Latest developments

04

2022

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04

Hot spot of the week! What are the major global mining events this week?(3.27-4.2)

Xinhua News Agency, March 30, Premier Li Keqiang presided over the State Council executive meeting. The mining sector includes, first, a reasonable expansion of the scope of use of special bonds, focusing on projects in the fields of energy, ecological and environmental protection, transportation, etc., while supporting projects such as public services with certain benefits. The second is to start another batch of water conservancy projects that have been included in the plan and have mature conditions this year, including major water diversion projects such as the follow-up project of the South-to-North Water Diversion, backbone flood control and disaster reduction, danger removal and reinforcement of dangerous reservoirs, and irrigation area construction and renovation. These projects, together with other water conservancy projects, can complete an investment of about 800 billion yuan throughout the year.


0 1

Special debt to expand the scope of application, involving energy, ecological and environmental protection projects.

IMPORTANT NEWS

Xinhua News Agency, March 30, Premier Li Keqiang presided over the State Council executive meeting. The mining sector includes, first, a reasonable expansion of the scope of use of special bonds, focusing on projects in the fields of energy, ecological and environmental protection, transportation, etc., while supporting projects such as public services with certain benefits. The second is to start another batch of water conservancy projects that have been included in the plan and have mature conditions this year, including major water diversion projects such as the follow-up project of the South-to-North Water Diversion, backbone flood control and disaster reduction, danger removal and reinforcement of dangerous reservoirs, and irrigation area construction and renovation. These projects, together with other water conservancy projects, can complete an investment of about 800 billion yuan throughout the year.

 

0 2
Guidance on Energy Work in 2022 issued
IMPORTANT NEWS

National Energy Administration website on March 29, the National Energy Administration issued the 2022 energy work guidance. The opinions clarify that the main goals of this year's energy work are: the country's total energy production is about 4.41 billion tons of standard coal, crude oil production is about 0.2 billion tons, and natural gas production is about 214 billion cubic meters. The main contents of the opinions are: First, continue to improve oil and gas exploration and development efforts. Actively do a good job in stabilizing and increasing the production of shale gas fields in the Sichuan Basin; focus on the coalbed methane industrial bases in the eastern margin of the Qinshui Basin and the Ordos Basin, accelerate the exploration of coalbed methane resources and production capacity construction, and promote the comprehensive exploration and development of coal-bearing strata; steadily promote Coal-to-oil gas strategic base construction. The second is to carry out the demonstration of geothermal power generation, and support the medium and high temperature geothermal power generation and dry hot rock power generation. Third, we will carry out an action plan to upgrade the carbon peak and carbon neutral standards in the energy sector, and accelerate the construction of a carbon peak and carbon neutral standard system in the energy sector. Fourth, strengthen energy situation analysis and demand forecasting. Fifth, we will promote the formulation of the Energy Law and the revision of the Electricity Law, the Renewable Energy Law, the Coal Law and the Petroleum Reserve Regulations. Sixth, on the premise of effectively preventing foreign investment risks, strengthen cooperation and exchanges with relevant countries and international energy organizations, and actively contribute to the formulation of international rules and standards. Seventh, strengthen risk management and control of overseas projects.

 

0 3

The Ministry of Environment will speed up the introduction of tailings pollution environmental prevention and control management measures, the implementation of classification management

IMPORTANT NEWS

The Paper, March 30, the Ministry of Ecology and Environment held a press conference and stated that in response to the outstanding problems in the environmental management of the tailings pond, the following four aspects of work will be carried out: First, speed up the introduction of the "Tailings Pollution Environmental Prevention and Management Measures" and "Tailings Reservoir Pollution Hidden Danger Investigation and Treatment Technical Guide (Trial)", with risk prevention and control as the core to implement classified and graded environmental management of tailings ponds. The second is to continue to promote the pollution control of tailings ponds in key areas and river basins such as the Yangtze River Economic Belt and the Yellow River Basin, and strengthen the investigation and treatment of hidden pollution hazards of tailings ponds in flood seasons. The third is to improve the basic ability of environmental supervision of tailings pond and build the environmental management information system of tailings pond. The fourth is to further strengthen business training and guidance and assistance, and improve the pollution control level and environmental supervision capabilities of tailings ponds in various ecological and environmental departments.

 

04

From January to February, my country's mining industry profits increased by 1.32 times year-on-year, and the growth rate was significantly higher than the industrial average.

IMPORTANT NEWS

People's Daily, March 28, the National Bureau of Statistics released data showing that from January to February, industrial enterprises above designated size across the country achieved a total profit of 1157.56 billion billion yuan, a year-on-year increase of 5%. The energy and raw materials industry contributed a lot to the profit growth of industrial enterprises. Data show that from January to February, the profits of the mining industry increased by 1.32 times compared with the same period last year, the growth rate was significantly higher than the industrial average, and the profits of some raw material industries grew rapidly. Among them, driven by factors such as the continuous rise in crude oil prices and the high year-on-year increase in coal prices, the profits of oil and gas mining, coal mining and other industries increased by 1.57 times and 1.55 times respectively year-on-year, and the pulling effect was further strengthened compared with December last year; driven by the rising prices of non-ferrous metals and chemical products, the profits of non-ferrous metal smelting and chemical industries increased by 63.8 and 27.3 respectively year-on-on-on-year, both achieved rapid growth.

 

05

First 100 Billion Cubic Meters of Atmospheric Field Started in Bohai Bay

IMPORTANT NEWS

Economic Daily, March 27, CNOOC Bozhong 19-6 condensate gas field phase I development project started in Qingdao, marking the first 100 billion cubic meter gas field development in Bohai Bay in China has officially entered the project implementation stage, which is of great significance to ensuring national energy security and optimizing China's energy structure. The gas field was discovered in the central Bohai Sea in 2019. At present, the proven geological reserves of natural gas are nearly 200 billion cubic meters, and the geological reserves of condensate oil exceed 0.15 billion cubic meters. It is currently the largest condensate gas field in eastern my country. Residents in cities with a population have used it for hundreds of years.

 

06

The U.S. Geological Survey's fiscal budget for 2023 is $1.7 billion, which will be used in part to strengthen the country's critical mineral research.

IMPORTANT NEWS

The US Geological Survey and the US Department of Energy website reported on March 28 that the US government submitted its fiscal year 2023 budget to Congress. Among them, the U.S. Geological Survey has a budget of US $1.7 billion and will focus on climate science, wildland fire response planning and decision-making, clean energy, emission reduction and carbon management, natural disaster risk mitigation and community resilience, science education in underserved communities, and partnerships with Native American tribes. It is reported that the US 2023 budget uses investments in the Bipartisan Infrastructure Act signed by Biden on November 15, 2021. Among them, the bipartisan infrastructure law will provide the U.S. Geological Survey with $0.511 billion in funding aimed at strengthening U.S. critical mineral research and geological and geophysical data preservation. It is also reported that the US Department of Energy has a budget of US $48.2 billion billion in fiscal year 2023, which will focus on clean energy transition, energy resource supply chain security, nuclear research and other fields.

 

07

The world's largest reserves of the highest quality undeveloped iron ore Simandou iron ore will restart.

IMPORTANT NEWS

Reuters, March 26, Guinea's Minister of Mining Moussa Magasuba said that the government has signed a framework agreement with Rio Tinto, Chinalco and the China-backed "Win Alliance" to suspend the Simandou iron ore project for two weeks. Will restart. It is reported that the previous suspension of the project was due to the failure of the two parties to reach an agreement on the financing of the port and railway in the area. The framework agreement signed this time mainly involves the construction of the infrastructure. Simandou is currently the world's largest reserves and the highest quality undeveloped iron ore. It has 2.25 billion tons of iron ore resources, and the proven iron ore taste is about 66%-67%, which is much higher than the global average iron ore grade., The annual output is expected to reach 0.15 billion tons after production. The Simandou project is divided into northern and southern sections, in which the mineral rights in the northern section have changed hands several times, and in June 2020, the "Win Alliance" formally signed an agreement with the Government of Guinea to acquire the mineral rights for two blocks in the northern section of Simandou for $14 billion. The southern section is 45.05 per cent owned by Rio Tinto, the world's largest mining company, 39.95 per cent by a Chinese consortium led by Chinalco and China Baowu, and 15 per cent by the Guinean government.

 

08

The energy ministers of the seven countries issued a joint statement rejecting the use of rubles to pay for gas supplies.

IMPORTANT NEWS

German Federal Ministry of Economic Affairs and Energy website, March 28, G7 energy ministers and EU energy commissioners held a network video conference, focusing on Russia's recent announcement on the payment of natural gas supply fees in rubles, and issued a joint statement. The statement pointed out that the G7 energy ministers rejected Russia's relevant payment requirements and reiterated that Russia must abide by the signed gas supply contract and maintain the delivery provisions of the contract, that is, payment in euros or US dollars. In response, Russian President's press secretary Peskov said that if the EU refuses to buy natural gas from Russia in rubles, Russia will respond by cutting off gas. It is reported that in 2021, Russia's natural gas exports to the EU is about 155 billion cubic meters. The European Union has previously stated that it will cut Russian natural gas imports by 2/3 this year and plans to stop importing Russian fossil fuels by 2027.

 

09

U.S. plans to add critical minerals needed for batteries to the list of items covered by the Defense Production Act

IMPORTANT NEWS

Bloomberg News, March 30, the Biden government plans to add key minerals required for batteries to the list of items covered by the National Defense Production Act of 1950. Adding minerals such as lithium, nickel, graphite, cobalt and manganese to the list could help mining companies receive $0.75 billion in the Defense Production Act's Title III fund. At the same time, the move will also help the recycling of battery materials. Earlier media reports said that the Biden administration was drafting an executive order aimed at increasing the supply of minerals needed for electric vehicle batteries, and said it had allocated huge amounts of money to ensure the supply of key minerals needed for electric vehicles and other types of batteries in the United States, so as to ensure that the auto industry is free from dependence on other countries.

 

10

Germany plans to stop importing Russian oil by the end of the year and stop using Russian natural gas by 2024.

IMPORTANT NEWS

Germany's Der Spiegel reported on March 25 that the German government plans to significantly reduce imports of Russian coal, oil and natural gas: the purchase of Russian coal will end at the beginning of summer; the import of Russian oil will end at the end of this year; the proportion of Russian natural gas imports will drop to 30% by the end of this year (currently 50%), and plans to completely get rid of dependence on Russian natural gas by 2024. The soaring energy prices brought about by the conflict between Russia and Ukraine have had a real impact on the German people. In order to reduce the burden on the people and enterprises, the German federal government has issued a series of energy subsidy programs. At the same time, the German federal government will also suspend the closure of coal-fired power plants to ensure energy security while reducing natural gas consumption. However, the German federal government also stressed that the goal of phasing out coal by 2030 will not change.