●National Energy Administration: Increase investment in shale oil exploration and development.

　　According to a report on the website of the National Energy Administration on August 29, the National Energy Administration convened a working conference on shale oil exploration and development. Regarding the next steps, the conference put forward five key requirements: First, we must free our minds and significantly increase investment in shale oil exploration and development; second, we must remain firm in our convictions and make great efforts to enhance shale oil recovery rates; third, we must drive innovation and truly leverage the leading role of scientific and technological innovation; fourth, we must prioritize ecological considerations and comprehensively promote the green and low-carbon development of shale oil; and fifth, we must foster multi-party collaboration and strengthen policy support and guarantees.

　 　●From January to July, China’s mining industry achieved total profits of 996.11 billion yuan.

　　According to a report on the website of the National Bureau of Statistics on August 27, data released by the National Bureau of Statistics on industrial enterprise profits for the period from January to July show that from January to July, the operating revenue of industrial enterprises above designated size nationwide increased by 8.8% year-on-year, maintaining relatively rapid growth. Among them, the mining industry continued to support the growth of industrial enterprise profits, with total profits reaching 996.11 billion yuan, an increase of 1.05 times year-on-year. By industry, the coal mining and washing industry saw its total profits rise by 1.41 times year-on-year, while the oil and gas extraction industry grew by 1.19 times, both continuing to maintain high-speed growth.

　　 ● Ganfeng Lithium and Tianqi Lithium See Net Profits Double in First Half of Year

　　According to a report by Caixin.com on August 31, Ganfeng Lithium released its semiannual results. In the first half of 2022, the company achieved revenues of 14.44 billion yuan, an increase of 255.4% year-on-year; net profit attributable to shareholders reached 7.25 billion yuan, up 412% from the same period last year. The company stated that the revenue growth was driven by both higher production and sales volumes of its products and rising lithium prices. Meanwhile, another leading Chinese lithium company, Tianqi Lithium, also saw explosive growth in its performance. According to its financial report, Tianqi Lithium’s revenues for the first half of this year totaled 14.3 billion yuan, an increase of 508% year-on-year; net profit attributable to shareholders reached 10.33 billion yuan, up 11,937.2% from the same period last year.

　 　● Rio Tinto plans to acquire the remaining shares of Turquoise Hill for $3.3 billion.

　　According to a report on Rio Tinto’s official website on September 1, Rio Tinto and the Canadian mining company Turquoise Hill Resources announced that they have reached a preliminary agreement. Under the agreement, Rio Tinto will acquire the remaining 49% of Turquoise Hill’s outstanding shares, which it does not currently own, at a cash price of CAD 43 per share, for a total consideration of USD 3.3 billion (approximately RMB 22.8 billion). This transaction values Turquoise Hill at roughly RMB 45.6 billion (CAD 8.7 billion). Upon completion of the proposed transaction, Turquoise Hill will become a wholly-owned subsidiary of Rio Tinto. Rio Tinto will hold a 66% stake in the Oyu Tolgoi (OT) copper mine project, while the remaining 34% will be owned by Mongolia. The Oyu Tolgoi copper mine is one of the largest known deposits of copper and gold in the world.