What major mining events occurred globally this week? (October 22 - October 28)
Time
2023-10-30 13:18
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The National Development and Reform Commission signed cooperation documents related to energy and mining with Pakistan and Serbia.
According to the National Development and Reform Commission website, the National Development and Reform Commission recently signed cooperation documents for jointly building the "Belt and Road" with countries such as Pakistan, the UAE, and Serbia, mentioning that cooperation will be carried out in fields such as energy and mining. Among them, the agreements signed with Pakistan include the "Agreement on Strengthening Mineral Development and Industrial Cooperation under the Framework of the China-Pakistan Economic Corridor" and the "Memorandum of Understanding on Deepening Cooperation Research on Major Issues in Jointly Building the 'Belt and Road'". Both parties agreed to cooperate in geological and mineral resource surveys, promote the green development of the entire mining industry chain, and conduct research on important topics such as mineral resources and industrial development. With Serbia, the "Mid-term Action Plan (2023-2025) for Jointly Building the 'Belt and Road' between the Government of the People's Republic of China and the Government of the Republic of Serbia" was signed, and both parties will actively promote the implementation of cooperation projects in transportation, mining, energy, public infrastructure, and economic and trade fields.
2The 2023 China International Mining Conference opened in Tianjin.
According to the WeChat official account of the Ministry of Natural Resources on October 26, the 2023 (25th) China International Mining Conference opened on October 26 in Tianjin. At the meeting, Minister of Natural Resources Wang Guanghua proposed three initiatives: First, promote innovative development to add new momentum to mining development. Advance the research and application of new theories, technologies, methods, processes, and equipment for mineral resource exploration and development, and promote the organic integration of the innovation chain, industry chain, capital chain, and talent chain for mineral resources. Second, promote green development to cultivate new models for mining development. Promote green technologies, processes, and equipment to achieve effective coordination between mining development and ecological protection. Third, promote cooperative development to build a community of shared future in mining. All parties work together to build the 'Belt and Road' with high quality, continuously promoting the liberalization and facilitation of global mining investment and trade. At the meeting, Samuel Jinapol, Minister of Lands and Natural Resources of Ghana, and Abdullah bin Muftah Al-Shamrani, Director of the Saudi Geological Survey, both expressed their willingness to strengthen mining cooperation with China.
Hunan Province strengthens basic, public welfare, and strategic geological and mineral exploration work, with annual increases in mineral exploration funding.More than 10%.
According to the Hunan Provincial Government website on October 22, the General Office of the Hunan Provincial Government recently issued "Several Opinions on Effectively Improving Mineral Resource Guarantee Capacity and Deepening the Green and High-Quality Development of Mining". The main content includes: First, by the end of the 14th Five-Year Plan, Hunan Province will achieve significant results in mineral exploration, increase reserves and production of advantageous minerals, delineate more than 60 exploration target areas, and add more than 30 new mineral sites, achieving a basic balance between exploration and extraction of advantageous minerals. Second, focus on exploring and developing mineral resources in five mineral resource belts: northeastern Hunan, northwestern Hunan, central Hunan, southern Hunan, and the Xuefeng arc. Encourage the development and utilization of strategic minerals, advantageous minerals in Hunan, and minerals needed for project construction and people's livelihood development. Third, strengthen basic geological and mineral geological survey and evaluation, and promote breakthrough actions in strategic mineral exploration. Strengthen basic, public welfare geological surveys and strategic mineral resource exploration, conduct large-scale regional mineral geological surveys, focus on national strategic minerals and advantageous minerals in Hunan for exploration, and carry out energy resource base construction. Deploy exploration projects around important mineral resource belts and deep edges of medium and large mines. Fourth, increase investment in exploration funding. Coordinate financial arrangements at all levels, improve the investment mechanism for mineral resource exploration, and increase exploration funding by more than 10% annually. The provincial level focuses on investigation and evaluation of key mineral resource belts and national strategic mineral exploration, while cities and counties focus on mineral exploration needed for industrial chain support and people's livelihood. Through the effective use of the provincial geological exploration fund to amplify the effect of financial funds, guide social capital into geological exploration, and build a stable, diverse, and sustainable exploration investment pattern. Fifth, strengthen the transformation of exploration results. Selectively release the results of national geological surveys and mineral exploration projects for commercial exploration rights. Sixth, cultivate non-ferrous metals such as tungsten, antimony, lead, zinc, precious metals such as gold and silver, black metals such as iron, manganese, and vanadium, "three rare" minerals such as lithium and rare earths, energy minerals such as coal and coalbed methane, and non-metallic minerals such as fluorite.Baryte.Quartz for glass and other non-metallic minerals, geothermal, mineral water, and other vapor minerals, aiming to create 10 mining industry clusters worth 100 billion.
North China and Guangxi preliminarily delineated.25 locations.Bauxite.Exploration target area.
According to the WeChat official account of the Ministry of Natural Resources on October 23, reporters learned from the field geological seminar of the key special project of the national key R&D plan project on the development and utilization of strategic mineral resources, "Formation Process and Exploration Model of Manganese Ore and Bauxite", that the project has preliminarily delineated 25 bauxite exploration target areas in North China and Guangxi. The relevant results can provide basic data for the optimal selection of bauxite blocks and resource reserve increases. It is understood that the project is led by the Tianjin Geological Survey Center of the China Geological Survey, in collaboration with nine domestic leading units in the field of manganese ore and bauxite, including the Geological Research Institute of the China Geological Survey, China University of Geosciences (Beijing), and the Institute of Geochemistry of the Chinese Academy of Sciences. The project has preliminarily delineated 10, 6, and 9 exploration target areas in the Shanxi fault zone, the southern margin of the North China block, and the Guangxi mineralization area, respectively; in Lingshi County, Shanxi Province, block optimization work is being implemented, with the potential to submit one mineral site with large-scale potential resources, driving exploration of bauxite in Lingshi and Xiaoyi, with an expected increase of 10 million tons in resource volume. In addition, the project clarified the causal relationship between short-term large-scale enrichment of karst-type bauxite and volcanic activity, and comprehensive analysis suggests that large-scale volcanic activity is one of the important factors for the short-term large-scale formation of bauxite mineralization on the ancient karst surface in China; preliminary collection of 380 global manganese ore deposit data has established a manganese ore database framework covering basic information of mineral sites, geological conditions of mining areas, and characteristics of ore bodies.
A thick and rich rare earth ore body has been discovered in the Longjiagou area of Maoniuping, Sichuan, which is expected to reach a large-scale deposit.
According to the WeChat official account of Sichuan Geological and Mineral Group on October 24, the "Panzhihua Caoshan-Yingpan Mountain Rare Earth Exploration Target Verification Project" undertaken by Sichuan Geological and Mineral (Group) Co., Ltd. has recently passed field acceptance, and the project team has discovered a thick and rich rare earth ore body in the Longjiagou area of Maoniuping, achieving significant exploration results. The project was commissioned in April 2023 and is a sub-project under the "Sichuan Kangding-Yunnan Gejiu Rare Earth Mineral Geological Survey". During the implementation of the project, the project team focused on national major strategies, aiming to increase reserves and production of large resource bases and ensure national energy security. Through comprehensive surveys, they delineated geochemical anomalies and favorable exploration areas, promptly conducted target area verification, and discovered one rare earth mineral site, with resource potential expected to reach a large-scale deposit, laying a solid foundation for breakthroughs in rare earth exploration and increasing reserves and production in the Panzhihua area.
Shenghe Resources plans to acquire Australian rare earth company.Equity of VML Company.
On October 24, Securities Times reported that Shenghe Resources recently announced that the company plans to subscribe for new shares issued by Vital Metal Limited (hereinafter referred to as "VML") through its wholly-owned subsidiary, Leshan Shenghe Rare Earth Co., Ltd., which holds 100% of Shenghe Resources (Singapore) Co., Ltd. This move aims to further strengthen the resource reserves of overseas rare earth mining projects. According to information, VML is a company established under Australian law and listed on the Australian Securities Exchange, mainly developing the Nechalacho rare earth project in Canada and the Wigu Hill rare earth project in Tanzania. The Nechalacho rare earth project is located in the Northwest Territories of Canada and is a light rare earth (fluorocarbon cerium ore) project, mainly including the Tardiff mining area and the North T mining area; the Wigu Hill project is located in Tanzania's light rare earth element deposits, with an inferred resource amount of about 3.3 million tons according to Canadian NI 43-101 standards, and an average grade of 2.6% for light rare earths.
The US and Australia will announce a key mineral cooperation plan.
On October 24, Reuters reported that a senior US government official revealed that Australian Prime Minister Albanese will announce a key mineral cooperation plan during his visit to the US, promoting the establishment of a key mineral working group aimed at encouraging private investment in Australia's rare earth industry and reducing import dependence. Albanese stated that Australia hopes to cooperate with US companies. As the world's largest lithium supplier, Australia has advantages in cobalt, vanadium, copper, nickel, and other mineral resources. Australian analysts believe that the US automotive and defense industries are major users of rare earths, and signing long-term sales contracts can reduce investment risks.
Australia's key mineral fund will increase.$1.3 billion to attract international investors.
On October 24, Bloomberg reported that the Australian government recently stated that it will double the funding to support key mineral projects to attract US mining companies to operate in Australia. This $1.3 billion increase will enhance the capacity of Australia's key mineral facilities and provide funding for mining and material processing projects. Against the backdrop of global decarbonization, the demand for fossil fuel exports is continuously declining, which may lead to fiscal shortages in Australia, and this is one of the main reasons for the country to expand its footprint in key minerals. Statistics show that as of June this year, the value of Australia's lithium ore shipments reached $12 billion. The government predicts that by 2028, the industry's revenue may rival that of thermal coal exports.
The University of Western Australia collaborates with First Quantum, BHP, and others to explore new methods for sedimentary copper mining.
On October 23, Mining Weekly reported that the underground resource positioning company Getech has officially joined the Kupferschiefer project to conduct research on sedimentary copper mining. It is understood that this project is led by the University of Western Australia's Exploration Target Center, with participation from the University of Warsaw, First Quantum Minerals, Teck Resources, and BHP. The project started in the first half of this year, aiming to analyze and process a large amount of geological data over three years, using petroleum and mineral system methods to map the mineral resource outlook of the Central European basin. Getech stated that the project team will use a comprehensive mineralization system approach to search for sedimentary copper deposits, which requires a thorough analysis and study of the formation and preservation of sedimentary copper deposits. Getech will leverage its advantages and experience in gravity and magnetic data, global geological models, and spatial analysis to provide relevant analysis of the underground characteristics and structures of sedimentary copper deposits for the project team. It is reported that the innovative resource exploration methods and data results formed by this project can be applied to the exploration of copper and other underground resources globally, such as lithium, potassium, phosphorus, and even gold and natural gas.
Canada's mining investment is expected to grow by 21% to CAD 16.4 billion in 2023.
On October 23, Mining.com reported that Canada's Department of Natural Resources recently released data showing that the country's mining investment reached CAD 13.5 billion in 2022, a new high in 10 years, an increase of 14% from the previous year. In 2023, the country's mining investment also shows significant growth, expected to increase by 21% to CAD 16.4 billion. Data shows that in 2012, Canada's mining investment peaked at CAD 16.9 billion, mainly driven by the rapid growth of demand from emerging economies. In the following five years, the country's mining investment declined year by year, with CAD 9 billion in 2017, the lowest in ten years. In the next two years, Canada's mining investment rebounded, but declined again in 2020 due to the impact of the pandemic. Since 2021, Canada's mining investment has returned to pre-pandemic levels. Canada's Department of Natural Resources believes that the future transition to clean energy will continue to drive demand for key minerals, especially for cobalt, graphite, lithium, and nickel needed for power batteries.
Russia will increase oil export tariffs by nearly 10% starting in November.On October 21, the Russian Ministry of Finance announced that starting from November 1, Russia's oil export tariff will increase by 9.62%, reaching $26.2 per ton, the highest level since the beginning of the year. This is the fourth time this year that Russia has raised oil export tariffs. Analysts believe that oil export tariffs are a major source of revenue for the Russian government. Previously, due to funding expenditures related to the Russia-Ukraine conflict and Western sanctions on Russia's energy trade, the country's oil and gas revenue has significantly declined, tightening the fiscal budget. This move is expected to provide some support for international oil prices.
As a member of OPEC.In February of this year, Russia announced a reduction of crude oil production by 500,000 barrels per day starting in March, and in June announced an extension of the production cut plan until the end of 2024. In September of this year, Russia also announced a voluntary additional reduction of 300,000 barrels per day in global oil market supply until the end of December this year. These decisions, combined with the voluntary production cuts by OPEC+ leader Saudi Arabia, have tightened global oil market supply and further pushed up Russian crude oil prices.The Panamanian government approves the operation of First Quantum's flagship copper mine.
On October 23, Caixin reported that the flagship copper mine of Canada's First Quantum Minerals has received final approval from the Panamanian Congress for the revised operating contract, ending years of legal uncertainty. The new contract stipulates that the Panamanian government must receive at least $375 million in revenue annually, with a validity period of 20 years and an option to renew. It is understood that in March of this year, the Panamanian government and the Canadian mining company initially reached an agreement on the renewal of the contract for this project. However, due to some legislators requesting amendments to certain terms, the bill had not been passed. The signing of the new agreement provides much-needed financial support for the Panamanian government ahead of next year's elections.
On October 23rd, Caixin News Agency reported that the revised operating contract for the flagship copper mine of Canada's First Quantum Mining Limited has recently received final approval from the Panamanian Congress, ending years of legal uncertainty. The new contract terms stipulate that the Panamanian government must receive at least $375 million in revenue annually, with a validity period of 20 years and the option to renew. It is reported that in March of this year, the Panamanian government and the Canadian miner initially reached an agreement on the renewal of the contract for the project. However, due to some legislators requesting amendments to certain provisions, the bill has not been passed. The signing of the new agreement provides much-needed financial security for the Panamanian government in next year's elections.
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