十年稀土战略合作突生国际纠纷，中国稀土企业的海外投资权益遭遇挑战。 来源：每日经济新闻 2月2日晚间，盛和资源（SH600392）公告称，澳大利亚ETM公司（Energy Transition Minerals Ltd）单 方面宣告双方2016年约定的反稀释权失效，理由是双方战略合作关系已实质终止。 《每日经济新闻》记者查询盛和资源2016年公告发现，格陵兰公司主要业务是矿产资源的勘探和开采， 通过全资子公司拥有的位于格陵兰岛南部的科瓦内湾项目，当时已完成可行性研究报告、社会与环境影 ETM公司的说法遭到盛和资源明确否认，下一步，公司将积极与ETM公司保持沟通交流，采取法律手 段全力维护自身合法权益。 2月2日晚间，盛和资源公告了海外投资的一件事，这要从2016年的一笔股份认购说起。 当年9月，盛和资源披露，公司以及控股子公司乐山盛和稀土股份有限公司（以下简称乐山盛和）与格 陵兰矿物能源有限公司（以下简称格陵兰公司）签署《格陵兰矿物能源有限公司和乐山盛和稀土股份有 限公司以及盛和资源控股股份有限公司股份认购协议》(以下简称股份认购协议)，协议约定乐山盛和认 购格陵兰公司增发的1.25亿股普通股，每股价格0.0 ...

Core Viewpoint - The strategic partnership between Shenghe Resources and Australia's ETM has been unilaterally terminated by ETM, which claims that the rights established in their 2016 agreement have lapsed, prompting Shenghe Resources to seek legal recourse to protect its interests [1][3]. Group 1: Background of the Partnership - In September 2016, Shenghe Resources and its subsidiary signed a share subscription agreement with Greenland Minerals, agreeing to acquire 125 million shares at a price of 0.037 AUD per share, totaling approximately 4.625 million AUD, equivalent to about 23.59 million RMB [2]. - Following the investment, Shenghe Resources held 12.5% of Greenland Minerals and obtained a non-executive director position [2]. Group 2: Termination of the Partnership - ETM announced that the strategic partnership with Shenghe Resources has fundamentally changed and is no longer in effect, citing the termination of Shenghe's technical involvement in the Kvanefjeld project as a key reason [6]. - ETM plans to apply to the Australian Stock Exchange to formally confirm the termination of the strategic relationship and the lapse of the rights granted to Shenghe [3][6]. Group 3: Shenghe Resources' Response - Shenghe Resources has denied ETM's claims and intends to maintain communication with ETM while exploring legal options to safeguard its rights [1][4]. - The company has assessed that the situation is not expected to have a significant impact on its operations, as its total investment in ETM amounts to approximately 24.35 million RMB, with a fair value increase of about 17.22 million RMB recorded [4]. Group 4: Project Details and Risks - The Kvanefjeld project, which is ETM's flagship, has not yet obtained mining rights and has not commenced substantial production activities, which mitigates potential negative impacts on Shenghe's business [4][5]. - ETM has shifted its strategic focus from a single rare earth project to a diversified portfolio, including lithium exploration projects in Canada and Spain, which has contributed to the termination of the partnership with Shenghe [6].

Core Viewpoint - The international dispute has arisen regarding the strategic cooperation between Shenghe Resources and ETM, with Shenghe's overseas investment rights facing challenges due to ETM's unilateral declaration of the termination of their agreement [2][4]. Group 1: Background of the Investment - In September 2016, Shenghe Resources and its subsidiary Leshan Shenghe Rare Earth Co., Ltd. signed a share subscription agreement with Greenland Minerals Energy Ltd, agreeing to subscribe for 125 million shares at a price of AUD 0.037 per share, totaling AUD 4.625 million, approximately RMB 23.59 million [3]. - Following the investment, Leshan Shenghe held 12.5% of Greenland's issued shares and obtained a non-executive director position [3]. - The agreement included a strategic cooperation relationship and a right of anti-dilution for Shenghe Resources [3]. Group 2: Recent Developments - ETM announced the unilateral termination of the strategic cooperation relationship with Shenghe, claiming that the anti-dilution rights are no longer valid [4][6]. - Shenghe Resources has denied ETM's claims and plans to communicate with ETM while taking legal measures to protect its rights [2][5]. - As of the latest disclosure, Shenghe holds approximately 129 million shares of ETM, representing about 6.5% of the company [3]. Group 3: Financial Implications - Shenghe's total investment in ETM amounts to RMB 24.34 million, with an estimated fair value increase of RMB 17.22 million as of September 30, 2025 [5]. - ETM's Kvanefjeld project has not yet obtained mining rights and has not engaged in substantial production activities, which is not expected to negatively impact Shenghe's business [5][6]. Group 4: Strategic Changes at ETM - ETM has shifted its strategic focus from a single rare earth project to a diversified asset portfolio, including lithium exploration projects in Canada and Spain [6]. - ETM plans to issue new shares to fund the Kvanefjeld project, which may dilute Shenghe's equity stake [7].