The three-year engagement was closed in September 2025 with the following outcomes:
The company expanded training and grievance mechanisms across global operations, including Serbia and the Democratic Republic of the Congo (DRC).
Audits referenced national Chinese standards, with Ashele Copper receiving a ‘B’ rating for social responsibility. We then reviewed the equivalence with other national and international standards and were reassured by the alignment. It was also a helpful reminder of why understanding national priorities is important. We understand that the company is also actively seeking more external validation for its overseas mining sites.
Zijin disclosed results from independent audits at its Ashele Copper and Xinjiang subsidiaries, meeting a key task from Baillie Gifford. The company also facilitated site visits for domestic and foreign investors, allowing us to engage directly with local communities and see its operations first-hand. We were satisfied with the company's direction of travel and the improvements that have been made.
The company has demonstrated remarkable operational and financial growth over the past few years, establishing itself as a leading global mining company with particularly strong performance in copper and gold production. During our engagement period, Zijin Mining has risen to now being one of the three largest miners globally by market cap.
We remain invested in the company, reflecting our conviction in its direction of travel. We will continue to monitor progress and encourage further improvement in its disclosure, re-engaging if material matters arise.