历时近一年的跨境并购大戏落下了帷幕。 9月15日，山东兖矿能源（600188.SH）发布公告，正式宣布终止对澳大利亚上市公司高地资源（Highfield Resources Limited）的并购事项。 兖矿能源在公告中指出，由于《实施协议》和《股份认购协议》中约定的先决条件未能在最后截止日期前全部满足或被豁免，公司已向高地资源发出书面 通知，终止了双方于2024年9月23日签署的相关协议。 《每日经济新闻》记者注意到，这场始于2024年的战略合作，曾被市场视为兖矿能源盘活存量资产、切入全球钾肥产业链的关键一步。期间更因国内钾肥 龙头盐湖股份（000792.SZ）的短暂入局而波澜迭起，一度构建起一个"强强联合"的宏大叙事。 然而，从盐湖股份"闪退"，到如今兖矿能源主动终止，这场资本运作在经历了一系列博弈和变动后，最终回到起点。 跨境并购事项"戛然而止"： 先决条件未达标 兖矿能源方面在公告中称其为"公司审慎研究后作出的决定"，表示此举符合相关协议约定。 兖矿能源称，终止并购事项不会影响公司现有生产经营活动，也不会对公司的发展造成不利影响，不存在损害公司及全体股东，特别是中小股东利益的情 形。 然而，这份公告背 ...

Core Viewpoint - Yancoal Energy has officially terminated its acquisition of Highfield Resources due to unmet conditions in the agreements, marking the end of a nearly year-long cross-border merger attempt [1][2][3] Group 1: Acquisition Details - The acquisition was initially seen as a strategic move for Yancoal to enhance its asset portfolio and enter the global potash industry [1][3] - The agreements involved a significant asset injection from Yancoal's subsidiary, Yancoal Canada, which holds a potash resource of approximately 1.696 billion tons [3][4] - The termination of the agreement means Yancoal will not be able to leverage Highfield's core potash projects in Spain, which would have strengthened its position in the global market [3][4] Group 2: Timeline of Events - The strategic cooperation began with a non-binding letter of intent signed on July 19, 2024, followed by the signing of binding agreements on September 23, 2024 [4][5] - The situation became complicated in May 2025 when Salt Lake Potash entered the scene, proposing a significant cash investment in Highfield, which was seen as a potential game-changer [5] - However, Salt Lake Potash withdrew from the agreement in August 2025, citing that the conditions for collaboration were not mature enough [5][6] Group 3: Future Outlook - Despite the failed acquisition, Yancoal has indicated it will continue to pursue its interests in the potash sector, focusing on the development of its Canadian potash project [6]

Core Insights - The press conference highlighted the achievements in high-quality development of natural resources during the "14th Five-Year Plan" period, showcasing significant increases in land and water resources, as well as improvements in forest coverage and ecological protection efforts [1][4]. Group 1: Land and Water Resources - By the end of 2024, the total arable land area in China is expected to reach 1.94 billion acres, an increase of 28 million acres compared to 2020 [1]. - The total water resources in the country amount to 31.1 trillion cubic meters, with groundwater resources accounting for 867.92 billion cubic meters [1]. - The national forest coverage rate has reached 25.09%, an increase of approximately 2 percentage points since 2020, making China the fastest-growing country in terms of greening [1]. Group 2: Urban and Spatial Planning - The Ministry of Natural Resources has deepened the "multi-planning integration" reform, optimizing the land spatial layout and implementing a national land spatial planning framework [3]. - The strategic urbanization framework includes a "two horizontal and three vertical" urbanization strategy and a "seven zones and twenty-three belts" agricultural development pattern [3]. - Strict land use controls have been established to protect arable land and ecological spaces, effectively curbing urban sprawl [3]. Group 3: Ecological Protection and Restoration - The Ministry has implemented significant ecological system protection and restoration initiatives, completing over 10 million acres of land rehabilitation [4]. - Major achievements include the restoration of 240,000 acres of abandoned mines and the improvement of marine ecosystems, with coral reef health rates exceeding 60% [4]. - The "Three North" project has completed construction tasks covering 164 million acres, reinforcing ecological safety barriers [4]. Group 4: Mineral Resource Exploration - A new round of mineral exploration has been launched, with nearly 450 billion yuan invested, leading to significant breakthroughs in energy resources, including the discovery of 10 large oil fields and 19 large gas fields [5][6]. - The newly discovered geological reserves of coalbed methane in the Ordos Basin exceed 300 billion cubic meters, approaching the total added over the past decade [5]. - Major breakthroughs in uranium mining have been achieved, particularly in Gansu and Heilongjiang, establishing a solid resource base for uranium security [5]. Group 5: Strategic Mineral Resources - The discovery of a significant "Asian lithium belt" spanning 2,800 kilometers across four provinces has positioned China as a leader in lithium resource exploration [7]. - Technological advancements have enabled the extraction of helium from natural gas, marking a significant shift from reliance on imports to domestic production [7]. - New resource bases are emerging, such as the Dandong gold mine in Liaoning, which is expected to become a world-class gold mine [6].

Group 1 - The core viewpoint of the article highlights the significant achievements in mineral resource exploration during the "14th Five-Year Plan" period, with nearly 450 billion yuan invested and major breakthroughs in various mineral discoveries [2] - In the energy mineral sector, 10 large oil fields and 19 large gas fields were newly discovered, with a notable increase in geological reserves of over 300 billion cubic meters in the Ordos Basin alone, supporting stable oil production of 200 million tons and natural gas output exceeding 240 billion cubic meters [2] - Major breakthroughs were also reported in uranium mining, with the discovery of two large uranium mines in Gansu and Heilongjiang, strengthening the resource base for five major uranium mining areas in China [2] Group 2 - In the bulk mineral sector, significant new reserves were reported in established mining bases such as Shanxi, Shandong, and Liaoning, with the Dadonggou gold mine in Liaoning estimated to contain nearly 1,500 tons of gold, potentially becoming another world-class gold mine [3] - China has developed a leading resource supply system for strategic emerging industries, including the discovery of a "Lithium Belt" spanning 2,800 kilometers across four provinces, with multiple large lithium mines identified [3] - Technological breakthroughs have been made in extracting lithium from potassium salt brine and low-grade lithium mica, alongside advancements in helium extraction from natural gas, enabling domestic production to meet core demand [3]

Group 1 - The core achievement of the "14th Five-Year Plan" is the significant breakthroughs in mineral exploration, particularly in energy resources such as oil, natural gas, and uranium, with a total investment of nearly 450 billion yuan [1] - Major discoveries include 10 large oil fields and 19 large gas fields, with a notable increase in geological reserves of coalbed methane in the Ordos Basin, exceeding 300 billion cubic meters, which is close to the total increase over the past decade [1] - The breakthroughs in uranium mining, especially in Gansu and Heilongjiang, have strengthened the resource base for major uranium mining areas in China [1] Group 2 - In the bulk mineral sector, old resource bases have been revitalized, and new ones have emerged, with significant new reserves found in various provinces, extending the lifespan of these mines [2] - New resource bases such as the phosphorus mine in Yunnan and the potassium salt mine in Qinghai are rising, with the Dadonggou gold mine in Liaoning potentially becoming another world-class gold mine with an estimated resource of nearly 1,500 tons [2] Group 3 - Strategic emerging mineral resources have also seen major breakthroughs, particularly in lithium mining, which is crucial for the electric vehicle industry, with the discovery of a significant lithium mineral belt across four provinces [3] - Technological advancements have enabled the extraction of lithium from low-grade ores and the development of a domestic helium extraction technology from natural gas, marking a significant shift from reliance on imports [3] - The Ministry of Natural Resources plans to continue promoting exploration and development efforts to ensure energy resource security [3]

Core Insights - The press conference highlighted the achievements in high-quality development of natural resources during the "14th Five-Year Plan" period, emphasizing significant breakthroughs in mineral exploration and resource security [1] Group 1: Energy Resources - Major breakthroughs in energy minerals, particularly in oil, natural gas, and uranium, were reported, with the discovery of 10 large oil fields and 19 large gas fields during the "14th Five-Year Plan" [1] - The newly discovered geological reserves of coalbed methane in the Ordos Basin exceeded 300 billion cubic meters, nearly matching the total added over the past decade [1] - The discoveries have supported stable production of 200 million tons of oil and over 240 billion cubic meters of natural gas, alongside significant uranium finds in Gansu and Heilongjiang [1] Group 2: Bulk Minerals - Revitalization of old resource bases and emergence of new ones were noted, with significant new reserves in Shanxi, Shandong, Liaoning, Heilongjiang, and Tibet, extending the lifespan of these mines [2] - New resource bases such as the phosphorus mine in Yunnan and the deep brine potassium salt mine in Qinghai are emerging, with the Dadonggou gold mine in Liaoning preliminarily assessed to contain nearly 1,500 tons of gold [2] Group 3: Strategic Emerging Industry Minerals - Significant breakthroughs in strategic emerging industry minerals were achieved, particularly in lithium and helium, with the discovery of a "Lithium Belt" spanning 2,800 kilometers across four provinces [3] - The development of technologies for extracting lithium from low-grade resources and helium from natural gas has marked a major advancement, enabling domestic production to meet core demands [3] - The Natural Resources Department plans to continue promoting exploration and development efforts to ensure energy resource security [3]

Core Insights - The Ministry of Natural Resources of China has made significant progress in mineral resource exploration and development during the "14th Five-Year Plan" period, identifying 163 types of minerals with confirmed reserves and discovering 534 new large and medium-sized oil and gas fields and mineral deposits [1][2] Group 1: Energy Mineral Sector - Major breakthroughs have been achieved in oil, natural gas, and uranium mining, with the discovery of 10 large oil fields and 19 large gas fields during the "14th Five-Year Plan" [1] - The Ordos Basin has seen an increase of over 300 billion cubic meters in proven geological reserves of deep coalbed methane, nearly matching the total added over the past decade [1] - Significant uranium deposits have been found in Gansu and Heilongjiang, strengthening the resource base for major uranium mining areas [1] Group 2: Bulk Mineral Sector - Established resource bases are revitalizing, with notable new reserves in Shanxi, Shandong, Liaoning, Heilongjiang, and Tibet, extending the operational lifespan of these mines [2] - New resource bases are emerging, such as the gold mine in Dadonggou, Liaoning, which has an estimated resource of nearly 1,500 tons of gold, potentially becoming a world-class gold mine [2] Group 3: Strategic Emerging Industries - Significant breakthroughs in strategic emerging mineral resources have been made, particularly in lithium mining, with the discovery of a "Lithium Belt" across four provinces, spanning 2,800 kilometers [2] - Technological advancements have enabled the extraction of lithium from potassium salt brine and low-grade lithium mica, enhancing resource availability [2] - A domestic helium extraction technology has been developed, allowing for helium production from natural gas, fulfilling core demand without reliance on imports [2] Group 4: Future Plans - The Ministry of Natural Resources will continue to promote the new round of exploration breakthrough strategy, increasing exploration and development efforts to ensure energy resource security [3]

Core Insights - The Ministry of Natural Resources announced significant achievements in resource management and exploration, highlighting the completion of the "14th Five-Year Plan" with a focus on sustainable development and resource protection [1][4]. Group 1: Land Resources - By the end of 2024, the total cultivated land area in China is projected to reach 1.94 billion acres, an increase of 28 million acres since 2020, ensuring the protection of arable land [4]. - Provinces such as Heilongjiang, Inner Mongolia, Henan, Jilin, and Xinjiang each have cultivated land exceeding 100 million acres, contributing to a comprehensive protection framework for quantity, quality, and ecology [4]. Group 2: Mineral Resources - A total of 163 types of minerals have been surveyed, with 534 new large and medium-sized oil and gas fields and mineral deposits discovered, marking significant progress in the exploration of strategic minerals like oil, gas, and lithium [4][6]. - Major breakthroughs in energy minerals include the discovery of 10 large oil fields and 19 large gas fields, with significant geological reserves of coalbed methane added in the Ordos Basin [7]. - New resource bases are emerging, such as the 1,500-ton gold deposit in Liaoning, which is expected to become another world-class gold mine following the Shandong Jiaodong gold mine [8][10]. Group 3: Marine Resources - China's marine production value has surpassed 10 trillion yuan, growing by 34% since the end of the 13th Five-Year Plan, accounting for 7.8% of the national GDP [12]. - The country has become one of the most comprehensive marine industry nations, with all 15 major marine industries represented and thriving [12]. - The marine economy is a significant driver of national economic growth, with marine aquaculture production leading globally for 36 consecutive years [12].