Chen Fashu Founder of the mining company "Zijin Mining". Country: China

1. Chen Fashu: Founder of Zijin Mining
2. Early Life and Rise to Wealth
3. Zijin Mining: A Leader in the Mining Industry
4. Financial Growth and Expansion

Chen Fashu: Founder of Zijin Mining

Chen Fashu is the founder of Zijin Mining, China's second largest gold producer and one of the country's top enterprises. In 2006, Forbes ranked Zijin Mining 17th among China's largest companies.

Early Life and Rise to Wealth

Born in 1961 in a remote Chinese village, Chen Fashu's immense wealth stems solely from his hard work and determination. He currently resides in Fuzhou, China, with his family. His net worth is estimated at $2 billion, placing him at 605th on Forbes' list of global billionaires.

Zijin Mining: A Leader in the Mining Industry

Zijin Mining specializes in the extraction of non-ferrous metals, primarily gold and copper. The company boasts high-quality production without compromising affordability. It has been added to the London Bullion Market Association, and its gold is traded globally. Zijin Mining also manufactures gold products that meet strict quality standards. With 88 subsidiaries spread across 20 Chinese provinces, Zijin Mining's headquarters are based in Fujian province. The company has established international branches in various countries.

Financial Growth and Expansion

In 2006, Zijin Mining reported a revenue of $147 million, with annual copper output reaching 40,000 tons. In 2007, the company announced a staggering 81% increase in revenue, largely due to rising gold prices. Its net profit for the first six months stood at $1.2 billion, with sales surging by 69% to 6.67 billion yuan. The company's shares have seen a 30% increase.

Zijin Mining recently announced its intention to acquire gold assets from Avocet Mining Plc. in Tajikistan for $55 million. The acquisition includes the Zarafshan mine in northern Tajikistan, which has yielded 19.84 tons of gold since its development in 1996. Additionally, Zijin Mining plans to purchase lead-zinc mines in Tyva, gold mines in Vietnam, and gold mines in Mongolia.