Weekly Highlights! What major mining events occurred globally this week? (10.9-10.14)
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2023-10-17 09:17
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Since the 14th Five-Year Plan, China has discovered 8 oil fields with a capacity of over 100 million tons, 11 gas fields with a capacity of over 100 billion cubic meters, and 157 large and medium-sized mineral sites.
According to a report from the People's Daily on October 10, the Ministry of Natural Resources recently announced that a new round of mineral exploration breakthrough strategic actions has achieved phased results, with 157 large and medium-sized mineral sites discovered across the country since the 14th Five-Year Plan. In 2022, investment in oil and gas mineral exploration reached 82.2 billion yuan, a historical high, with a year-on-year increase of 3.1%; investment in non-oil and gas mineral exploration was nearly 10 billion yuan, a year-on-year increase of 15.6%. Since the 14th Five-Year Plan, geological exploration has been effective, with 8 oil fields with a capacity of over 100 million tons, 11 gas fields with a capacity of over 100 billion cubic meters, and 157 large and medium-sized mineral sites discovered, delineating 112 prospective areas for exploration and submitting 102 target areas for commercial exploration.Tungsten mineand lithium mines, Guizhou manganese mines, Gansu crystalline graphite mines, Xinjiang iron mines, Sichuan and Inner Mongolia lithium mines, and Henan coalbed methane have made significant progress in exploration, adding a new batch of resource quantities. For example, in the case of lithium as a new energy mineral, the newly confirmed resource quantity of lithium oxide is 1.19 million tons, achieving the exploration target ahead of schedule for the 14th Five-Year Plan, laying a good foundation for accelerating domestic exploration and development of energy mineral resources and increasing reserves.
The number and revenue of exploration rights granted in Xinjiang have reached a historical high, mainly covering energy minerals, metal minerals, and characteristic advantages.Non-metallic minerals
According to the Urumqi Evening News on October 10, Xinjiang has publicly granted 126 exploration rights this year, mainly covering energy minerals, metal minerals, and characteristic advantages of non-metallic minerals, with the number, frequency, and revenue of grants all reaching historical highs. Xinjiang is focused on building a modern industrial system supported by "eight major industrial clusters" such as green mining, coal, electricity, and coal chemical industries, continuously increasing the intensity of mineral resource exploration and development, vigorously promoting the public granting of mining rights, and facilitating industrial upgrades and the transformation of advantageous resources. A total of 13 batches of exploration rights have been publicly granted. In addition, Xinjiang is actively cooperating with the Ministry of Natural Resources to complete the preparation work for the granting of 10 oil and gas blocks and 3 lithium mines. Next, the Xinjiang Department of Natural Resources will strengthen cooperation with central and local geological survey units to jointly study the potential geological results that can be granted, and address issues such as "granting without exploration" for exploration rights in a "one mine, one policy" manner.
Public consultation on coal mine geological work regulations
According to China Mining News on October 13, the National Mine Safety Supervision Bureau recently publicly solicited opinions on the newly revised "Coal Mine Geological Work Regulations (Draft for Comments)" to further strengthen and standardize coal mine geological work, providing geological guarantees for coal mine safety production and effectively preventing coal mine accidents.
The revised "Coal Mine Geological Work Regulations" clarifies that coal mine geological work refers to all geological work from the beginning of basic construction of the coal mine based on the original exploration report until the closure of the mine. The regulations are divided into 10 parts: general principles, classification of coal mine geological types and basic data, survey of concealed geological factors that may cause disasters in coal mines, supplementary geological investigation and exploration of coal mines, geological observation and comprehensive analysis of coal mines, geological work during the construction phase of coal mines, geological work during the production phase of coal mines, geological work during the closure phase of coal mines, geological digitization work of coal mines, and supplementary provisions.Coal mine safety regulationsThe draft for comments also cites industry normative terminology and adds definitions of terms.
China's scientific expedition team has successfully reached the summit of the world's sixth highest peak to conduct comprehensive scientific investigations, focusing on major scientific issues such as mineral resources and geological environments.
According to Guangming Daily on October 9, 18 members of China's scientific expedition team recently successfully reached the summit of the world's sixth highest peak.Zhuo Aoyou Peak, marking the first time that China's scientific expedition team has reached a peak over 8,000 meters in altitude other than Mount Everest. It is reported that this scientific expedition will focus on major scientific issues such as changes in the Asian water tower, ecosystems and carbon cycles, human activities and the safety of living environments, mineral resources and geological environments, revealing the impact of changes in extremely high-altitude areas and extreme process changes on the ecological environment of the Tibetan Plateau. Zhuo Aoyou Peak is located on the border between China and Nepal, in the central part of the Himalayas, with an altitude of 8,201 meters, making it the sixth highest peak in the world, approximately 30 kilometers east of the "roof of the world" Mount Everest. The scientific expedition to Zhuo Aoyou Peak is a multidisciplinary comprehensive scientific expedition activity implemented again based on the scientific expedition to Mount Everest, marking that China has developed a systematic capability for conducting comprehensive scientific investigations at extremely high altitudes, and that "scientific expedition mountaineering" has entered a normalized mode.
Australia may include iron ore and other minerals in the"critical minerals list"
According to a comprehensive report from the Global Times and Caixin, Australian media recently reported that Australia is considering significant adjustments to its critical minerals list, which may include iron ore,bauxite, coking coal, and other bulk commodities.
Australian Resources Minister Madeleine King stated that when updating the critical minerals list later this year, the Australian government will adopt a new definition for critical minerals, where scarcity will no longer be a prerequisite for inclusion on the list, "prioritizing minerals that are geopolitically important to us and our neighbors." Reports indicate that while Madeleine King did not specify which mineral resources would be added to the new critical minerals list, she listed bauxite, iron ore, coking coal, copper, and nickel as bulk commodities crucial to Australia's trading partners. Madeleine King believes that inclusion of minerals on the list will mean stronger regulation, faster approvals, and opportunities for funding. Australian media believe that if minerals like coking coal and iron ore, which have a rich resource base in Australia, are indeed included in the critical minerals list, it would mean that related asset mergers and acquisitions may face greater hurdles.
Domestic experts believe that there is significant potential for mineral cooperation between China and Australia, and strengthening cooperation is the correct direction, while blindly following U.S. policies will ultimately harm the interests of both countries. Experts believe that Australia's breaking of the traditional definition of critical minerals to include geopolitical content means that minerals like iron ore will first be included in the legal system for export control when necessary.
India sets royalties for the mining of lithium and otherthree critical minerals.
On October 11, Reuters reported that the Indian government recently announced that it will set royalties for the extraction of three key minerals, including lithium. The royalty for mining lithium will be fixed at 3% of the current price on the London Metal Exchange (LME); the royalty for niobium mining will be 3% of the average selling price; and the royalty for rare earth element mining will be 1% of the average selling price of rare earth oxides. These policies will pave the way for India to auction off mining blocks for these three minerals for the first time. The Indian government stated that newly discovered lithium mines are expected to be auctioned later this year, with estimated reserves of 5.9 million tons, and at least 12 Indian and foreign companies are expected to participate in the auction.
The Democratic Republic of the Congo aims to become a major global supplier of germanium through a newly built smelter.
BloombergOn October 9, it was reported that leaders from the Congolese government recently attended the inauguration ceremony of a newly built smelter in the country. The operator of this hydrometallurgical smelter is the Lubumbashi Tailings Processing Company (STL), a subsidiary of the state-owned mining company of the Democratic Republic of the Congo. The smelter will utilize tailings from a nearby site called Big Hill to produce germanium, zinc oxide, copper, and cobalt, with the potential to produce 30% of the world's germanium. It is reported that the Democratic Republic of the Congo is currently the largest producer of cobalt in the world and ranks among the top three in copper production, and the country hopes to become a major global supplier of germanium through STL.
Vietnam plans to auction rare earth mining rights.
Reference News NetworkOn October 10, according to AFP, Vietnam plans to auction the mining rights to the country's largest rare earth mine. The CEO of the project partner, Vietnam Rare Earth Company, stated that Australian Blackstone Mining Company is planning to bid for the Dong Fortress mine located in Lai Chau Province in northern Vietnam.
Last month, U.S. President Biden visited this Southeast Asian country, during which the two countries agreed to strengthen cooperation to help Hanoi quantify and develop its rare earth resources. The U.S. stated that as supply chain issues have impacted the global economy in recent years and as the U.S. seeks to reduce procurement from China, Vietnam (which has the second-largest rare earth reserves in the world, after China) can play a key role.
Vietnam stated that it hopes to increase its annual production to 2 million tons by 2030. Data from the U.S. Geological Survey shows that Vietnam's rare earth production surged from just 400 tons in 2021 to 4,300 tons last year.
Citigroup has been buying large amounts of physical aluminum and zinc, highlighting a shift in the global market towards oversupply.
On October 11, Global Market Report stated that Citigroup has been purchasing large amounts of physical aluminum and zinc on the London Metal Exchange (LME), making it one of the largest participants in the market in recent months. These purchases mark a return of a major driver of metal prices in the post-financial crisis era: oversupply in the market has led to spot prices being significantly lower than the prices of futures contracts for future delivery, creating opportunities to buy metals at low prices and hold them while selling futures for profit. According to insiders, in recent months, Citigroup has requested delivery of about 100,000 tons of aluminum and 40,000 tons of zinc, with a total value exceeding $300 million. Citigroup's metal trading indicates that the market is entering a period of oversupply, with spot prices having a sufficiently large discount compared to futures prices (i.e., futures premium), making metal financing trades profitable.
Li Xi, Liu Xuan, organized.
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