Steelmakers Push Domestic Mining to Secure Supply
The China Iron and Steel Association convened a meeting with major domestic miners and regulators on Friday to discuss a plan to boost the country’s iron ore output. Attendees included officials from the NDRC and the Ministry of Industry and Information Technology, along with more than 20 major enterprises such as China Mineral Resources Group, Baowu Resources Co. Ltd. and Ansteel Group Corp. Ltd. Participants discussed issues such as land approval, mining rights renewal and ecological compliance costs.
China Opens REITs Market to Commercial Offices and Urban Renewal
China has expanded the asset scope of its infrastructure real estate investment trust (REIT) program to include Grade-A office buildings and urban renewal projects. The National Development and Reform Commission (NDRC) released the 2025 eligibility list Monday, adding two new categories and lifting the total number of qualified sectors to 15. The expansion supports Beijing’s efforts to broaden the range of infrastructure projects eligible for REIT financing. REITs allow income-generating infrastructure assets to be packaged into tradable units.
Simandou Iron Ore Mine Ships First Cargo to China
A bulk carrier loaded with iron ore from Guinea’s Simandou mine has departed for China, marking the commercial debut of the world’s largest untapped reserve of the steelmaking ingredient after decades of development challenges. The vessel, carrying 200,000 tons of high-grade ore, left the Morebaya Port on Guinea’s west coast at 5:30 p.m. local time on Tuesday, according to state-owned Aluminum Corp. of China Ltd. (Chinalco), a key stakeholder in the project. The shipment signals the opening of a new strategic supply corridor for China, which has long sought to reduce its reliance on Australian and Brazilian imports.
Jiangxi Copper Sees Bid for U.K.’s SolGold Rejected
Jiangxi Copper Co. Ltd. (600362.SH) has proposed acquiring the remaining shares of London-listed SolGold PLC, though its advances have been rebuffed. The Chinese miner, which already owns 12.19% of SolGold, submitted non-binding cash offers on Nov. 23 and Nov. 28, with the latest bid priced at 26 pence per share. The SolGold board rejected both proposals, and Jiangxi Copper stated that whether it will make a formal offer remains uncertain.
NEV Costs Set to Fall on Cheaper Lithium
Lithium carbonate prices are expected to remain stable at low-to-medium levels in the near term, aiding cost reductions for new-energy vehicles (NEVs) by 2026, according to Cui Dongshu, secretary-general of the China Passenger Car Association. Cui noted that international NEV demand growth is not strong, partly due to the elimination of $7,500 subsidies in the U.S. and policy shifts in Europe. He warned that the current profit structure — where battery and mining companies capture 85% of the auto sector’s total profits while automakers see margins shrink — is unsustainable.
Zijin Mining Founder Steps Down to Foster “System-Driven” Governance
Chen Jinghe, the founder of Zijin Mining Group Co. Ltd. (601899.SH), will step down as chairman to facilitate the company’s transition from a “founder-driven” to a “system-driven” enterprise. Chen, who declined nomination for the next board term citing age and family reasons, believes the new management team is mature enough to take over. He will be appointed honorary chairman and continue to advise on strategy.
