Zhi Tong Cai Jing·2025-09-02 08:03Core Viewpoint - The report from Everbright Securities highlights the broad application potential of magnesium oxide in hydrometallurgy, indicating that its use is not limited to nickel-cobalt scenarios but also has significant potential in the rare earth sector [1]. Group 1: Magnesium Oxide in Hydrometallurgy - Different grades of magnesium oxide affect key metrics in hydrometallurgy, such as single consumption, precious metal recovery rates, production efficiency, and impurity content, leading to cost variations [1]. - The market potential for active magnesium oxide is promising, with diverse application scenarios potentially providing price elasticity for the product [1]. - Puyang Refractories Co., Ltd. (002225) has already utilized magnesium oxide products in hydrometallurgy and may expand into the rare earth sector in the future [1]. Group 2: Magnesium Salt Process for Rare Earth Extraction - The ammonium salt process for in-situ rare earth extraction has led to environmental shutdown issues, while the newly developed magnesium salt process shows potential for green mining [2]. - The ammonium salt system requires 7-12 tons of ammonium sulfate to produce 1 ton of rare earth (measured in REO), resulting in significant environmental pollution and supply shortages for heavy rare earths [2]. - The magnesium salt process is more economical, with a comprehensive cost reduction of 8.0% compared to the ammonium salt process, and it does not introduce ammonia nitrogen, thus avoiding ecological threats [2]. Group 3: Resource Utilization and Production Efficiency - The magnesium salt system significantly reduces rare earth loss rates, with the supernatant containing 0.003g/l of rare earth, compared to 0.03g/l in the ammonium salt system, indicating a one-order magnitude difference [3]. - The magnesium salt process allows for the separate recovery of aluminum, producing approximately 0.15-0.20 tons of aluminum hydroxide per ton of REO [3]. - The quality of products is enhanced under the magnesium salt system, with aluminum and rare earths being effectively separated, resulting in lower aluminum content in rare earth hydroxides and a 15%-25% increase in heavy rare earth content [3]. - Production efficiency is significantly improved, with magnesium salt process clarifying in 1-2 hours compared to 8-10 hours for the ammonium salt system, allowing for increased processing capacity in the same volume of treatment pools [3].