有色金属：俄罗斯优势资源全梳理（2024年版）

Industry Investment Rating - The report rates the industry as "Positive" [2] Core Views - Russia possesses significant advantages in 15 major metal resources, with gold, antimony, iron ore, silver, zinc, titanium, and tin accounting for over 10% of global reserves [3] - Russia's production of platinum group metals and gold is particularly strong [3] - Precious metals (gold, silver, platinum group metals) are Russia's absolute advantage, while industrial metals (copper, aluminum, lead, zinc) and energy metals (nickel, cobalt) are relatively weaker [3] - Russia also has relative advantages in scarce metals like antimony and natural uranium, with abundant reserves and production [3] - Russia's dominance in gold, platinum, and antimony could impact global supply if export restrictions are imposed, though the overall impact may be limited [3] Detailed Breakdown by Metal Categories Precious Metals - Gold: Russia's 2023 estimated production is 310 tons (10.33% of global production), with reserves of 11,100 tons (18.81% of global reserves) [5] - Silver: Russia's 2023 estimated production is 1,200 tons (4.62% of global production), with reserves of 92,000 tons (15.08% of global reserves) [5] - Rare Earths: Russia's 2023 estimated production is 0.26 million tons (0.74% of global production), with reserves of 10 million tons (9.09% of global reserves) [5] - Platinum Group Metals: Russia's 2023 estimated production is 115 tons (29.49% of global production), with reserves of 5,500 tons (7.75% of global reserves) [5] Industrial Metals - Copper: Russia's 2023 estimated mine production is 910,000 tons (4.14% of global production), with reserves of 80 million tons (8% of global reserves) [7] - Aluminum: Russia's 2023 estimated bauxite production is 5.8 million tons (1.45% of global production), with alumina capacity of 2.4 million tons (1.71% of global capacity), and primary aluminum production of 3.8 million tons (5.43% of global production) [7] - Lead: Russia's 2023 estimated production is 200,000 tons (4.44% of global production), with reserves of 8.7 million tons (9.16% of global reserves) [9] - Zinc: Russia's 2023 estimated production is 310,000 tons (2.58% of global production), with reserves of 25 million tons (11.36% of global reserves) [9] Energy Metals - Nickel: Russia's 2023 estimated production is 200,000 tons (5.56% of global production), with reserves of 8.3 million tons (6.38% of global reserves) [12] - Cobalt: Russia's 2023 estimated production is 8,800 tons (3.83% of global production), with reserves of 250,000 tons (2.27% of global reserves) [12] Minor Metals - Tin: Russia's 2023 estimated production is 2,700 tons (0.93% of global production), with reserves of 460,000 tons (10.7% of global reserves) [16] - Antimony: Russia's 2023 estimated production is 4,300 tons (5.18% of global production), with reserves of 350,000 tons (17.5% of global reserves) [16] Black/Grey Metals - Iron Ore: Russia's 2023 estimated production is 88 million tons (3.52% of global production), with reserves of 29 billion tons (15.26% of global reserves) [21] - Sponge Titanium: Russia's 2023 estimated production is 20,000 tons (6.06% of global production), with capacity of 46,500 tons (11.34% of global capacity) [21] Natural Uranium - Uranium: Russia's 2022 natural uranium production was 2,508 tons (5.08% of global production), with reserves of 480,000 tons (7.91% of global reserves) [19] - Russia's operational nuclear reactor capacity is 27.7GW, requiring 5,540 tons of uranium annually, exceeding its production [19]