Legal information

On May 25, the Ministry of Natural Resources launched a dynamic update of the mineral resources industry during the “15th Five-Year Plan”. Don’t think that this is just statistics from administrative agencies. It directly determines the “gold content” of your mineral rights. The country will cover more than 80% of the country's resources and redefine reserve data. If you are still using old data for financing or trading, it is very easy to get into trouble. This survey is a key step in the implementation of the new Mineral Resources Law, which means that mining management will shift from "static approval" to "dynamic supervision", and the true value of your mine will be re-examined.

Many mining rights holders mistakenly believe that they can sit back and relax after obtaining a mining license. However, this update focuses on the re-evaluation of strategic minerals and low-grade resources. On the one hand, associated resources may turn waste into treasure due to technological breakthroughs and increase recoverable reserves; on the other hand, if environmental protection and safety supervision does not meet standards, "increased wealth" will become the target of rectification. The state promotes "increasing reserves and production" and has less tolerance for "circulating without exploring". If the authenticity and availability of resources cannot be proven, they will face huge obstacles in the future extension of mineral rights and mortgage financing, and may even be withdrawn.

Facing the “big bottom-up”, Yingting Mining Lawyers reminded to take immediate action: first, review the reserve data and ask professional institutions for pre-assessment to ensure that the report is consistent with reality and avoid legal risks; second, re-evaluate the value of low-grade resources, study the latest standards, explore profit growth points or improve compliance ratings; third, keep up with the time node and actively cooperate with the investigation. Companies that proactively disclose and make compliance rectifications will receive priority in the subsequent allocation of mineral rights. Remember, the purpose of finding out your family fortune is to survive more stably in the shuffle.

The following is the full text of the article:

The “15th Five-Year Plan” dynamic update of mineral resource information has been launched

On May 25, the Ministry of Natural Resources held a national deployment mobilization meeting for the dynamic update of the mineral resource profile during the “15th Five-Year Plan” period. It put forward specific requirements for continuing to deepen the dynamic update of the mineral resource profile based on the previous continuous investigation of the national conditions of mineral resources, and conducted training on the survey content, task division, and technical routes of the overall work.

The meeting emphasized that the work of dynamically updating the mineral resources profile is a need to implement the newly revised "Mineral Resources Law of the People's Republic of China" and the "Implementation Regulations of the Mineral Resources Law of the People's Republic of China" and optimize mining administration. It is an important measure to optimize resource allocation and promote the increase of reserves and production. It is of great significance to the "15th Five-Year Plan" mineral prospecting breakthrough strategic action.

According to the meeting, this dynamic update focuses on strategic mineral large and medium-sized mining areas, taking into account small mining areas. In principle, the surveyed mining areas cover more than 80% of the national resources; the main tasks are 10 items including dynamic evaluation of potential, annual update of mining area conditions, re-evaluation of associated low-grade difficult-to-use resources, census of residual resources, quarterly statistics of new resources, assessment of energy resource bases and national planned mining areas, and fine evaluation of coal availability. The Ministry of Natural Resources will make overall arrangements for this and organize relevant leading units to provide technical support.

The meeting requested that we should make full use of the existing work foundation and carefully study the summary and expression of results. At the same time, strengthen organization and coordination to ensure the quality of work results and complete tasks in strict accordance with time nodes.

Relevant leaders and personnel from the China Coal Industry Association, the Natural Resources Departments of various provinces (autonomous regions and municipalities), the Natural Resources Bureau of the Xinjiang Production and Construction Corps, the Resource Evaluation Department of the China Geological Survey, the Institute of Mineral Resources of the Chinese Academy of Geological Sciences, and relevant departments and units of the Ministry of Natural Resources participated in the meeting in an "online + offline" format.

Source: Ministry of Natural Resources