Core Viewpoint - The company, Yuean New Materials, clarified that titanium iron ore (FeTiO) is not classified as a rare earth mineral and typically does not contain economically viable heavy rare earth elements [1] Group 1 - Titanium iron ore's main chemical composition is FeTiO, which does not belong to the rare earth mineral category [1] - Even in rare cases where trace amounts of rare earth elements are present, the industry has not developed economically feasible separation technology due to cost and benefit considerations [1]

Steadright公司表示，摩现行的采矿和税收政策有利于吸引外资，TitanBeach钛铁矿的开发潜力巨大，建 成后有望推动摩成为全球钛金属产业链的重要参与者。目前，该公司已委托有关咨询公司开展矿产储 量、开采成本、运输及加工设施建设等项目可行性相关评估，若经济可行，其持有的勘探许可将转为开 采授权，并启动选矿、冶炼及下游产业链建设等。 据摩洛哥360信息网9月24日报道，摩洛哥钛资源主要分布在大西洋沿岸的黑沙中，长期以来开采利用程 度较低。近年来，随着全球高科技产业与国防工业对钛需求的快速增长，摩政府已将钛纳入国家矿业发 展计划，并积极吸引外资参与。 2025年6月，加拿大Steadright关键矿业公司与摩洛哥 NSM Capital（隶属于摩洛哥主权财富基金Ithmar Capital的直接投资平台，主要负责战略性矿产投资和资源开发合作）签署合作协议。根据协议， Steadright持有TitanBeach钛铁矿80%股份，负责勘探、开采及未来工业化有关设施建设。TitanBeach矿 位于塔尔法亚近海朱比角（Cape Juby）地区，总面积约160平方公里。矿样分析显示，该矿二氧化钛和 四氧化三铁的 ...

Core Viewpoint - The article highlights the transformation of Juxian County from extensive mining practices to a model of resource conservation and ecological restoration, showcasing innovative practices in mining and land use [3][17]. Group 1: Ecological Restoration - The ecological restoration project in the Shuhe River basin has transformed previously abandoned mining sites into fertile agricultural land, increasing vegetation coverage from 25% to 98% [6]. - The project has added 108 acres of arable land and 370 acres of forest and grassland, integrating photovoltaic power generation with agricultural practices [4][6]. - The restoration efforts have included the removal of 16,445 cubic meters of hazardous rock and the planting of over 21,000 trees, significantly improving the local environment [6]. Group 2: Technological Innovation - Spring Qi Mining Company has enhanced its mining efficiency by utilizing advanced technologies, achieving a 100% resource utilization rate by repurposing mining waste into construction materials and cement production [7][10]. - The average recovery rate for non-metallic mines in Juxian County reached 96.84% in 2022, reflecting a significant improvement in mining practices [13]. Group 3: Resource Management and Regulation - Juxian County has implemented a comprehensive monitoring system for mining activities, utilizing 107 cameras for real-time surveillance to prevent illegal mining and ensure compliance with regulations [14][16]. - The county has reduced the number of mining operations from 56 in 2015 to 10 in 2022, increasing the concentration of larger mining enterprises [16]. Group 4: Economic Development - The shift towards resource conservation and ecological restoration has contributed to a GDP of 453.2 billion yuan in 2023, with a year-on-year growth of 6% [17]. - The county's industrial output has seen significant growth, with a 21.7% increase in production value from large-scale industrial enterprises [17].

Core Insights - Understanding the distribution and storage mechanisms of water on the lunar surface is fundamental for comprehending the evolution of lunar materials, resource distribution, and future utilization [1] - The study conducted by a joint team from the National Space Science Center and the Institute of Geology and Geophysics of the Chinese Academy of Sciences analyzed the water content and hydrogen isotopes in titanium iron ore particles from the Chang'e 5 lunar soil [1] - The research reveals the dual role of titanium iron ore in the distribution and storage of lunar water, highlighting its ability to convert solar wind hydrogen into water while also facing limitations in long-term water stability due to its crystal structure [1] Research Findings - The study provides a possible mineralogical mechanism to explain the significant diurnal variations of water observed in the titanium-rich regions of the moon [1] - The findings offer important scientific evidence for future in-situ resource development on the moon, focusing on titanium iron ore as a primary target [1] - The research results were published in the international academic journal "Nature Communications" [1]

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming period [5]. Core Insights - The total production of zircon, rutile, and synthetic rutile increased by 5% year-on-year to 149,700 tons in Q2 2025, while total sales decreased by 3% year-on-year to 132,700 tons [1]. - The production of zircon sand was 36,900 tons, a 6% increase quarter-on-quarter but a 21% decrease year-on-year. Zircon concentrate (ZIC) production saw a significant increase of 129% quarter-on-quarter and 186% year-on-year, primarily due to sales recognition in the current quarter [1][2]. - Rutile production decreased by 40% quarter-on-quarter and 43% year-on-year, while synthetic rutile production increased by 4% quarter-on-quarter and remained nearly flat year-on-year [1][2]. - The average realized price for zircon sand was $1,692 per ton, consistent with the previous quarter and expectations. The average realized price for synthetic rutile was $1,147 per ton, slightly higher than the first quarter, while rutile's price decreased by approximately 3% to $1,496 per ton [3]. Production and Sales Summary - In Q2 2025, the total production of zircon/rutile/synthetic rutile (Z/R/SR) was 149,700 tons, a 15% increase quarter-on-quarter and a 5% increase year-on-year [1]. - The total sales volume for Z/R/SR was 132,700 tons, a 14% increase quarter-on-quarter but a 3% decrease year-on-year [2]. - The total revenue from Z/R/SR was 280 million AUD, a 16% increase quarter-on-quarter but an 11% decrease year-on-year [7]. Project Updates - The Eneabba rare earth refinery project is progressing, with an internal rate of return (IRR) projected between 35% and 51% under various scenarios. The refinery is expected to be one of the few outside China capable of processing multiple raw materials and producing both light and heavy rare earth oxides [8]. - The Balranald project in New South Wales is advancing as planned, with underground mining technology being implemented. The project is on track for commissioning in the second half of 2025 [11]. - The Wimmera project in Victoria is undergoing a definitive feasibility study (DFS) with a focus on rare earth reserves, and environmental impact assessments are in progress [12].

Core Points - The Cameroonian government has established a "Mining Agreement Negotiation Framework" to safeguard national interests in mining projects [1][2] - The new framework will be funded by the national mining company and led by its current general manager, with members from various government departments [1] - The framework aims to negotiate favorable terms for the country in mining agreements, ensuring project feasibility, profitability, and compliance with mining laws [1][2] Industry Overview - The establishment of the negotiation framework follows the update of the 2023 mining law, which introduces a new allocation mechanism for mining projects [2] - The mining sector contributes 25.2% to Cameroon’s GDP, primarily driven by oil and gas extraction, while non-oil mining activities account for less than 4% [1] - The government has initiated negotiations for multiple mineral deposits and signed six mining contracts, with three already in implementation [2]