"The "12th Five-year Development Plan for Chemical Mining" has strengthened the integration of phosphate resources. After the rare earth and fluorite, phosphate rock has become another resource that is concerned by the market." Analysts believe that the pace of phosphorus ore integration will be Accelerate and reflect the scarcity of phosphate rock; moreover, only by changing the status quo of domestic phosphate rock prices below the international level can we avoid the massive loss of domestic phosphorus resources after the release of exports. Even more market participants, phosphorus ore may become the next rare earth.
Mining grabs broke out
On August 18th, Xingfa Group announced that the company received a notice from the major shareholder Yichang Xingfa Group Co., Ltd. on August 17. Yichang Xingfa Group has signed an equity transfer agreement with Yichang Yiling State Asset Management Co., Ltd. Yichang Xingfa Group acquired the entire equity interest of Hubei Yichang Phosphat Chemical Industry Group Co., Ltd. by means of the agreement.
On the same day, Hubei Yihua (000422) announced that the company’s wholly-owned subsidiary, Hubei Yihua Fertilizer Co., Ltd., Leibo County Huarui Mining Co., Ltd. plans to increase capital of 60 million yuan, and Yihua Fertilizer Industry intends to subscribe for 54 million yuan. After the capital increase was completed, the registered capital of Huarui Mining increased from 20 million yuan to 80 million yuan, and the shareholding ratio of Yihua Fertilizer Industry to Huarui Mining increased from 60.16% to 82.54%.
Both companies are located in Yichang, the richest resource of phosphate rock in Hubei, and at the same time release their news on the progress of the integration of phosphate resources. The story behind this is worth pondering. According to industry sources, Hubei is one of the regions with the most abundant phosphorite resources in China. The main body of integration should be Xingfa and Yihua. Who can obtain more resources in the province remains to be seen. It can be determined that the grab battle has already been completed. break out.
Triggering the market's high concern for the integration of phosphate rock resources in Hubei is the “Opinions on Further Strengthening the Development and Management of Phosphorite High-Potassium Iron Ore Resources†issued by the Hubei Provincial Government in July this year. The document puts forward specific requirements in four areas:
The first is to set up a provincial phosphate rock planning area, and to allocate the phosphate rock area and mineral prospects for which no mining rights have been set up to provincial phosphate rock planning areas. Beginning in 2011, with the exception of provincial geological exploration fund projects, the approval of prospecting rights and mining rights for all minerals in provincial phosphate rock planning areas will be suspended.
The second is to further reduce the number of phosphate rock development entities and mining rights, and gradually reorganize and shut down the phosphate ore enterprises with a production capacity of 150,000 tons/year or less, so that the resources will be further concentrated on leading enterprises and large-scale key phosphate chemical companies.
Third, the phosphate ore is listed as an important mineral species in Hubei Province. During the “Twelfth Five-Year Plan†period, the provincial land and resources management department may pay back the commercial investment of the phosphate mineral exploration rights.
Fourth, advance the structural adjustment of the phosphorus chemical industry, promote the upgrading of the existing phosphorus chemical industry, support the development of fine-phosphorus chemical products, and prohibit new low-level phosphate fertilizer projects and pure yellow phosphorus production projects.
In recent years, the integration of phosphate resources has been a key task in Hubei Province. In November 2004, the Hubei Provincial People's Government promulgated the Interim Measures for the Management of Phosphorus Resources in Hubei Province, which proposes to strengthen the development and management of phosphate resources, reasonably use and protect the phosphate resources, and strictly control the approval and issuance of phosphate mining licenses. The total amount of phosphorus rock mining control.
In December 2006, the Hubei Provincial People's Government promulgated the Opinions on Strengthening the Management of Phosphorite Resources and proposed to vigorously promote the integration of phosphate resources. Before the end of 2007, the total number of phosphate mines in the province was reduced to 110 or so by 2010. The total amount of phosphate rock ore mined in the province is controlled at about 12 million tons (a discount mark), and the total number of mines is reduced to 80 or less.
Outside of Hubei, it is not calm. According to industry insiders, China's phosphate mineral resources are mainly concentrated in Yunnan, Hubei, Guizhou, and other places. Yunnan, Guizhou, the integration of the program is basically no suspense, Yunnan Province, the main body of phosphorus resources is the Yunnan Tianhua Group's phosphating, Guizhou Province The main bodies for the integration of phosphate resources are Guizhou Kaifeng and Guizhou Fufu. The integration of phosphate resources in these two provinces is at the front and the concentration of resources is higher than that of Hubei.
However, even in these areas where the “sphere of influence†is divided, there are still outsiders who infiltrate into the area. Jin Zhengda (002470) announced on August 23 that the company had signed an agreement with the government of Pan’an County, Guizhou Province, to invest 5.96 billion yuan in the construction of the Phosphorus Resources Recycling Economy Industrial Park project. The company will make full use of the abundant phosphorous resources in Pan’an County, Guizhou Province. And other mineral resource advantages to speed up the integration of the fertilizer industry chain.
From mining to consolidation
After Hubei Province announced the "Opinions on Further Strengthening the Development and Management of Phosphorite High-Potassium Iron Ore Resources," the initial interpretation of the market was to restrict exploitation. At that time, relevant experts from China National Association of Chemical Mining once told a reporter from the China Securities Journal that following the Hubei Province, Yunnan may also issue relevant “restricted mining†measures. The protective mining in the phosphate rock area will be promoted throughout the country and the state will issue protection for the phosphate rock. The policy of sexual exploitation is not far off.
However, restricting mining is not the ultimate goal, but it is to pave the way for the integration of phosphate resources. The "Twelfth Five-Year Development Plan for Chemical Industry Mining" further proposes that in the future, the integration of resources will be based on the optimization and upgrading of industrial structure, with the combination of mineral fertilizers and mineralization, and a multi-channel approach to achieve the scale and intensive integration of mining enterprises. The integration of phosphate rock resources will gradually be concentrated in state-owned large enterprise groups and advantageous enterprises, and centralized and integrated mining and processing will be implemented. Enterprises without phosphate rock resources support and advantages will be eliminated and merged.
According to relevant data, after the integration in recent years, the country’s phosphor mines have decreased from 414 in 2007 to 339 in 2009, 75 in three years, and a decrease of 18%; large-scale mines have increased from 10 in 2007 to 17 .
For the reasons for the country's integration of phosphate rock resources, industry sources pointed out that as a non-renewable resource, phosphate rock is gradually becoming exhausted. As early as the 1980s, the United States began restricting the export of phosphate ore and imported large quantities of it. China has also gradually recognized the importance of phosphate resources. The Ministry of Land and Resources has listed phosphate ore as one of the 20 types of minerals that cannot meet the requirements of China's national economic development after 2010, and limits exports in the form of quotas.
China is on the surface a rich country of phosphate rock, but in fact it is a poor country of phosphate rock. Relevant data show that China's phosphate ore reserves and basic reserves are 4.1 billion tons and 10 billion tons, respectively, accounting for 27.14% and 21.28% of the world. However, due to China's low-grade ore-rich mines, the average grade is only 17%. Phosphorus pentoxide more than 30% of the rich ore accounted for only 8.5%, can not be directly used in the low-grade phosphate rock up to 90%.
According to industry sources, China’s phosphate reserves cannot directly utilize 11 billion tons of resources. At the same time, China is the world’s largest producer of phosphate fertilizers, and consumes more than 50 million tons of phosphate rock every year. The result is in the entire phosphate mining industry. In particular, small and medium phosphate rock enterprises are bound to adopt the rapid development mode of “rich mining and abandoning povertyâ€. The integration of phosphate resources will help improve the utilization of mineral resources.
According to statistics, the rich ore with more than 30% phosphorous ore in China is only 857 million tons, and the annual output of rich ore accounts for more than 60% of the total mining volume; in particular, after more than 40 years of large-scale mining, the remaining rich mine can only We have maintained mining for more than a decade, and our annual loss of medium-to-low grade phosphate reserves has reached 150 million tons.
Analysts pointed out that foreign accusations against China's restrictions on the export of yellow phosphorus are expected to promote the consolidation of phosphate resources in the country, because the integration of phosphate rock will reduce the supply of phosphate rock from the source, making phosphate rock and downstream phosphorus chemical products reflect their the value of. Otherwise, China's phosphorus resources will be lost due to low prices.
In July this year, the World Trade Organization (WTO) issued an adjudication report stating that China’s export restrictions on nine kinds of raw materials are inconsistent with the WTO rules and China’s commitment to China’s WTO accession. Violations include the imposition of export taxes, export quotas, and export permits. system. These raw materials include alumina, coke, fluorspar, magnesium, manganese, ferrosilicon, silicon carbide, yellow phosphorus and zinc.
It is understood that yellow phosphorus is a high-energy-consuming, high-emissions product. It consumes 14,000 kWh per ton of yellow phosphorus and produces 2,500-3,000 cubic meters of exhaust gas. Since the 1980s, a yellow phosphorus plant has been set up domestically. The production capacity of yellow phosphorus in China expanded from the original 800,000 tons to nearly 2 million tons before and after 2004, reaching 80% of the world's total production capacity. During the "Tenth Five-Year Plan" period, China's yellow phosphorus took the lead in the international market with exports exceeding 100,000 tons per year. In order to reduce the loss of phosphorus resources, the export tariff of yellow phosphorus once reached a 120% high in 2008.
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