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SD-Gold Appeared on “2013 China-Qinghai Green Development Investment & Trade Fair”

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On June 4, the January-till-April economic operation analysis meeting of SD-Gold was held in Jinan. Yu Changqing, chairman and secretary of the Party committee, Chen Yumin, general manager and deputy secretary of the Party committee, Chen Wanguang, chairman of the board of supervisors, the deputy general managers of Cui Lun, Li Zhongyi, Li Guohong, and Hou Chengqiao, and Gao Wei, secretary of discipline inspection commission of SD-Group attended the meeting and Chen Yumin was in the chair.

At the meeting, Cui Lun attached the importance to the speech addressed by Tan Chengyi, head of State-owned Assets Supervision and Administration Commission of Shandong Provincial Government, in the economic operation analysis meeting for province-administered enterprises. Li Guohong reported the whole economic operations of SD-Gold from January to April, and Yu Changqing and Chen Wanguang delivered important speeches respectively.

In the speech, Yu Changqing pointed out that it was necessary to get a clear understanding of the situation with sticking to quality and benefit as centers, and spare no pains to reduce costs while increasing benefit. During the time, improve the internal marketization level of SD-Gold, take benefit as the sole criterion of decision-making and developing business activities, and resolutely complete the annual business objective. As for the next overall thought of development, he indicated that the overall strategic layout of SD-Gold was to make the “Four Main Business” stronger and better: for the gold industry, to become the “the most competitive gold enterprise throughout the country”; for the nonferrous metal industry, to become an influential and competitive enterprise in the industry all over the country; for the real estate and tourist industry, to progress steadily, take active actions, and emphasize on making it stronger so as to make greater contributions to the development of SD-Gold; and for the finance industry, to improve its combination with the real economy, enhance the comprehensive capability of creating value, and realize the recreation of the whole value of SD-Gold.

Yu Changqing emphasized that the profit target decided at the beginning of the year should be accomplished regardless of the turbulent and downward gold price. For this reason, it is necessary to implement the following key measures: the first is to firmly reduce the costs of gold per gram so as to maintain profitable under the unfavorable conditions; the second is to link the salary with benefit, making them floated in synchronization; and the third is to adjust and perfect the performance appraisal system, and simplify the target and procedure of performance appraisal. He required the entire SD-Gold staff to economize, practice austerity, and focused on quality and benefit instead of scale and output.

In the speech, Chen Wanguang pointed out that it was necessary to clear the guiding thought of economic work and transform the foothold of development into improving quality and benefit; to prudently grasp the investment direction and strength, and resolutely stop all the investments aiming at expanding the scale; to win the tough battle of stopping losses and overcoming difficulties, and enhance the strength and speed to dispose of ineffective and low-efficiency assets; to promote cost reduction and benefit increasing through mechanism innovation, optimize the organizational structure, and build normative income distribution mechanism.

Chen Yumin concluded his address by requiring that the first is to practically unite the thought and action into the main production and operation work of SD-Gold, earnestly study and judge the economic situations, strengthen the development confidence, and guarantee the accomplishment of profit target of 2013 year; the second is to clear the next development goal, highlight key emphasis in work, pay close attention to the implementation of work, further reduce costs, increase output, and accelerate the completion of construction in process; and the third is to strengthen the awareness of goal responsibility, clear tasks, specify responsibilities, and ensure all work carried out effectively and implemented in practice.

The Chief Financial Officer (CFO), supervisors of the board of supervisors, general manager assistant, chief engineer, and chief inspector of SD-Gold, directors of departments of the headquarters, senior management of sub-groups (subsidiaries), and directors of level-three enterprises attended the meeting.