1 The Current Status of Molybdenum Mining Development in China

　　 “ The 12th Five-Year Plan ” Since then, affected by 2005 Year ~2007 The sharp rise in annual molybdenum prices has spurred a substantial increase in molybdenum ore reserves. Currently, China ranks first in the world both in terms of molybdenum consumption and production. However, the industry’s rapid development has also given rise to issues such as inadequate environmental protection and overcapacity.

　　1.1 Distribution and Characteristics of China’s Molybdenum Ore Reserves

　　China is rich in molybdenum mineral resources, with total proven reserves. 840 10,000 tons, ranking first in the world. 2 Location; mining areas with proven reserves include: 222 Location, distributed in 28 provinces (autonomous regions and municipalities). A key feature of China’s molybdenum deposits is the abundance of large-scale deposits. The Jinduicheng mine in Shaanxi, the Luanchuan mine in Henan, the Yangjiazhangzi mine in Liaoning, and the Daheshan mine in Jilin are all world-class large-scale molybdenum deposits. The deposit types are primarily porphyry-type molybdenum deposits and porphyry... - Skarn-type molybdenum deposits are the most important; examples of the former include Jinduicheng in Shaanxi and Dexing in Jiangxi, while the latter includes the Nan Nihu molybdenum deposit in Henan. Skarn-type, carbonate-vein, and quartz-vein types rank second; sedimentary-type molybdenum... - Uranium - Vanadium - Nickel deposits have significant potential value, while pegmatite-hosted molybdenum deposits lack industrial significance. From the perspective of their formation age, with the exception of a few deposits formed in the Late Paleozoic and Cenozoic eras, the vast majority of molybdenum deposits originated in the Mesozoic era, being products of the Yanshan tectono-magmatic activity.

　　From the perspective of major regions, Central and South China accounts for the majority of the nation's total molybdenum reserves. 35.7% , ranked first; followed by the Northeast. 19.5% Northwest 13.9% , North China 12% , the southwest accounts for only 4% Looking at the provinces (and autonomous regions), Henan has the largest share, accounting for the majority of the nation's total molybdenum ore reserves. 30.1% , secondly, Shaanxi accounts for 13.6% Jilin Zhan 13% ; Other provinces (or autonomous regions) with relatively large reserves include: Shandong accounts for 6.7% Hebei occupies 4% Liaoning occupies 3.7% , Inner Mongolia accounts for 3.6% The above 8 The combined reserves of this province (or autonomous region) account for the total molybdenum ore reserves of the entire country. 81.1% , with the top three accounting for a total of 56.5% (See Table 1 below.)

　　The first characteristic of China’s molybdenum deposits is that, although the proven reserves are substantial, their grade is significantly lower compared to those of the world’s major molybdenum-producing countries (the United States and Chile), with most deposits being low-grade. The average grade of the mining areas is less than... 0.1% low-grade ore deposits, whose reserves account for the total reserves. 65% , of which less than 0.05% of the occupation 10% Medium grade ( 0.1% ~ 0.2% ) The reserves of the ore deposit account for a percentage of the total reserves. 30% , with a more refined taste ( 0.2% ~ 0.3% ) The reserves of the ore deposit account for a percentage of the total reserves. 4% , while the grade is greater than 0.3% Its rich ore reserves account for only a portion of the total reserves. 1%。

　　The second characteristic is that although the grade is low, it is accompanied by abundant beneficial co-occurring components, giving it high economic value. According to statistics, deposits of molybdenum as a single mineral resource account for only a fraction of the nation’s total molybdenum reserves. 14% As the primary mineral resource, this deposit also contains other valuable components as by-products, and its reserves account for a certain percentage of the total reserves. 64% ; Those occurring in association with and as by-products of metals such as copper, tungsten, and tin account for a share of the total reserves. 22%。

　　The third characteristic is its large scale and suitability for open-pit mining. According to statistics, reserves exceeding 10 A large molybdenum mine with a capacity of 10,000 tons accounts for [a certain percentage] of the country's total reserves. 76% ; Reserves are in 1 ~ 10 A medium-sized deposit with a capacity of 10,000 tons accounts for a certain percentage of the total reserves. 20% ; The reserves of open-pit molybdenum deposits account for a certain percentage of the total reserves. 64% Large ore deposits can often be mined by open-pit methods, and the molybdenite particles are typically coarse, making them easy to beneficiate.

　　In terms of ore types, China’s proven molybdenum reserves are predominantly composed of sulfide molybdenum ores that are readily accessible for exploitation, accounting for approximately [percentage] of the country’s total confirmed molybdenum reserves. 99% while molybdenum ores that are difficult to utilize, mixed molybdenum ores, and molybdenum ores of unknown type account for only... 1%。

　　The last characteristic is that the level of geological work is relatively high. The reserves that have reached the exploration stage through geological work account for a certain percentage of the total proven reserves. 50.5% , those reaching the level of detailed investigation account for 41.8% Combined, the reserves meeting the detailed investigation standards account for a certain percentage of China’s total proven molybdenum ore reserves. 92.3% 。

　　According to the cyclical patterns of geological prospecting, especially in the deep subsurface ( 500 Rice ~2000 (Meter-deep) highly challenging patterns for mineral exploration, prediction “ 13th Five-Year Plan ” ( 2016 Year ~2020 During the year, the trend of rapid growth in China’s molybdenum ore reserves will slow down somewhat.

　　1.2 China’s molybdenum mining and beneficiation capacity, molybdenum concentrate production, and utilization of mining and beneficiation capacity.

　　From “ Eleventh Five-Year Plan ” At first ( 2006 Since [year], China’s molybdenum mining and beneficiation capacity as well as the nation’s refined concentrate production have both increased significantly. Among these, molybdenum mining capacity has grown from... 2006 of the year 9.3 Ten thousand tons (physical tons) increased to 2008 of the year 17.1 Ten thousand tons, then further increased to 2013 of the year 31.3 Ten thousand tons; molybdenum ore beneficiation capacity from 2006 Year 13.2 Ten thousand tons (physical tons) increased to 2008 of the year 21 Ten thousand tons, then further increased to 2013 Year 35.2 10,000 tons; molybdenum concentrate production (metal tons) from 2006 of the year 4.5 Increased from ten thousand tons to 2008 of the year 8.1 Ten thousand tons, then further increased to 2012 of the year 12.1 Ten thousand tons, then reduced to 2013 of the year 11.8 Ten thousand tons.

　　China’s molybdenum mining and beneficiation capacities are primarily concentrated in provinces such as Henan, Shaanxi, Liaoning, and Jilin—regions where molybdenum mineral resources are highly concentrated. The mining and beneficiation capacities of these four provinces account for, respectively, a certain percentage of the nation’s total capacity. 71% and 80% 。

　　Worth noting is that, 2008 The utilization rate of molybdenum mining capacity in China this year is... 92% , the ore dressing capacity utilization rate is 77% , that is: from 2008 Since [year], China's molybdenum ore dressing capacity has already shown signs of overcapacity. 2013 The approximate statistical and estimated utilization rate of molybdenum ore beneficiation capacity in China for the year is: 78.6% , and 2008 Year is similar. 2013 The capacity utilization rate of molybdenum beneficiation in Henan Province is... 68.1% , which suffers from severe overcapacity.

　　1.3 The Status of Molybdenum Mining Enterprises in China

　　China has many molybdenum mining enterprises, most of which are small in scale, making the task of phasing out outdated production capacity particularly challenging. There are relatively few strong and leading enterprises (such as Luomolybdenum, Jinduicheng, Longyu Molybdenum, and Xinhualong Molybdenum). 2013 In the year, Henan Province had a total of molybdenum (tungsten) enterprises. 45 Home, molybdenum product output 2000 ton / Only over one day 11 As for households, most enterprises need to eliminate outdated production capacity. The situation of molybdenum mining enterprises nationwide is roughly similar to that in Henan Province.

　　1.4 Changes in molybdenum prices at home and abroad

　　，2013 The annual average molybdenum price is higher than 2003 Year but below 2004 The year has basically reached its bottom. 2014 Due to inertia, the average annual molybdenum price is still expected to decline, heading toward... 2003 The average annual price is trending toward stability. However, due to the recovery in international market demand, spot market supply remains relatively tight. Based on this, we forecast... 2015 After hitting bottom, domestic and international molybdenum prices may fluctuate and gradually rise.

2 “ 13th Five-Year Plan ” Development Trends in China's Molybdenum Mining Industry

　　If according to 70% Probability analysis “ 13th Five-Year Plan ” To analyze the development trends of the national molybdenum mining industry, we need to examine its three major influencing factors: First, the global strategy for the development of the molybdenum industry; second, “ 13th Five-Year Plan ” China's molybdenum industry policy orientation; thirdly, “ 13th Five-Year Plan ” Trends in supply and demand in China's molybdenum market.

　　2.1 Global Molybdenum Industry Development Strategy

　　2.1.1 Resource Control and Reserve Strategy

　　Currently, globally 85% Molybdenum reserves are concentrated in the United States, China, and Canada. The United States controls the global... 41% Canada controls the world’s molybdenum reserves. 6% Reserves—these two countries possess abundant native molybdenum ores. In recent years, both countries have seen their molybdenum exports decline year by year. The United States now directly exports molybdenum concentrates to Western Europe and Japan, thereby reducing its own pollution. Although the U.S. has abundant molybdenum resources, it was the world’s first country to implement a strategic reserve system for molybdenum resources. Canada followed suit and also adopted this strategy. Although Japan and South Korea are countries with scarce reserves of rare metals, they have already elevated the stockpiling of molybdenum and other rare metals to the level of national strategic importance, with their reserve targets explicitly aimed at China. Through various channels and means, Japan, South Korea, and Europe are importing molybdenum and other strategic rare resources from China. This trend must attract heightened attention.

　　2.1.2 Specialization and Scale-Up Strategy

　　Specialized production is a strategic principle driving the development of the global molybdenum industry. Prominent molybdenum mining companies in the United States and Chile, leveraging their abundant molybdenum resources, produce molybdenum concentrates and sell them to specialized roasting plants for preliminary processing. Well-known molybdenum processing companies in countries such as the United States, Canada, and Japan all procure raw materials externally and, relying on their advanced expertise, produce high-value-added molybdenum metal products. These few globally renowned molybdenum mining and processing enterprises have all adopted a scale-up strategy, with large-scale production capacities (the annual molybdenum concentrate production capacity of a single enterprise...). 3 Annual molybdenum roasting capacity exceeding 10,000 tons of physical quantity 2 With a production capacity exceeding 10,000 tons, it controls a significant share of the market and can flexibly adjust its output and pricing.

　　2.1.3 Technology Development and Corporate Transfer Strategy

　　The development pattern of the molybdenum industry, characterized by specialized production, dictates that substantial investments must be made in technological development. For example, Rio Tinto Group has invested... 2.7 Millions of dollars are being invested in research into new technologies and processes for recovering molybdenum and rhenium from molybdenum slag. These efforts include the use of advanced physical and chemical conversion techniques to produce high-purity molybdenum, as well as the development of new technologies for manufacturing high-temperature molybdenum, molybdenum-rare earth alloys, high-temperature and high-strength molybdenum alloys, molybdenum-tungsten alloys, and molybdenum-rhenium alloys. Countries such as the United States and Chile have shifted their high-emission, highly polluting molybdenum-iron and molybdenum oxide production facilities to Western Europe and Japan.

　　2.2 Our country “ 13th Five-Year Plan ” Molybdenum Industry Policy Orientation

　　 “ Eleventh Five-Year Plan ” During this period, the state has stepped up its macroeconomic regulation of the molybdenum industry through a series of industrial policies—including adjustments to tariffs, export quotas, mandatory total-volume controls under planned directives, and guiding catalogs for industrial structure adjustments—thereby ensuring the strategic security of molybdenum and other rare metals as well as meeting domestic market demand. “ The 12th Five-Year Plan ” During this period, in order to further safeguard the strategic security of rare metals such as molybdenum and meet domestic market demand, the state has introduced a series of policies for the molybdenum industry: strictly regulating molybdenum mining operations, encouraging imports of molybdenum-based products while controlling their exports, guiding the consolidation of molybdenum resources toward leading and stronger enterprises, supporting technological development and promoting downstream deep processing, and encouraging internationalization of operations. Clearly, “ The 12th Five-Year Plan ” Molybdenum Industry Policy Comparison “ Eleventh Five-Year Plan ” More stringent, more comprehensive. So... “ 13th Five-Year Plan ” How should we assess the direction of molybdenum industry policies?

　　Overall, in light of the intricate and multifaceted new situation—characterized by complex interplay among domestic and international political, economic, social, reform, and development dynamics (such as slow recovery, major-country currencies, trade and investment, and commodity prices)—as well as emerging challenges arising from the intricate game of diverse international interests, [ Global mineral competition, the United States “ Plan the Two-Ocean Strategy ” the Trans-Pacific Strategic Economic Partnership Agreement (TPEP) TPP ) and the Transatlantic Trade and Investment Partnership Agreement ( TTIP ) ] The state will only strengthen, not weaken, its efforts to ensure the strategic security of rare metals such as molybdenum and meet domestic market demand. —— This is “ 13th Five-Year Plan ” The fundamental premise for assessing the direction of molybdenum mining industry policies. Therefore, “ 13th Five-Year Plan ” The national molybdenum industry policy will be compared to... “ The 12th Five-Year Plan ” More systematic, more rule-of-law-based, and more international—this is the fundamental assessment of its trajectory. “ The 12th Five-Year Plan ” The molybdenum industry policy should basically be extended to... “ 13th Five-Year Plan ” In the early stage, in accordance with the central government’s overall requirements to reduce administrative approvals and minimize market intervention, the “National Regulations on the Administration of Rare Metals,” the “Thirteenth Five-Year Plan for the National Rare Metals Industry,” and the supporting policies issued by various provinces and cities will— “ 13th Five-Year Plan ” The early and mid-stages play a decisive role in regulating the molybdenum market, safeguarding the nation’s strategic molybdenum security, and meeting domestic market demand.

　　2.3 Our country “ 13th Five-Year Plan ” Trends in Supply and Demand for the Molybdenum Market

　　From 2010 Starting from [year], as the international molybdenum market recovers and molybdenum prices gradually rebound, coupled with the further advancement of industrialization, urbanization, agricultural modernization, and informatization in China, driven by improved exports and substantial increases in new resources and production capacity, even though national macroeconomic regulation of mining quotas and production plans has somewhat constrained the growth of molybdenum output, the average annual growth rate of molybdenum production (in metric tons of metal) can still reach [value]. 3% Around, expected 2015 Annual molybdenum production (metric tons of metal) reached 13 Ten thousand tons, 2020 Annual reach 15 10,000 tons. Meanwhile, domestic consumption has grown at an average rate of... 10% Around, expected 2015 Annual reach 12 Ten thousand tons, 2020 Annual reach 13.5 Ten thousand tons.

　　2.4 Our country “ 13th Five-Year Plan ” Trends in the Molybdenum Mining Industry

　　Since China, like some developed countries around the world, controls and stocks molybdenum as a rare strategic resource, and... “ 13th Five-Year Plan ” The molybdenum industry policy will center around “ Control and Reserve ” Made for the Lord—experts predict, “ 13th Five-Year Plan ” During this period, China’s molybdenum market is likely to see robust supply and demand, achieving a roughly balanced situation; domestic molybdenum prices will... 2015 After hitting bottom for the year, there's a high probability of fluctuating and rebounding—but... “ 13th Five-Year Plan ” Touch height ( 2005 Annual average price of domestic concentrates 5336 Yuan / The probability of a tonnage increase is relatively low; the probability of a substantial increase in molybdenum reserves is decreasing.

　　Based on the points mentioned above, it can be inferred that our country... “ 13th Five-Year Plan ” The development environment for the molybdenum mining industry is favorable. We are committed to mining while protecting and protecting while mining, and the trend toward building green molybdenum mines will remain unchanged.

3  Offer advice “ 13th Five-Year Plan ” Molybdenum Mining Reform

　　Based on the current status of China's molybdenum mining industry and “ 13th Five-Year Plan ” Regarding the development trends of China’s molybdenum mining industry, the author puts forward several suggestions from the perspectives of reform, innovation, and development, and invites everyone to join in the discussion and planning for the molybdenum mining sector. “ 13th Five-Year Plan ” Development reference.

　　3.1 Strengthen the intensity of strategic cooperation for mutual benefit (legalization of corporate internal governance structures).

　　Based on the aforementioned development patterns of the molybdenum industry—namely, specialization and scale—improvement in the governance structure of molybdenum mining enterprises will inevitably also lead to greater scale and specialization. Coupled with the reality that China has relatively few leading, strong molybdenum mining enterprises but many small and medium-sized ones, the author proposes the following suggestion: in... “ 13th Five-Year Plan ” During this period, leading molybdenum mining enterprises and small- and medium-sized enterprises should, guided by the government and driven by the market, intensify their strategic cooperation for mutual benefit and establish advanced corporate governance structures featuring diversified ownership—such as mixed-ownership models (where state-owned capital, collective capital, and non-public capital hold cross-shareholdings and mutually integrate). Employees of enterprises with mixed-ownership structures should be allowed to hold equity stakes, thereby creating a community of shared interests between capital owners and workers. In accordance with the “Guiding Opinions of the State Council on Resolving Severe Overcapacity” (Guofa [2013]41 the requirements of No.), “ For enterprises with overcapacity that are undergoing integration, actively and prudently carry out merger and acquisition (M&A) loan business, reasonably determine M&A loan interest rates, and extend the loan term up to seven years. ” On this basis, further reforms, innovations, and developments are essential to gradually establish specialized, large-scale molybdenum mining enterprise groups that possess strong competitiveness both nationally and globally, thereby enhancing industry concentration. This approach aligns with the nation’s industrial reform and development orientation as well as the inherent laws governing the development of the molybdenum mining industry, and is therefore imperative.