On October 10, at the 21st China International Mining Conference, the International Mining Research Center of the China Geological Survey of the Ministry of Natural Resources announced its establishment and released the "Global Mining Development Report 2019" on the spot. The report is the first report released by China on the development trend of global mining industry. Based on massive data, the report comprehensively analyzes the development trend of global mining industry from 2018 to 2019 from the aspects of mining market, supply and demand pattern of mineral resources, development of mining companies, mining policy trends of major countries, and development of mining science and technology, and makes a preliminary prediction on the future industry pattern.
According to the report, the status of mining in the global economic and social development is becoming more and more prominent. In 2018, the mining industry provided 22.7 billion tons of energy, metals and important non-metallic minerals to mankind, with a total output value of US $5.9 trillion billion, equivalent to 6.9 per cent of global GDP. Among them, the output value of energy mining is 4.5 trillion US dollars, accounting for 76% of the world's total mining output value.
Developing countries in Asia, Africa and Latin America have strengthened mining to support industrialization, while developed countries in Europe and the United States have strengthened mining support for high-end manufacturing.
Reshaping the economic landscape, U.S. energy independence, addressing global climate change, and accelerating the reshaping of the global energy landscape. The overall global energy consumption presents a "three-part world" pattern. The United States will become an important oil and gas exporter outside the Middle East and Russia. Climate change has accelerated the adjustment of the global energy consumption structure. In the future, the proportion of coal, oil, natural gas and non-fossil energy consumption will be "four parts of the world.
Emerging Asian economies have become the world's center of metal and mineral consumption. In 2018, China, India, ASEAN and other emerging Asian economies accounted for 59%, 59% and 61% of global consumption of iron, copper and aluminum, respectively.
The global mineral market shock adjustment, mining market structure differentiation. In 2019, affected by supply and demand fundamentals and emergencies, the prices of oil, copper, lithium and cobalt showed an overall downward trend, while the prices of iron ore, nickel and gold rose sharply. In 2018, global solid mineral exploration investment slowly picked up, with large mining companies increasing their share of investment and small and medium-sized exploration companies declining. Grassroots exploration investment continued to decline, and detailed investigation and exploration investment continued to grow. The proportion of gold, copper and zinc continued to increase, while the proportion of uranium, nickel and diamond continued to decline. At the same time, large mining companies gradually focus on North and South America, Australia and other regions, significantly reducing investment in exploration in Africa, Southeast Asia and other regions.
Large international mining companies are highly financialized and have global quality resources. The financial institutions of mining companies in the United States, Australia, Canada, Japan, Brazil, the United Kingdom and other countries generally hold more than 50% of the shares. Of the world's 2395 listed mining companies, large mining companies account for less than 4%, but their market capitalization accounts for nearly 80%. Large international mining companies occupy the world's high-quality resources. The top ten companies of various minerals occupy 82% of the world's iron ore, 60% of bauxite, 46% of copper ore, 42% of nickel ore, 96% of platinum, 94% of palladium and 85% of uranium ore.
The slowdown in global economic growth has prompted large international mining companies to strengthen risk management and promote strategic adjustment and transformation. Large international mining companies continue to divest non-core projects, focusing on projects with good endowments, low costs and abundant cash flow, laying out anti-cyclical and risk-resistant minerals such as gold and copper, as well as clean energy minerals such as platinum and lithium, and divesting traditional minerals such as coal. Some large international mining companies have gradually reduced their investment in exploration and development in Africa, Southeast Asia and other regions, and returned to Australia, America and other regions.
Major countries and regions have accelerated the adjustment of mining policies and promoted global resource governance. The United States has basically achieved energy independence, is accelerating the security of supply of key mineral resources, and promoting global resource governance. Europe will strengthen the development of mineral resources in the region, strengthen the safe supply of key raw materials and global resource governance. Canada and Australia promote green mining, improve the quality and efficiency of mining development. Indonesia, Congo (DRC) and other Asian and African countries have extended the mining industry chain and strengthened the rights and interests of local mining by adjusting taxes and fees and other policies.
Scientific and technological innovation is leading the transformation and upgrading of traditional mining industry, accelerating the development of green, safe, intelligent and efficient. Big data, artificial intelligence, cloud computing, mobile Internet and other modern information technology and mining development began to integrate, intelligent exploration, intelligent mining, mining Internet of things, such as the rapid rise.
The report predicts that in the short term, factors such as slowing global economic growth, global trade frictions, and geopolitical conflicts will increase the uncertainty of global mining development, and the mining market will continue to fluctuate and adjust. In the long run, the demand for mineral resources in China will remain at a high level, the demand for mineral resources in India, ASEAN and other countries and regions will continue to grow, and the consumption of mineral resources in other developing countries will also continue to grow, which is expected to drive the sustainable development of global mining.
In order to accurately serve the transformation and development of China's mining industry and promote global mining cooperation and prosperity, the International Mining Research Center of the China Geological Survey organized the China Mining News, the Institute of Mineral Resources of the Chinese Academy of Geological Sciences, and the Development Research Center of the China Geological Survey to jointly compile and complete The "Global Mining Development Report 2019".
(Details are as follows)
Editor's note:
In order to accurately serve the transformation and development of China's mining industry and promote the sustainable development of the global mining industry, under the careful guidance of the party group of the China Geological Survey, relying on its subordinate unit China Mining News, the China Geological Survey International Mining Research Center was established. The aim is to effectively organize top research forces in the industry through innovative institutional mechanisms, establish an open scientific research platform, and carry out global mining-related research work. Over the past two months, the International Mining Research Center has organized the research forces of the Institute of Mineral Resources of the Chinese Academy of Geological Sciences and the Development Research Center of the China Geological Survey to compile and complete the Global Mining Development report 2019. to show the global mining development trend from 2018 to 2019. Some of the contents of the report are excerpted for the benefit of readers.
Global Mining in Transition
Mining provides basic material and energy security for human beings and supports the prosperity and development of the world economy and society. In today's world, the global economic, political, technological, and industrial structure is undergoing major changes unseen in a century, and the global mineral resource production and consumption pattern is accelerating the reshaping. Since 2018, trade frictions in major economies have escalated, the world economic recovery has been weak, and the global mining industry has continued to differentiate and adjust, showing new development trends:
1. developing countries in Asia, Africa and Latin America to strengthen the mining industry to support the industrialization process, the United States and Europe developed countries to strengthen the mining industry to support the high-end manufacturing industry.Mining is a pillar industry in developing countries such as Asia, Africa and Latin America. The ratio of mining output value to GDP in more than 20 countries such as Congo (DRC), Equatorial Guinea, Angola, Azerbaijan, Kazakhstan and Peru exceeds 20%. These countries vigorously develop mining to promote the development of downstream smelting industry, accelerate the process of industrialization and vigorously develop the economy. The developed countries in the United States and Europe have revitalized the manufacturing industry, especially strengthened the high-end manufacturing industry, and proposed to re-attach importance to the mining industry, especially to vigorously strengthen the exploration and development of key minerals such as rare earths, lithium, cobalt, nickel, and fluorite. The status of mining in the global economic and social development has become more and more prominent. In 2018, mining provided 22.7 billion tons of energy, metals and important non-metallic minerals for mankind, with a total output value of up to US $5.9 trillion, equivalent to 6.9 per cent of global GDP. Among them, the output value of energy mining is 4.5 trillion US dollars, accounting for 76% of the world's total mining output value.
Reshaping the 2. economic landscape, U.S. energy independence, addressing global climate change, and accelerating the reshaping of the global energy landscape.In 2018, emerging Asian economies such as China, India and ASEAN, developed economies such as the United States, Europe, Japan and South Korea, and other countries consumed 35%, 36% and 29% of the world's energy respectively, showing a "three-part world" pattern of global energy consumption as a whole. The United States became a net exporter of natural gas in 2017 and is expected to become a net exporter of oil after 2020, basically achieving energy independence and having a profound impact on the global energy landscape. Climate change has accelerated the adjustment of the global energy consumption structure. The proportion of coal will continue to decline, and the proportion of clean energy will continue to increase. In the future, the proportion of coal, oil, natural gas and non-fossil energy consumption will show a "four-part world" pattern.
3. emerging Asian economies have become the global center of metal and mineral consumption, reshaping the global supply and demand pattern of mineral resources.In 2018, China, India, ASEAN and other emerging Asian economies accounted for 59%, 59% and 61% of global consumption of iron, copper and aluminum, respectively, while developed countries such as the United States, Europe, Japan and South Korea accounted for 28%, 35% and 29%, respectively. In a certain period of time in the future, the demand for metal minerals in emerging Asian economies will continue to grow, and the total demand of developed countries such as the United States, Europe, Japan and South Korea will continue to decline. Australia and South America are the world's most important suppliers of mineral resources. Australia and Brazil are major iron ore exporters, accounting for 80% of global exports in 2018. Chile and Peru are major copper exporters, accounting for 40% of global exports. With the increasing demand for mineral resources in Asia, countries and regions such as Africa and Southeast Asia have gradually become important mineral resource supply areas. Guinea has become the world's largest bauxite exporter, and Congo (DRC) has become the world's largest cobalt ore and The fourth largest copper exporter, the Philippines and Indonesia account for 84% of the world's nickel exports.
4. the global mineral market shock adjustment, mining market structure differentiation.In 2019, affected by supply and demand fundamentals and emergencies, the prices of oil, copper, lithium and cobalt as a whole showed a downward trend, while the prices of iron ore and nickel soared in the short term. The price of gold has risen sharply due to increased global trade frictions and geopolitical conflicts. The share prices of major mining companies as a whole fluctuate with the price of mineral products. Global solid mineral exploration investment slowly rebounded, but China's solid mineral exploration investment continued to decline. From the perspective of the main body of exploration, the proportion of large mining companies increased, while the proportion of small and medium-sized exploration companies decreased. From the exploration stage, grass-roots exploration investment continued to decline, detailed investigation and exploration investment continued to grow. From the perspective of exploration minerals, the proportion of gold, copper and zinc continued to increase, while the proportion of uranium, nickel and diamond continued to decline. From the perspective of exploration areas, large mining companies have gradually focused on North and South America, Australia and other regions, greatly reducing exploration investment in Africa, Southeast Asia and other regions.
5. international large-scale mining companies are highly financialized and have global high-quality resources.The financial institutions of mining companies in the United States, Australia, Canada, Japan, Brazil, the United Kingdom and other countries generally hold more than 50% of the shares. Of the 80 oil and gas companies that made the global Forbes list in 2018, 24 are U.S. companies and 44 are held by U.S. institutions. U.S. financial institutions also hold relatively high shares in mining companies such as BHP Billiton, Rio Tinto, Vale and Mitsui & Co., Ltd. Of the world's 2395 listed mining companies, large mining companies account for less than 4%, but their market capitalization accounts for nearly 80%. Large international mining companies occupy the world's high-quality resources. The top ten companies of various minerals produce 82% of the world's iron ore, 60% of bauxite, 46% of copper ore, 42% of nickel ore, 96% of platinum, 94% of palladium and 85% of uranium ore.
The 6. slowdown in global economic growth has prompted large international mining companies to strengthen risk management and promote strategic adjustment and transformation.Large international mining companies continue to divest non-core projects that are in the early stages of development, with high costs and high risks, focusing on projects with good endowments, low costs and abundant cash flow, accelerating the adjustment of business structure, laying out anti-cyclical and anti-risk minerals such as gold and copper, as well as clean energy minerals such as platinum and lithium, and stripping off traditional minerals such as coal. Some large international mining companies have gradually reduced their investment in exploration and development in Africa, Southeast Asia and other regions, and returned to Australia, America and other regions.
7. major countries and regions to accelerate the adjustment of mining policies and promote global resource governance.The United States has basically achieved energy independence, is accelerating the security of supply of key mineral resources, and promoting global resource governance. Europe will strengthen the development of mineral resources in the region, strengthen the safe supply of key raw materials and global resource governance. Canada and Australia promote green mining, improve the quality and efficiency of mining development. Indonesia, the Philippines, Laos, Congo (DRC), Tanzania, Zambia and other Asian and African countries have extended the mining industry chain and strengthened local mining rights and interests by adjusting taxes and fees and other policies. Chile, Peru and other Latin American countries to improve the mining investment environment, more attention to mining development.
8. scientific and technological innovation is leading the transformation and upgrading of traditional mining industry, accelerating the development towards green, safe, intelligent and efficient direction.Big data, artificial intelligence, cloud computing, mobile Internet and other modern information technology and mining development began to integrate, intelligent exploration, intelligent mining, mining Internet of things, such as the rapid rise. Fine mining technology is expected to achieve "zero emissions" in mining production ". New technological breakthroughs in selection and metallurgy have greatly improved the efficiency of resource utilization. Accelerate the development of ecological restoration technology. The development of deep exploration technology promotes the development and utilization of deep earth resources.
9., China is a big producer and consumer of mineral resources in the world, and has an important influence on the world mining market.In 2018, China's total energy output accounted for 19% of the world, iron ore for 11%, copper for 7%, bauxite for 21%, total energy consumption accounted for 24% of the world, steel for 49%, copper for 53%, aluminum for 56%, oil imports accounted for 16% of the world, natural gas for 13%, iron ore for 64%, copper ore for 56%, and bauxite for 76%. China will adhere to the new development concept of innovation, coordination, green, openness and sharing, actively participate in the global mining cooperation, and jointly promote the prosperity and development of the global mining industry.
Looking to the future, in the short term, factors such as slowing global economic growth, Sino-US trade frictions, and geopolitical conflicts will increase the uncertainty of global mining development, and the mining market will continue to fluctuate and adjust. In the medium and long term, China's demand for mineral resources will remain at a relatively high level, the demand for mineral resources in India, ASEAN and other countries and regions will continue to grow, and the consumption of mineral resources in other developing countries will also continue to grow, which is expected to drive the sustainable development of global mining.
Chapter 1 Global Mining Overview
-- Mining provides basic material and energy security for mankind
Mining is an important foundation for the development of human society. Mineral resources account for more than 80% of the natural resources consumed by human beings, and each person on the earth consumes 3 tons of mineral resources every year.
Energy accounts for the vast majority of the production and consumption of mineral resources. In 2018, the total output of global mineral resources was 22.7 billion tons, with energy, metal and non-metal production accounting for 68%, 7% and 25% respectively.
The mining industry plays an important role in economic development. Global mining output in 2018 was $5.9 trillion billion, equivalent to 6.9 per cent of global GDP, with 76 per cent of energy minerals, 12 per cent of metal minerals and 12 per cent of important non-metallic minerals.
One third of the world's countries are mining countries. There are more than 60 important mining countries in the world. In 2018, the ratio of mining output value to GDP of 11 countries was more than 50%, and the ratio of mining output value to GDP of 17 countries was between 20% and 50%.
The United States, Russia and China are the world's major mining powers. In 2018, the total output of mineral resources of the three countries accounted for 49% of the world's total output value and 40% of the world's total output value.
In 2018, the mining industry provided 22.7 billion tons of mineral resources to mankind.
Global mining output in 2018 was $5.9 trillion billion, equivalent to 6.9 per cent of global GDP.
Percentage of total mineral resources by country in 2018
There are 60 countries in the world whose ratio of mining output to GDP is higher than the global average. We call them mining countries. Among them, 11 countries have a ratio of mining output to their GDP of more than 50%,17 countries are between 20% and 50%, and 21 countries are between 10% and 20%.
Mining output value of major mining countries in 2018
Chapter II Mining Market Situation
-Global mining market depth adjustment differentiation
● The prices of major mineral products are on a downward trend. In 2019, the prices of oil, copper, lithium and cobalt as a whole declined due to the global economic downturn and supply and demand fundamentals.
● Many factors have caused the price of some minerals to soar. In 2019, iron ore prices surged in the short term due to dam failures in Brazil and hurricanes in Australia, but have fallen recently. Affected by Indonesia's export ban, nickel prices have soared. The price of gold has risen sharply due to increased global trade frictions and geopolitical conflicts.
:: Share prices of major mining companies have recovered slowly and have fallen recently. The share prices of mining companies with oil, gas and iron ore as their main businesses have entered an upward channel, while the share prices of mining companies with gold and non-ferrous metals as their main businesses have not improved significantly, but the amount of mergers and acquisitions of mining projects is on the rise.
● Mineral exploration investment presents a "dual structure". In recent years, the global solid mineral exploration investment bottomed out, but China's investment continued to decline. China's oil and gas exploration investment rebounded, solid mineral exploration investment continued to decline.
● The overall mineral exploration is in a different situation. In recent years, the proportion of exploration investment of large mining companies has increased, while the proportion of small and medium-sized exploration companies has declined. Grassroots exploration investment continued to decline, and detailed investigation and exploration investment continued to grow. Global mineral exploration and development, mergers and acquisitions activities gradually focus on gold, copper and other risk-resistant minerals and lithium, cobalt and other strategic emerging minerals, iron, manganese, aluminum and other traditional bulk mineral market attention decreased significantly.
● The return of large international mining companies to Australia and North and South America. Large mining companies have gradually focused on North and South America, Australia and other regions, significantly reducing investment in exploration in Africa, Southeast Asia and other regions.
Mineral differentiation: in the past five years, exploration companies began to focus on key minerals, gold, zinc, lithium, copper and other minerals exploration investment ratio increased; uranium, nickel, diamond, platinum group and other minerals exploration investment ratio continued to decline. New energy minerals have received more attention, with lithium exploration investment up to 50 times and cobalt exploration investment up to 5 times.
In 2018, global mineral exploration investment was mainly concentrated in North and South America, Australia and Africa, accounting for 79%.
Global solid mineral exploration investment is mainly concentrated in gold, copper and zinc and other minerals, in 2018 exploration investment accounted for 50%, 22% and 7%, respectively. Large mining companies are the main force in the exploration market, and the investment in grass-roots exploration is lower than that in the later mature stage.
Chapter III Supply and Demand Pattern of Mineral Resources
-- Accelerate the reshaping of the global mineral resources pattern
For a long time, the global consumption of mineral resources has maintained an overall growth trend. In 2018, the global consumption of steel, copper and aluminum was 1.8 billion tons, 23.74 million tons and 59.92 million tons respectively.
● Global energy consumption generally presents a "three-part world" pattern. In 2018, emerging Asian economies such as China, India and ASEAN, developed economies such as the United States, Europe, Japan and South Korea and other countries consumed 35%, 36% and 29% of the world's energy respectively, showing a "three-part world" pattern of energy consumption as a whole.
Asia has become a global resource consumption center. In recent years, the proportion of mineral resources consumption in developed economies in Europe and the United States has gradually declined, and resource consumption in emerging Asian economies has increased rapidly with economic growth, surpassing that of developed economies in Europe and the United States. In 2018, emerging Asian economies (China, India, ASEAN) accounted for 59%, 59% and 61% of global steel, copper and aluminum consumption, respectively, while developed countries (the United States, Europe, Japan and South Korea) accounted for 28%, 35% and 29% of global consumption, respectively.
Climate change is driving a revolution in global energy consumption. Climate change has accelerated the adjustment of the global energy consumption structure. The proportion of coal will continue to decline, and the proportion of clean energy will continue to increase. In the future, the proportion of coal, oil, natural gas and non-fossil energy consumption will show a "four-part world" pattern.
U.S. energy independence is reshaping the global energy landscape. The United States will become a net exporter of natural gas in 2017 and is expected to become a net exporter of oil in 2020, achieving energy independence and becoming an important oil and gas exporter outside the Middle East and Russia, which is expected to reshape the global oil and gas trade pattern.
● The global supply landscape of mineral resources is being reshaped. Australia and South America are the most important suppliers of mineral resources in the world. With the increasing demand for mineral resources in Asia, countries and regions such as Africa and Southeast Asia have gradually become important mineral resources supply areas. Guinea has become the world's largest exporter of bauxite, Congo (DRC) has become the world's largest exporter of cobalt and the fourth largest exporter of copper, The Philippines and Indonesia have become the largest exporters of nickel.
Chapter Four Development Trends of Mining Companies
-- Large mining companies to speed up strategic adjustment
In recent years, large international mining companies have generally been in a strategic contraction: prudently investing in new projects and reducing capital expenditures; returning investment to Australia and North and South America, and reducing investment in Africa, Southeast Asia and other places.
Large mining companies occupy an important position in the global mining industry. Of the world's 2395 listed mining companies in 2018, the number of large mining companies accounted for less than 4%, but their market capitalization accounted for nearly 80%.
Large mining companies have global high-quality mineral resources. The top 10 companies produce 82% of the world's iron ore, 60% of bauxite, 46% of copper, 42% of nickel, 96% of platinum, 94% of palladium and 85% of uranium.
:: Large international mining companies are highly financialized. The proportion of shares held by financial institutions of western mining companies such as the United States is generally more than 50%. Of the 80 oil and gas companies that made the global Forbes list in 2018, 24 are U.S. companies and 44 are held by U.S. institutions. U.S. financial institutions hold 46%, 44%, 20% and 25% of shares in BHP Billiton, Rio Tinto, Vale and Mitsui & Co., Ltd., respectively.
Large international mining companies to speed up the strategic adjustment. Gradually reduce investment in exploration and development in Africa, Southeast Asia and other regions, and return to Australia, America and other regions. Continuously divest non-core assets that are in the early stages of development, high-cost and high-risk, focusing on core mines with good endowments, low costs and abundant cash flow. Actively layout gold, copper and other anti-cycle, anti-risk minerals, as well as platinum, lithium and other clean energy minerals, stripping coal and other traditional minerals.
:: Large mining companies accelerate their low-carbon transformation. Under the background of global climate change, large mining companies pay more attention to low-carbon in terms of production concept, scientific and technological development, production mode and layout of key minerals.
Chapter V Mining Policy Trends of Major Countries
-- Major countries strengthen mining governance
The United States has basically achieved energy independence and accelerated the security of supply of key minerals. Strengthen the local shale oil and gas development and clean utilization, will soon achieve energy self-sufficiency. Actively promote the development and recycling of key domestic mineral resources and reduce dependence on key mineral imports.
The United States launched the Energy Resources Governance Initiative to strengthen global resource governance. At present, nine countries, including Australia, Brazil, Peru, Argentina, the Philippines, Congo (DRC), Zambia, Botswana and Namibia, have joined. The first is to promote the experience of mineral resources governance in these countries. Second, we are committed to forming a flexible supply chain and improving the impact of trade and industrial links on upstream resources. The third is to assess the negative impact of renewable energy mineral production on mineral-rich countries.
The EU will strengthen the development of mineral resources in the region and strengthen the stable supply of key minerals. Strengthen global governance of mineral resources, promote safe access to key mineral raw materials, and develop clean and renewable energy.
Canada and Australia strengthen mining governance and green development. Strengthen foreign investment review and export approval, strengthen environmental restoration and management and management of mining activities in environmentally sensitive areas.
● Some countries in Southeast Asia and Africa have strengthened their local mining rights. Indonesia, the Philippines, Laos, Congo (DRC), Tanzania, Zambia and other Asian and African countries have extended the mining industry chain and strengthened local mining rights and interests by adjusting taxes and fees and other policies.
Some Latin American countries encourage mining development. Chile, Peru and other Latin American countries to improve the mining investment environment, more attention to mining development.
In the past three years, the proportion of exploration investment in Peru and Brazil has continued to rise. In 2018, large-scale copper mining projects in Peru and competitive iron ore projects in Brazil have become the main driving forces of mining investment in Latin America.
Chapter VI Trends in Mining Science and Technology
-Mining to green, safe, intelligent and efficient transformation
Deep exploration technology enables humans to access more mineral resources
Scientific and technological progress promotes the construction of green mines.
● Development of mining and selection technology to improve the utilization efficiency of mineral resources.
● Intelligent mine construction makes mining safer and more efficient.
● Deep exploration technology Insight into the earth's deep resources.
The 3D visualization technology of the mine intuitively expresses the spatial form of the deep ore body.
