Due to the tight supply of tungsten ore, tungsten prices have been on a slight upward trend for more than four months. The issuance of the first batch of tungsten ore mining quotas this year also attracted much market attention. The Ministry of Natural Resources released the first batch of tungsten ore (tungsten trioxide content 65%) total mining quota for 2024 to be 62,000 tons. According to the first batch of total tungsten ore mining quotas issued by the Ministry of Natural Resources in recent years, we can see that the first batch of tungsten ore mining quotas of 63,000 tons for three years since 2021 declined this year. This year's first batch of tungsten ore mining quotas dropped by 1,000 tons compared with last year's first batch of quotas, a year-on-year decrease of 1.59%. This year, the first batch of tungsten ore mining total quotas in Heilongjiang, Zhejiang, and Anhui provinces have declined.
The first batch of tungsten ore mining total quotas decreased 1.59%
The national tungsten concentrate (tungsten trioxide content 65%, the same below) mining quotas came in 2021 were 63000 mt, of which the main mining quotas stood at 46890 mt and the comprehensive utilization quotas stood at 16110 mt.
The national tungsten concentrate (tungsten trioxide content 65%, the same below) mining quotas came in 2022 were 63000 mt, of which the main mining quotas stood at 46890 mt and the comprehensive utilization quotas stood at 16110 mt.
The total mining quota for the first batch of tungsten concentrate (tungsten trioxide content 65%) in 2023 was 63,000 tons. The total amount of tungsten ore mining quotas no longer distinguish between main mining quotas and comprehensive utilization quotas. For mines whose main minerals are other minerals and associated tungsten ores registered in the mining license, and the tungsten resources are found to be large and medium-sized, the total mining quotas will continue to be issued and the allocation will be tilted. For small-scale associated tungsten resources, total mining quotas will no longer be issued, and mining enterprises will report tungsten concentrate output to the local provincial natural resources authorities.
The total mining quota for the first batch of tungsten ore (tungsten trioxide content 65%, the same below) in 2024 is 62,000 tons. The total amount of tungsten ore mining quotas no longer distinguish between main mining quotas and comprehensive utilization quotas. For mines whose main minerals are other minerals and associated tungsten ores registered in the mining license, and the tungsten resources are found to be large and medium-sized, the total mining quotas will continue to be issued and the allocation will be tilted. For small-scale associated tungsten resources, total mining quotas will no longer be issued, and mining enterprises will report tungsten ore output to the local provincial natural resources authorities.
It can be seen from the total mining quotas of the first batch of tungsten concentrate (tungsten trioxide content 65%) from 2021 to 2024 that after the first batch of quotas in 2021 rose from 52,500 tons in 2020 to 63,000 tons, the total mining quota for the first batch of tungsten concentrate was maintained at 63,000 tons in 2023 and 2023. The total mining quota for the first batch of these three years did not change. Entering 2024, the Ministry of Natural Resources recently issued the first batch of tungsten concentrate (tungsten trioxide content 65%) total mining quota of 62,000 tons, a decrease of 1,000 tons or 1.59% from 63,000 tons in the previous three years.
Tungsten resources are a resource that is consumed relatively quickly. As the main country in terms of tungsten resource reserves and supply, China supplies more than 80% of the world's primary tungsten consumption with 50% of its tungsten reserves. In order to protect and rationally develop advantageous mineral resources, in accordance with the relevant regulations on the management of specific mineral species for protective mining, the Ministry of Natural Resources issued the first batch of notices on matters related to the total quotas for tungsten mining in 2024. In recent years, as the grade of tungsten ore has declined, the difficulty of tungsten ore mining has increased. The slight reduction in the first batch of tungsten ore mining quotas by the Ministry of Natural Resources may be related to the country's emphasis on tungsten resources and ensuring the sustainable development of tungsten resources.
This year, the first batch of tungsten mine mining total quotas in Heilongjiang, Zhejiang, and Anhui have declined.
According to the first batch of total tungsten ore mining quotas by provinces, compared with the first batch of tungsten ore total mining quotas in 2023, the first batch of tungsten ore total mining quotas this year have declined: Heilongjiang dropped by 800 tons, Zhejiang dropped by 100 tons, and Anhui dropped by 100 tons.
According to SMM, Heilongjiang, Zhejiang, and Anhui are not the main producing areas of tungsten ore. Currently, the maintenance and restart costs of tungsten mines are relatively high, and the output of some old mines is gradually depleted . Small mines with associated tungsten resources will no longer be included in the total tungsten mining quotas, but will be allowed to move toward The reporting of tungsten ore output by the local provincial natural resources authorities may release the production capacity of small mines to meet part of the market demand.
Black tungsten concentrate prices continued to rise slightly, with an increase of 5.67% in four months.
The tight supply of tungsten ore has kept tungsten prices at high levels recently. According to SMM's quotation, on March 19, the average price of wolframite concentrate (≥65%) was 125,750 yuan/standard ton, which was the same as the previous trading day. As of March 19, wolframite concentrate (≥ 65%) average price had increased by 6,750 yuan/standard ton, an increase of 5.67%.
Notice of the Ministry of Natural Resources on Issuing the 2024 Tungsten Mine Mining Quotas (First Batch) is as follow：
Notice of the Ministry of Natural Resources on Issuing the 2024 Tungsten Mine Mining Quotas (First Batch)
Natural resources authorities of Inner Mongolia Autonomous Region, Heilongjiang Province, Zhejiang Province, Anhui Province, Fujian Province, Jiangxi Province, Henan Province, Hubei Province, Hunan Province, Guangdong Province, Guangxi Zhuang Autonomous Region, Yunnan Province, Shaanxi Province, Gansu Province, and Xinjiang Uygur Autonomous Region :
In order to protect and rationally develop advantageous mineral resources, in accordance with the relevant regulations on the management of specific mineral types for protective mining, the following matters are notified regarding the total quotas for the first batch of tungsten ore mining in 2024.
1. The total mining quota for the first batch of tungsten ore (tungsten trioxide content 65%, the same below) in 2024 is 62,000 tons. Please see the attachment for specific distribution.
2. The total amount of tungsten ore mining quotas no longer distinguish between main mining quotas and comprehensive utilization quotas. For mines whose main minerals are other minerals and associated tungsten ores registered in the mining license, and the tungsten resources are found to be large and medium-sized, the total mining quotas will continue to be issued and the allocation will be tilted. For small-scale associated tungsten resources, total mining quotas will no longer be issued, and mining enterprises will report tungsten ore output to the local provincial natural resources authorities.
3. The total amount of tungsten mining quotas shall be allocated to mining enterprises by the provincial natural resources authorities. Provincial natural resources authorities should establish an indicator allocation and dynamic adjustment mechanism to make the quotas issued more consistent with the actual mining conditions. For mines that have been out of production for a long time, the quota should be deducted and reallocated when production resumes.
4. Provincial-level natural resources authorities should organize the municipal and county-level natural resources authorities where mines are located to sign a responsibility letter for the implementation of total mining volume quotas with mining enterprises, clarify rights, obligations and liability for breach of contract, and comprehensively review the implementation of quotas and associated mines. Use the situation to conduct spot checks at a certain proportion to correct behaviors such as underreporting and underreporting of output.
5. Provincial-level natural resources authorities must decompose and issue the total tungsten mining quotas within 10 working days of this notice, and accurately calculate the actual output of mining enterprises (including small-scale associated tungsten mines that have not released quotas), the first batch of quotas will be broken down and issued and the production situation in the first five months will be reported to the Mining Rights Management Department of the Ministry of Natural Resources before June 20, 2024.
Ministry of Natural Resources
05 March 2024
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