferred to banks by discounting those trade receivables
on a fully recourse basis. As the Group has not transferred
the significant risk and rewards relating to these trade
receivables, it continues to recognise the full carrying
amount of these trade receivables and has recognised the
cash received on the transfer as a secured borrowings.
These financial assets are carried at amortised cost in the
Group’s consolidated statement of financial position.
Trade invoices discounted to
banks with full recourse
貼現予銀行並具完全追索權
之貿易發票
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Carrying amount of transferred assets 所轉讓資產之賬面值 48,533 3,980
Carrying amount of associated liabilities 相關負債之賬面值 (48,533) (3,980)
– –
22. AMOUNTS DUE TO AN INTERMEDIATE
HOLDING COMPANY, A FELLOW
SUBSIDIARY AND A NON-CONTROLLING
SHAREHOLDER OF A SUBSIDIARY
As at 31 December 2017, included in the amount due to an
intermediate holding company is a term loan amounting to
US$115,000,000 (2016: US$115,000,000). The term loan
carries interest at floating interest rate of LIBOR plus %
to % (2016: LIBOR plus % to %) per annum
and is repayable within one year (2016: over one year).
As at 31 December 2017, included in the amount due to a
fellow subsidiary is a term loan amounting to US$5,000,000
(2016: US$5,000,000). The term loan carries interest at
floating interest rate of LIBOR plus % (2016: LIBOR plus
%) per annum and is repayable within one year (2016:
over one year).
The remaining amounts are unsecured, interest free and
repayable on demand.
All the balances are non-trade in nature.
21. 轉讓金融資產
以下為本集團轉讓予銀行之貿易應收款
項，轉讓方式為按全面追索基準貼現該
等貿易應收款項。由於本集團並無轉移
此等貿易應收款項之重大風險及回報，
故繼續全數確認其賬面值，並將轉讓時
收取之現金確認為有抵押借款。此等金
融資產於本集團之綜合財務狀況表內按
攤銷成本列賬。
22. 應付中間控股公司、同系附屬公
司及附屬公司非控股股東之款項
於 二 零 一 七 年 十 二 月 三 十 一 日，應 付
中 間 控 股 公 司 之 款 項 中 有 一 筆 定 期
貸 款115,000,000美 元（二 零 一 六 年：
115,000,000美元）。該定期貸款按倫敦
銀行同業拆息加厘至厘（二零
一六年：倫敦銀行同業拆息加厘至
厘）之浮動年利率計息，並須於一年
內償還（二零一六年：一年後）。
於二零一七年十二月三十一日，應付同
系附屬公司之款項中有一筆定期貸款
5,000,000美元（二零一六年：5,000,000
美元）。該定期貸款按倫敦銀行同業拆息
加厘（二零一六年：倫敦銀行同業拆
息加厘）之浮動年利率計息，並須於
一年內償還（二零一六年：一年後）。
剩餘款項為無抵押、免息並須按要求償
還。
所有結餘均屬非貿易性質。
161 ANNUAL REPORT 2017 二 零 一 七 年 報
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
23. HELD FOR TRADING INVESTMENTS
Held for trading investments comprise:
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Listed investment: 上市投資：
Bonds with fixed interest of %
per annum and maturity date on
17 July 2017 listed on the Stock
Exchange (note)
固定年利率為厘並
於二零一七年七月
十七日到期之聯交所
上市債券（附註） – 3,705
Note: The issuer of the bond is the ultimate holding company of
the Company. The bond was disposed of during the current
year.
24. DERIVATIVE FINANCIAL INSTRUMENTS
Assets
資產
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Foreign currency forward contracts 遠期外匯合約 – 13
Commodity derivative contracts 商品衍生合約 – 206
– 219
25. BANK BALANCES AND CASH
Bank balances comprising cash and short-term deposits
with an original maturity of three months or less carried
interest at prevailing market deposit rate. As at 31
December 2017, the effective interest rate of bank balances
ranged from % to % (2016: % to %) per
annum.
23. 持作買賣投資
持作買賣投資包括：
附註： 債券發行人為本公司之最終控股公司。有
關債券已於本年度出售。
24. 衍生金融工具
25. 銀行結餘及現金
銀行結餘包括現金及原到期日為三個月
或以內並按現行市場存款利率計息之
短期存款。於二零一七年十二月三十一
日，銀行結餘之實際年利率介乎厘
至厘（二零一六年：厘至
厘）。
162 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
26. TRADE AND OTHER PAYABLES
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Trade payables 貿易應付款項 43,375 53,516
Other payables and accruals 其他應付款項及應計費用 44,412 18,248
87,787 71,764
Included in other payables and accruals are accrual for
freight charges, export clearing charges, provision for
unpaid import duties and related surcharge in DRC, and
other general operation related payables.
As at 31 December 2016, the amounts of trade
payables under had been adjusted for US$572,000
(2017: US$Nil), being provisional pricing arrangements
the difference between the average LME future
commodity prices for the duration up to the date of final
pricing and the quoted price on the date of recognition
of purchase when title and risks and rewards of mineral
and metal products passed from suppliers to the Group.
The following is an aged analysis of trade payables based
on the invoice date at the end of the reporting period.
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Within 3 months 三個月內 34,850 40,263
4 to 6 months 四至六個月 4,875 10,470
7 to 12 months 七至十二個月 3,390 2,550
Over 1 year 一年以上 260 233
43,375 53,516
The credit period on purchases of goods ranges from 0 to
90 days.
26. 貿易及其他應付款項
其他應付款項及應計費用包括應計運費
及出口清關費、未付剛果（金）入口稅及
相關附加費之撥備，以及其他一般營運
相關應付款項。
於 二 零 一 六 年 十 二 月 三 十 一 日，有 臨
時定價安排之貿易應付款項被調整至
572,000美元（二零一七年：零美元），即
截至最終定價日為止之倫金所未來商品
平均價格，與礦產品及金屬產品之擁有
權及風險回報由供應商轉移至本集團時
確認購買當日之報價間之差額。
以下為於報告期末根據發票日期呈列之
貿易應付款項賬齡分析。
購買貨品之信貸期介乎0至90日不等。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
163 ANNUAL REPORT 2017 二 零 一 七 年 報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
27. BANK BORROWINGS
2017
二零一七年
2016
二零一六年
US$’000
千美元
US$’000
千美元
Term loans 定期貸款 316,763 390,575
Trade invoice discounting facility 貿易發票貼現融資 48,533 3,980
365,296 394,555
Secured 有抵押 316,763 283,168
Unsecured 無抵押 48,533 111,387
365,296 394,555
The Group’s bank borrowings are repayable as follows:
2017
二零一七年
2016
二零一六年
US$’000
千美元
US$’000
千美元
Within one year and repayable on demand 一年內及應要求即時還款 133,881 83,333
More than one year, but not exceeding two
years
一年以上，但不超過兩年
– –
More than two years, but not exceeding five
years
兩年以上，但不超過五年
197,415 245,222
More than five years 五年以上 34,000 66,000
365,296 394,555
Less: Amount due within one year shown
under current liabilities
減：列為流動負債之一年內
到期款項 (133,881) (83,333)
Amount due after one year shown
as non-current liabilities
列為非流動負債之一年後
到期款項 231,415 311,222
As at 31 December 2017, the Group’s bank borrowings of
US$316,763,000 (2016: US$382,000,000) are guaranteed
by the ultimate holding company. As at 31 December 2017
and 2016, the bank borrowings carried floating rate interest
ranging from LIBOR plus % to % (2016: LIBOR
plus % to %) per annum. The effective interest rate
on the Group’s borrowings ranged from % to %
(2016: % to %) per annum.
27. 銀行借款
本集團銀行借款之還款期如下：
於 二 零 一 七 年 十 二 月 三 十 一 日，本
集 團316,763,000美 元（二 零 一 六 年：
382,000,000美元）之銀行借款乃由最終
控股公司提供擔保。於二零一七年及二
零一六年十二月三十一日，銀行借款均
為浮息，按倫敦銀行同業拆息加厘
至厘（二零一六年：倫敦銀行同業拆
息加厘至厘）之年利率計息。本集
團借款之實際年利率介乎厘至
厘（二零一六年：厘至厘）。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
164 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
28. PROVISIONS
2017
二零一七年
2016
二零一六年
US$’000
千美元
US$’000
千美元
Long-term provisions 長期撥備
Rehabilitation and environmental
provision (note)
復修及環保撥備（附註）
28,772 27,303
Short-term provisions 短期撥備
Termination benefits 離職福利 2,007 1,026
Rehabilitation and environmental
provision (note)
復修及環保撥備（附註）
820 820
Leave pay and bonuses 休假薪酬及花紅 4,173 3,570
Other 其他 3,000 –
10,000 5,416
Total provisions 撥備總額 38,772 32,719
2017
二零一七年
2016
二零一六年
US$’000
千美元
US$’000
千美元
At 1 January 於一月一日 32,719 34,470
Utilised during the year 年內動用 (643) (4,581)
Provided during the year 年內撥備 6,696 2,830
At 31 December 於十二月三十一日 38,772 32,719
Note: The Group is exposed to environmental liabilities relating to
its mining operations. Estimates of the cost of environmental
and other remedial work such as reclamation costs,
close-down and restoration and pollution control are made
on an annual basis, based on the estimated lives of the
mines.
Rehabilitation and environmental provisions classified as
short-term represents the amount estimated to be settled
within one year at the end of the reporting period.
28. 撥備
附註： 本集團承擔與其採礦業務有關之環保負
債。環保及其他補救工程（如復墾、閉井
及復修以及污染防治）之成本乃根據礦
場之估計開採期每年作出估計。
分類為短期之復修及環保撥備指於報告
期末估計將於一年內結清之款項。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
165 ANNUAL REPORT 2017 二 零 一 七 年 報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
29. DEFERRED TAXATION
For the purpose of presentation in the consolidated
statement of financial position, certain deferred tax assets
and liabilities have been offset. The following is the analysis
of the deferred tax balances before offsetting:
2017
二零一七年
2016
二零一六年
US$’000
千美元
US$’000
千美元
Deferred tax assets 遞延稅項資產 (11,516) (11,441)
Deferred tax liabilities 遞延稅項負債 302,711 299,548
291,195 288,107
29. 遞延稅項
就呈列綜合財務狀況表而言，若干遞延
稅項資產及負債已作對銷。以下為對銷
前之遞延稅項結餘分析：
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
166 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
29. DEFERRED TAXATION (Continued)
The followings are the major deferred tax liabilities (assets)
recognised and movements thereon during the current and
prior years:
Property,
plant and
equipment,
mineral
rights,
and
exploration
and
evaluation
rights
物業、廠房
及設備、
礦產權
以及
勘探及
評估權
Leave pay
provisions
休假薪酬
撥備
Other
provisions
其他撥備
Foreign
exchange
difference
arising
from
intra-group
activities
集團內
公司間
活動之
匯兌差額
Tax losses
稅項虧損
Others
其他
Total
總計
US$’000
千美元
US$’000
千美元
US$’000
千美元
US$’000
千美元
US$’000
千美元
US$’000
千美元
US$’000
千美元
(Note)
（附註）
At 1 January 2016 於二零一六年一月一日 260,567 (234) (4,465) 15,635 (4,914) 26,724 293,313
Charge (credit) to profit or loss
(note 12)
於損益扣除（計入）
（附註12） 22,834 226 2,246 – (4,300) (26,212) (5,206)
At 31 December 2016 於二零一六年
十二月三十一日 283,401 (8) (2,219) 15,635 (9,214) 512 288,107
Charge (credit) to profit or loss
(note 12)
於損益扣除（計入）
（附註12） 3,675 8 492 – 1,056 (2,143) 3,088
At 31 December 2017 於二零一七年
十二月三十一日 287,076 – (1,727) 15,635 (8,158) (1,631) 291,195
Note: Others inc lude tax deduct ion on qual i f ied capi ta l
expenditures, hedging instruments and others.
29. 遞延稅項（續）
以下為於本年度及過往年度內確認之主
要遞延稅項負債（資產）及其變動：
附註： 其他包括合資格資本開支、對沖工具及
其他項目之減稅。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
167 ANNUAL REPORT 2017 二 零 一 七 年 報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
29. DEFERRED TAXATION (Continued)
As at 31 December 2017, the Group has unused tax losses
of US$87,060,000 (2016: US$88,159,000). A deferred tax
asset has been recognised in respect of US$27,200,000
(2016: US$30,335,000) of such losses. No deferred tax
asset has been recognised in respect of the remaining
US$59,860,000 (2016: US$57,824,000) due to the
unpredictability of future profit streams. The tax losses may
be carried forward indefinitely.
30. SHARE CAPITAL
Number
of shares Amount
股份數目 金額
HK$’000
千港元
Ordinary shares of HK$ each 每股面值港元之普通股
Authorised: 法定：
At 1 January 2016, 31 December 2016,
1 January 2017 and 31 December 2017
於二零一六年一月一日、
二零一六年十二月三十一日、
二零一七年一月一日及
二零一七年十二月三十一日 20,000,000,000 200,000
Issued and fully paid: 已發行及繳足：
At 1 January 2016, 31 December 2016,
1 January 2017
於二零一六年一月一日、
二零一六年十二月三十一日及
二零一七年一月一日 4,350,753,051 43,508
Issue of new shares by the way of
subscription (Note)
以認購方式發行新股份（附註）
483,000,000 4,830
At 31 December 2017 於二零一七年十二月三十一日 4,833,753,051 48,338
29. 遞延稅項（續）
於二零一七年十二月三十一日，本集團
有未動用稅項虧損87,060,000美元（二零
一六年：88,159,000美元）。就相關虧損
已確認遞延稅項資產27,200,000美元（二
零一六年：30,335,000美元）。因未來溢
利流不可預測，餘下59,860,000美元（二
零一六年：57,824,000美元）並無確認作
遞延稅項資產。稅項虧損可無限期結轉。
30. 股本
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
168 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
30. SHARE CAPITAL (Continued)
Shown in the consolidated financial statements as:
Amount
金額
US$’000
千港元
At 31 December 2016 於二零一六年十二月三十一日 5,578
At 31 December 2017 於二零一七年十二月三十一日 6,197
Note: On 28 April 2017, the Company issued 483,000,000 new
ordinary shares by the way of subscription at the price of
HK$ per ordinary share to SD Hi-Speed Investment HK
Limited an independent third party, and raised gross
p r o c e e d s o f H K $ 3 8 6 , 4 0 0 , 0 0 0 ( e q u i v a l e n t t o
US$49,538,000). The subscription shares were allotted and
issued under a speci f ic mandate sought f rom the
shareholders at an extraordinary general meeting of the
Company held on 25 April 2017. Details of the subscription
are disclosed in the announcements of the Company dated
20 March 2017 and 28 April 2017 and circular of the
Company dated 6 April 2017.
31. SHARE OPTIONS SCHEME
On 20 June 2012, the Company adopted a share option
scheme (the “2012 Scheme”). The purpose of the 2012
Scheme is to provide incentives and rewards to the eligible
participants for their contribution and continuing efforts to
promote the interests of the Group. Eligible participants of
the 2012 Scheme include the directors (whether executive
or non-executive, including any independent non-executive
director) and employees (whether full time or part time) of
the Group. The 2012 Scheme, unless otherwise terminated
or amended, will remain in force for a period of 10 years
from 20 June 2012.
The maximum number of shares which may be issued
upon exercise of all options to be granted under the 2012
Scheme, any other new share option scheme and existing
scheme of the Company shall not, in aggregate, exceed
10% of the ordinary shares in issue as at the adoption of
the 2012 Scheme or any other new share option scheme of
the Company. The Company may seek approval of its
shareholders in a general meeting to refresh the 10% limit
under the 2012 Scheme. The total number of shares issued
and to be issued upon exercise of the share options
granted under the 2012 Scheme and any other share
option scheme of the Group (including both exercised and
outstanding options) to each participant in any 12-month
period up to the date of grant shall not exceed 1% of the
ordinary shares in issue at the date of grant. Any further
grant of share options in excess of this limit is subject to
shareholders’ approval in a general meeting of the
Company.
30. 股本（續）
於綜合財務報表中顯示為：
附註： 於二零一七年四月二十八日，本公司以
認購方式按認購價每股認購股份港
元向山東高速環渤海投資（香港）有限
公司（為獨立第三方）發行483,000,000
股 新 普 通 股，並 籌 得 所 得 款 項 總 額
386,400,000港元（相當於49,538,000美
元）。認購股份乃根據於二零一七年四
月二十五日舉行之本公司股東特別大會
上向股東尋求之特定授權而配發及發
行。認購事項之詳情於本公司日期為二
零一七年三月二十日及二零一七年四月
二十八日之公告以及本公司日期為二零
一七年四月六日之通函內披露。
31. 購股權計劃
本公司於二零一二年六月二十日採納購
股 權 計 劃（「二 零 一 二 年 計 劃」）。二 零
一二年計劃旨在獎勵及獎賞合資格參與
者為促進本集團利益而作出的貢獻及持
續努力。二零一二年計劃之合資格參與
者包括本集團董事（執行或非執行，包括
任何獨立非執行董事）及僱員（全職或兼
職）。除以其他方式終止或修訂外，二零
一二年計劃將於自二零一二年六月二十
日起十年期內維持生效。
根據二零一二年計劃、本公司任何其他
新購股權計劃及現有計劃將予授出之所
有購股權獲行使時可予發行之最高股份
數目，合共不得超過採納二零一二年計
劃或本公司任何其他新購股權計劃時已
發行普通股之10%。本公司可於股東大
會上尋求其股東批准更新二零一二年計
劃之10%限制。於截至授出日期止任何
十二個月期間，根據二零一二年計劃及
本集團任何其他購股權計劃向各參與者
授出之購股權（包括已行使及尚未行使之
購股權）獲行使而已發行及將予發行之股
份總數，不得超過本公司於授出日期已
發行普通股之1%。授出任何超出此限制
之購股權均須由股東在本公司股東大會
上批准，方為有效。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
169 ANNUAL REPORT 2017 二 零 一 七 年 報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
31. SHARE OPTIONS SCHEME (Continued)
Any share option granted under the 2012 Scheme to a
substantial shareholder (as defined in the Listing Rules) or
an independent non-executive director (or any of their
respective associates) of the Company, in excess of %
of the ordinary shares of the Company in issue at the date
of grant and with an aggregate value (based on the closing
price of the Company’s shares as quoted on the Stock
Exchange at the date of each grant) in excess of HK$5
million, within any 12-month period up to and including the
date of such grant, are subject to recommendation from the
independent non-executive directors of the Company
(excluding any independent non-executive director who is
also the grantee of the options) and shareholders’ approval
in a general meeting of the Company.
A share option may be accepted by a participant within 14
days from the date of the offer for grant of the option. The
exerc ise per iod o f the share op t ions gran ted is
determinable by the directors in accordance with the terms
of the 2012 Scheme, and commences from the date of
acceptance of the offer of grant of the share options and
ends on a date which is not later than 10 years from the
date of grant of the share options. At the date of offer of the
option, the directors of the Company may specify any
conditions which must be satisfied before any option may
be exercised.
The exercise price of the share options is determinable by
the directors of the Company, but must not be less than the
highest of (i) the closing price of the Company’s shares as
stated in the Stock Exchange’s daily quotation sheet on the
date of the offer for grant, which must be a business day;
(ii) the average closing price of the Company’s shares as
stated in the Stock Exchange’s daily quotation sheets for
the five business days immediately preceding the date of
the offer of the grant; and (iii) the nominal value of the
ordinary share.
Share options do not confer rights on the holders to Share
options do not confer rights on the holders to dividends or
to vote at shareholders’ meetings.
No options were granted or exercised during the years
ended 31 December 2016 and 2017 and no share options
were outstanding as at 31 December 2016 and 2017.
31. 購股權計劃（續）
倘於截至授出日期（包括該日）止任何
十二個月期間，根據二零一二年計劃向
本公司主要股東（定義見上市規則）或獨
立非執行董事（或彼等各自的任何聯繫人
士）授出之購股權超出本公司於授出日期
已發行普通股之%，及其總值（按各
授出日期聯交所所報本公司股份之收市
價計算）超出5百萬港元，則須獲本公司
獨立非執行董事（同時身為購股權承授人
之任何獨立非執行董事除外）之推薦建議
及股東於本公司股東大會上批准，方可
作實。
參與者可於提呈授出購股權要約日期起
計十四日內接納購股權。所授出購股權
之行使期由董事根據二零一二年計劃之
條款釐定，及由接納授出購股權要約日
期起至授出購股權日期起計不超過十年
之日止。於授出購股權要約當日，本公
司董事可能指定於行使任何購股權前必
須達成的任何條件。
購股權行使價由本公司董事釐定，但不
得低於下列三者之最高者：(i)本公司股
份於提呈授出日期（須為營業日）在聯交
所每日報價表內所示之收市價；(ii)本公
司股份於緊接提呈授出日期前五個營業
日在聯交所每日報價表內所示之平均收
市價；及(iii)普通股面值。
購股權並無賦予持有人收取股息或在股
東大會上投票之權利。
於截至二零一六年及二零一七年十二
月三十一日止年度，概無購股權獲授出
或行使，而於二零一六年及二零一七年
十二月三十一日，亦無購股權尚未獲行
使。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
170 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
32. PERPETUAL SUBORDINATED
CONVERTIBLE SECURITIES
On 14 November 2013, the Company issued the
Convertible Securities with an aggregate principal amount
of US$1,085,400,000, being part of consideration for the
Combination. The fair value of the Convertible Securities,
which was determined based on a valuation carried out by
Asset Appraisal Limited, an independent valuer not
connected with the Group, on the date of completion of the
Combination amounted to US$1,089,084,000.
The Convertible Securities are convertible into a maximum
of 8,466,120,000 ordinary shares of the Company at an
initial conversion price of HK$1 per share, subject to
anti-dilutive adjustments. On or at any time after three
years after the date of issue of the Convertible Securities,
the Company may, at its sole discretion, elect to convert
the Convertible Securities in whole or in part into ordinary
shares of the Company. At any time when a holder of the
Convertible Securities is not a connected person of the
Company, a principal amount of the Convertible Securities
which upon conversion will result in the holder holding in
aggregate under 10% of the issued share capital of the
Company shall be automatically converted into ordinary
shares of the Company.
The Convertible Securities shall not bear any distribution
for the first three years from the issue date but shall bear
distribution at % of the principal amount per annum
thereafter payable annually in arrears on 31 December
each year and can be deferred at the discretion of the
Company. The Convertible Securities have no fixed
maturity and are redeemable at the Company’s option at
their principal amounts together with any accrued, unpaid
or deferred distributions. While any distributions are unpaid
or deferred, the Company may not, inter alia, declare or
pay any dividends or distribution on any ordinary shares of
the Company or redeem or buy-back any ordinary shares
of the Company, for so long as any distributions which are
due and payable have not yet been paid in full.
32. 永久次級可換股證券
於二零一三年十一月十四日，本公司發
行本金總額為1,085,400,000美元之可換
股證券，作為合併之部分代價。可換股
證券之公平值（按完成合併當日一間與本
集團並無關連之獨立估值師中誠達資產
評值顧問有限公司進行之估值釐定）為
1,089,084,000美元。
可換股證券可按初始轉換價每股1港元轉
換為最多8,466,120,000股本公司普通股
（須作出反攤薄調整）。於可換股證券之
發行日期後三年屆滿或其後任何時間，
本公司可全權酌情選擇將可換股證券全
部或部分轉換為本公司普通股。於任何
時間，倘可換股證券持有人並非本公司
關連人士，而轉換後可換股證券之本金
額將導致該持有人合共持有本公司已發
行股本10%以下，則該本金額將自動轉
換為本公司普通股。
可換股證券自發行日期起首三年內不
附帶任何分派，惟其後每年按本金額之
%計算分派，並於每年十二月三十一
日按年累計支付，而本公司可酌情選擇
延期分派。可換股證券並無固定期限，
本公司可選擇按其本金額另加應計、未
付或延遲之分派贖回可換股證券。倘任
何分派尚未或延期支付，則只要任何到
期應付之分派尚未獲全數支付，本公司
將不可（其中包括）就本公司之任何普通
股宣派或派付任何股息或分派，亦不可
贖回或購回本公司任何普通股。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
171 ANNUAL REPORT 2017 二 零 一 七 年 報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
33. FINANCIAL INSTRUMENTS
Capital risk management
The Group manages its capital to maintain a balance
between continuity of cash flows from operating activities
and the flexibility through the use of borrowings. The Group
a lso moni tors the current and expected l iqu id i ty
requirements and its compliance with lending covenants
regularly to ensure that sufficient working capital and
adequate committed lines of funding are maintained to
meet its liquidity requirements. The Group’s overall strategy
remains unchanged from prior years.
The capital structure of the Group consists of net debts,
which include the borrowings disclosed in note 27 and
amounts due to an intermediate holding company and a
fellow subsidiary disclosed in note 22, net of bank balances
and cash; and equity attributable to owners of the Company
and non-controlling interests, comprising issued share
capital and reserves.
The management reviews the capital structure on a regular
basis. As part of this review, the management considers
the costs of capital and the risks associated with each class
of capital, and will balance its overall capital structure
through the issue of new debt or the redemption of existing
debt.
33. 金融工具
資本風險管理
本集團的資本管理目標乃透過使用借款
在經營業務所得現金流量之持續性與靈
活性之間保持平衡。本集團亦定期監察
目前及預期之流動資金需要及其遵守借
貸契諾的情況，確保維持充裕的營運資
金及足夠的承諾信貸額度，以應付其流
動資金所需。本集團之整體策略與過往
年度維持不變。
本集團資本結構包括債務淨額（包括附註
27披露之借款及附註22披露應付中間控
股公司及同系附屬公司款項，扣除銀行
結餘及現金）；及本公司擁有人應佔權益
及非控股權益（包括已發行股本及儲備）。
管理層定期檢討資本結構。作為此項檢
討之一環，管理層考慮資本成本及各類
資本的相關風險，並透過發行新債或贖
回現有債務調整本集團之整體資本結
構。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
172 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
33. FINANCIAL INSTRUMENTS (Continued)
Categories of financial instruments
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Financial assets 金融資產
Loans and receivables 貸款及應收款項
Loans and receivables (including cash
and cash equivalents excluding trade
and bill receivables under provisional
pricing arrangements)
貸款及應收款項（包括現金及
現金等值項目，不包括
有臨時定價安排之貿易
應收款項及應收票據） 92,989 98,948
FVTPL 按公平值計入損益
Trade and bill receivables under
provisional pricing arrangements
有臨時定價安排之貿易
應收款項及應收票據 60,886 39,053
Held for trading investments 持作買賣投資 – 3,705
Derivative financial instruments 衍生金融工具 – 219
Financial liabilities 金融負債
At amortised cost (excluding trade payables
under provisional pricing arrangements)
按攤銷成本（不包括有臨時
定價安排之貿易應付款項 494,025 523,606
Trade payables under provisional pricing
arrangements
有臨時定價安排之貿易
應付款項 43,375 53,516
Financial risk management objectives and
policies
The Group’s major financial instruments include loan
receivable, trade and other receivables, restricted cash
deposits, bank balances and cash, derivative financial
instruments, held for trading investments, trade and other
payables, amounts due to an intermediate holding
company, a fellow subsidiary and a non-controlling
Shareholder of a subsidiary and bank borrowings. Details
of the financial instruments are disclosed in respective
notes. The risks associated with these financial instruments
include market risk (currency risk, interest rate risk and
commodity price risk), credit risk and liquidity risk. The
policies on how to mitigate these risks are set out below.
The management manages and monitors these exposures
to ensure appropriate measures are implemented on a
timely and effective manner.
33. 金融工具（續）
金融工具類別
財務風險管理目標及政策
本集團之主要金融工具包括應收貸款、
貿 易 及 其 他 應 收 款 項、受 限 制 現 金 存
款、銀行結餘及現金、衍生金融工具、
持作買賣投資、貿易及其他應付款項、
應付中間控股公司、同系附屬公司及附
屬 公 司 非 控 股 股 東 款 項，以 及 銀 行 借
款。金融工具之詳情於相關附註披露。
此等金融工具之相關風險包括市場風
險（貨幣風險、利率風險及商品價格風
險）、信貸風險及流動資金風險。降低此
等風險之政策載於下文。管理層負責管
理及監察此等風險，以確保及時有效地
執行適當的措施。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
173 ANNUAL REPORT 2017 二 零 一 七 年 報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
33. FINANCIAL INSTRUMENTS (Continued)
Financial risk management objectives and
policies (Continued)
Market risk
Currency risk
The carrying amounts of the Group’s monetary assets and
liabilities denominated in foreign currencies, . currencies
other than the functional currency of the respective group
entities, which mainly represent held for trading investment,
trade and other receivables and bank balances and cash at
the end of the reporting period are as follows:
2017 2016
二零一七年 二零一六年
Assets Liabilities Assets Liabilities
資產 負債 資產 負債
US$’000 US$’000 US$’000 US$’000
千美元 千美元 千美元 千美元
Renminbi ( “RMB” ) 人民幣（「人民幣」） 41 – 4,035 –
ZAR 南非蘭特 2,335 – 1,831 –
HK$ 港元 501 – 598 –
Zambian Kwacha ( “ZMK” ) 贊比亞克瓦查
（「贊比亞克瓦查」） 11,824 – 11,895 –
Congo Franc ( “CDF” ) 剛果法郎
（「剛果法郎」） 50,057 – 39,575 –
The Group manages its foreign currency risk by closely
monitoring the movements of foreign currency exchange
rates. Other than the foreign currency forward contracts as
disclosed in note 24, the Group currently has not entered
into any foreign currency forward contracts to hedge
against foreign currency risk.
33. 金融工具（續）
財務風險管理目標及政策（續）
市場風險
貨幣風險
於報告期末，本集團以外幣（即各集團實
體功能貨幣以外之貨幣）計值之貨幣資產
及負債（主要為持作買賣投資、貿易及其
他應收款項以及銀行結餘及現金）之賬面
值如下：
本集團透過密切監察外幣匯率變動情況
管理其外幣風險。除附註24所披露之遠
期外匯合約外，本集團現時並無訂立任
何遠期外匯合約以對沖外幣風險。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
174 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
33. FINANCIAL INSTRUMENTS (Continued)
Financial risk management objectives and
policies (Continued)
Market risk (Continued)
Currency risk (Continued)
Sensitivity analysis
The Group is mainly exposed to fluctuation against foreign
currency of RMB, ZAR, ZMK and CDF relative to US$.
Under the linked exchange rate system, the financial
impact on foreign exchange difference between HK$ and
US$ is expected to be immaterial and therefore no
sensitivity analysis has been prepared. The following table
details the Group’s sensitivity to a 5% increase in functional
currency against the relevant foreign currencies. 5%
represents management’s assessment of the reasonably
possible change in foreign exchange rates. The sensitivity
analysis includes only outstanding foreign currency
denominated monetary items and adjusts their translation
at the end of the reporting period for a 5% change in
foreign currency rates. A positive (2016: positive) number
below indicates an increase in profit (2016: profit) for the
year where functional currency of each group entity
strengthens 5% against the relevant foreign currency.
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
RMB 人民幣 2 168
ZAR 南非蘭特 84 76
ZMK 贊比亞克瓦查 414 416
CDF 剛果法郎 1,752 1,385
For a 5% weakening of functional currency of each group
entity against the relevant foreign currency, there would be
an equal and opposite impact on the profit (2016: profit) for
the year and the balances above would be positive.
In the opinion of directors of the Company, the sensitivity
analysis is unrepresentative of inherent foreign exchange
risk as the year end exposure does not reflect the exposure
during the year.
33. 金融工具（續）
財務風險管理目標及政策（續）
市場風險（續）
貨幣風險（續）
敏感度分析
本集團主要承受人民幣、南非蘭特、贊
比亞克瓦查及剛果法郎兌美元之匯率波
動風險。基於聯匯制度，港元與美元匯
差之財務影響預期並不重大，故並無編
製敏感度分析。下表詳述本集團對於功
能貨幣兌有關外幣升值5%之敏感度。
5%為管理層對匯率合理可能變動所作
之評估。敏感度分析僅包括以外幣計值
之未兌換貨幣項目，並於報告期末就5%
之匯率變動作出換算調整。以下之正數
（二零一六年：正數）說明倘各集團實體
之功能貨幣兌有關外幣升值5%，年內溢
利（二零一六年：溢利）將增加。
倘各集團實體之功能貨幣兌有關外幣貶
值5%，則會對年內溢利（二零一六年：
溢利）帶來等額但相反之影響及以上結餘
將出現正數。
本公司董事認為，敏感度分析不足以代
表固有之外匯風險，原因是年末之風險
敞口並不反映年內所承擔之風險敞口。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
175 ANNUAL REPORT 2017 二 零 一 七 年 報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
33. FINANCIAL INSTRUMENTS (Continued)
Financial risk management objectives and
policies (Continued)
Market risk (Continued)
Interest rate risk
The Group is exposed to cash flow interest rate risk in
relation to floating-rate loan receivable and borrowings with
reference to LIBOR. The management continuously
monitors interest rate exposure and will consider hedging
interest rate risk should the need arise.
The Group’s cash flow interest rate risk relates primarily to
variable rate borrowings and amount due to an intermediate
holding company and a fellow subsidiary. It is the Group’s
policy to keep its borrowings at floating rate of interest so
as to minimise the fair value interest rate risk.
The Group’s cash f low interest rate r isk is mainly
concentrated on the fluctuation of LIBOR arising from the
Group’s US$ denominated borrowings.
The Group’s bank balances have exposure to cash flow
interest rate risk due to the fluctuation of the prevailing
market interest rate on bank balances. The directors of the
Company consider that the Group’s exposure of the
short-term bank deposits to interest rate risk is not
significant as interest bearing bank balances are with short
maturity period.
Sensitivity analysis
The sensitivity analysis has been determined based on the
exposure to interest rates for floating-rate interest bearing
loan receivable and borrowings. The analysis is prepared
assuming those balances outstanding at the end of the
reporting period were outstanding for the whole year. A 50
basis point increase or decrease which represents the
management’s assessment of the reasonably possible
change in interest rates is used.
If the interest rate on loan receivable, borrowings and
amount due to an intermediate holding company and a
fellow subsidiary carried at floating-rate had been 50 basis
points higher/lower and all other variables were held
constant, the profit for the year ended 31 December 2017
would have decreased/increased by US$1,318,000 (2016:
profit for the year would have decreased/increased by
US$1,819,000).
33. 金融工具（續）
財務風險管理目標及政策（續）
市場風險（續）
利率風險
本集團承受浮息應收貸款及借款（參照倫
敦銀行同業拆息計息）之現金流量利率風
險。管理層持續監察利率風險敞口，並
將於有需要時考慮對沖利率風險。
本集團的現金流利率風險主要有關浮動
利率的借款和所欠一家中間控股公司及
同系附屬公司之款項。本集團的政策是
維持其借款的利息浮動利率，以盡量減
少公平值利率風險。
本集團的現金流利率風險主要集中於本
集團以美元計價之借款及有關倫敦銀行
同業拆息之波動。
本集團之銀行結餘承受因銀行結餘之現
行市場利率波動而產生的現金流量利率
風險。本公司董事認為，本集團短期銀
行存款之利率風險敞口並不重大，原因
是計息銀行結餘之到期時間較短。
敏感度分析
敏感度分析乃基於浮息應收貸款及借
款的利率風險敞口釐定。編製該項分析
時，假設於報告期末之未償還結餘於整
個年度概未償還。分析採用50個基點之
增減，代表管理層對利率合理可能變動
所作出之評估。
倘按浮息計算之應收貸款、借款以及應
付中間控股公司及同系附屬公司款項之
利率增加╱減少50個基點，而所有其他
變量保持不變， 則截至二零一七年十二
月三十一日止年度之溢利應減少╱增加
1,318,000美元（二零一六年：年內溢利
應減少╱增加1,819,000美元）。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
176 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
33. FINANCIAL INSTRUMENTS (Continued)
Financial risk management objectives and
policies (Continued)
Market risk (Continued)
Interest rate risk (Continued)
Sensitivity analysis (Continued)
In the opinion of directors of the Company, the sensitivity
analysis is unrepresentative of inherent interest rate risk as
the year end exposure does not reflect the exposure during
the year.
Commodity price risk
The Group is also exposed to commodity price risk arising
from commodity derivative contracts and the Group’s sales
and purchases which are subject to provisional pricing
arrangements, predominantly copper price. The Group has
appointed a special team to monitor the price risk and will
consider hedging the risk exposure should the need arise.
Credit risk
The Group’s maximum exposure to credit risk in the event
of the counterparties’ failure to perform their obligations at
the end of the reporting period in relation to each class of
recognised financial assets is the carrying amount of those
assets as stated in the consolidated statement of financial
position. In order to minimise the credit risk, the directors of
the Company has delegated the management to be
responsible for determination of credit limits, credit
approvals and other monitoring procedures to ensure that
follow-up action is taken to recover overdue debts. In
addition, the Group reviews the recoverable amount of
each individual trade debt at the end of the reporting period
to ensure that adequate impairment losses are made for
irrecoverable amounts. In this regard, the directors of the
Company consider that the Group’s credi t r isk is
significantly reduced.
The credit risk for bank deposits and bank balances
exposed is considered minimal as such amounts are
placed with various banks with good credit ratings and
there is no significant concentration of credit risk for bank
deposits and bank balances. Details on concentration of
credit risk on trade receivables are shown in note 20.
33. 金融工具（續）
財務風險管理目標及政策（續）
利率風險（續）
利率風險（續）
敏感度分析（續）
本公司董事認為，敏感度分析不足以代
表固有之利率風險，原因是年末之風險
敞口並不反映年內所承擔之風險敞口。
商品價格風險
本集團亦承受商品衍生合約及本集團按
臨時定價安排作出之買賣所產生的商品
價格風險（主要為銅價）。本集團委任特
別團隊以監控價格風險，並於必要時將
考慮對沖風險。
信貸風險
於報告期末，本集團於交易對手未履行
其責任之情況下，就各類已確認金融資
產承擔之最大信貸風險敞口，為綜合財
務狀況表所列之該等資產賬面值。為將
信貸風險降至最低，本公司董事已授權
管理層負責釐定信貸限額、信貸批准及
其他監察程序，以確保採取跟進行動收
回逾期債務。此外，本集團於報告期末
檢討各項個別貿易債務之可收回金額，
以確保就不可收回之金額計提足夠的減
值虧損。就此而言，本公司董事認為本
集團之信貸風險已大大降低。
銀行存款及銀行結餘面臨之信貸風險被
視為極低，原因是該等金額乃存放於多
間具有良好信貸評級之銀行，且銀行存
款及銀行結餘並無重大信貸集中風險。
貿易應收款項信貸集中風險之詳情載於
附註20。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
177 ANNUAL REPORT 2017 二 零 一 七 年 報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
33. FINANCIAL INSTRUMENTS (Continued)
Financial risk management objectives and
policies (Continued)
Credit risk (Continued)
During the year ended 31 December 2017, the Group’s
copper and cobalt sales are allocated between ten (2016:
nine) customers all of whom have a good track record with
respect to settling receivables within the agreed credit
period.
Liquidity risk
In management of the liquidity risk, the Group monitors and
maintains a level of cash and cash equivalents deemed
adequate by the management to finance the Group’s
operations and mitigate the effects of fluctuations in cash
flows. The management monitors the uti l isation of
borrowings and ensures compliance with loan covenants, if
any.
The fol lowing table detai ls the Group’s remaining
contractual maturity for its non-derivative financial liabilities.
The table has been drawn up based on the undiscounted
cash flows of financial liabilities based on the earliest date
on which the Group can be required to pay. The maturity
dates for other non-derivative financial liabilities are based
on the agreed repayment dates.
The table includes both interest and principal cash flows
except for trade payables under provisional pricing
arrangements. To the extent that interest flows are floating
rate, the undiscounted amount is derived from interest rate
curve at the end of the reporting period.
For trade payables under provisional pricing arrangements,
the amount is derived from the estimated future cash
payments with reference to the LME future commodity
prices at the end of the reporting period.
33. 金融工具（續）
財務風險管理目標及政策（續）
信貸風險（續）
於截至二零一七年十二月三十一日止年
度，本集團向十名（二零一六年：九名）
客戶銷售銅及鈷，該等客戶在於協定信
貸期內結清應收款項方面均擁有良好記
錄。
流動資金風險
就流動資金風險管理而言，本集團監察
現金及現金等值項目及將之保持於管理
層認為足夠之水平，以撥付本集團經營
業務之資金及減低現金流量變動之影
響。管理層監察借款使用情況，並確保
符合貸款契諾（如有）。
下表詳列本集團之非衍生金融負債之餘
下合約到期情況。列表乃根據金融負債
之未貼現現金流量按本集團可能須支付
款項之最早日期編製。其他非衍生金融
負債之到期日乃按協定之還款日期釐定。
下表包括利息及本金現金流量，惟涉及
有臨時定價安排之貿易應付款項除外。
倘利息流量為浮息，有關未貼現金額乃
自於報告期末之利率曲線計算得出。
就有臨時定價安 排之貿易應付款項而
言，有關金額乃經參考於報告期末之倫
金所未來商品價格所估計之未來現金付
款計算得出。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
178 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
33. FINANCIAL INSTRUMENTS (Continued)
Financial risk management objectives and
policies (Continued)
Liquidity risk (Continued)
In addition, the following table details the Group’s liquidity
analysis for its derivative financial instruments. The table
has been drawn up based on the undiscounted contractual
net cash inflows on derivative instruments settled on a net
basis. The liquidity analysis for the Group’s derivative
financial instruments is prepared based on the contractual
matur i t ies as the management considers that the
contractual maturities are essential for an understanding of
the timing of the cash flows of the derivatives.
Weighted
average
interest rate
On demand
and within
one year
Over
one year
but not
more than
five years
Over
five years
Total
undiscounted
cash flows
Carrying
amount
加權平均
利率
按要求及
一年內
一年後但
五年內 超過五年
未貼現現金
流量總額 賬面值
% US$’000 US$’000 US$’000 US$’000 US$’000
% 千美元 千美元 千美元 千美元 千美元
As at 31 December 2017 於二零一七年十二月三十一日
Non-derivative financial liabilities 非衍生金融負債
Trade and other payables (excluding
trade payables under provided pricing
arrangements)
貿易及其他應付款項（不包括有
臨時定價安排之貿易應付款項）
– 2,522 – – 2,522 2,522
Amount due to an intermediate
holding company
應付中間控股公司款項
124,152 – – 124,152 119,815
Amount due to a fellow subsidiary 應付同系附屬公司款項 6,300 – – 6,300 5,974
Amount due to a non-controlling
shareholder of a subsidiary
應付附屬公司非控股股東款項
– 418 – – 418 418
Bank borrowings – floating rate 銀行借款 — 浮息 139,086 207,562 38,250 384,898 365,296
128,252 96,498 219,618 444,368 365,295
272,478 207,562 38,250 518,290 494,025
128,252 96,498 219,618 444,368 365,295
Trade payable under provisional pricing
arrangements
有臨時定價安排之貿易應付款項
– 43,375 – – 43,375 43,375
128,252 96,498 219,618 444,368 365,295
315,853 207,562 38,250 561,665 537,400
33. 金融工具（續）
財務風險管理目標及政策（續）
流動資金風險（續）
此外，下表詳列本集團之衍生金融工具
之流動資金分析。列表乃根據以淨額基
準結算之衍生工具未貼現合約現金流入
淨額而編製。本集團衍生金融工具之流
動資金分析乃根據合約到期日編製，原
因是管理層認為合約到期日對理解衍生
工具現金流量之時間性十分重要。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
179 ANNUAL REPORT 2017 二 零 一 七 年 報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
33. FINANCIAL INSTRUMENTS (Continued)
Financial risk management objectives and
policies (Continued)
Liquidity risk (Continued)
Weighted
average
interest rate
On demand
and within
one year
Over
one year
but not
more than
five years
Over
five years
Total
undiscounted
cash flows
Carrying
amount
加權平均
利率
按要求及
一年內
一年後但
五年內 超過五年
未貼現現金
流量總額 賬面值
% US$’000 US$’000 US$’000 US$’000 US$’000
% 千美元 千美元 千美元 千美元 千美元
As at 31 December 2016 於二零一六年十二月三十一日
Non-derivative financial liabilities 非衍生金融負債
Trade and other payables (excluding
trade payables under provisional
pricing arrangements)
貿易及其他應付款項（不包括
有臨時定價安排之貿易應付
款項） – 3,976 – – 3,976 3,976
Amount due to an intermediate
holding company
應付中間控股公司款項
4,464 120,268 – 124,732 119,331
Amount due to a fellow subsidiary 應付同系附屬公司款項 1,017 5,068 – 6,085 5,744
Bank borrowings – floating rate 銀行借款 — 浮息 102,369 260,544 69,249 432,162 394,555
118,826 385,880 69,249 566,955 523,606
Trade payables under provisional
pricing arrangements
有臨時定價安排之貿易應付
款項 – 53,516 – – 53,516 53,516
165,342 385,880 69,249 620,471 577,122
33. 金融工具（續）
財務風險管理目標及政策（續）
流動資金風險（續）
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
180 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
33. FINANCIAL INSTRUMENTS (Continued)
Fair value measurements of financial instruments
Fair value of the Group’s financial assets and
financial liabilities that are measured at fair value
on a recurring basis
Some of the Group’s financial assets and financial liabilities
are measured at fair value at the end of 31 December
2016. The following table gives information about how the
fair values of these financial assets and financial liabilities
are determined (in particular, the valuation technique(s)
and inputs used).
Financial assets/Financial
assets/financial liabilities Fair value as at
Fair value
hierarchy Valuation technique(s) and key input(s)
Significant
unobservable
input
Relationship of
unobservable
inputs to
fair value
金融資產╱金融負債 公平值 公平值級別 估值技術及主要輸入數據
重大不可觀察
輸入數據
不可觀察
輸入數據與
公平值之關係
二零一七年十二月三十一日 二零一六年十二月三十一日
Held for trading investments Assets – Nil Assets – US$3,705,000 Level 1 Quoted bid prices in an active market. N/A N/A
持作買賣投資 資產－無 資產－3,705,000美元 第一級 活躍市場買入價 不適用 不適用
Foreign currency forward contracts Assets – Nil Assets – US$13,000 Level 2 Discounted cash flow: Future cash flows are estimated
based on difference between predetermined forward
exchange rates and forward exchange rates at the end
of the reporting period discounted at a rate that reflects
the credit risk of various counterparties.
N/A N/A
遠期外匯合約 資產－無 資產－13,000美元 第二級 貼現現金流量：未來現金流量乃按事先釐定的遠期匯率與
在報告期末的遠期匯率的差額估計，並按反映不同對手
方信貸風險的比率貼現。
不適用 不適用
Commodity derivative contracts Assets – Nil Assets – US$206,000 Level 2 The fair value of the commodity derivative contracts
represents the difference between the quoted forward
price of the commodity at the end of the reporting
period and the contracted rate per the commodity
contract of the commodity.
N/A N/A
商品衍生合約 資產－無 資產－206,000美元 第二級 商品衍生合約之公平值為商品於報告期末之遠期報價與
商品合約訂價間之差額。
不適用 不適用
Trade and bill receivables under
provisional pricing arrangements
Assets – US$60,886,000 Assets – US$39,053,000 Level 2 The fair value of the trade and bill receivables under
provisional pricing arrangements is based on the
average LME future commodity prices for the duration
up to the date of final pricing.
N/A N/A
有臨時定價安排之貿易應收款項及
應收票據
資產－60,886,000美元 資產－39,053,000美元 第二級 有臨時定價安排之貿易應收款項及應收票據之公平值根據
截至最終定價日為止之倫金所未來商品平均價格釐定。
不適用 不適用
Trade payables under provisional
pricing arrangements
Liabilities – US$43,378,000 Liabilities – US$53,516,000 Level 2 The fair value of the trade payables under provisional
pricing arrangements is based on the average LME
future commodity prices for the duration up to the date
of final pricing.
N/A N/A
有臨時定價安排之貿易應付款項 負債－43,378,000美元 負債－53,516,000美元 第二級 有臨時定價安排之貿易應付款項之公平值根據截至最終
定價日為止之倫金所未來商品平均價格釐定。
不適用 不適用
33. 金融工具（續）
金融工具之公平值計量
本集團按經常性基準以公平值計量之
金融資產及金融負債之公平值
本集團若干金融資產及金融負債於每個
報告期末按公平值計量。下表載列有關
如何釐定該等金融資產及金融負債之公
平值之資料（尤其是估值技術及所使用的
輸入數據）。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
181 ANNUAL REPORT 2017 二 零 一 七 年 報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
33. FINANCIAL INSTRUMENTS (Continued)
Fair value measurements of financial instruments
(Continued)
Fair value of the Group’s financial assets and
financial liabilities that are measured at fair value
on a recurring basis (Continued)
There were no transfer between Level 1 and 2 during the
year.
The directors of the Company consider that the carrying
amounts of financial assets and financial liabilities recorded
at amortised cost approximate their fair values.
Financial assets and liabilities subject to
offsetting, enforceable master netting
arrangements and similar agreements
The Group has entered into certain derivative transactions
that are covered by the International Swaps and Derivatives
Association Master Agreements (“ISDA Agreements”) with
various banks. These derivative instruments are not offset
in the consolidated statement of financial position as the
ISDA Agreements are in place with a right of set off only in
the event of default, insolvency or bankruptcy so that the
Group currently has no legally enforceable right to set off
the recognised amounts . Other than der ivat ives
transactions mentioned above, the Group has no other
financial assets and financial liabilities which are subject to
similar netting arrangements. No further disclosures are
provided as, in the opinion of the directors of the Company,
the Group’s derivative transactions are not significant.
34. CONTINGENT LIABILITY
D u r i n g t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 1 7 , a
non-controlling shareholder of a subsidiary filed to the court
in DRC requesting two subsidiaries of the Company for the
payment of overdue royalties with a principal amount of
US$3,178,000, together with 8% annual interest from 2015
to 2017, and compensation.
Taking into consideration of a legal opinion, the Company
is of the view that the Company and the relevant
subsidiaries have a reasonably good chance in defending
the alleged claim.
Save as disclosed elsewhere in the consolidated financial
statement, the Group has no other material contingent
liabilities, as at 31 December 2017.
33. 金融工具（續）
金融工具之公平值計量（續）
本集團按經常性基準以公平值計量之
金融資產及金融負債之公平值（續）
年內，第一級和第二級之間並無轉撥。
本公司董事認為，按攤銷成本記賬之金
融資產及金融負債之賬面值與其公平值
相若。
須予抵銷之金融資產及負債、可強制
執行的總淨額結算安排及類似協議
本集團已訂立若干衍生工具交易，並就
有關交易與各家銀行簽訂國際掉期及衍
生工具協會主協議（「ISDA協議」）。由於
ISDA協議僅會於違約、無力償債或破產
時有權進行對銷，故本集團目前並無可
依法強制執行之權利對銷已確認金額，
故該等衍生工具並無於綜合財務狀況表
對銷。除上述衍生工具交易外，本集團
並無其他金融資產及金融負債需進行類
似扣減安排。本公司董事認為，由於本
集團之衍生工具交易不重大，故未作進
一步披露。
34. 租賃承擔
於截至二零一七年十二月三十一日止年
度，本公司一間附屬公司之一名非控股
股東向剛果（金）法院提交案件，要求
本公司其中兩間附屬公司支付本金額為
3,178,000美元之逾期礦權使用費，連同
二零一五年至二零一七年之每年利息8%
及賠償。
經考慮法律意見後，本公司認為就有關
指控本公司及有關附屬公司將有合理抗
辯理據且勝數甚高。
除於綜合財務報表其他章節所披露者
外，本集團於二零一七年十二月三十一
日並無其他重大或然負債。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
182 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
35. LEASE COMMITMENTS
At the end of the report ing period, the Group was
committed to make the following future minimum lease
payments under non-cancellable operating leases which
fall due as follows:
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Within one year 一年內 1,027 1,253
In the second to fifth years inclusive 第二至第五年（包括首尾兩年） 174 1,612
1,201 2,865
Operating lease payments represent rental payable by the
Group for certain of its equipment, premises and vehicles.
Leases are negotiated and rentals are fixed originally for a
lease term ranging from one to five years.
36. CAPITAL COMMITMENTS
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Capital expenditure in respect of property,
plant and equipment, mineral rights and
exploration and evaluation assets
contracted for but not provided in the
consolidated financial statements
綜合財務報表項下已訂約
但未撥備之物業、廠房及
設備、礦產權以及勘探及
評估資產之資本開支
15,062 8,081
經營租賃款項指本集團就其若干設備、
物 業 及 汽 車 應 付 之 租 金。租 約 乃 經 協
商，而租金最初按介乎一至五年之租期
訂定。
36. 資本承擔
35. 租賃承擔（續）
於報告期末，本集團根據不可撤銷經營
租賃所承擔之未來最低租賃款項於下列
期間到期：
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
183 ANNUAL REPORT 2017 二 零 一 七 年 報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
37. RETIREMENT BENEFIT INFORMATION
The Group participates in the Mandatory Provident Fund
Scheme registered with the Mandatory Provident Fund
Schemes Authority under the Mandatory Provident
Schemes Ordinance for all qualifying employees in Hong
Kong. The assets of the scheme are held separately from
those of the Group in funds under the control of trustee.
The Group contributes 5% of relevant payroll costs with a
cap of monthly contributions of HK$1,500 (equivalent to
US$160) (effective from 1 June 2014) to the scheme, which
contribution is matched by employee.
Contributions are made by the South African companies to
independent pension and provident funds which are defined
contribution retirement benefits plans governed by the
Pension Funds Act, 1956. All eligible employees are
required to become members of these schemes.
DRC employees contribute to the DRC National Social
Security Fund in accordance with applicable labour laws.
All eligible Zambian employees are required to join and
contribute to an external pension fund, Africa Life. Both
funds are defined contribution retirement benefits plans.
The assets of each of the retirement benefits schemes are
held separately from those of the Group in funds under the
control of the trustees. The amounts incurred for retirement
benefits schemes contributions are disclosed in notes 10
and 11. According to the respective schemes, those
contributions are not refundable nor forfeitable.
37. 退休福利資料
本集團為香港所有合資格僱員參與一項
已根據強制性公積金計劃條例在強制性
公積金計劃管理局登記之強積金計劃。
該計劃之資產與存置於受託人所控制基
金之本集團資產分開持有。本集團按有
關薪金成本的5%向該計劃供款，每月供
款上限為1,500港元（相等於160美元）（自
二零一四年六月一日起生效），而僱員亦
按相同金額作出供款。
南非公司對獨立退休金及公積金（為受
一九五六年退休金法案(Pension Funds
Act, 1956)管轄之界定供款退休福利計
劃）作出供款。所有合資格僱員均須參加
此等計劃。
剛果（金）僱員根據適用之勞動法對剛果
（金）全國社會保障基金供款。所有合資
格之贊比亞僱員均須加入外部退休基金
Africa Life 並作出供款。兩隻基金均為界
定供款退休福利計劃。
各退休福利計劃之資產與存置於受託人
所控制基金之本集團資產分開持有。退
休福利計劃供款所產生之款項於附註10
及11披露。根據各項計劃，該等供款為
不可退還亦不可沒收。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
184 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
38. PLEDGE OF ASSETS
In addition to certain trade receivables transferred to banks
as disclosed in note 21, the Group pledged the following
assets as securities for borrowings as follows:
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Inventories 存貨 4,200 3,880
Trade receivables 貿易應收款項 3,900 4,000
8,100 7,880
39. RELATED PARTY TRANSACTIONS
The Group itself is part of a larger group of companies
under JCG, a state-owned enterprise with its majority
equity interest held by the People’s Government of Gansu
Province, which is controlled by the government of the PRC
and the Group operates in an economic environment
currently predominated by entities controlled, jointly
control led or s igni f icant ly inf luenced by the PRC
government.
38. 資產抵押
除附註21所披露轉讓予銀行之若干貿易
應收款項外，本集團抵押以下資產作為
借款之擔保：
39. 關聯人士交易
本集團為JCG（一家主要股權由甘肅省人
民政府持有的國有企業，而甘肅省人民
政府受中國政府控制）旗下的大型集團公
司之一，亦於目前主要由中國政府所控
制、共同控制或發揮重大影響力之實體
主導的經濟環境中經營業務。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
185 ANNUAL REPORT 2017 二 零 一 七 年 報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
39. RELATED PARTY TRANSACTIONS
(Continued)
(a) Transactions with JCG and its subsidiaries
Apart from details of the balances with related parties
disclosed in respective notes, the Group entered into
the fo l lowing t ransact ions wi th JCG and i ts
subsidiaries during the year:
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Sales of goods to ultimate holding
company (note a)
向最終控股公司銷售貨品
（附註a） – 5,340
Sales of goods to a joint venture of
the ultimate holding company
(note a)
向最終控股公司之合資企業
銷售貨品（附註a）
23,393 21,594
Sales of goods to an indirect
non-wholly owned subsidiary of
the ultimate holding company (note a)
向最終控股公司之間接非
全資附屬公司銷售貨品
（附註a） 186,226 45,175
Interest expenses on term loan
due to an intermediate holding
company
應付中間控股公司定期貸款
之利息開支
2,274 3,057
Interest expenses on term loan
due to a fellow subsidiary
應付同系附屬公司定期貸款
之利息開支 994 960
Interest expenses payable to an
intermediate holding company on
the perpetual subordinated
convertible securities
應付中間控股公司永久次級
可換股證券之利息開支
1,094 135
Interest income received from
the bond issued by the ultimate
holding company (note b)
收取最終控股公司所發行之
債券之利息收入（附註b）
186 88
Rental expenses paid to a fellow
subsidiary (note a)
向同系附屬公司支付租金開支
（附註a） – 154
Rental income received from
a fellow subsidiary (note a)
自同系附屬公司收取租金收入
（附註a） 329 216
As at 31 December 2017, corporate guarantee in
aggregate amounting to US$316,763,000 (2016:
US$382,000,000) was provided by JCG for banking
f ac i l i t i e s ob ta i ned by t he Group , o f wh i ch
US$317,000,000 (2016: US$363,000,000) was
utilised.
Note a: These transactions are regarded as connected
transactions, pursuant to Chapter 14A of the Listing
Rules.
Note b: As set out in note 23, the issuer of the bond
acquired by the Group in market during 2016 is the
Company’s ultimate holding company. The bond
was disposed of during 2017.
39. 關聯人士交易（續）
(a) 與JCG及其附屬公司之交易
除於相關附註所披露之關聯人士結
餘詳情外，本集團於年內與JCG及
其附屬公司訂立以下交易：
於二零一七年十二月三十一日，
JCG已就本集團獲授之銀行信貸提
供合共316,763,000美元（二零一六
年：382,000,000美元）公司擔保，
其中已動用317,000,000美元（二零
一六年：363,000,000美元）。
附註a： 根據上市規則第14A章，該等交
易被視為關連交易。
附註b： 如附註23所述，本集團於二零
一六年在市場上購買之債券之
發行人為本公司之最終控股公
司。有關債券已於二零一七年
出售。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
186 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
39. RELATED PARTY TRANSACTIONS
(Continued)
(b) Transactions/balances with other PRC
government controlled entities
The Group has entered into various transactions,
including deposits placements, borrowings and other
general banking facilities, with certain banks and
financial institutions which are government-related
entities in its ordinary course of business. In view of
the nature of those banking transactions, the directors
of the Company are of the opinion that separate
disclosure is not meaningful.
(c) Transaction with non-PRC government –
related parties
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Royalty expenses paid to
non-controlling shareholders of
subsidiaries
向附屬公司非控股股東支付
礦權使用費開支
23,340 4,739
Purchase of goods from a non-
controlling shareholder of a
subsidiary (note a)
向附屬公司非控股股東購買
貨品（附註a）
26,201 –
Note a: These transactions are regarded as connected
transactions, pursuant to Chapter 14A of the Listing
Rules.
(d) Compensation of key management personnel
The key management personnel of the Company are
its directors. Further details of their emoluments are
disclosed in note 11(a). The emoluments of Mr. Yang
Zhiqiang, Mr. Qiao Fugui, Mr. Zhang Sanl in,
Mr. Zhang Youda and Mr. Zeng Weibing are borne by
the ultimate holding company.
39. 關聯人士交易（續）
(b) 與其他中國政府所控制實體之交
易╱結餘
此外，本集團已於其日常業務過程
中與屬政府相關實體之若干銀行
及金融機構訂立多項交易，包括存
款、借款及其他一般銀行融資。鑑
於該等銀行交易的性質，本公司董
事認為分開披露意義不大。
(c) 與非中國政府關聯人士之交易
附註a： 根據聯交所證券上市規則第14A
章，該等交易被視為關連交易。
(d) 主要管理人員報酬
本公司之主要管理人員為董事。有
關彼等酬金之詳情載於附註11(a)。
楊志強先生、喬富貴先生、張三林
先生、張有達先生及曾衛兵先生之
酬金由最終控股公司承擔。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
187 ANNUAL REPORT 2017 二 零 一 七 年 報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
40. RECONCILIATION OF LIABILITIES
ARISING FROM FINANCING ACTIVITIES
The table below details changes in the Group’s liabilities
arising from financing activities, including both cash and
non-cash changes. Liabilities arising from financing
activities are those for which cash flows were, or future
cash flows will be, classified in the Group’s consolidated
statement of cash flows as cash flows from financing
activities.
Amount due
Amount
due to an Amount
to a non-
controlling
intermediate due to shareholder
Interest Bank holding a fellow of a
payable borrowings company subsidiary subsidiary Total
應付利息 銀行借貸
應付中間
控股公司
款項
應付同系
附屬公司
款項
應付
附屬公司
非控股股東
款項 總計
US$’000 US$’000 US$’000 US$’000 US$’000 US$’000
千美元 千美元 千美元 千美元 千美元 千美元
At 1 January 2017 於二零一七年
一月一日 – 394,555 119,331 5,744 – 519,630
Interest expenses 利息開支 8,673 – – – – 8,673
Interest capitalised 資本化利息 13,461 – – – – 13,461
Financing cash flows 融資現金流量 (22,134) (29,259) 484 230 418 (50,261)
At 31 December 2017
於二零一七年
十二月三十一日 – 365,296 119,815 5,974 418 491,503
40. 自融資活動產生之負債之對賬
下表詳述本集團自融資活動產生之負債
之變動，包括現金及非現金變動。融資
活動所產生負債之現金流量已經或未來
現金流量將會於本集團綜合現金流量表
分類為融資活動之現金流量。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
188 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
41. PARTICULARS OF SUBSIDIARIES
Details of the Group’s subsidiaries at the end of the
reporting period are set out below.
Name of subsidiary
附屬公司名稱
Place of
incorporation/
establishment
註冊成立╱成立地點
Place of operation
營運地點
Issued and fully
paid share/
registered capital
已發行及繳足股本╱
註冊資本
Attributable equity interest
of the Group
本集團應佔股權
Principal activities
主要業務
二零一七年
十二月三十一日
二零一六年
十二月三十一日
Chibuluma Mines plc Zambia
贊比亞
Zambia
贊比亞
US$50,000
50,000美元
85% 85% Copper mining
銅礦開採
Copper Resources Corporation British Virgin Islands
( “BVI” )
英屬處女群島
（「英屬處女群島」）
South Africa
南非
US$104,924,166
104,924,166美元
100% 100% Investment holding
投資控股
Golden Grand Investment Limited#
金昌盛投資有限公司#
BVI
英屬處女群島
Hong Kong
香港
US$1
1美元
100% 100% Investment holding
投資控股
Golden Harbour International
Trading Limited
金港源國際貿易有限公司
Hong Kong
香港
Hong Kong
香港
HK$10,000
10,000港元
100% 100% Trading of mineral and
metal products
礦產品及金屬產品貿易
Jin Rui Mining Investment Limited#
金瑞礦業投資有限公司#
Mauritius
毛里求斯
Hong Kong
香港
US$1
1美元
100% 100% Investment holding
投資控股
Kinsenda Copper Company SA DRC
剛果（金）
DRC
剛果（金）
US$1,250,000
1,250,000美元
77% 77% Copper mining
銅礦開採
Maranda Mines (Proprietary) Limited South Africa
南非
South Africa
南非
ZAR103,289,332
103,289,332南非蘭特
100% 100% In closure
已結業
Metorex Copper Corporation (DRC)
(Proprietary) Limited
South Africa
南非
South Africa
南非
ZAR100
100南非蘭特
100% 100% Investment holding
投資控股
Metorex Holdings (Proprietary) Limited South Africa
南非
South Africa
南非
ZAR101
101南非蘭特
100% 100% Investment holding
投資控股
Metorex (Proprietary) Limited South Africa
南非
South Africa
南非
US$597,766,000
597,766,000美元
100% 100% Investment holding
投資控股
Metorex Share Incentive Scheme
(Proprietary) Limited
South Africa
南非
South Africa
南非
ZAR100
100南非蘭特
100% 100% Dormant
暫無業務
41. 附屬公司詳情
本集團於報告期末之附屬公司詳情載列
於下文。
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
189 ANNUAL REPORT 2017 二 零 一 七 年 報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
Name of subsidiary
附屬公司名稱
Place of
incorporation/
establishment
註冊成立╱成立地點
Place of operation
營運地點
Issued and fully
paid share/
registered capital
已發行及繳足股本╱
註冊資本
Attributable equity interest
of the Group
本集團應佔股權
Principal activities
主要業務
二零一七年
十二月三十一日
二零一六年
十二月三十一日
Ruashi Holdings (Proprietary) Limited South Africa
南非
South Africa
南非
ZAR1,000
1,000南非蘭特
100% 100% Investment holding
投資控股
Ruashi Mining SAS DRC
剛果（金）
DRC
剛果（金）
US$12,000,000
12,000,000美元
75% 75% Copper and cobalt
mining
銅鈷礦開採
上海金川均和經濟發展有限公司∆
(Shanghai Jinchuan Junhe Economic
Development Co., Ltd.*)
PRC
中國
PRC
中國
RMB100,000,000
人民幣100,000,000元
60% – Trading of mineral and
metal products
礦產品及金屬產品貿易
# These subsidiaries are directly held by the Company.
* Translation for identification purpose only.
∆ The entity was established in PRC in form of sino-foreign
equity joint venture.
None of the subsidiaries had issued any debt securities at
the end of the year.
The directors of the Company are of the opinion that none
of the Group’s subsidiaries has non-controlling interests as
at 31 December 2017 that are individually material to the
Group, therefore, no further financial information in respect
of these subsidiaries with non-controlling interests are
presented.
# 該等附屬公司由本公司直接持有。
* 名稱翻譯僅供參考。
Δ 該實體以中外合資企業形式於中國成立。
概無附屬公司於年結日發行任何債務證
券。
本公司董事認為，於二零一七年十二月
三十一日，本集團附屬公司概無擁有對
本集團而言屬個別重大之非控股權益，
故並無就該等擁有非控股權益之附屬公
司呈列更多財務資料。
41. PARTICULARS OF SUBSIDIARIES
(Continued)
41. 附屬公司詳情（續）
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
190 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
42. STATEMENT OF FINANCIAL POSITION
AND RESERVES OF THE COMPANY
Information about the statement of financial position of the
Company at the end of the reporting period includes:
2017 2016
二零一七年 二零一六年
US$’000 US$’000
千美元 千美元
Non-current assets 非流動資產
Property, plant and equipment 物業、廠房及設備 35 39
Interests in subsidiaries 附屬公司權益 – –
Amount due from a subsidiary 應收附屬公司款項 667,043 667,031
Total non-current assets 非流動資產總值 667,078 667,070
Current assets 流動資產
Other receivables 其他應收款項 178 132
Amounts due from subsidiaries 應收附屬公司款項 82,959 82,010
Bank balances and cash 銀行結餘及現金 51,656 5,716
Total current assets 流動資產總值 134,793 87,858
Current liabilities 流動負債
Other payables 其他應付款項 657 775
Amount due to a fellow subsidiary 應付同系附屬公司款項 13 149
Total current liabilities 流動負債總額 670 924
Net current assets 流動資產淨值 134,123 86,934
Net assets 資產淨值 801,201 754,004
Equity 股權
Share capital 股本 6,197 5,578
Perpetual subordinated convertible
securities
永久次級可換股證券
1,089,084 1,089,084
Reserves (Note) 儲備（附註） (294,080) (340,658)
Total equity 權益總額 801,201 754,004
42. 本公司的財務狀況報表及儲備
本公司於報告期末之財務狀況報表資料
包括：
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
191 ANNUAL REPORT 2017 二 零 一 七 年 報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
42. STATEMENT OF FINANCIAL POSITION
AND RESERVES OF THE COMPANY
(Continued)
Note: Movement of the Company’s reserves are as follows:
Share
premium
Contributed
surplus
Accumulated
losses
Total
reserves
股份溢價 實繳盈餘 累計虧損 儲備總額
US$’000 US$’000 US$’000 US$’000
千美元 千美元 千美元 千美元
At 1 January 2016 於二零一六年一月一日 294,196 9 (633,049) (338,844)
Loss and total comprehensive expense for the year 年內虧損及全面開支總額 – – (1,814) (1,814)
At 31 December 2016 於二零一六年十二月三十一日 294,196 9 (634,863) (340,658)
Loss and total comprehensive expense for the year 年內虧損及全面開支總額 – – (2,306) (2,306)
Ordinary shares issued (Note 30) 已發行普通股（附註30） 48,919 – – 48,919
Transaction costs attributable to issue of
new ordinary shares
發行新普通股所產生之交易成本
(35) – – (35)
At 31 December 2017 於二零一七年十二月三十一日 343,080 9 (637,169) (294,080)
The Company’s reserves available for distribution to
shareholders represented the aggregate of share premium
account, contributed surplus and accumulated losses,
which amounted to nil for both 2016 and 2017.
42. 本公司的財務狀況報表及儲備
（續）
附註： 本公司儲備變動如下：
於二零一六年及二零一七年兩個年度，
本公司可供分派予股東之儲備乃指股份
溢價賬、實繳盈餘及累計虧損之總和，
金額為零。
192 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
FIVE-YEAR FINANCIAL SUMMARY
五年財務概要
A summary of the published results and of the assets, liabilities
and non-controlling interests of the Group for the last five
financial years, as extracted from the published audited financial
statements and reclassified as appropriate, is set out below:
RESULTS
2017
二零一七年
2016
二零一六年
2015
二零一五年
2014
二零一四年
2013
二零一三年
US$’000
千美元
US$’000
千美元
US$’000
千美元
US$’000
千美元
US$’000
千美元
Revenue 收益 549,188 364,845 470,691 652,475 742,242
Profit/(loss) for the year attributable
to owners of the Company
本公司擁有人應佔年內
溢利╱（虧損） 41,624 8,347 (291,767) (230,512) 203,837
ASSETS, LIABILITIES AND
NON-CONTROLLING
INTERESTS
資產、負債及
非控股權益
Assets 資產 1,782,131 1,680,102 1,580,373 1,864,269 2,259,919
Liabilities 負債 911,649 (912,558) (819,413) (747,517) (839,942)
870,482 767,544 760,960 1,116,752 1,419,977
Equity attributable to owners
of the Company
本公司擁有人應佔權益
791,710 700,583 691,966 983,709 1,216,310
Non-controlling interests 非控股權益 78,772 66,961 68,994 133,043 203,667
870,482 767,544 760,960 1,116,752 1,419,977
本集團過去五個財政年度之已刊發業績、資
產、負債及非控股權益概要（乃摘錄自已刊發
經審核財務報表及於適當時重新分類）如下：
業績
193 ANNUAL REPORT 2017 二 零 一 七 年 報
GLOSSARY
詞彙
“Acquisition” or “Combination”
the acquisition by the Company of the entire equity interest in Jin
Rui (along with the Metorex Group) in November 2013 pursuant
to the sales and purchase agreement dated 27 August 2013, the
details of which are set out in the circular of the Company dated
30 August 2013; with a total consideration of US$1,290,000,000
was satisfied by the allotment and issue of 1,595,880,000 new
ordinary shares of the Company at an issue price of HK$1 per
share and the issue of PSCS of the Company in the aggregate
amount of US$1,085,400,000
“Board”
the board of Directors of the Company
”CEC“
Copperbelt Electrical Corporation, a Zambian electricity company
“Chibuluma plc or Chibuluma”
Chibuluma Mines plc, a company incorporated in Zambia and a
subsidiary of Metorex
“Chibuluma South Mine”
an underground copper mine owned by Chibuluma plc situated
in Zambia near the town of Kalulushi
“Chifupu deposit”
an adjacent copper deposit to Chibuluma South Mine under
exploration which is located approximately km southwest of
Chibuluma South Mine
“Company” or “JCI”
Jinchuan Group International Resources Co. Ltd, a company
incorporated in the Cayman Islands with limited liability and
the Shares of which are listed on the Main Board of the Stock
Exchange
“Director(s)”
the director(s) of the Company
“DRC”
the Democratic Republic of Congo
「收購事項」或「合併」
本公司於二零一三年十一月根據日期為二零
一三年八月二十七日之買賣協議收購金瑞
（連同Metorex集團）全部股本權益，總代價
1,290,000,000美元，以按發行價每股1港元配
售及發行1,595,880,000股本公司新普通股，
以及發行本公司總值1,085,400,000美元之永
久次級可換股證券之方式支付；詳情載於本
公司日期為二零一三年八月三十日之通函
「董事會」
本公司董事會
「CEC」
Copperbelt Electrical Corporation，一間贊比
亞電力公司
「Chibuluma plc」或「Chibuluma」
Chibuluma Mines plc，於贊比亞註冊成立之
公司，為Metorex之附屬公司
「Chibuluma南礦」
由Chibuluma plc擁有之地下銅礦，位於贊比
亞，鄰近Kalulushi鎮區
「Chifupu礦床」
勘探中與Chibuluma南礦相連之銅礦床，位於
Chibuluma南礦西南約公里
「本公司」或「JCI」
金川集團國際資源有限公司，於開曼群島註冊
成立之有限公司，其股份於聯交所主板上市
「董事」
本公司之董事
「剛果（金）」
剛果民主共和國
194 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
GLOSSARY
詞彙
“EBITDA”
earnings before interest, tax, depreciation and amortisation and
impairment loss
“Exploration Projects”
the two advanced stage exploration projects owned by the
Metorex Group located in the DRC namely,
(i) Lubembe Project; and
(ii) Musonoi Project
“Gécamines SA”
La Générale des Carrières et des Mines, a state-owned mining
company in the DRC
“Golden Harbour” or “GHL”
Golden Harbour International Trading Limited, a company
incorporated in Hong Kong and an indirectly wholly-owned
subsidiary of the Company
“Group” or “JCI Group”
the Company and its subsidiaries
“HK$”
Hong Kong dollar(s), the lawful currency of Hong Kong
“Hong Kong”
the Hong Kong Special Administrative Region of the PRC
“Indicated Mineral Resource(s)”
that part of a Mineral Resource for which tonnage, densities,
shape, physical characteristics, grade and mineral content
can be estimated with a reasonable level of confidence. It is
based on information from exploration, sampling and testing of
material gathered from locations such as outcrops, trenches,
pits, workings and drill holes. The locations are too widely or
inappropriately spaced to confirm geological or grade continuity
but are spaced closely enough for continuity to be assumed
「EBITDA」
未計利息、稅項、折舊及攤銷以及減值虧損前
的盈利
「探礦項目」
由Metorex集團所擁有位於剛果（金）之兩個後
期階段探礦項目，名為：
(i) Lubembe項目；及
(ii) Musonoi項目
「Gécamines SA」
La Générale des Carrières et des Mines，剛
果（金）國有採礦公司
「金港源」 或 「GHL」
金港源國際貿易有限公司，一間於香港註冊
成立公司且為本公司的間接全資附屬公司
「本集團」或「JCI集團」
本公司及其附屬公司
「港元」
港元，香港法定貨幣
「香港」
中國香港特別行政區
「控制礦產資源量」
礦產資源量中在噸位、體重、形狀、物理特
徵、品位及礦物含量方面估算具有合理可信
度水平之部分。此乃以從勘探、採樣及測量礦
脈露頭、礦槽、礦坑、開採區及鑽孔等地點之
物質所收集得來之資料為基準。測量地點過
於廣闊或間距不適當，無法確定地域品位連
續性，但其間距緊密而足以假定其連續性
195 ANNUAL REPORT 2017 二 零 一 七 年 報
GLOSSARY
詞彙
“Jinchuan Group” or “JCG”
金川集團股份有限公司(Jinchuan Group Co., Ltd*), a state-
owned enterprise established in the PRC and the controlling
shareholder of the Company
“Jin Rui”
Jin Rui Mining Investment Limited (金瑞礦業投資有限公司), a
company incorporated in the Republic of Mauritius and a direct
wholly-owned subsidiary of the Company
“Jintai”
Jintai Mining Investment Limited (金泰礦業投資有限公司), a
company incorporated in Hong Kong and a direct wholly-owned
subsidiary of Jinchuan Group (Hongkong) Resources Holdings
Limited
“JCG Group”
collectively, Jinchuan Group and its subsidiaries and associates
controlled by it from time to time, and for the purpose of this
report, excluding the Group
“Kinsenda Project”
a brownfield copper project owned by Kinsenda SA and situated
in the Katanga Province, the DRC
“Kinsenda SA”
Kinsenda Copper Company SA, a company incorporated in the
DRC and a subsidiary of Metorex
“Listing Rules”
the Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited
“LME”
the London Metal Exchange
“LOM”
Life of mine
「金川集團」或「JCG」
金川集團股份有限公司，於中國成立之國有
企業，乃本公司之控股股東
「金瑞」
Jin Rui Mining Investment Limited（金瑞礦業
投資有限公司），於毛里求斯共和國註冊成立
之公司，為本公司之直接全資附屬公司
「金泰」
Jintai Mining Investment Limited（金泰礦業投
資有限公司），於香港註冊成立之公司，為金
川集團（香港）資源控股有限公司之直接全資
附屬公司
「JCG集團」
金川集團及其附屬公司及由其不時控制之聯
繫人士之統稱，就本報告而言，不包括本集團
「Kinsenda項目」
由Kinsenda SA擁有之已開發中銅礦項目，位
於剛果（金）加丹加省
「Kinsenda SA」
Kinsenda Copper Company SA，於剛果（金）
註冊成立之公司，為Metorex之附屬公司
「上市規則」
香港聯合交易所有限公司證券上市規則
「倫金所」
倫敦金屬交易所
「LOM」
礦場開採期
* For identification purposes only * 僅供識別
196 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
GLOSSARY
詞彙
“Lubembe Project”
a greenfield copper project owned by Kinsenda SA and situated
in the Katanga Province, the DRC
“Measured Mineral Resource(s)”
that part of a Mineral Resource for which the tonnage, densities,
shape, physical characteristics, grade and mineral content can
be estimated with a high level of confidence. It is based on
detailed and reliable information from exploration, sampling and
testing of material from locations such as outcrops, trenches,
pits, workings and drill holes. The locations are spaced closely
enough to confirm geological and grade continuity
“Metorex”
Metorex (Proprietary) Limited, a company incorporated in South
Africa and an indirect wholly-owned subsidiary of the Company
“Metorex Group”
Metorex and its subsidiaries (including Chibuluma plc, Kinsenda
SA and Ruashi Mining), which comprise (amongst other
investment holding companies) the operating companies within
the Group
“Metorex Holdings”
Metorex Holdings (Proprietary) Limited
“Mineral and Metal Products”
mineral products, metal products and other raw materials
Jinchuan Group needs for its own production and for its sale to
third parties, including but not limited to copper or nickel ores
and concentrates, copper or nickel cathodes and other forms of
copper, nickel or other metals bearing raw materials, cobalt and
its related products.
“Mineral Reserve(s)”
the economically mineable material derived from a Measured
Mineral Resource or Indicated Mineral Resource or both. It
includes diluting and contaminating materials and allows for
losses that are expected to occur when the material is mined.
Appropriate assessments to a minimum of a pre-feasibility study
for a project and a LOM plan for an operation must have been
completed, including consideration of, and modification by,
realistically assumed mining, metallurgical, economic, marketing,
legal, environmental, social and governmental factors (the
modifying factors). Such modifying factors must be disclosed
「Lubembe項目」
由Kinsenda SA擁有之未開發銅礦項目，位於
剛果（金）加丹加省
「探明礦產資源量」
礦產資源量中在噸位、體重、形狀、物理特
徵、品位及礦物含量方面之估算屬於高可信
度水平之部分。此乃以勘探、採樣及測量來自
礦脈露頭、礦槽、礦坑、開採區及鑽孔等地點
之物質之詳細及可靠資料為基準。測量地點
間距緊密而足以確定地質及品位連續性
「Metorex」
Metorex (Proprietary) Limited，於南非註冊成
立之公司，為本公司之間接全資附屬公司
「Metorex集團」
Metorex及其附屬公司（包括Chibuluma plc、
Kinsenda SA及Ruashi Mining），（連同其他投
資控股公司）組成本集團之營運公司
「Metorex Holdings」
Metorex Holdings (Proprietary) Limited
「礦產品及金屬產品」
金川集團所需之礦產品、金屬產品及其他原
材料，供其本身生產用途及出售予第三方，包
括（但不只限於）銅或鎳礦石及精礦、電解銅
或電解鎳及其他形式之銅、鎳或其他金屬相
關之原材料、鈷及其相關產品
「礦產儲量」
來自探明礦產資源量及╱或控制礦產資源量
可作經濟開採之物質，包括貧化及摻雜物質，
以及於開採物質之過程中預期會出現之損失，
必須完成適當評估（至少為就該項目進行預可
行性研究及就營運進行LOM計劃），包括對實
際假設之採礦、冶金、經濟、營銷、法律、環
境、社會及政府因素（可變因素）作出考慮及
修正。該等可變因素須予披露
* For identification purposes only * 僅供識別
197 ANNUAL REPORT 2017 二 零 一 七 年 報
GLOSSARY
詞彙
“Mineral Resource(s)”
a concentration or occurrence of material of economic interest
in or on the earth’s crust in such a form, quality, and quantity
that there are reasonable and realistic prospects for eventual
economic extraction. The location, quantity, grade, continuity
and other geological characteristics of a Mineral Resource are
known, or estimated from specific geological evidence, sampling
and knowledge interpreted from an appropriately constrained
and portrayed geological model
“Musonoi Project”
a greenfield copper and cobalt project owned by Ruashi Mining
and situated in the Katanga Province, the DRC
“MB”
Metal Bulletin
“Operating Mines”
Ruashi Mine and Chibuluma South Mine
“PRC”
the People’s Republic of China
“Probable Reserve”
the economically mineable material derived from a Measured
Mineral Resource or Indicated Mineral Resource or both. It
is estimated with a lower level of confidence than a Proved
Reserve. It includes diluting and contaminating materials and
allows for losses that are expected to occur when the material
is mined. Appropriate assessments to a minimum of a pre-
feasibility study for a project or a LOM plan for an operation
must have been completed, including consideration of, and
modification by, realistically assumed mining, metallurgical,
economic, marketing, legal, environmental, social and
governmental factors (the modifying factors). Such modifying
factors must be disclosed
「礦產資源量」
積聚或存在於地殼內或地表，具內在經濟利
益之物質，其形態、質量及數量存在最終可實
現經濟開採之合理及實際前景。礦產資源量
之位置、數量、品位、連續性及其他地質特性
可根據具體地質特徵、採樣及認識得知或估
算，並以具有適當約束條件及模擬細緻之地
質模型進行詮釋
「Musonoi項目」
由Ruashi Mining擁 有 之 未 開 發 銅、鈷 礦 項
目，位於剛果（金）加丹加省
「金屬導報」
金屬導報
「營運礦場」
Ruashi礦及Chibuluma南礦
「中國」
中華人民共和國
「概略儲量」
探明礦產資源量及╱或控制礦產資源量中可
作經濟開採之物質，其估計之可信度較證實
儲量低，當中包括貧化及摻雜物質，以及在開
採物質過程中預期會出現之損失。必須完成
適當評估（至少為就該項目進行預可行性研究
及就營運進行LOM計劃），包括對實際假設之
採礦、冶金、經濟、營銷、法律、環境、社會
及政府因素（可變因素）作出考慮及修正。該
等可變因素須予披露
198 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
GLOSSARY
詞彙
“Proved Reserve”
the economically mineable material derived from a Measured
Mineral Resource. It is estimated with a high level of confidence.
It includes diluting and contaminating materials and allows for
losses that are expected to occur when the material is mined.
Appropriate assessments to a minimum of a pre-feasibility study
for a project or a LOM plan for an operation must have been
completed, including consideration of, and modification by,
realistically assumed mining, metallurgical, economic, marketing,
legal, environmental, social and governmental factors (the
modifying factors). Such modifying factors must be disclosed
“PSCS” or “Convertible Securities”
the perpetual subordinated convertible securities to be issued
by the Company to satisfy part of the purchase price for the
Acquisition
“RMB”
“Renminbi”, the lawful currency of the PRC
“Ruashi Holdings”
Ruashi Holdings (Proprietary) Limited, a company incorporated
in South Africa and a subsidiary of Metorex
“Ruashi Mine”
an opencast oxide copper and cobalt mine owned Ruashi Mining
and situated in the DRC on the outskirts of Lubumbashi, the
capital of Katanga province
“Ruashi Mining”
Ruashi Mining SAS, a company duly incorporated in the DRC, a
subsidiary Ruashi Holdings
“SAMREC Code”
South African Code for the Reporting of Exploration Results,
Mineral Resources and Mineral Reserves (2007 edition) as
amended from time to time
「證實儲量」
探明礦產資源量中可作經濟開採之物質，其估
計之可信程度高，當中包括貧化及滲雜物質，
以及在開採物質過程中預期會出現之損失。
必須完成適當評估（至少為就該項目進行預可
行性研究及就營運進行LOM計劃），包括對實
際假設之採礦、冶金、經濟、營銷、法律、環
境、社會及政府因素（可變因素）作出考慮及
修正。該等可變須予披露
「永久次級可換股證券」或「可換股證券」
將由本公司發行之永久次級可換股證券，用
以支付收購事項部分收購價
「人民幣」
「人民幣」，中國法定貨幣
「Ruashi Holdings」
Ruashi Holdings (Proprietary) Limited，於南
非註冊成立的公司，為Metorex的附屬公司
「Ruashi礦」
由Ruashi Mining擁有之露天氧化銅、鈷礦，
位於剛果（金）盧本巴希（加丹加省省會）之郊
區
「Ruashi Mining」
Ruashi Mining SAS，於剛果（金）正式註冊成
立的公司，為Ruashi Holdings的附屬公司
「SAMREC規則」
南 非 礦 產 勘 探 結 果、礦 產 資 源 及 礦 產 儲 量
報告規則 (the South African Code for the
Reporting of Exploration Results, Mineral
Resources and Mineral Reserves)（二零零七
年版）（經不時修訂）
199 ANNUAL REPORT 2017 二 零 一 七 年 報
GLOSSARY
詞彙
“SFO”
the Securities and Futures Ordinance, Chapter 571 the Laws of
Hong Kong
“SHEC”
Safety, Health, Environment and Communities
“Sky Hero”
Sky Hero (Hong Kong) Limited, a subsidiary of Jinchuan
“SMBS”
Sodium meta bi-sulphite
“SNEL”
Société Nationale d’Electricité, being the national electricity
company of the DRC
“Sodimico”
Société de Développement Industriel et Minere du Congo, a
state-owned enterprise in the DRC
“South Africa”
the Republic of South Africa
“SX-EW”
solvent extraction – electrowinning
“Stock Exchange”
The Stock Exchange of Hong Kong Limited
“US$”
United States dollars, the lawful currency of the US
“Zambia”
the Republic of Zambia
“ZAR”
South African Rand, the lawful currency of South Africa
「證券及期貨條例」
香港法例第571章證券及期貨條例
「SHEC」
安全、健康、環境及社區
「天恒」
天恒（香港）有限公司，金川的一間附屬公司
「SMBS」
焦亞硫酸鈉
「SNEL」
Société Nationale d’Electricité，為剛果（金）
國家電力公司
「Sodimico」
Société de Développement Industriel et
Minere du Congo，為剛果（金）國有企業
「南非」
南非共和國
「萃取－電積」
溶劑萃取－電解冶錬法
「聯交所」
香港聯合交易所有限公司
「美元」
美元，美國法定貨幣
「贊比亞」
贊比亞共和國
「南非蘭特」
南非蘭特，南非之法定貨幣
200 JINCHUAN GROUP INTERNATIONAL RESOURCES CO. LTD 金 川 集 團 國 際 資 源 有 限 公 司
GLOSSARY
詞彙
“%”
percentage
“Co”
cobalt
“Cu”
copper
“km”
kilometre(s)
“kt”
thousand tonnes
“kWh”
kilowatt hour
“m”
metre(s)
“M”
million
“Mt”
million tonnes
“MW”
megawatt, a unit of power equivalent to one million watts
“MWh”
megawatt hour
“t”
tonne(s)
“TCu”
total copper
「%」
百分比
「Co」
鈷
「Cu」
銅
「km」
公里
「kt」
千噸
「kWh」
千瓦時
「m」
米
「M」
百萬
「Mt」
百萬噸
「MW」
百萬瓦特，功率單位，相當於一百萬瓦特
「MWh」
百萬瓦時
「t」
噸
「TCu」
全銅
Unit 3101, 31/F, United Centre,
95 Queensway, Hong Kong
香港金鐘道95號統一中心31樓3101室
Jinchuan Group International Resources Co. Ltd
金川集團國際資源有限公司
(Incorporated in the Cayman Islands with limited liability 於開曼群島註冊成立之有限公司)
(Stock Code 股份代號 : 2362)
ANNUAL REPORT
17 年 報
This annual report is printed on environmentally friendly paper
本年報採用環保紙印製
A
N
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U
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L R
EPO
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報
封面
公司簡介
目錄
JCI礦區地理位置分佈
財務摘要
公司資料
主席報告
行政總裁報告
採礦業務回顧
資源量及儲量
可持續發展報告
管理層討論及分析
企業管治報告
董事及高級管理層
董事會報告
獨立核數師報告
綜合損益及其他全面收益表
綜合財務狀況表
綜合權益變動表
綜合現金流量表
綜合財務報表附註
五年財務概要
詞彙
封底
