Good Afternoon and welcome to Market Close for Monday 24 November kicking off Week 48, I’m Jon Davidson. It was a better mood in the room to start the week off as the local share market started off on a green note. Information Technology was up 2.5% intraday along with nearly every other sector in the green, except for energy, down point six percent in the final hour.Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple ...

黄金圈的大炸弹 作者 | 万爷 当黄金仍旧处于涨涨涨的爆买时代之时，一则消息引爆了全球！ 11月14日，"我国发现千吨级超大金矿"的消息不胫而走，它如同一块投入平静湖面的巨石，激起的涟漪远不止于地质学界。 这不仅是中国找矿史上的里程碑成就，更是在全球黄金价格屡创新高、各国央行持续增储的宏大背景下，一个极具象征意义的事件。它让我们有机会重新 审视脚下这片土地所蕴藏的财富，以及黄金在当今动荡世界中所扮演的愈发关键的角色。 2025年11月14日，中国矿产资源版图迎来一个历史性时刻。自然资源部宣布，辽宁地矿集团在辽东地区成功探明了我国首个千吨级超大型单体金矿床—— 大东沟金矿。其探明的金金属量高达1444.49吨，这个数字足以让它在世界金矿排行榜上占据显要位置，更是新中国成立以来所发现的最大规模单体金矿 床。 除了令人震撼的资源总量，大东沟金矿的特点同样值得玩味。官方定义其为"超大型低品位露天金矿"。所谓"低品位"，是指其矿石中的平均金含量为0.56 克/吨，这意味着需要处理海量的矿石（总量达25.86亿吨）才能提炼出黄金。然而，"露天"的开采方式极大地降低了开采难度与成本。 尽管品位不高，但官方已明确表示其通过了 ...

Core Viewpoint - Guocheng Mining (000688) announced on November 7 that it plans to pay 3.168 billion yuan to acquire 60% of Inner Mongolia Guocheng Industrial Co., Ltd. from Guocheng Holdings Group, making Guocheng Industrial a subsidiary of the listed company [1] Group 1: Acquisition Details - The acquisition is a strategic move for Guocheng Mining to deepen its main business synergy and strengthen its resource strategy [1] - The integration of Guocheng Industrial's assets and operations is expected to enhance the completeness of the industrial chain and market competitiveness for Guocheng Mining [1] Group 2: Company Operations - Guocheng Mining primarily engages in the mining and comprehensive utilization of non-ferrous metals, with main products including zinc concentrate, lead concentrate, copper concentrate, titanium dioxide, sulfur concentrate, sulfur iron powder, industrial sulfuric acid, and secondary iron concentrate [1] - Guocheng Industrial's main business is also in non-ferrous metal mining, focusing on molybdenum concentrate as its primary product [1]

Core Insights - The real battleground for wealth reconstruction lies in non-ferrous metals, not just gold and silver [1][3] - China has strategically positioned itself in the global resource landscape through two significant moves [1][22] Group 1: Market Dynamics - Recent surges in metal prices, particularly copper, aluminum, cobalt, and lithium, indicate a shift in investment focus towards industrial metals [5][6] - The demand for these metals is driven by the rapid growth of electric vehicles, green energy investments, and advancements in artificial intelligence [6][8] - New industries require significantly more metal than traditional industries, with electric vehicles needing substantial amounts of cobalt and lithium [8][9] Group 2: Supply Chain Challenges - Global supply of these metals is increasingly unstable due to geopolitical issues and environmental protests in mining regions [9][11] - The competition for control over metal resources has been likened to a "new colonial war," emphasizing the strategic importance of these materials [11][32] Group 3: China's Strategic Moves - China's first strategic move is to "go out," securing control over key resources in Africa and South America, while establishing a closed-loop system for mining and processing [15][17] - The second move is to "dig in," focusing on domestic resource development and establishing a strategic reserve mechanism for critical metals [17][19] - China's approach contrasts with Western strategies, which often rely on financial speculation rather than direct resource control [19][39] Group 4: Global Implications - The West is reacting to China's resource control by implementing protective legislation and forming alliances, but these efforts are often ineffective [23][28] - China's dominance in the supply chain for critical materials, such as battery components, highlights the dependency of Western economies on Chinese resources [42][30] - The ongoing "resource cold war" reflects a deeper strategic contest, with China focusing on controlling supply chains and setting industry standards [32][39] Group 5: Future Outlook - As long as technology and energy sectors continue to require metals, China's strategic advantages in resource management are likely to persist [45][47] - The redefinition of wealth is shifting towards control over industrial resources rather than traditional financial assets [43][47]

Core Insights - The humorous combination of elements "Thulium, Radium, Rhodium, Molybdenum" reflects a serious international competition over key minerals, highlighting China's increasing influence in strategic resource sectors [1][3] - The inclusion of Thulium (Tm) and Molybdenum (Mo) in China's export control list indicates significant challenges for the U.S. high-precision manufacturing industry in accessing these critical materials [3] - China's strategic positioning in the rare earth and key mineral sectors serves as a vital leverage in international competition, marking a shift in the balance of power in resource control [3] Group 1 - The phrase "Thulium, Radium, Rhodium, Molybdenum" has sparked discussions about the critical minerals needed by the U.S., with a focus on the implications of China's export controls [1][3] - The U.S. is facing unprecedented difficulties in obtaining Thulium and Molybdenum, which are essential for its supply chain, due to China's recent export restrictions [3] - China's ability to control access to these two elements demonstrates its strategic planning and strength in resource management, a situation unprecedented in over a century of international relations [3] Group 2 - The viral nature of the phrase underscores the importance of language and chemical knowledge in understanding the complexities of resource competition [4] - The ongoing debate about prioritizing technical knowledge over cultural literacy is seen as shortsighted, as national competition requires both hard technology and soft cultural power [4] - A balanced understanding of both literature and science is essential for grasping the nuances of resource conflicts and maintaining a competitive edge in global discourse [4]

Core Viewpoint - The company, Shengton Mining, announced a cash acquisition of all issued and outstanding shares of Canadian Loncor for CAD 2.61 billion (approximately USD 190 million or RMB 1.35 billion), aiming to enhance its resource reserves and international presence [1][2]. Group 1: Acquisition Details - The acquisition price is set at CAD 1.38 per share, with funding sourced from the company's own or raised funds [1]. - Upon completion, Shengton Mining will own 100% of Loncor [1]. Group 2: Loncor Company Overview - Loncor is registered in Ontario, Canada, and primarily engages in exploration and mineral resource development in the Democratic Republic of the Congo [1]. - The company is listed on the Toronto Stock Exchange and also trades on the Frankfurt Stock Exchange and OTCQX [1]. Group 3: Key Asset - Adumbi Gold Project - Loncor's core asset is the Adumbi gold project located in Ituri Province, DRC, which has significant resource potential and favorable development conditions [2]. - The project has a controlled resource of 1.88 million ounces of gold and an inferred resource of 2.09 million ounces, with substantial expansion potential [2]. Group 4: Strategic Importance - The acquisition is a strategic move for Shengton Mining to bolster its resource reserves and enhance its competitive edge in the gold sector [2][3]. - The Adumbi gold mine is expected to provide sustainable growth and improve the company's influence in the gold industry, aligning with its internationalization and resource strategies [3]. Group 5: Market Outlook - The company anticipates a long-term upward trend in gold prices, enhancing the investment value of gold mines [3]. - The acquisition is seen as a significant step in increasing the company's gold resource reserves and operational profitability [3].

Core Insights - Technological advancement is crucial for rapid national development, which relies on the support of natural resources, highlighting the importance of rare minerals like rhenium [1][9] - Rhenium, a rare metal with a boiling point exceeding 5,500 degrees Celsius, is one of the scarcest elements globally, with proven reserves of less than 2,500 tons [3] - China's recent discoveries of rhenium reserves, including 176 tons in Shaanxi and 30 tons in Anhui, have reduced its dependency on foreign sources and enhanced its strategic autonomy [5][8] Industry Significance - Rhenium plays a vital role in the aerospace industry, particularly in the manufacturing of aircraft engines, where it is essential for components like single-crystal turbine blades and combustion chambers [6] - The high cost of rhenium, approximately 300 RMB per gram, reflects its value and importance in various industrial applications, including nuclear energy and environmental purification [5][6] - The geopolitical implications of rhenium scarcity have led to international interest, particularly from the U.S., which has historically controlled Chile's rhenium resources to maintain its lead in the aerospace sector [8] Strategic Implications - As China strengthens its position in high-tech industries, the discovery of more rhenium resources will provide a solid foundation for its aerospace and technology sectors [9][11] - The determination to protect its resources signifies a shift in China's global standing, moving away from being a vulnerable nation to one that safeguards its strategic assets [9][11]

Group 1 - The core viewpoint of the news is that China Minmetals Corporation emphasizes its commitment to resource supply and safety, highlighting its strategic focus on high-end, intelligent, and green development [1] - China Minmetals has established the China Salt Lake Group in collaboration with Qinghai Province, marking the addition of its ninth listed subsidiary [1] - The company aims to enhance the quality of its listed companies, optimize investor return mechanisms, and improve investor relations management as part of its new development journey [1] Group 2 - Nine listed companies under China Minmetals, including China Metallurgical Group, Minmetals Resources, and Salt Lake Co., presented their operating conditions, performance, and future development plans for the first half of 2025 [2] - The meeting was attended by nearly 100 participants, including domestic and foreign investment institutions and industry analysts, enhancing the capital market influence of China Minmetals and its subsidiaries [2]

在会议上，徐基清简要介绍了中国五矿的发展战略和经营情况。据介绍，中国五矿为保障我国资源供应 而生，伴随改革开放发展壮大，成立75年来，坚持立矿业报国之志、扛矿业强国之责，始终以保障国家 金属矿产资源供给与安全为己任。2025年上半年，中国五矿与青海省共同组建中国盐湖集团 （000578），青海盐湖工业股份有限公司也成为新加入中国五矿的第九家控股上市公司。中国五矿 把"资源"作为第一战略，把"科技创新"作为核心动力，全面推进向高端化、智能化、绿色化发展。中国 五矿高度重视控股上市公司价值创造和价值实现，坚持做负责任、讲诚信、有温度的大股东，以价值引 领发展，更好回报投资者。下一步，中国五矿将进一步提升上市公司质量，优化投资者回报机制，提高 投资者关系管理水平，在"十五五"新征程上，以新作为开拓新境界，以新担当践行新使命，以新奋斗铸 就新辉煌。 中国冶金科工股份有限公司、中国五矿集团有限公司、盐湖股份（000792）、株洲冶炼集团股份有限公 司、中钨高新（000657）材料股份有限公司、五矿发展（600058）股份有限公司、五矿新能源材料（湖 南）股份有限公司、五矿资本（600390）股份有限公司 、五矿地产有限 ...

Core Viewpoint - The company is strategically investing in lithium brine resources in Argentina, which is expected to enhance its resource value as lithium carbonate prices rise [2] Group 1: Company Strategy - The company is involved in lithium brine projects in Argentina through both controlling and participating stakes, specifically in the JAMA and Solaroz projects [2] - The company anticipates controlling over 10 million tons of lithium carbonate equivalent (LCE) resources from these projects [2] Group 2: Market Conditions - The company is capitalizing on the current low cycle in the lithium market by investing in these brine resources [2] - As lithium carbonate prices increase, the value of the company's lithium resources is also significantly rising, reinforcing its strategic resource value [2]