Analysis of global mining policy development trends in 2024

Global mining polices have always been amid intense changes with the main trend of supply chain alignment, industrial chain localization, and sustainable development of mining cooperation mode in 2024. The global game of critical minerals has been intensifying. Developed economies are trying to adjust the mining supply chain, industrial chain and value chain to regions or groups with similar geography and values. The tense global competition for critical minerals leads to forming camps and fragmentation of the global resource governance system. It exacerbates the differentiation of competition and cooperation around the world. In accordance with national conditions and the current situation of mining development, resource-rich developing countries carry out macro-control of mining sector by reforming legal framework, and optimizing the management system to stimulate mining industry vitality. Part of resource-rich developing countries have strong demands for higher economic benefits and fairer profit distribution models. So, they have strengthened resource sovereignty and control and promoted the localization of industrial chains through new regulatory structures, more favorable fiscal and tax conditions, and more important roles for state-owned companies. At the same time, the pace of translating ESG concepts into practice has accelerated significantly. Developed countries have taken action to formulate standards and rules jointly. Resource-rich developing countries have also paid more and more attention to ESG practices. Therefore, the relevant laws, regulations and policy systems have become more stringent and standardized, leading to the development of the mining industry in the direction of sustainability.