新《矿产资源法》核心要点及对煤炭行业影响分析

Core Viewpoint - The newly revised Mineral Resources Law, effective from July 1, 2025, marks a significant shift in China's coal industry from "scale and speed" to "quality and efficiency," promoting a modern coal industry system that is "safe, green, and efficient" [2][3]. Summary by Sections Legislative Changes - The revised law introduces a market-oriented mechanism for mineral rights allocation, moving from an administrative approval system to competitive bidding, auctioning, and listing as primary methods for mineral rights transfer [3][5]. - It establishes a clear property rights system, ensuring that mining rights are protected under law and that compensation is provided at market value if rights are revoked [5][6]. Environmental and Management Improvements - The new law includes a dedicated chapter on ecological restoration, establishing a clear responsibility framework for ecological management and requiring companies to incorporate restoration costs into their operational expenses [6][7]. - It emphasizes a principle of "natural recovery first, artificial restoration second," mandating a comprehensive management system for ecological restoration [6]. Impact on the Coal Industry - Short-term effects include increased barriers to resource acquisition, potentially accelerating the exit of smaller coal mines, as the costs associated with obtaining mining rights are expected to rise [7]. - The overall cost structure for coal production is likely to increase due to higher requirements for ecological restoration and safety upgrades, which may support coal prices [7][8]. - Long-term, the law is expected to drive market-oriented, green, and intensive development in the coal sector, fostering new business models that integrate resources, capital, and technology [8].