Ganfeng

002460.SZ 64.07CNY ▼ -10.37% 30d · 6月29日

态势 · 矿产

The DRC government reinstated a ban on copper concentrate and cobalt concentrate exports on August 6, sending copper to an all-time price record and compounding a simultaneously reported sulfuric acid supply collapse affecting smelter operations. The DRC holds approximately 70% of global cobalt reserves; CMOC, the world's largest cobalt producer, operates primarily there. The ban follows the 2026 DRC cobalt quota imposed earlier this year and is a reinstatement of an earlier restriction rather than a novel policy. Chinese smelters dependent on DRC concentrate face immediate sourcing disruption; the move escalates a pattern of export nationalism following Indonesia on nickel and Zimbabwe on lithium, reshaping how processing capacity is allocated globally.

The International Energy Agency warned on July 16 that full implementation of China's rare earth export restrictions could disrupt US$6.5 trillion of downstream production outside China, the most comprehensive market-risk assessment yet of Beijing's export-control regime. China's commerce ministry launched a cash-reward programme July 1 for informants reporting illegal rare-earth exports, adding a civilian enforcement layer to an architecture already spanning the Mineral Resources Law (June 15) and a 46-firm defence-procurement ban. MP Materials and USA Rare Earth were blacklisted June 22; MOFCOM Announcement No. 26 took effect July 1. India and Japan signed the UNICORN defence-materials deal July 2, the clearest allied response so far. NdPr metal ran 160% in four months to US$137/kg before correcting; European ex-China rare earth prices are at six times domestic Chinese levels. MP Materials is producing NdFeB magnets at Fort Worth under a US$400m DoD equity stake. Battery metals: lithium nearly doubled in Q1 2026; China suspended graphite export licences until at least November 2026, covering 97% of spherical graphite. Gallium reached US$2,269/kg in the West versus US$246/kg in China. The US Trump administration announced US$3 billion in government investment across domestic and allied critical minerals projects on August 7, explicitly linking the spending to rebuilding weapons stockpiles depleted during the US-Israel war on Iran and reducing dependence on Chinese processing; CNBC framed it as a defense-necessity measure; The National placed it within a broader multipolar realignment as multiple governments diversify away from Chinese supply chains.

Watch: whether CMOC and Glencore comply with the DRC ban or seek exemptions; which specific projects receive the US$3B and in which allied countries; whether the US investment triggers matching G7 minerals commitments; cobalt and copper spot price moves after the DRC ban; whether Chinese smelters invest in DRC-based refining capacity; IEA US$6.5T figure and allied procurement timelines; CRMA permitting pace; US 45X FEOC implementation.

China's largest lithium compounds producer by output, Ganfeng controls brine and hard-rock mines in Argentina, Mali, and Australia, making it central to Western efforts to secure non-Chinese battery supply.

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Producers and processors: the fifteen miners and refiners who set the critical minerals supply floor

From Chilean brine fields to Congolese copper pits, fifteen companies mine and refine the lithium, copper and cobalt the energy transition depends on.

·3 视角 ·7月3日

Lithium

The lightest solid metal and core material in EV and grid-storage batteries; China refines roughly 70% of global output, making lithium the central critical-mineral security flashpoint of the energy transition.

·3 视角 ·7月3日

赣锋锂业固态电池达500Wh/kg，并披露阿根廷逾30亿美元卤水合资项目寻求西方股权伙伴

中国最大锂生产商于2026年5月21日宣布实验室固态电池单体能量密度达500Wh/kg，并开始向现代汽车商业交付半固态电池；阿根廷Pozuelos-Pastos Grandes合资项目正寻求西方股权伙伴以符合非中国采购资质

长远之局 ·6 视角 ·7月10日

简报，直达邮箱