圣典矿业之三｜中国国际矿业投资发展情况简介：道路崎岖但充满机遇

Among China's outward FDI, investment in mining rights is an important part of its portfolio.

中国对外直接投资中，矿业权投资是其重要的组成部分。

Mining rights investment has its own characteristics in different countries, industries and periods, but also has regularity to follow.

矿业权投资在不同国家、不同行业、不同时期有其特点，同时也有规律性可循。

According to the needs of business development, the team of Sundy International Mining Rights Trading will systematically collect and collate timely information related to such field, so as to provide professional reference for institutions, organizations and individuals engaged in domestic and overseas mining rights trading.

圣典国际矿业权交易团队将根据业务发展的需要，系统收集整理与该领域有关的资料与数据，为从事海内外矿业权交易的机构、组织与个人提供参考。

This article only briefly introduces the development of China's overseas investment in the mining industry based on relevant statistics and academic research results in this year.

本文仅根据今年的有关统计数据与学术研究成果，简要介绍中国矿业海外投资的发展情况。

On September 28, 2023, the National Bureau of Statistics, the Ministry of Commerce and the State Administration of Foreign Exchange jointly released the "2022 Annual Statistical Bulletin of China's Outward FDI", which shows that: the annual net amount of China's outward FDI (flow) was US$163.1 billion, of which the international FDI flow to the mining industry was US$15.1 billion, accounting for 9.3% of the total amount, representing a year-on-year increase of 79.5% compared with the previous year, and the number of mergers and acquisitions(M&A) of outward investment transaction was 20, involving an amount of 5.43 billion U.S. dollars, accounting for 27.1% of the total volume, ranking  No.1 in terms of the amount of M&A of outward investment industries.

2023年9月28日，国家统计局，商务部和国家外汇管理局联合发布的《2022年度中国对外直接投资统计公报》中显示：全年中国对外直接投资（流量）净额为1631.亿美元，其中流向采矿业的国际直接投资为151亿美元，占总量的9.3%，较上年同比增长79.5%，采矿业对外投资企业并购的数量为20起，涉及金额54.3亿美元，金额占比27.1%，位列对外投资行业并购金额第一位；

China's outward FDI (stock) in the mining industry ranked 5th with US$210.23 billion, mainly in nonferrous and ferrous metal mineral exploitation, oil and gas extraction, and coal mining operations.

中国采矿业对外直接投资（存量）以2102.3亿美元，位居第五位，主要分布在有色金属和黑色金属矿采选，石油天然气开采，煤炭开采业务。

A research by Fudan University in Shanghai pointed out that China's mining industry has actively responded to General Secretary "Belt and Road" investment initiative, promoted the formation of a new development pattern with the domestic macro-cycle as the main body as well as the domestic and international double-cycle promoting each other, reshaping the new advantages in international cooperation and competition, just in the 1st half of 2023, the value of new contracts signed by Chinese enterprises in the metal and mining industry exceeded US$10 billion, 131% growth compared with the same period in 2022, which would be at a record level.

上海复旦大学研究报告指出，中国采矿业积极响应总书记“一带一路”投资倡议，推动形成以国内大循环为主体、国内国际双循环相互促进的新发展格局，重塑国际合作和竞争新优势，仅2023年上半年，中国企业在金属和采矿业的新签合同金额超100亿美元，与2022年同期相比增长131%，将达到创历史纪录的水平。

It can be seen that, despite the downside risks of international geopolitical tensions, the epidemic of Covid-19, increased international financial instability, and inflation, the global economy and outward investment in general declined sharply, but China's mining industry, with its huge domestic and foreign energy demand, outward investment to maintain a strong momentum.

由此可以看出，尽管受国际地缘政治紧张，新冠疫情，通货膨胀，国际金融不稳定因素增加等下行风险的影响，全球经济和对外投资普遍大幅下降的大环境下，但是中国采矿业凭借其国内外巨大能源需求，对外投资保持强劲势头。

From a historical macro perspective, the evolution of human society and civilization is, in a sense, the history of mankind's exploration and utilization of mineral resources.

从历史宏观的角度来看，人类社会文明史的演进某种意义上便是人类对矿产资源探索和利用的历史。

Mineral resources play an irreplaceable role in the process of human survival as well as sustainable development and occupy an important position in the national economy of each country (Xiaoliang Wang, 2022).

矿产资源在人类生存和可持续发展的过程中起到不可替代的作用，在各国的国民经济中占有重要的地位（王小亮，2022）。

As the world's No. 1 mining yield, consumption and trade country, China's mineral resources are important strategic resources that support national economic development and national security.

我国作为全球第一矿业生产、消费和贸易大国，矿产资源是支撑国民经济发展和国家安全的重要性战略资源。

With the rapid development of China's socio-economic development, the demand for mineral resources from all sectors is becoming more and more prosperous.

伴随中国社会经济的快速发展，各行各业对矿产资源的需求日益旺盛。

Currently, China is in the transitional shift from late industrialization to post-industrialization era, and its consumption of important mineral resources such as coal, copper, lead, zinc, and lithium accounts for more than 40% of the total global consumption (Han Quan et al., 2018).

目前我国正处于工业化后期向后工业化时代的过渡转变，对煤炭、铜、铅、锌、锂等重要矿产资源的消耗量占全球总消耗量的40%以上（韩权等，2018）。

Despite the vast territory of China, has been proved that a complete range of mineral resources, reserves, widely distributed, but due to China's large population base led to insufficient resources per capita, resource endowment conditions are relatively poor, some important mineral resources are scarce, as well as the price of the core mineral resources continue to go up and so on the conditions of the limitations of the domestic supply and demand contradiction is acute.

尽管我国幅员辽阔，已探明矿产资源种类齐全，储量丰富，分布广泛，但由于我国人口基数大导致人均资源量不足，资源禀赋条件相对较差，部分重要矿产资源稀缺、以及核心矿产资源价格不断走高等条件限制，导致国内供需矛盾尖锐。

At the same time, along with the optimization and upgrading of China's industrial structure, the research and development of high-tech industry production needs, the demand for mineral resources continue to adjust the structure of change, the existing domestic development of mineral resources has not been able to guarantee the high-quality development of Chinese economy and society, the demand for mineral resources is still in the high-speed growth.

同时，伴随我国产业结构的优化升级，高新技术行业的研发生产需要，对矿产资源的需求结构不断调整改变，国内现有的矿产资源开发已经无法保障我国经济和社会的高质量发展，对矿产资源的需求仍处于高速增长之中。

Consequently, in order to ensure national resource security and adequate resource guarantee for economic development, foreign investment in mineral resources is one of the important ways for China to participate in global resource allocation, which is a matter of national security and the global strategic layout of the industrial value chain.

因此，为确保国家资源安全，经济发展得到充分的资源保障，矿产资源的对外投资是我国参与全球资源配置的重要方式之一，攸关国家安全和产业价值链的全球战略布局。

Since the 1980s, China's first exploratory layout of overseas mineral investment in Australia's Chana iron ore mine, after decades of development, the total amount of China's foreign investment in mineral resources has made breakthrough progress, and the investment concept has tended to be mature and rational in the continuous exploration, attempts, failures, and summarization (Fang Hui et al., 2019).

自20世纪80年代，中国第一次对澳大利亚的恰那铁矿试探性布局海外矿产投资，经过几十年的发展，我国矿产资源对外投资总量取得突破性进展，投资理念在不断地探索、尝试，失败、总结中趋于成熟理性（方慧等，2019）。

Presently, China's offshore mining investment is widely distributed, covering six continents.

当前，中国境外矿业投资分布广泛，涵盖全球6大洲。

As of the end of 2022, China's FDI stock in the mining industry in Asia was US$119.92 billion, accounting for 6.6% of the total investment, ranking 5th in terms of industry composition, while the figures for the other continents were: Africa, US$9.72 billion, ranking 2nd, accounting for 23.8%; Europe, US$21.01 billion, ranking 3rd, accounting for 14.9%; North America, US$19.67 billion, ranking 2nd, accounting for 19%; and Oceania, $17.44 billion, ranked first, accounting for 42.2%.

截至2022年末，中国采矿业在亚洲的直接投资存量为1199.2亿美元，占投资总量的6.6%，位列行业构成第五位，其次分别是：非洲，97.2亿美元，排名第二，占23.8%；欧洲，210.1亿美元，排名第三，占14.9%；北美洲，196.7亿美元，排名第二，占19%；大洋洲，174.4亿美元，排名第一，占42.2%。

Regarding the number of outward investment projects alone, more than 36% of the investment projects are located in Oceania, followed by Africa (22%), Asia (18%), North America (12%), South America (9%), and Europe (6%).

单就对外投资的项目数量而言，超36%的投资项目分布在大洋洲，其次是非洲（22%）、亚洲（18%）、北美洲（12%）、南美洲（9%）、欧洲（6%）。

Specifically, more than 90% of the most important mineral rights and interests in Oceania are distributed in Australia, and the types of investment mines include iron ore, nickel, copper, etc. Australia is also one of the countries with the largest number of outbound investment projects in China's mining industry.

具体而言，大洋洲最主要的矿产权益资源的90%以上分布在澳大利亚，投资矿种包括铁矿，镍矿，铜矿等，澳大利亚也是我国采矿业对外投资项目数量最多的国家之一。

Africa is China's mining industry OFDI in the best efficiency of the region, the value of its equity resources and the average resource income of a single project compared to other continents stand for the first, is China's mining industry overseas investment in one of the popular destinations, the number of projects ranked second, after Oceania，and control 28% of Africa's copper production as well as 41% of the cobalt production, the main investment for countries are the Congo, South Africa and Sierra Leone, the key investment types are copper, iron and cobalt, bauxite and other mineral resources.

非洲地区是我国采矿业境外投资效益最好的区域，其权益资源价值和单个项目的平均资源收益相较于其他各大洲为首位，是中国采矿业海外投资的热门目的地之一，项目数量仅次于大洋洲，位列第二，控制了28%的非洲铜产量以及41%的钴产量，主要的投资国家为刚果、南非和塞拉利昂，重点投资矿种为铜，铁，钴，铝土等矿产资源。

Canada and the United States in North America are important producing countries for lead, zinc, copper and iron ore, and the number of Chinese companies investing in mineral resource projects in Canada is the second largest investment target after Australia.

北美洲的加拿大和美国是铅、锌、铜和铁矿石重要的产地国家，中国企业对加拿大的矿产资源项目投资的数量仅次于澳大利亚，是排名第二的投资目标。

Mining interest resources in the Asia region are mainly located in Indonesia, Afghanistan and Tajikistan, with key investments in nickel and copper ores.

亚洲地区采矿权益资源主要分布在印度尼西亚、阿富汗和塔吉克斯坦，重点投资矿种为镍矿和铜矿。

The main mineral investment countries in South America are Peru, Argentina and Brazil, and the main investment minerals are copper, iron and lithium.

南美洲主要的矿产投资国为秘鲁、阿根廷和巴西，主要投资矿产为铜、铁、锂等。

Russia and Serbia in the European region are the countries with the highest number of China's mineral outbound investments, mainly acquiring mineral resources such as copper, gold and lead-zinc ores.

欧洲地区的俄罗斯和塞尔维亚是中国矿产对外投资数量最多的国家，主要获取的矿产资源为铜、金、铅锌矿等。

With the in-depth implementation of the national strategy of "One Belt, One Road", the Chinese government has actively adjusted and improved a series of measures to encourage Chinese enterprises and individuals to invest overseas in the countries along the route, such as support service policies, investment management policies, foreign exchange management policies, and fiscal and taxation financial policies (Ma Qiyao, 2020).

随着“一带一路”国家战略的深入贯彻落实，中国政府积极调整和完善支持服务政策，投资管理政策，外汇管理政策以及财税金融政策等一系列举措鼓励中国企业和个人到沿线国家开展海外投资（马启尧，2020）。

Since 2021, our government has proposed to strengthen international cooperation in the field of mineral resources, and actively promote bilateral cooperation mechanisms with countries and regions in the Middle East, Africa and Russia, etc. Therefore, in addition to the top ten target countries of China's foreign investment in the mining industry, i.e., Australia, Canada, Mongolia, Zambia, South Africa, the Democratic Republic of the Congo (DRC), Kyrgyzstan, Chile, Indonesia, and Peru, etc., it should also keep paying attention to the investment information of Kazakhstan, Saudi Arabia, Russia, Liberia and other policy-oriented countries and regions, in order to ensure the realization of the enterprise's own strategic objectives while reducing the risk of foreign investment in mineral resources to enhance the feasibility and success rate of the investment project, and to maximize the benefits of the enterprise.

自2021年我国政府提出加强矿产资源领域的国际合作，积极推动与中东、非洲以及俄罗斯等国家和地区的双边合作机制，因此除了中国采矿业对外投资的十大目标国即：澳大利亚、加拿大、蒙古国、赞比亚、南非、刚果（金）、吉尔吉斯斯坦、智利、印度尼西亚和秘鲁等国家之外，还应该持续关注哈萨克斯坦、沙特阿拉伯、俄罗斯、利比里亚等政策偏重的国家和地区的投资资讯，在保障企业本身战略目标实现的同时，降低矿产资源对外投资风险从而提升投资项目的可行性和成功率，实现企业效益最大化。

Jiangsu Sundy Law Firm International Mining Rights Trading Center has set up a composite professional team to provide a full range of services such as mining rights trading, mineral resources evaluation, and legal and regulatory consulting, etc. Timely access to and release of the hot-spot information and investment policies in the field of domestic and foreign, provide full service of the mineral investment process, and help to reduce the risk of investment in mineral rights.

江苏圣典律师事务所国际矿业权交易中心，组建复合型专业团队，提供矿业权交易、矿产资源评估服务以及法律法规咨询等全方位服务，及时了解与发布国内外矿业投资领域热点资讯及投资政策，全程服务矿产投资过程，帮助降低矿业权投资风险。

References:

参考文献：

Fang Hui, Song Yujie. Host Country Risk and China's Outward FDI: An Examination Based on 43 Countries Along the "Belt and Road"[J]. Journal of Shanghai University of Finance and Economics, 2019, 21(05):33-52.

方慧，宋玉洁.东道国风险与中国对外直接投资——基于“一带一路”沿线 43 国的考察[J]. 上海财经大学学报，2019，21(05):33-52.

HAN Quan, JIANG Dong, FU Jingying, LIN Gang. Study on the risk index of energy and mineral resources investment in sub-Saharan Africa along the "Belt and Road"[J]. Science and Technology Herald, 2018, 36(03):108-116.

韩权，江东，付晶莹，林刚.“一带一路”沿线撒哈拉以南非洲地区能矿资源投资风险指 数研究[J].科技导报，2018，36(03):108-116.

Wang Xiaoliang. Research on the Evolution of Spatio-Temporal Pattern of China's Mining OFDI and Location Selection [D]. China University of Mining and Technology, 2022.

王小亮.中国矿业对外直接投资时空格局演变于区位选择研究[D].中国矿业大学，2022.

Ma Qiyao. Research on Risk Management of Yunnan Enterprises' Investment in Mining Industry in Laos-Taking Yunnan Lead International as an Example [D]. Yunnan University of Finance and Economics, 2020.

马启尧.云南企业对老挝矿业投资风险管理研究—以云铅国际为例[D].云南财经大学，2020.

Author's Profile

作者简介

Zhenghe Jia: Mr. Jia is an senior lawyer and registered director of Sundy Law Firm. He has a bachelor's degree in Coalfield Geological Exploration and a master's degree in Hydrology and Engineering Geology, with the professional and technical titles of engineer and senior economist. He has 14 years of working experience in central coal mining enterprises, of which 10 years are engaged in the management of well construction geology and engineering technology. He has worked as a lawyer for 25 years, and has served as the legal advisor of many central and local large-scale enterprises, and as the legal advisor of many provincial and municipal governments.

贾政和简介：圣典律师事务所律师、注册主任，煤田地质勘查专业本科毕业、水文与工程地质专业硕士研究生毕业，具有工程师、高级经济师专业技术职称。在中央煤矿企业14年工作经验，其中10年从事建井地质与工程技术管理工作。从事律师工作25年，先后担任多家中央和地方大型企业法律顾问，担任省市区多家政府法律顾问。

Author's Profile

作者简介

Jitong Ji: Intern lawyer of Sundy Law Firm, graduated with double degrees in Law and International Economics and Trade, Master's Degree in National Economy and Management (Research Focus: Law and Taxation in Cross-border Mergers and Acquisitions) from EBS European Business School, Germany, with professional certificates of Legal Professional Qualification and Securities Industry Qualification. Having 6 years of overseas study experience in Italy, Spain, Germany and other countries, he is proficient in Chinese, English and German, and is able to assist in handling foreign-related legal cases.

伋基通简介：圣典律师事务所实习律师，法学、国际经济与贸易双学位本科毕业，德国EBS欧洲商学院--国民经济管理学（研究重点：跨国并购过程中法律与税收研究）硕士研究生，具有法律职业资格，证券业从业资格等专业证书。拥有6年海外留学及生活经历，先后游学于意大利、西班牙、德国等国，熟练掌握中、英、德三国语言，能够协助办理涉外法律案件。