(A) the concept of mineral exploration capital market

Mineral exploration capital market is an integral part of the mining capital market, which refers to the place where mineral exploration subjects (including investors) raise and finance funds. Under normal circumstances, the act of raising and financing mineral exploration funds is called mineral exploration investment and financing, that is, mineral exploration subjects (including investors, exploration subjects and intermediary companies) take the initiative to engage in mineral exploration fund raising and fund use in the exploration capital market.

Judging from the actual situation of mineral exploration and development, there are different investment and financing methods and sources of funds in different stages of mineral exploration and development. The biggest characteristics of investment and financing in exploration stage are high risk, small capital demand and high return on investment or successful investment, but there are relatively few investment and financing methods to choose from. In the development stage, the capital demand is large, the risk degree is low, the return on capital is declining, and there are many financing methods to choose from. After the mine is put into production, it will be a new stage of mining development, and the capital demand is manifested in liquidity and debt repayment.

(2) Form

Mining capital market can be divided into tangible market and intangible market. Tangible market, such as capital security market such as stock exchange; Intangible markets, such as mining loans from financial institutions and stock issuance of mining enterprises. The mineral exploration capital market is an integral part of the mining capital market, which is basically the same as the mining capital market in form.

(3) The main components of the mineral exploration capital market

Under the condition of market economy, there are generally three types of exploration capital markets: investors (including capital operators), production operators and intermediaries.

The range of investors is very wide, which can be direct or indirect, including the government, various financial institutions, enterprises, individuals and intermediary investors. Investors form the top of the pyramid to explore the capital market.

Capital operators, in the field of mineral resources exploration and development, are mainly various mineral resources companies. These resource companies are extremely flexible and have strong communication skills. They can make ends meet, mainly by dredging the relationship with investors and combining with producers and operators through contracts. This kind of company is generally composed of only a few people, including first-class geologists and mining engineers, mining economic experts and legal experts. They look around for mining and exploration projects that are suitable for development and have growth potential, apply for obtaining or purchasing mineral rights, and then use their own woven networks, brokerage companies and independent consulting companies to raise funds needed for mineral resources exploration and development through financing methods such as stock exchanges. As a capital operator and a mining owner, he is not directly engaged in specific business activities such as prospecting and mining, but a large number of mineral discoveries are actually recorded in his account.

Producers and operators, that is, companies engaged in geological exploration technology and labor services, generally carry out specific production and business activities by signing contracts with mineral resources companies. These three subjects influence and interact with each other, and through their benign interaction, a perfect, reputable and efficient mineral exploration capital market is formed, which promotes the sustained and healthy development of mining economy and exploration economy.

Intermediary is one of the indispensable subjects of mineral exploration capital market, and it is an economic organization that provides services for mineral exploration production and prospecting right trading. Generally, it includes: mining right evaluation institutions, mineral reserves evaluation institutions, geological exploration consulting institutions, law firms, accounting firms and some mineral exploration institutions.

In China, the main body of mineral exploration capital market is special, that is, the government, state-owned mining enterprises, companies, state-owned geological prospecting units and individuals are all investors in mineral exploration; The producers and operators of mineral exploration are mainly state-owned geological prospecting units and some mining enterprises; Third-party service system In addition to intermediaries, the government also provides some services.

Second, the status of China mineral exploration capital market

So far, China has not established a relatively independent and complete capital market system for mineral exploration. However, with the improvement of China's capital market construction, the embryonic form of mining capital market began to appear. In the mining capital market, from the perspective of investment in exploration projects, mineral exploration projects account for only a few compared with development projects. Not to mention the listing of exploration companies (there is no independent exploration company listed in China). Generally speaking, the lack of mineral exploration capital market in China restricts the development of commercial mineral exploration.

(1) China's geological prospecting system reform lags behind the mining system reform, and the slow progress of commercial mineral exploration is an institutional obstacle to the financing of mineral exploration capital.

In the planned economy period, the geological prospecting system did not completely withdraw from the historical stage, which more or less affected and restricted the improvement and reform of the new system. However, with the establishment and gradual improvement of China's market economic system, the way of raising and investing commercial mineral exploration funds has changed greatly. Entities engaged in mineral exploration and management have not completely got rid of the shackles of the old system and are not the main body of the exploration market. This makes it difficult for these geological prospecting units to survive and develop through capital market financing like enterprises. It can be imagined that mineral exploration operators who are not qualified for market competition can carry out capital operation under the conditions of market economy.

(B) legal and policy environment factors lead to financing difficulties.

Since the reform and opening up, our government has attached great importance to improving the investment environment and made unremitting efforts in all aspects. However, the investment environment for mineral exploration still leaves much to be desired. For example, Article 6 of the Mineral Resources Law of People's Republic of China (PRC) stipulates that the prospecting right holder "has the priority to obtain the mining right of mineral resources in the exploration operation area". Foreign investors believe that even if the prospecting right is obtained, there are still many uncertain factors whether the mining right can be finally obtained. Another example is the separation of exploration rights and mining rights in China. Although the law stipulates that the prospecting right holder has the priority of mining right, if the mining right is not obtained in the end, the law does not clearly stipulate how to compensate the initial investment, how to compensate and to whom. These problems have caused obstacles to financing to varying degrees, and they are also the concerns of domestic investors.

(3) The mining capital market has a single level and narrow financing channels.

At present, there is no exploration investment and financing board in China, and there is no small and medium-sized mining enterprise board. A single-level mining capital market is not conducive to the financing of mineral exploration and development, so it is necessary to establish a multi-level mining capital market. Because the multi-level capital market conforms to China's current mining economic structure and meets the requirements of China's mining economic transformation, it is also an important arrangement for China's capital market to improve its own structure and resolve financial risks. Of course, the establishment of multi-level capital market is only the beginning, and how to operate and manage it is the biggest problem.

(D) The lack of mining investment institutions, venture exploration investment fund has not yet been established.

Although China's fund market is developing rapidly, there is no special risk exploration investment fund in China at present. China Mining established gold fund, silver fund and oil and gas exploration fund in the last century. The gold development fund is a special fund set up by the state to support the development of the gold industry. Approved by the State Council, it was converted into the capital of China Gold Corporation and became the state-owned asset of China Gold Corporation. The silver fund no longer exists; Oil and gas exploration funds are extracted by enterprises, which are mainly used for oil and gas exploration of oil and gas enterprises, and are not real "investment funds". In recent years, the relevant departments of local governments have established different forms of geological prospecting funds, but they are not investment funds in a complete sense.

(5) Mining intermediary service institutions are not perfect, and multi-level, wide-ranging and all-round intermediary institutions have not yet been established.

Intermediary service institutions are indispensable media in the operation of market economy. Without the positive role of intermediaries, it is impossible for any company to be directly listed on the stock exchange, so it is necessary to turn to intermediaries that provide professional services for listing. In fact, the listing rules of stock exchanges generally stipulate that there should be independent intermediaries to package, evaluate, recommend and guide listed companies. Due to the slow development of China's mining capital market, it is obvious that the intermediary agencies serving it are also quite immature and imperfect. The listing and trading places of resource companies have not yet been established, the stock trading market of mining companies has not yet developed, there are no supporting listing rules, no mining professionals, and there is a lack of due supervision and protection; The status and role of mining professional associations have not been fully exerted, the comprehensive quality and knowledge level of appraisers need to be improved, the business scope, influence and authority of appraisal institutions need to be strengthened, and the appraisal software and hardware equipment need to be improved.

Three, the development of China's mining capital market construction suggestions

Mineral exploration is the starting point of mining life cycle and an important link of mining development, which should be highly valued by the state and society. In addition to institutional obstacles, mineral exploration has high prospecting risk and insufficient funds for risk exploration, which requires the strong support of mining capital market.

(1) Strengthen the infrastructure construction of the mining capital market, establish and improve various laws and regulations, and promote the development of this capital market.

Conscientiously implement the Opinions of the State Council on Promoting the Reform, Opening-up and Stable Development of the Capital Market (Guo Fa [2004] No.3), support the standardized development of securities and stock trading institutions, continuously expand the service business, build a trading platform for the mining industry, especially solve the financing problem of mineral exploration funds, and provide services for mineral exploration activities. Actively explore the establishment of mining rights futures market and standardize mining rights trading behavior.

(two) vigorously support the non-public sector of the economy to enter the field of commercial mineral exploration.

Conscientiously implement the Opinions of the State Council on Encouraging, Supporting and Guiding the Development of Non-public Economy (Guo Fa [2005] No.3), study, formulate and improve relevant policies, supporting measures and encouraging measures to relax the market access of non-public economy in the field of mineral exploration, and form a policy environment system to promote the development of non-public economy mining.

(3) Deepening the reform of geological prospecting investment system.

Fully implement the Decision of the State Council on the Reform of Investment System (Guo Fa [2004] No.20), improve and standardize the examination and approval system and filing system of mineral exploration investment projects, and truly implement the autonomy of mineral exploration investment. Standardize the scope, form and investment behavior of government investment in mineral exploration, important minerals and blocks, and improve government investment efficiency and scientific and democratic decision-making level.

(four) actively cultivate and standardize the mining rights market, and promote the construction of mining rights market.

First, we must strengthen the awareness of mining rights operation. On the one hand, it is necessary to clarify the property rights of mining rights, especially the property rights of exploration rights; On the other hand, it is necessary to strengthen the market awareness and legal awareness of mining rights holders, master basic common sense and skills of mining rights operation, and learn to protect the legitimate rights and interests of mining rights holders. The second is to standardize the operation of mining rights market, including improving the laws, systems, procedures and market rules of mining rights circulation, and providing rules and basis for mining rights market transactions. Third, the establishment of mining rights trading information publishing platform to achieve social sharing of mining rights trading information.

(five) actively encourage mining rights holders to enter the mining capital market to participate in financing.

First, formulate relevant policies to lower the threshold or conditions for exploration companies to enter the capital market. Second, it is necessary to ensure the rational distribution of mining rights transfer income, and smoothly convert the mining rights transfer income formed by state investment into state capital. Third, we should give appropriate autonomy. Mainly refers to the autonomy in the use of exploration funds, mainly including: geological exploration funds, central and local financial input, mineral resources compensation fees, land and resources survey funds, market input (including foreign investment) and so on. Allow self-arrangement and independent use. Fourth, give corresponding relief policies to mining rights holders. Such as: mining tax reduction and exemption policy, land occupied by exploration and development, loan for use and transfer price of mining rights.

(six) to speed up the pace of reform and development, clear the main position of the mining capital market.

First, promote the integration of mining companies (or mineral resources), form mining groups, form scale operations, and improve the core competitiveness and risk exploration investment ability of mining companies. This integration can also consider integrating the exploration technical strength of state-owned geological prospecting units. Second, through the separation of government from enterprise, the pace of structural adjustment and organizational reconstruction of geological prospecting industry should be accelerated, and a modern geological prospecting enterprise system should be established according to the requirements of market subject of market economy, so as to establish its market subject position.