At the end of the first quarter of 2025, the mining and beneficiation pharmaceutical industry has delivered a report of accelerated transformation under the multiple effects of policies, technology, and market. The market share of traditional sodium cyanide has fallen below 70% for the first time, and the proportion of environmentally friendly chemicals has exceeded 30%; The export market maintains strong growth, with demand concentrated in emerging production areas such as Central Asia and West Africa; Multiple technological routes have achieved milestone breakthroughs, laying a solid foundation for the long-term development of the industry. This issue provides you with a comprehensive review of industry trends in the first quarter and an outlook on trends in the second quarter.

1、 First quarter policy review: Green threshold fully raised

1.1 Domestic Policies: Quantitative Goals Clarified for the First Time

In the first quarter, multiple policy documents related to mineral processing reagents were intensively issued at the national level

• JanuaryThe National Development and Reform Commission has included "low toxicity, non-toxic, biodegradable new mineral processing agents" in the encouraged category of the "Guiding Catalogue for Industrial Structure Adjustment (2025 Edition)", releasing clear policy signals

• FebruaryThe Ministry of Industry and Information Technology and eight other departments jointly issued the "Plan for Promoting Stable Growth of the Raw Material Industry", requiring the completion of green substitution of mineral processing agents in key mining areas by 2027

• MarchThe Ministry of Natural Resources has officially released the "Green Mine Construction Standards (Revised Edition 2025)", which proposes for the first time a quantitative target for the green substitution rate of mineral processing agents: no less than 30% for new mines, and 50% by 2028

Policy interpretationFor the first time at the national level, quantitative requirements have been put forward for the substitution rate of mineral processing reagents, marking the industry's transition from "encouragement and guidance" to "rigid constraints". It is expected that from 2025 to 2028, environmentally friendly beneficiation agents will release a market space of about 8-10 billion yuan.

1.2 International Policy: Global synchronized tightening

• European UnionOn March 24th, the cyanide authorization process was officially launched, and from September 2026 onwards, all companies using cyanide must obtain specialized authorization

• CanadaThe Federal Tailings Management Act has passed its third reading, setting limits on the residual concentration of highly toxic chemicals in tailings, and requiring harmless reclamation to be completed within 20 years after mine closure

• GhanaOn March 28th, the cyanide import permit system will be implemented, with an annual decrease of 5% in the total import volume until a cumulative decrease of 40% by 2030

• ChileOn March 29th, the "Priority Procurement Catalogue for Green Mineral Processing Agents" was released, and state-owned enterprises must prioritize the procurement of products within the catalogue

Global TrendsThe main gold producing and consuming countries have simultaneously tightened cyanide regulation, creating a policy resonance effect, and the global substitution of environmentally friendly mineral processing agents is irreversible.

2、 Technological progress in the first quarter: frequent milestone breakthroughs

2.1 Commercialization verification of glycine gold extraction completed

landmark eventGreenGold Australia announced on March 15th that its glycine gold extraction technology has completed six consecutive months of industrial operation and officially entered the commercial stage.

key data：

• Average gold leaching rate: 89.2% (cyanide method 85.5%)

• Cost per ton of mineral reagents: $2.5 ($2.3 for cyanide method)

• Drug recovery rate: 83%, achieving recycling

• Tailings toxicity: meets the strictest environmental standards

industry evaluationThis is the world's first cyanide free gold extraction technology that has completed industrial validation, marking the first time that environmentally friendly chemicals have achieved substantial cost catch-up with traditional cyanide methods.

2.2 Release of Fourth Generation Thiosulfate Stabilizers

landmark eventCyPlus, a Canadian company, announced on March 25th that the fourth generation thiosulfate stabilizer has officially been supplied to the global market.

technological breakthrough：

• Half life of medication: extended from 72 hours to over 300 hours

• Ammonia volatilization: reduced by 85%

• Drug consumption: reduced by 40%

market reactionChile's National Copper Company has signed the first batch of 2000 ton procurement agreements for the process renovation of its three copper gold mines.

2.3 Industrial design completed by bio chemical coupling technology

landmark eventMintek Research Institute in South Africa and Anglo American Resources jointly announced that the basic design of the first industrial device for "thermophilic bacteria pretreatment+thiourea leaching" has been completed.

Project Planning：

• Design annual processing capacity: 1 million tons

• Processing object: A high arsenic gold mine in Ghana (As 4.5%)

• Expected recovery rate: over 85%

• Expected production: by the end of 2026

2.4 Multiple domestic technologies have been appraised

• Central South University - Shandong Huangjin: "Nano lotion type micro fine gold collector" passed the appraisal of China Gold Association, and the flotation recovery rate increased by 13.5%, reaching the international leading level

• Changchun Gold Research InstituteThe laboratory validation of the "high arsenic gold ore selective inhibitor" has been completed, which can reduce the arsenic content in gold concentrate from 2.5% to below 0.3%

• Beijing Mining and Metallurgy Technology GroupThe pilot test of "complex copper gold thiosulfate leaching process" was completed in a mine in Xizang, with a recovery rate of 91.2%

3、 First quarter market data: Environmental protection share exceeds 30% for the first time

3.1 Export Market: Continued High Growth Trend

According to data from the General Administration of Customs, the export value of mineral processing agents in China reached 292 million US dollars in January and February 2025, a year-on-year increase of 34%. The export value of environmental protection products increased by 45% year-on-year, accounting for 39% of the total export value, reaching a historical high.

Performance of major export markets：

Q1 export forecastIt is expected that the cumulative export value from January to March will exceed 450 million US dollars, a year-on-year increase of over 30%.

3.2 Domestic market: Environmental protection share exceeds 30% for the first time

According to the statistics of the China Nonferrous Metals Industry Association, the domestic market size of mineral processing agents in January and February 2025 is about 780 million yuan, a year-on-year increase of 8.8%. among which

key milestoneThe total proportion of environmental protection categories has broken through for the first time30%, reaching 30.8%, an increase of nearly 5 percentage points from the end of 2024.

3.3 Price trend: Traditional products rise, environmental protection remains stable

trend analysisTraditional products are affected by the dual effects of rising raw material prices and shrinking production capacity, resulting in higher prices; Due to technological advancements and economies of scale, the prices of environmentally friendly products have remained stable with a slight decrease, and the cost gap continues to narrow.

4、 Q1 Enterprise Dynamics: Accelerated Mergers and Acquisitions Integration

4.1 Major strategic investments and mergers and acquisitions

4.2 Dynamic Capacity Expansion

• Shandong Jinyi30000 tons/year environmental beneficiation agent base in Xinjiang, expected to be put into operation in Q4 2025

• Zhonghua Blue SkyThe 50000 ton/year base in Yueyang, Hunan is expected to be put into operation in Q2 2026

• Jiangsu QiangshengYunnan 20000 tons/year project, expected to be put into operation in Q3 2025

• Hubei XingfaYichang 15000 tons/year technical renovation, expected to be completed in Q3 2025

4.3 Strategic Adjustment of International Giants

• BASFSigned a strategic cooperation agreement with Barrick Gold, and completed industrial validation of thiosulfate technology in Tanzania

• SolvayAnnounced the joint construction of Africa's first bio based mineral processing agent production base with Congo (Kinshasa) Mining Company

• Win CreationRelease of a new generation of glycine gold extraction aid

• AshlandComplete the divestment of traditional sodium cyanide business and fully shift towards environmentally friendly mineral processing agents

5、 Q1 Regional Observation: Emerging markets perform outstandingly

5.1 Central Asia: Explosive Demand Growth

Kazakhstan and Uzbekistan's imports of mineral processing agents from China increased by 56% year-on-year in the first quarter, with environmental protection accounting for 71%. The Navoi Mining Consortium in Uzbekistan has completed the bidding for a cyanide free gold mine project, with a total investment of 520 million US dollars and an annual consumption of approximately 15000 tons of environmentally friendly chemicals.

5.2 West Africa: Accelerating the Development of Difficult Resources

Ghana, Mali, and Burkina Faso saw a year-on-year increase of 42% in imports in the first quarter, with environmental protection accounting for 52%. Ghana's first cyanide free gold mining project has started construction, with a total investment of 480 million US dollars, and will become a demonstration project for green mining in West Africa.

5.3 South America: Comprehensive Launch of Copper and Gold Mine Renovation

The Chilean National Copper Company has launched the thiosulfate process renovation of five copper gold mines, with a total investment of 350 million US dollars. After completion, it will reduce the use of cyanide by 12000 tons per year and increase the demand for environmental protection chemicals by 25000 tons.

6、 Q2 Outlook: Three Major Trends Worth Attention

6.1 Trend 1: Environmental substitution enters an accelerated period

The EU authorization process has been launched, and new regulations on green mining in China have been implemented. The exit speed of traditional sodium cyanide will exceed expectations. It is expected that by the end of 2025, the market share of environmentally friendly mineral processing agents will increase from 30.8% in the first quarter to around 35%.

6.2 Trend 2: Technology Fusion Becomes Mainstream

A single technological route is difficult to cope with complex ores, and the integration of multiple technologies such as "pretreatment+environmental leaching", "bio chemical coupling", and "flotation leaching synergy" will accelerate industrialization. Multiple fusion technology projects are expected to enter the pilot or industrialization stage in the second quarter.

6.3 Trend 3: Overseas layout accelerates comprehensively

With the concentrated release of demand from emerging gold producing areas and the emphasis on the security of key mineral supply chains in various countries, Chinese pharmaceutical companies will accelerate their overseas production capacity layout. It is expected that 3-5 companies will announce plans to build overseas factories in the second quarter.

Conclusion: Strategic choices during the window period

In the first quarter of 2025, the mining and beneficiation pharmaceutical industry has delivered a report card of accelerated transformation. The three forces of policy driven, technological breakthroughs, and market demand are reshaping the industry landscape.

For pharmaceutical companies, the second quarter is a critical window period for seizing market share, expanding overseas production capacity, and reserving next-generation technologies. For mining companies, the selection of mineral processing agents is shifting from "cost considerations" to "strategic decisions" - it not only determines the current economy, but also affects future compliance capabilities, ESG ratings, and capital market valuations.

The choice of medicine is the choice of the future. 在这场深刻的行业变革中，唯有主动应变者，方能行稳致远。