In 2023, affected by factors such as political turmoil, intensifying geopolitical conflicts, frequent extreme weather events, and fiscal austerity, global economic growth remained weak. The development of the global mining industry was also profoundly impacted by this sluggish economic performance, manifesting in declining investments in mineral exploration, volatile and diverging mineral commodity markets, the spread of resource nationalism, rising operational risks for mining companies, and the long-term influence of supply-chain localization strategies on the mining policies of major economies.
　　1. Scholars propose a new understanding of early plate tectonics on Earth.
　　In a paper published in the journal *Science Advances*, scientists reported that their analysis of the oldest rock samples they collected differs from previous understandings, which held that the subduction and recycling of Earth’s crustal plates first began 4.3 billion years ago. Given that Earth itself is only 4.5 billion years old, this finding suggests that plate tectonics were active from the very beginning of our planet’s history.
　　The data show that significant changes occurred in silicon and oxygen isotopes around 3.8 billion years ago. Therefore, the study concludes that Earth underwent a dynamic transformation approximately 3.8 billion years ago, such as the onset of subduction of tectonic plates.
　　2. Global Mineral Exploration Trends in 2023
　　A survey by S&P Global Market Intelligence of 2,235 mining companies shows that the global mineral exploration budget for 2023 was $12.8 billion, a 3% decrease from the previous year—the first decline since 2020.
　　The exploration budget for gold mining, primarily funded by junior exploration companies, has fallen below $6 billion, a reduction of $1.1 billion, or 16%. This decline is attributable to the financing challenges faced by junior exploration companies. Nevertheless, the budget allocated to precious-metal exploration still accounts for 46% of the global total exploration budget. Meanwhile, exploration budgets for lithium, nickel, and other battery metals have risen, while those for uranium and rare earth elements have surged, and copper prices have rebounded.
　　3. Progress in the Exploration of Plasma-Type Rare Earth Deposits in Brazil’s Carajás Region
　　Ion-absorption rare-earth deposits such as Caldeira, Carina, Cachoeirinha, Bluebush, and Colossus have become hotspots for rare-earth exploration in Brazil. Among these, the Caldeira project is one of the largest ion-absorption rare-earth deposits with publicly reported resources in Brazil. Located in the state of Minas Gerais, it has estimated ore resources of 409 million tons, with a TREO grade of 0.2626%.
　　As demand rises for magnet rare earth elements such as praseodymium, neodymium, dysprosium, and terbium—driven by applications like electric vehicles and wind power—ion-adsorption rare earth deposits rich in these magnet rare earth elements are attracting increasing attention from mining companies. In Brazil, the development of certain ion-adsorption rare earth deposits has already been put on the agenda.
　　4. Russia’s Udokan copper mine begins operations.
　　Udokan is Russia’s largest copper deposit, with estimated copper resources totaling 26.7 million tons. Due to its unique characteristics, the ore is difficult to beneficiate, and the technologies required for its development and utilization are challenging. As a result, since its discovery in 1949, the Udokan copper deposit has yet to be put into production.
　　The Udomkan copper mine began operations at a time when Russia is facing difficulties. The mine’s operator, Udomkan Copper Mining Company, is subject to U.S. sanctions. The Udomkan copper concentrator and smelter can process 15 million tons of ore annually and produce 150,000 tons of copper concentrate and cathode copper per year, with the copper concentrate grade ranging from 40% to 45%.
　　5. In 2023, the international uranium price rose by 89%.
　　In 2023, the global mineral market experienced significant volatility. Among them, prices of fossil fuels fell sharply, while prices of new-energy minerals declined as well. Throughout the year, international coal prices plunged by as much as 64%, and crude oil prices dropped by 10%. Lithium prices fell by 81.5%, and cobalt prices declined by 43.9%. In contrast, indium prices rose by 39.7%, and germanium prices increased by 18.2%.
　　Uranium (U3O8) prices have surged past $90 per pound, marking an 89% increase for the year and making it one of the highest-performing mineral commodities. Demand expectations for uranium have been boosted by small modular reactors, which can provide power to small-scale grids or remote, off-grid areas.
　　6. Norway is poised to become the first country to engage in deep-sea mining.
　　In June, Norwegian government authorities proposed opening a 280,000-square-kilometer (108,000-square-mile) maritime area between Jan Mayen Island and the Svalbard archipelago to mining. This area, which lies along the Mid-Atlantic Ridge, is larger than the United Kingdom.
　　The Norwegian government says that deep-sea mining can help Europe reduce its reliance on foreign sources for critical minerals needed to produce power batteries, wind turbine generators, and solar panels. This initiative is also part of the Norwegian government’s strategy to develop new marine industries, as the country’s largest export—offshore oil and gas production—is set to gradually decline.
　　7. The United States expands its continental shelf claim by one million square kilometers.
　　To gain rights to seabeds that may be rich in resources, the United States has expanded its claims over the seabed. This so-called extended continental shelf covers an area of approximately 1 million square kilometers (386,100 square miles)—twice the size of the state of Virginia.
　　The U.S. claims to extend its continental shelf are primarily concentrated in the Arctic and the Bering Sea—regions whose strategic importance is steadily increasing. Canada and Russia have also asserted their sovereignty over these areas. In addition, the U.S. has demarcated the boundaries of its continental shelf in the Atlantic Ocean, the Pacific Ocean, and the Gulf of Mexico.
　　8. Australia Expands List of Critical Minerals
　　Australia has expanded its list of critical minerals—minerals that are vital for the energy transition and national security—and the country is looking to bolster this strategically and economically significant sector.
　　The Australian government has added fluorine (fluorite), molybdenum, arsenic, selenium, and tellurium to its list of critical minerals, while removing helium. Federal Resources Minister Madeleine King stated that these minerals are critically important for modern technology, economic prosperity, and national security.
　　9. Four Key Highlights of the EU Critical Raw Materials Act
　　European Commission President Ursula von der Leyen stated that the Critical Raw Materials Act (CRMA) will “significantly enhance” Europe’s capacity to extract, process, and recycle metals such as lithium and rare earth elements domestically.
　　The goal of this bill is to expand production and reduce reliance on any single third-party country.
　　The EU aims to quickly reduce its reliance on imports of critical minerals and metals by updating the list of critical minerals, strengthening centralized procurement and stockpiling, accelerating permit approvals, and diversifying supply sources.
　　10. MJI: Mining Investment Risk Hits Seven-Year High
　　The 2023 World Risk Report, compiled by the Mining Journal Intelligence (MJI) department of the UK’s Mining Journal, indicates that global mining investment risks have reached a seven-year high, as companies and investors currently face legal and regulatory hurdles.
　　The report covers 121 countries or regions and concludes that mining investment risks remain relatively low in North America, while certain countries in Africa and South America face higher risks.