Spirit of innovation and resolve contribute to success of Jinchuan

BEIJING, Oct. 18, 2022 /PRNewswire/ -- Jinchuan's success comes from an unswerving commitment by generations of people to support the country's development in the nonferrous industry, said Wang Yongqian, chairman of Jinchuan Group.

Headquartered in Jinchang, Northwest China's Gansu province, the group was established in 1959 and is a leading nonferrous metal producer.

In the 1950s and 1960s, China faced a severe shortage of nickel and cobalt resources. Founding members of Jinchuan then endeavored to explore these metals' manufacturing techniques and equipment.

After decades of painstaking efforts, they helped to change the country's reliance on imports of nickel, cobalt and precious metals by the late 1970s.

"Jinchuan created a miracle in China's nickel and cobalt industry," Wang said.

"It is the firm belief and aspiration that brings all Jinchuan people together. This is Jinchuan culture, the most cherished treasure and strongest spiritual power of us."

Having joined Jinchuan in 1991, the executive, a master's graduate in mining engineering, served as technical support for the group's mining department.

In 2000, Wang was promoted to the head of Jinchuan's Mining Area II, which covers an area of 5.56 million square meters and is the largest one in the group.

"When I first came to the Mining Area II, the area maintained a competitive production capability. But the production took place while infrastructure was under construction, and this brought a challenge to management," Wang said.

"The mining area has witnessed great changes over the past 20 years," he said, recalling that belts adopted to transport ores had been replaced by trains in the mine pit.

Playing a major role in Jinchuan, the area has taken advantage of technology to upgrade its underground mining facilities and ease physical labor in recent years. Now, the mining area has achieved progress in intelligent manufacturing with a slew of unmanned equipment for mining deployed, according to Wang.

After engaging in front-line work, Wang continued his position in the group as the general manager in 2011.

Between 2013-16, the nonferrous metal market experienced a fluctuation caused by the global financial crisis. Prices of main products dropped dramatically and the group was subjected to operational losses in those years.

"Our business operation was in its severest dilemma ever since the establishment of Jinchuan," Wang said.

Numerous difficulties, such as unimproved institutions for market operation and the lack of intrinsic motivation, compelled decision-makers to rack their brains for the business' further development.

"We implemented the national and Gansu province's working guidelines, embarking on reforms of key sectors centering on management innovation," Wang said.

The chairman and his team proved their mettle in weathering the storm.

Since 2017, Jinchuan has maintained robust growth in its operations. During the 13th Five-Year Plan period (2016-20), the average annual growth rate of Jinchuan's operating revenue was 6.3 percent. Meanwhile, the rate of industrial output value was 14.23 percent and the rate of profit stood at 61.41 percent.

"Looking back over the past 10 years, I feel deeply that only reform and innovation can lead to a successful business. Without deepened reform and being driven by innovation, there would be no Jinchuan today," he said.

Everyone takes a role in the group, the chairman noted, explaining that corporate executives should offer development strategies, middle managers are supposed to use their expertise to lead teams and grassroots workers are expected to be practitioners.

"Jinchuan advocates motivating employees with culture and then working together to create value. This is key for the group to get the upper hand," Wang added.

As a native to Jinchang, a city that was built because of Jinchuan Group, the executive keeps giving back with his hometown in mind.

"Jinchuan is obliged to support the city's construction and socioeconomic development," Wang said.

Joining hands with the local government, the group has made efforts in sectors including industrial chain development, industrial coordination promotion, volunteer services, common wealth and pandemic prevention and control.

"This is the mission and responsibility that Jinchuan should undertake," Wang added.