Industrial Securities(SH:601377) 智通财经网·2025-11-07 02:07Core Viewpoint - The magnesium oxide precipitation process is emerging as a competitive alternative to the sodium hydroxide precipitation process in the hydrometallurgical extraction of nickel and cobalt from laterite ores, with potential cost benefits for nickel-cobalt refining companies [1] Group 1: Magnesium Oxide Precipitation Process - The wet HPAL (High-Pressure Acid Leaching) process for laterite nickel ore is expected to transition towards magnesium oxide technology due to its safety, cost-effectiveness, and the expiration of relevant patents [1][4] - The current sodium hydroxide precipitation process is widely used, but the magnesium oxide process has not been extensively applied in China due to supply limitations and patent restrictions [1][4] - The demand for high-activity magnesium oxide is anticipated to increase as the penetration of the magnesium oxide precipitation process rises, opening up market opportunities in China [1] Group 2: Performance and Advantages of High-Activity Magnesium Oxide - High-activity magnesium oxide has a large specific surface area, resulting in high chemical reactivity, making it effective for recovering valuable metals like cobalt, nickel, and copper from leach solutions [2] - Compared to other precipitation technologies, magnesium oxide is safer, has lower production costs, and offers significant environmental benefits, achieving a win-win situation for economic and environmental outcomes [2] Group 3: Application in Cobalt Recovery - In the Democratic Republic of Congo, the wet method for cobalt extraction primarily utilizes magnesium oxide as a neutralizing agent, demonstrating high efficiency and environmental friendliness [3] - The use of magnesium oxide in cobalt recovery processes enhances dissolution, selective extraction, and improves overall extraction rates and purity [3] Group 4: Market Potential and Domestic Adoption - The current HPAL process for laterite nickel ore is dominated by sodium hydroxide and hydrogen sulfide precipitation methods, with magnesium oxide having significant potential for domestic application [4] - Indonesia's wet method MHP (Mixed Hydroxide Precipitate) production capacity is projected to reach 650,000 tons by 2025-2026, with a corresponding demand for magnesium oxide estimated at approximately 540,000 tons [4] - Companies like Greenmeadow and Pona have begun initial trials using magnesium oxide to replace existing precipitants, which is expected to enhance nickel and cobalt content in MHP products and reduce production costs by over 10% [4]