今年上半年，四川集中推介优势矿产区块，印发矿业权招标出让工作规程及网上交易规则，出让区 块55宗，相较同期维持在较高水平，油气矿业权出让收益历史欠费征收实现零的突破。下半年，四川将 进一步高质量开展"快速选区"项目，多渠道拓展区块来源，实现区块来源和投放可持续；精准对接产业 链供需，加快全省锂矿、油气矿业权出让，加大省级战略性矿产矿业权出让力度，努力实现出让数量再 创新高、出让收益连续三年超百亿元。 四川是矿产资源大省和国家重要的能源资源安全保障基地。目前，全省已发现矿产136种，查明资 源储量矿产100种，钛矿等8个矿种查明资源量居全国第一，稀土矿等6个矿种查明资源量居全国第二， 钽矿等4个矿种查明资源量位居全国第三。 近日，自然资源厅公开挂牌出让5宗优质矿产资源探矿权，包括1宗铜矿、2宗金矿、1宗银矿和1宗 铅锌矿，旨在全力推进实施新一轮找矿突破战略行动，加强重要矿产资源勘探开发和增储上产。 此次出让的5宗探矿权均位于凉山州，包括会理市红铜山铜矿勘查、冕宁县棉沙镇金矿勘查、木里 县金子沟金矿勘查、盐源县牦牛山银铅锌矿勘查和甘洛县坪坝铅锌矿勘查。5宗探矿权已在自然资源 部、自然资源厅以及省政府政务服务和公共 ...

Core Insights - The "Ma Jing Zi Dong Phosphate Mine Survey Project" in Leibo County has discovered over 130 million tons of phosphate resources, classifying it as a large-scale deposit [1] - The project was conducted by the Seventh Geological Brigade of the Sichuan Geological Bureau and took one year to complete, with field acceptance achieved by the end of May [1] - The demand for phosphate resources has surged due to the growth of the new energy industry, prompting Sichuan to discover eight medium to large phosphate mines since the start of the 14th Five-Year Plan, adding 1.75 billion tons of phosphate resources [1] Industry Developments - Sichuan has established a multi-channel investment mechanism for mineral exploration, being the first in the country to implement a revenue-sharing incentive mechanism for mining rights transfer [1] - The province is actively seizing opportunities from the new round of mineral exploration breakthroughs, enhancing its geological survey capabilities [1]

Core Viewpoint - Sichuan Province has issued a set of policies aimed at promoting high-quality development in the mining industry, focusing on optimizing exploration layout, orderly transfer of mining rights, strengthening resource reserves, and enhancing ecological protection [1][2][3]. Group 1: Exploration and Mining Rights - The policies include deploying geological survey projects in key mineral areas such as northern Sichuan for gold and manganese, eastern Sichuan for potassium salt, and southwestern Sichuan for lithium and beryllium [1]. - Sichuan will expand the sources of mining rights transfer through various market-based methods like bidding, auctioning, and listing, aiming for efficient allocation of mining rights [1]. Group 2: Green Development and Resource Management - The policies emphasize integrating green development throughout the mining process, implementing differentiated management for geological surveys and mining in protected areas, and promoting resource replenishment [2]. - Companies are required to take responsibility for safety production, geological disaster prevention, and ecological restoration, with a focus on creating a coordinated development model for mining and environmental protection [2]. Group 3: Financial Support and Investment - Sichuan will establish a strategic investment mechanism for exploration, increasing fiscal input for foundational exploration projects and ensuring stable funding growth [3]. - The policies encourage social capital and geological survey units to participate in foundational geological investigations, and financial institutions are urged to innovate financing mechanisms for exploration rights [3].

Core Insights - Jiangsu Province has reported significant mineral exploration achievements in the first half of this year, including the discovery of various strategic minerals such as titanium (rutile), copper, gold, crystalline graphite, phosphorus, and zirconium [1][2] Group 1: Mineral Discoveries - In Donghai County and Xinyi City, over 700,000 tons of rutile resources have been estimated from new discoveries [1] - In Lianyungang, two new high-purity quartz raw material mining targets were identified, with an estimated resource increase of approximately 1,000,000 tons [1] - The exploration of five phosphate mine drilling holes revealed industrial mineral bodies, with an estimated increase of over 5,000,000 tons of phosphate rock resources [1] - In Xinyi City, 20 new crystalline graphite anomalies were identified, including a 32.18-meter thick crystalline graphite body, estimated to add 200,000 tons of resources [1] - In Jurong City, two drilling holes revealed eight layers of gold ore bodies, with two layers reaching industrial standards, indicating promising exploration prospects [1] Group 2: Strategic Mineral Focus - Since the 14th Five-Year Plan, Jiangsu has prioritized the exploration of strategic minerals, including titanium (rutile), copper, gold, crystalline graphite, phosphorus, and zirconium, while also focusing on high-purity quartz and other local minerals [1] - By the end of 2024, the province aims to discover 16 new mineral sites and 28 exploration targets, with estimated increases in various mineral resources, including 12,915,000 tons of iron ore and 1,224,100 tons of rutile [1] Group 3: High-Purity Quartz and Zircon Exploration - Jiangsu has increased investment in high-purity quartz raw material exploration, discovering ten new high-purity quartz points with purity levels above 4N5, with the potential to submit one new mining site estimated to add around 1,000,000 tons of resources [2] - The province is exploring ancient coastal sedimentary zircon (hafnium) mining models, with a new discovery in Xuzhou estimated to add 140,000 tons of resources [2] - Breakthroughs in deep metal mineral exploration techniques have been achieved, with new multi-metal ore bodies discovered in Nanjing Gaochun, potentially leading to the submission of a medium to large multi-metal mining site [2]

Core Insights - Since the launch of the new round of mineral exploration strategy, Sichuan has made significant breakthroughs in resource exploration, enhancing its mineral resource security capacity during the "14th Five-Year Plan" period [6][15] - The province has seen substantial increases in reserves of strategic minerals such as lithium, rare earths, gold, and oil and gas, demonstrating effective results in exploration and production [6][15] Group 1: Resource Discovery and Investment - Sichuan's first resource energy government-guided fund has invested 350 million yuan in the Dazhuang Coal Mine project, which is expected to significantly enhance coal supply capacity and stimulate over 10 billion yuan in upstream and downstream investments [7] - The province has implemented multiple policy measures to streamline mineral rights management and promote efficient allocation of mining rights, achieving a record of 111 mining rights transactions with a total revenue exceeding 13.3 billion yuan in 2024 [8][9] Group 2: Technological Advancements - Sichuan is leveraging AI and advanced geological modeling to enhance mineral exploration efficiency, with initiatives like the AI mining platform aimed at rapidly identifying and evaluating mineral targets [10][12] - The province has established a technology support plan for mineral exploration, focusing on overcoming key technological challenges and fostering innovation in exploration techniques [11][12] Group 3: Resource Development and Industrial Integration - The development of the Hongge South Vanadium-Titanium Magnetite Mine is progressing rapidly, with plans to achieve a production capacity of 20 million tons of raw ore, generating significant economic value [13] - The province is actively fostering strategic partnerships with leading enterprises to develop high-end titanium dioxide and advanced titanium materials, creating an industrial ecosystem around its mineral resources [13][14]

Core Insights - China's significant breakthroughs in mineral exploration have been achieved in the first half of the year, with most mineral types exceeding the "14th Five-Year Plan" exploration targets ahead of schedule [1][2] - The new Mineral Resources Law, effective from July 1, emphasizes the protection of strategic mineral resources, ensuring national economic and defense security [2] - Investment in non-oil and gas mineral exploration reached 6.993 billion yuan, a year-on-year increase of 23.9%, indicating a growing enthusiasm from enterprises for mineral exploration [2][3] Group 1: Major Discoveries - A large uranium mine was discovered in Heilongjiang Province, marking the first of its kind in the province [1] - In Hebei Province, a new rubidium resource of 3.37 million tons was identified, solidifying China's position in rubidium mining [1] - A super-large lithium deposit was found in Hunan Province, with 490 million tons of lithium ore and 1.31 million tons of lithium oxide resources submitted [1] Group 2: Policy and Regulatory Framework - The revised Mineral Resources Law establishes a special protection system for strategic mineral resources, focusing on those critical for national security and emerging industries [2] - The Ministry of Natural Resources has initiated a summary evaluation of the "14th Five-Year Plan" for mineral resources and is preparing strategies for the "15th Five-Year Plan" [2] Group 3: Investment Trends - Exploration investment in tin, bauxite, tungsten, copper, and phosphate has increased by over 50% year-on-year, with coal, lead-zinc, molybdenum, gold, and graphite also seeing growth [3] - The supply of exploration rights for strategic minerals is set to reach a ten-year high in 2024, with 581 rights to be issued [3] - China's lithium resource production has increased by over 30%, with the global share of lithium reserves rising from 6% to 16.5%, moving from sixth to second place globally [3]

Core Viewpoint - The Shandong provincial government is implementing a new round of mineral exploration breakthrough strategy to enhance the reserves and production of strategic minerals, supported by a partnership with the Ministry of Natural Resources since May 2019 [1][2]. Group 1: Achievements and Future Plans - Since the signing of the strategic cooperation agreement in May 2019, 78 projects have been deployed, resulting in high-quality geological survey outcomes that support Shandong's economic and social development [1]. - A new memorandum of cooperation was signed on June 18, 2023, to deepen collaboration between the China Geological Survey and the Shandong provincial government [1][2]. Group 2: Support Areas - The China Geological Survey will support Shandong in conducting comprehensive natural resource reform pilot projects, enhancing market-oriented resource allocation, and modernizing governance systems [2]. - Focus areas for the new round of mineral exploration include ecological protection in the Yellow River basin, geological surveys of nearshore areas, and strategic mineral exploration [2]. - The initiative aims to achieve high-quality geological survey results through coordinated efforts among central, provincial, and enterprise levels [2]. Group 3: Policy and Innovation - Support will be provided for innovative mineral management policies, including the implementation of new mining laws and the establishment of a model for significant policy adjustments [3]. - The province will be encouraged to utilize its own funds or social capital for strategic mineral surveys and improve project management to create a "Qilu model" for geological exploration [3]. - Emphasis will be placed on technological innovation and talent development in geology, including the establishment of key laboratories and innovation centers [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - For lead, the market shows a situation of both supply and demand being weak with no obvious contradictions. Tight raw materials and the expectation of the peak season support the lead price, and it is expected to trade in a range in the short - term [1] - For zinc, the market has an increase in both ore and ingot supply while demand is in the off - season, with an emerging inventory accumulation trend and weak fundamentals. It is expected that the zinc price will trade weakly in a range in the short - term, and short - selling on rallies can be considered [1] 3. Summary by Relevant Catalogs 3.1 Lead - **Prices and Spreads**: SMM1 lead ingot average price was 16,875.00 yuan/ton, down 0.30%; futures主力合约收盘价 was 17,085.00 yuan/ton, up 0.06%; the basis was - 210.00 yuan/ton, down 60.00 yuan; LME 0 - 3 spread was - 32.78 dollars/ton, up 0.84 dollars [1] - **Inventory**: As of July 14, SMM lead ingot five - region inventory was 6.34 million tons, an increase of 0.56 million tons from July 7 and 0.24 million tons from July 10; LME inventory was 260,950 tons, and Shanghai lead warehouse receipt inventory was 55,130 tons, up 4.21% [1] - **Supply and Demand**: Lead concentrate imports have no expected increase, and processing fees are likely to rise. A primary lead smelter had equipment maintenance last week, reducing production slightly. For secondary lead, waste lead - acid battery prices are likely to rise, and raw materials are in short supply. The demand is gradually shifting from the off - season to the peak season, and downstream purchases are expected to improve [1] 3.2 Zinc - **Prices and Spreads**: SMM1 zinc ingot average price was 22,110.00 yuan/ton, down 1.12%; futures主力合约收盘价 was 22,250.00 yuan/ton, down 0.58%; the basis was - 140.00 yuan/ton, down 120.00 yuan; LME 0 - 3 spread was - 5.61 dollars/ton, down 5.25 dollars [1] - **Inventory**: As of July 14, SMM zinc ingot seven - region inventory was 9.31 million tons, an increase of 0.40 million tons from July 7 and 0.28 million tons from July 10. On July 14, LME zinc inventory increased by 8150 tons to 113,400 tons, up 7.74%, all from Singapore warehouses; Shanghai zinc warehouse receipt inventory was 9,171 tons, up 3.36% [1] - **Supply and Demand**: Zinc smelters have sufficient raw material stocks, and zinc ore processing fees are rising. The tightness of zinc concentrate has improved, and the production limit on smelters due to raw material shortage has weakened. The demand is in the off - season, and overall purchases are limited [1] 3.3 Industry News - As of July 14, SMM lead ingot five - region inventory increased compared to earlier dates [1] - In the first half of 2025, the national non - oil and gas mineral exploration investment was 6.993 billion yuan, up 23.9% year - on - year. Investment in lead - zinc mines increased to some extent [1] - As of July 14, SMM zinc ingot seven - region inventory increased compared to earlier dates, and LME zinc inventory increased on July 14 [1] 3.4 Investment Strategy - For lead, expect short - term range - bound trading [1] - For zinc, expect short - term weakly range - bound trading and consider short - selling on rallies [1]

Group 1 - The meeting between Shandong Provincial Geological and Mineral Bureau and Inner Mongolia Shanjin Geological Exploration Company focused on enhancing cooperation and communication in geological exploration and drilling projects [1][2] - Both parties acknowledged the successful collaboration over the past three years and expressed intentions to leverage their professional strengths for mutual benefits in future projects [1] - The Shandong Provincial Geological and Mineral Bureau emphasized its commitment to high-quality geological exploration and achieving breakthroughs in mineral discovery strategies [1] Group 2 - Safety management in drilling operations was highlighted, with a focus on fire and lightning prevention, ensuring that safety personnel fulfill their responsibilities [2] - The company established a mechanism for identifying and rectifying safety hazards to ensure efficient and orderly project advancement [2] - The leadership expressed appreciation for the frontline workers' dedication and provided them with care packages as part of the "Summer Cooling" initiative [2]

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The report highlights that the Xinjiang Uygur Autonomous Region is a key area for mineral exploration, particularly focusing on antimony resources in southern Xinjiang, with significant investments planned for geological exploration projects [1][4] - The report indicates that Xinjiang's three major mineralization belts possess rich mineral resources, with the western Kunlun-Altyn mineralization belt being particularly noted for its antimony deposits [2] - Recent years have seen an acceleration in the granting of antimony mining rights in Xinjiang, with several notable projects underway, including the Huangyangling and Shierkule antimony mines, which are expected to contribute significantly to the region's antimony output [3] Summary by Sections Exploration and Development - The report outlines that during the 14th Five-Year Plan, Xinjiang will continue to prioritize exploration and mining activities, particularly in the Hotan region, aiming to enhance the domestic supply of antimony resources [4] - Specific plans include the establishment of a new mining development framework in Hotan, targeting the discovery of 2-3 medium to large mineral deposits and increasing antimony resources by 50,000 tons during the planning period [4] Market Outlook - The report concludes that as eastern China's antimony resources are rapidly depleting, the westward shift of resources presents a viable alternative for the mining industry, with Xinjiang's favorable geological conditions and rich mineral resources positioning it as a critical base for mineral resources in China [4]