来源：矿业汇 12月19日，中国有色矿业发布公告，宣布与哈萨克斯坦SM Minerals的原股东签署股权购买协议，中国 有色将以8900万美元收购6.47万股SM Minerals股份，占其已发行股本的55%，加之已持有的15%股份。 此次完成交割后，中国有色将合计持有SM Minerals已发行股本的70%，正式开启在中亚的战略布局。 SM Minerals公司核心项目是位于哈萨克斯坦Aktobe省的本卡拉项目，该项目由本卡拉北采矿权和本卡 拉南探矿权组成，涵盖34.3平方公里的面积。截至目前，本卡拉北矿区矿石资源量3.84亿吨，金属铜158 万吨，平均品位0.41%。其中，探明及控制金属铜94万吨。本卡拉南矿床尚处早期阶段。 本项目同样有伴生金，但由于历史金化验工作滞后，合资格报告未统计伴生金资源量。2025年7月份以 来，公司补充勘查已完成野外工作，待资源量估算完成后将进一步披露更新后的铜金属资源量和伴生金 情况。 公告显示，初步预计项目建设规模为露天采选矿石处理能力1,400万吨╱年，最终产品为铜精矿，达产 年产铜精矿含铜约4.5万吨。项目预计2029年投产。 作为中亚经济龙头，哈萨克斯坦矿产资源非常 ...

Group 1 - The Chinese Ministry of Commerce has approved the export license applications of some rare earth exporters, indicating a willingness to stabilize the global supply chain while maintaining strategic security [1][5] - China holds a dominant position in the global rare earth industry, with 36.7% of the world's rare earth reserves, and possesses 90% of the patents related to smelting and separation technology [3] - The recent easing of export controls has provided some relief to Western companies, particularly in the military and electric vehicle sectors, which heavily rely on Chinese rare earth materials [5][6] Group 2 - A significant smuggling case involving antimony ingots was recently adjudicated, highlighting the risks associated with strategic resource smuggling, with 166 tons of antimony involved [6][8] - Antimony is considered a critical strategic resource, essential for military applications, and China controls nearly half of the global antimony reserves [8] - The ongoing geopolitical tensions are reflected in actions such as the U.S. canceling a large wheat order from China while simultaneously announcing a substantial arms sale to Taiwan, indicating a broader strategy of containment against China [10][12] Group 3 - The Chinese government is adopting a counter-strategy targeting U.S. agricultural exports in response to provocations, particularly in light of the importance of agricultural trade in U.S.-China relations [12]

Core Viewpoint - The discovery of a rhenium mine in Shaanxi, China, with reserves of 176 tons, positions China as the fourth-largest rhenium resource country globally, igniting strategic competition among nations, particularly involving Western military-industrial interests [1][3]. Group 1: Rhenium's Strategic Importance - Rhenium, with a melting point of 3186°C, is rarer than all rare earth elements combined and is essential for manufacturing single-crystal turbine blades in aerospace engines, earning it the title of "industrial vitamin" [1]. - The strategic negotiations involving Western countries, including the U.S., U.K., France, and Germany, aim to exchange outdated technical blueprints for rhenium resources, exploiting China's potential lack of understanding of critical knowledge [3][5]. Group 2: Risks of Technology Transfer - The proposed exchange of F-135 engine blueprints for 50 tons of rhenium is viewed as a deceptive deal, as the blueprints do not provide essential insights into the alloy's micro-element composition or the single-crystal growth process [3][5]. - The Western strategy is perceived as a calculated move to turn China into a low-cost supplier of strategic resources, undermining its aerospace industry and trapping it in low-end assembly roles [5]. Group 3: Domestic Technological Challenges - Chengdu Aerospace Superalloy Technology Co., Ltd. achieved breakthroughs under severe technological restrictions, highlighting the challenges faced by Chinese engineers due to Western embargoes on advanced equipment [7]. - The introduction of semiconductor-grade heat treatment furnaces into aerospace applications represents a desperate yet innovative response to these challenges, although it involves high costs and uncertainties due to the lack of existing reference data [8]. Group 4: Progress and Future Outlook - Despite achieving standards comparable to Western counterparts in producing rhenium-containing blades by 2016, significant hurdles remain in achieving stable production and industrial-scale manufacturing [10]. - Jiangxi Copper successfully produced 99.99% pure rhenium powder in 2023, marking progress in upstream resource development, but the industry still lags behind established global players who have decades of experience [10].

Core Viewpoint - Russia is intensifying its efforts towards self-sufficiency in rare earth metals, driven by geopolitical tensions and the need to reduce reliance on imports, particularly from China [1][12]. Group 1: Russia's Rare Earth Strategy - President Putin has approved a directive for the government to finalize a long-term development roadmap for the mining and production of rare earth metals by December 1 [1]. - The global rare earth market is significantly influenced by geopolitical dynamics, especially following the U.S.-China trade tensions [1][12]. - Russia's initial claim of having 2.85 million tons of rare earth reserves has been significantly downgraded to 380,000 tons by the U.S. Geological Survey, raising questions about the actual viability of these resources [3][5]. Group 2: Challenges in Rare Earth Mining - Despite having substantial reserves, Russia relies on imports for 98% of its rare earth needs due to harsh mining conditions in remote areas like Murmansk and Irkutsk [5][6]. - The extreme cold and lack of infrastructure in these regions pose significant challenges for mining operations [6][8]. - Russia lacks the necessary technology and expertise for refining and processing rare earth materials, often sending mined ores to China for further processing [8][10]. Group 3: Global Competition and Collaboration - The U.S. and Japan, despite their technological capabilities, also struggle to reduce dependence on Chinese rare earth products, indicating the complexity of the global supply chain [10][12]. - Russia's ambition to establish a complete processing industry chain is crucial for its economic potential and national security, especially amid ongoing geopolitical tensions [12][14]. - The global rare earth market is currently dominated by China, with Western nations seeking to reduce reliance on Chinese supplies through various initiatives [16][18]. Group 4: Future Prospects and Strategic Importance - Russia's entry into the rare earth market could lead to a more balanced distribution of resources globally, potentially mitigating risks associated with over-reliance on a single supplier [18][22]. - Strengthening cooperation with China for technology transfer and industrial collaboration may be a pragmatic approach for Russia to enhance its rare earth capabilities [20][22]. - The ability to control rare earth resources is critical in the context of global power dynamics, making Russia's investment in this sector strategically significant [22].

Core Viewpoint - The article discusses the impact of China's export controls on gallium and germanium on the global supply chain, particularly affecting the U.S. military-industrial complex and the F-35 fighter jet program [1][6][14]. Group 1: Export Controls and Supply Chain Impact - China's Ministry of Commerce announced export controls on critical metals like gallium and germanium starting August 1, 2023, in response to escalating U.S. restrictions on Chinese technology exports [1]. - The global gallium supply chain faced immediate disruption due to China's export restrictions, leading to a significant drop in F-35 deliveries from a planned 150 units to less than 100 by the end of 2023 [3][6]. - The price of gallium surged from $350 per kilogram to $725, with projections to exceed $595 by September 2025, directly impacting U.S. military production [6][13]. Group 2: U.S. Production Challenges - The U.S. faces enormous economic burdens in attempting to establish domestic gallium production, with estimated costs for building equivalent aluminum facilities reaching $210 billion, excluding operational costs [4]. - The energy requirements for gallium extraction in the U.S. are substantial, with 1.36 billion kilowatt-hours needed per ton, and U.S. industrial electricity prices being three times higher than China's [4][8]. - The U.S. Department of Defense began inventorying gallium supplies in July 2023, recognizing the severe impact of gallium shortages on the production of critical weapons systems like the F-35 and Patriot missiles [4][12]. Group 3: Global Resource Dynamics - China dominates the gallium market, producing 98% of the global supply, and has a significant advantage due to its abundant aluminum ore reserves and low electricity costs [6][8][10]. - The U.S. attempts to recycle gallium from old circuit boards have proven insufficient, with a recovery rate of only 20% [5]. - The competition for strategic resources like gallium and rare earth elements reflects a broader reconfiguration of global supply chains, exposing vulnerabilities in U.S. military reliance on Chinese resources [13][14].