建材&新材料行业动态报告：活性氧化镁前景展望—湿法冶金沉淀详解240523

Industry Investment Rating - The report does not explicitly mention the investment rating for the industry [1][2][3] Core Views - The report highlights the potential growth in cobalt production, particularly from Luoyang Copper's TFM and KFM mines in the Democratic Republic of Congo (DRC), with cobalt production expected to exceed 60,000 tons in 2024, up from 55,600 tons in 2023 [2] - The demand for active magnesium oxide as a cobalt precipitant is expected to increase to 240,000 tons in 2024, driven by the expansion of cobalt production [2] - The report emphasizes the importance of magnesium oxide activity in ensuring cobalt recovery rates, with a 1:1 ratio of magnesium oxide to cobalt being optimal for precipitation efficiency [4][5] - In the nickel wet metallurgy sector, the report notes that modified sodium hydroxide precipitation processes are becoming mainstream, with an estimated 42% of projects using this method, while magnesium oxide-based processes are less common due to supply and cost constraints [20][21] Cobalt Precipitants - Luoyang Copper's KFM mine has a cobalt resource grade of 0.99%, with a copper-to-cobalt ratio of nearly 2:1, making it a significant contributor to global cobalt production [2] - The TFM mine, also in the DRC, has a lower cobalt grade of 0.25% but a larger scale, producing 450,000 tons of copper annually [2] - Global cobalt production is expected to reach 240,000 tons in 2024, with Luoyang Copper contributing significantly to this growth [2] - The report discusses the use of active magnesium oxide in cobalt precipitation, with a 1:1 ratio of magnesium oxide to cobalt being optimal for efficient recovery [4][5] Nickel Precipitants - The report highlights the dominance of sodium hydroxide-based precipitation processes in nickel wet metallurgy, with an estimated 42% of projects using this method [20] - Modified sodium hydroxide processes, such as the AACP (Alkali Activation Control Process), are gaining traction due to their ability to reduce moisture content and improve nickel recovery rates [16][17] - Magnesium oxide-based processes are less common due to challenges in bulk supply, higher costs, and patent restrictions, although some patents have expired, potentially opening up opportunities for wider adoption [20][23] - The report projects that by 2026, sodium hydroxide-based processes will account for 52% of nickel precipitation capacity, while magnesium oxide-based processes will remain a niche option [20][21] Magnesium Oxide in Nickel and Cobalt Precipitation - The report discusses the potential for magnesium oxide to replace sodium hydroxide in nickel and cobalt precipitation, citing cost savings and higher recovery rates as key benefits [28] - However, the adoption of magnesium oxide is hindered by the need for new storage and preparation facilities, as well as concerns over supply stability from a limited number of suppliers [28] - The report also notes that magnesium oxide's higher activity can ensure better cobalt recovery rates, adding to its potential appeal [28] Competitive Landscape - The report identifies Queensland Magnesia (QMAG) and Martin Marietta Magnesium Specialties as key global suppliers of magnesium oxide for wet metallurgy applications [32][34] - QMAG's EMAG45 product has been used in copper and cobalt wet metallurgy since the 1990s, while Martin Marietta's MagChem40 is known for its high purity and consistent reactivity [32][34] - Both companies have established production processes and significant market presence, making them strong competitors in the magnesium oxide market [32][34] Challenges and Risks - The report notes that the adoption of magnesium oxide in nickel wet metallurgy is limited by the reluctance of projects to switch from established sodium hydroxide processes [37] - Additionally, the quality of domestic magnesium oxide production is dependent on the availability of high-grade microcrystalline magnesite, and any decline in ore quality could disrupt supply stability [38] - Market expansion for magnesium oxide is also slow, particularly in regions like Indonesia and the DRC, where most nickel and cobalt projects are located [38]