The asset volume of the newly-merged China Minmetals Corporation has surpassed 700 billion yuan (US$106.4 billion), announced the company during a reconstructing meeting held Thursday in Beijing. [Photo/China Minmetals Corporation]

The asset volume of the newly-merged China Minmetals Corporation has surpassed 700 billion yuan (US$106.4 billion), announced the company during a reconstructing meeting held Thursday in Beijing.

In December of 2015, the strategic merger between two Fortune World Top 500 Companies, China Minmetals Corporation and Metallurgical Corporation of China Ltd (MCC), was approved by the State Council. As a move to optimize China's mining and metallurgy industries, this decision also showed China's resolution to deepen reforms in state-own enterprises and encourage the "going global" strategy.

Operation revenues of this global mining "aircraft carrier" exceeded 430 billion (US$65 billion) yuan last year, larger than the total volume of BHP Billiton, Rio Tinto and Vale. It has roughly 240,000 employees and over 18,000 valid patents, as well as overseas branches and projects in more than 60 countries and regions.

Chairman of the Board Mr. He Wenbo said this new giant is aimed at being the "safeguard of national resource security, an innovator of industrial gradation and a motivator of transition."

"China consumes more than half of the mineral products in the entire world, but we are still lingering at the middle and low end of its industrial chain. We are determined to create a unique business model and create a core competitiveness in order to become a leading metal and mining group," he said.

General Manager Mr. Guo Wenqing, also the Board Chairman of MCC, pointed out that the new firm is the first of its kind in the world, one which goes through the whole industrial chain from the initial sourcing of resources, surveying, design, construction and operations all the way to logistics. Moreover, it has unique advantages in offering a systematic solution for metal and mining firms as well as the capability of full-life-cycle engineering construction and operation, which will significantly enhance its competitiveness in the global industry.

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