在全球资源博弈的棋局中，一场"猫鼠游戏"正悄然上演。中国对关键矿物实施出口管制，本是为了维护国家安全和产业利 益，然而，一些美企却动起了歪脑筋，试图通过第三国转运的方式绕过禁令，偷拿中国的关键矿物。从泰国到墨西哥，矿 物的神秘"漂移"背后，隐藏着怎样的利益链条？ PART 01 美企绕过中国禁令拿矿 以下为路透社报道翻译内容： 海关和航运记录显示，自去年中国禁止向美国出口锑以来，这种用于电池、芯片和阻燃剂的金属正通过泰国和墨西哥异常 大量地流入美国，记录显示至少有一家中资企业参与了此类贸易。 中国主导着锑以及用于通信、半导体和军事技术的镓、锗的供应。在美国打压中国芯片行业后，中国于12月3日禁止向美国 出口这些矿物。 由此引发的贸易流向变化凸显出各国对关键矿物的争夺，以及中国在与美国争夺经济、军事和技术主导权过程中执行出口 管制的困境。 具体而言，贸易数据显示美国通过第三国转运货物——中国已承认这一现象的存在。 三位行业专家证实了这一判断，其中包括两家美国公司的高管。他们向路透社透露， 最近数月已从中国获取受管制矿物。 美国海关数据显示，去年12月至今年4月期间，美国从泰国和墨西哥进口了3,834公吨氧化锑， ...

► 文 观察者网 刘程辉 面对中国依国际惯例执行的关键矿物管制，一些美西方买家叫苦不迭，甚至动起歪脑筋。 路透社7月9日报道披露，为绕过中方管制，有美国买家通过第三国转运拿到了矿物。比如根据海关和航 运记录，自中国去年禁止向美国出口锑以来，仍有大量锑从泰国和墨西哥涌入美国。 公告还强调，任何国家和地区的组织和个人，违反上述规定，将原产于中华人民共和国的相关两用物项 转移或提供给美国的组织和个人，将依法追究法律责任。 报道称，中方管制措施引发贸易流向变化，加剧了各方对关键矿物的争夺，也表明中方在执行管制方面 遇到的挑战。 云南稀土矿视觉中国 具体而言，贸易数据显示，美国进口商通过第三国改道运输。 三位行业专家证实了这一判断，其中包括两家美国公司的高管。他们告诉路透社，近几个月来他们从中 国获得了受限制的矿产。 中国在锑、镓和锗等关键矿物的供应方面处于主导地位，这些矿物被广泛用于电信、半导体和军事技 术。 在美国打压中国芯片产业之后，中方去年12月发布了关于加强相关两用物项对美国出口管制的公告，原 则上不予许可镓、锗、锑、超硬材料相关两用物项对美国出口。 数据显示，从2023年12月至2024年4月，美国从泰国和 ...

据英国金融时报：由于战争风险，欧盟计划储备关键矿物。 ...

七国集团（G7）围绕人工智能（AI）和关键矿物的声明草案达成共识。 ...

南非总统Ramaphosa告诉美国总统特朗普：南非拥有美国需要的关键矿物。 ...

Financial Data and Key Metrics Changes - The company is currently pre-revenue and reported cash and cash equivalents of $1.6 million as of Q1 2025, up from $0.9 million as of December 31, 2024 [25] - The accumulated deficit increased to $56.4 million in Q1 2025 from $52.6 million in FY 2024 [26] - The net loss for Q1 2025 was $3.8 million, an increase of $2.4 million year-over-year, with a loss per share of negative $0.07 compared to negative $0.04 in the prior year [26] - Net cash used in operating activities totaled $2.9 million for the quarter, compared to $0.9 million in the prior year [27] Business Line Data and Key Metrics Changes - The company is focused on advancing one of the largest lithium refineries in America, which is designed to be scalable and sustainable [5] - The operational expenses are expected to increase as the company recruits more personnel and sets up the facility [26] Market Data and Key Metrics Changes - Global demand for lithium is projected to more than double by 2030, driven by growth in electric vehicles, energy storage systems, and electrification trends [4] - The U.S. market is experiencing significant volatility due to recent tariffs and China's export restrictions, which has heightened concerns about supply chain disruptions [6] Company Strategy and Development Direction - The company aims to address the critical shortage of domestic refining capacity and is strategically positioned to support U.S. supply chain security and energy independence [5] - Stardust Power is committed to aligning with national initiatives to bolster domestic critical mineral supply chain security [8] - The company is actively engaging with policymakers to support the industry and maximize support for its refinery project [10] Management's Comments on Operating Environment and Future Outlook - Management views current market conditions as a generational opportunity and believes the evolving landscape of U.S. trade policy will benefit domestic operations [6][9] - The company is encouraged by federal support for critical minerals and sees it as a tailwind for their project [36] Other Important Information - The company has secured its general stormwater permit for construction activities and has confirmed that no industrial wastewater permit is required due to its closed-loop system [16][45] - A key service agreement has been executed with Oklahoma Gas and Electric to develop a dedicated electric substation for the planned lithium refinery [18] Q&A Session Summary Question: Timeline for the final report of the engineering study - Management expects to release the final report of the engineering study within the current quarter [31][33] Question: Impact of federal support on green energy initiatives - Management believes that the prioritization of American mineral security under the new administration creates opportunities despite pressures on green energy initiatives [36] Question: Progress on securing feedstock for refining - Management reports significant progress in discussions regarding securing domestic feedstock for refining [43] Question: Outstanding permits needed prior to FID - Management confirmed that they have secured necessary permits to move forward with construction, including stormwater and minor air permits [44][46] Question: Increase in operating cash flow - The increase in operating cash flow is attributed to project development costs and operational cost increases due to going public and additional hires [50][52] Question: DLE equipment pilot facilities - Management noted a ramp-up in upstream activity related to DLE technology and confirmed that they are using proven off-the-shelf technology for their midstream processing facility [56][58] Question: Domestic suppliers of equipment - The company is making efforts to source equipment domestically and has established guardrails to exclude equipment from foreign entities of concern [60]

TMC the metals company (TMC) Q1 2025 Earnings Call May 14, 2025 04:30 PM ET Speaker0 be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Dave Krabzewski, Chief Financial Officer. Please go ahead, sir. Speaker1 Thank you, Michelle. Please note that during this call, statements made by the company will be forward looking and based on management's beliefs and assumptions from information available at this time. These statements are subject to know ...

Ramaco Resources (METC) Q1 2025 Earnings Call May 12, 2025 11:00 AM ET Company Participants Jeremy Sussman - Executive VP & CFORandall Atkins - Founder, Chairman & CEOChristopher Blanchard - Executive Vice President of Mine Planning and DevelopmentJason Fannin - EVP & CCO Conference Call Participants Nick Giles - Senior Research AnalystNathan Martin - Equity Research Analyst Operator Good day, and welcome to the Ramaco Resources Inc. First Quarter twenty twenty five Results Conference Call. All participants ...

美国内政部长：我们深度专注于关键矿物。 ...

以下文章来源于CFC商品策略研究 ，作者田亚雄 CFC商品策略研究 . 好的研报应该提供打破经验，观念，陈规或惯例的视角，提供自我逻辑审查的意识自觉。阅读体验应该是一次历险，也许是一次漂流，它并不把你带到任 何一个安全的港湾去，但更像是提供一种类似在悬崖边临渊回眸，另做选择的逻辑启发，或自我反讽的邀请。 欢迎加入交易理想国知识星球 文 | 田亚雄 来源 | CFC商品策略研究 编辑 | 杨兰 身为商品研究员，天然接受了库存周期模型，在过去30年大体经历9次周期往复，与商品的大体走势耦合，但真正的问题是库存的大幅 变化是一种结果。 来源：Wind，中信建投期货整理 审核 | 浦电路交易员 在价格底部，把库存作为商品变动的起因，俨然是本末倒置——涨价通常才是驱动库存重建的原因，CRB价格的低点通常领先于库存 周期见底1-3个月。 本轮中美的制造业产成品库存已经趴在底部近20个月，并非因为产业去库和负反馈不够充分，也在于传统的需求叙事难以获得市场有 持续力的广泛认同，偶发的供给侧扰动难以形成持续有力的多头驱动，反而因为需求价格弹性引致的下游负反馈跌了回去（烧碱，锰 硅，氧化铝），目前整体的商品价格若剔除有色和贵金属 ...