在关注中国新能源汽车产业及法律人在其中扮演的角色后，ALB将视线投向新能源汽车这一火爆行业的最上游——矿产资源。两位长期投身于矿业领域的法律专业人士向我们分享了中国矿企近些年的“出海”之路、面临的法律风险，以及法律人的保驾护航之道。
矿产资源是“工业的粮食”，对于当下迅猛发展的新能源汽车行业来说更是如此。
伴随过去十年电动汽车行业的快速发展，中国企业在新能源矿业领域的海外“找矿”、并购步伐也在加速。根据财新数据，“2013年到2022年的十年间，中资在海外布局的锂矿项目超过50个，投资地集中于澳大利亚、南美、东南亚和非洲等地”。
“中国的新能源行业，例如新能源汽车企业，持续往上游追索、力图强化整个供应链，但中国缺乏钴、镍、锂这三种对动力电池正极材料尤为关键的金属，自身资源已无法支撑飞速增长的行业需求，因此整个新能源汽车产业链上下游企业要到境外获取资源。我们相信只有控制源头才能控制结果。”浙江华友钴业股份有限公司法务总监张江波表示，近些年出海找矿、投资建厂的潮流，也给华友钴业进一步发展、打造产业一体化带来了契机。
竞天公诚律师事务所合伙人龙艳梅律师从2008年开始长期服务于中国矿业央企、民企，帮助企业“走出去”。她观察到，中国企业不仅掌握大量先进技术，在海外布局方面也有显著竞争力，“较早全球布局、锁定上游供应而获得的优势已传导到行业下游，因此新能源已经成为中国在世界上的一张名片”。
上拓资源、下拓市场
据张江波介绍，华友钴业自2002年成立以来，经历了两轮国际化发展，第一轮从2003年起前往非洲等地寻找、获取矿物资源，第二轮则以近两年为代表，“不光要上拓资源，更要下拓市场，在境外加强供应链的建设，而在这一轮走出去的过程中，我们特别感受到了海外政策端的压力”。
“例如2018年时我们去印度尼西亚进行红土镍矿资源的开发时，印尼红土镍矿资源主要是开采或初炼后运输回国进行深加工，当时印尼镍资源开发在政策法律层面的难度和挑战不大。”
但不久后，“印尼政府看到碳达峰、碳中和已成为全球大势所趋，以及新能源汽车产业汹涌澎湃不可阻挡之势，而印尼的红土镍矿资源在全球数一数二，镍对于三元正极材料、高镍动力电池乃至新能源汽车发展来说至关重要。”张江波说，印尼政府意识到，全球矿企当时仅在印尼开采、没有更多往下游延伸，因此国内产业链相对单一，没有带来更多的产值、税收和就业机会。由此，印尼政府对镍矿资源产业进行了重新定位，于2020年全面禁止镍原矿出口，倒逼外国公司必须在印尼境内进行深加工、提炼镍资源，这需要包括华友在内中国企业必须改变和调整在印尼的业务发展模式。
张江波介绍，华友选择以技术创新应对政策变化，独辟蹊径采用“高压酸浸”技术进行红土镍矿湿法冶炼，该工艺耗电量相对较低、对低品位镍矿的利用率高，实现了低碳、绿色、可持续的资源开发，让华友获得更多关注，也因此有机会在印尼与本地矿业企业、国际车企、电池企业开展了更多在镍资源开发上的业务或股权合作，加强了在供应链源头的保障，从而打造了从矿山资源开采到绿色冶炼、到前驱体制造、再到正极材料生产的一体化产业链。
“矿就是米，冶炼厂就是锅，有锅没米，饭都煮不成。”龙艳梅律师形象地比喻道。中国企业在新能源汽车下游有了技术层面的提升后，会不断向上游追溯。“虽然近些年疫情、俄乌冲突、中美地缘政治博弈等因素造成了复杂的环境，铁矿等传统大宗商品的市场比较沉寂，但中国矿企相对比较活跃，也带动了全球钴、镍、锂等矿产资源的交易。”
而在中国境内，找矿行动也在政府的支持下逐步推进。张江波介绍道，钴和镍资源在中国十分稀缺，而青海、江西等地均有锂资源，因此华友钴业也在寻找更多锂资源，不过国内锂矿石品位较低，开发成本较高。“当地政府和国企也在积极盘活锂矿资源，因此华友在与地方合作时，不仅寻求资源开发合作，更是通过资源打造锂电新能源材料工厂，帮助政府打造锂电材料产业链，形成良好产业生态。”这是华友推动国内找矿的一种合作方式。
风险重重
不过，两位专业人士均表示，中国企业在新能源汽车整体产业链方面占据优势的同时，也面临着不少挑战和风险。
“华友进入印尼比较晚，矿山资源大多在一些国际知名矿企和印尼国有企业手中，如果要与这些企业合作，ESG与合规是最大挑战。国际知名大型车企通常有非常精细化的管理，对潜在合作方ESG与合规管理均有极高标准。国际知名车企在与潜在合作方进行正式合作前，需要对潜在合作方进行全面的ESG与合规等尽职调查，只有潜在合作方通过他们的ESG与合规等尽职调查，方可以开展正式商业合作。虽然华友在2020年开始做ESG与合规工作，但距离一些欧美百年车企的标准还有差距，我们必须正视差距、拿出ESG与合规的计划和方案，才能拥有更多的业务发展机会与空间。”张江波说。
他还补充道，随着中国在印尼镍产业发展版图中的角色越来越重要，其他国家的竞争压力增大，在技术、人力方面难以赶超中国企业时，欧美便开始打政治牌，间接通过政府、国际组织及相关团体来牵制、打压中国企业，而印尼政府考虑地缘政治的影响，希望更多地引入欧美日韩企业参与印尼镍资源开发。面对这样的内外部压力，华友钴业通过自身技术优势和产业优势，协助印尼政府吸引更多美国、欧洲、韩国等合作方来到印尼，为印尼推动产业升级和发展绿色经济，抢抓全球新能源汽车产业发展机遇，贡献了华友的力量；另一方面更是积极响应国家“一带一路”倡议，积极“走出去”参与国际产能合作，打造高质量共建“一带一路”新标杆。
龙艳梅律师在长期与中国企业合作的过程中也注意到，矿企往往面临着较高的政治风险。“中国企业找矿更多是在发展中国家，比如非洲的津巴布韦、刚果（金），还有东南亚的印尼等，这些发展中国家政治势力相对分化，较容易出现政府更迭、政党之间的博弈；还有一些国家的财政收入主要来自于矿产，在资源主权和民族主义兴起时，资源与政治是紧密挂钩的，矿产很容易沦为政治博弈的工具，政客常常需要利用矿业项目去展现自己与外资抗衡的能力，从而吸引选票。因此，一些国家矿业政策出现变化，往往是政治风险的外化。此外，政治风险往往会叠加地缘政治博弈，近些年，在非洲参与的多个项目中，也或多或少看到了地缘政治博弈的影子。”
“另外，一些资源国受到疫情的影响，财政收入在减少，公共服务的需求在增长，财政预算随之增加。在新增投资减少或是放缓的情况下，政府可能通过调整矿产存量项目的商业条件，比如以合规作为突破口、寻求重新谈判商业条件的机会，从而增加资源国的财税收入。”龙律师补充到。
矿业中的法律人
虽然存在诸多风险，为进一步完善新能源领域的全球供应链优势，中国矿企仍会继续坚持出海策略，在此背景之下，法律人又如何为其保驾护航？
张江波表示，国际局势、地缘政治、政策法规变化都给中国出海企业带来很大影响，从公司法务角度，首先要做的是进行充分的宏观政策法规的研究和分析。“比如美国出台《通胀削减法案》后，法务与投资、财务、业务部门共同研究，为公司对外投资合作提供决策依据，并做好风险应对的安排和措施；又如欧盟新电池法案对电池碳足迹和电池回收材料提出很高要求，直接影响华友产业布局，我们要积极研究相关政策法规，更快更好适应这种变化。当然在上述政策法规研究分析过程中，我们一方面求助国际律所等中介机构，一方面也跟产业链的合作伙伴进行密切的沟通和探讨，听取他们的分析和意见。”
“我们的新一轮国际化投资项目将开始转向欧洲、美国、韩国等发达国家，这些国家的法律法规、产业政策的要求对我们来说是全新的，而且是高标准、高要求。因此我们在去一个国家之前，首先要做投资法律环境调研，要更有前瞻性和预判性，不打无准备之仗，做到知己知彼。”
“此外，华友在对外投资时对法务合规提出很高要求，因此我们的投资项目到哪里，我们的法务必须到哪里。”张江波说，华友的前期团队到境外开拓新项目或合作时，法务就会跟着去一线，而不是留在后方。项目落地后，除了我们外派中方法务常驻境外项目现场，还要招募懂当地语言和法律的法务人员，同时要储备和聘请当地律师团队，以“1+1+1”的模式形成法务合规的支持力量。
龙艳梅律师认为，海外矿业项目对投资人的操盘手、公司法务和外部律师的专业要求都很高，要有宽阔的视野并能提出切实解决方案。
对于矿企在海外的存量项目，龙律师认为合规较容易成为风险点，建议外部律师注重合规相关业务，跟踪企业的合法合规动态，参与到重大合同、重大法律问题的法律意见书撰写，“这对律师来说既是开拓业务，也是协助企业规避风险”。
另外，考虑到很多矿业项目分布在非英语国家，能够熟练运用法语、英语两门外语工作的龙律师认为在掌握英语的同时，有小语种背景的律师可以从一些特定国家的业务切入，打造自己的差别化优势，在竞争激烈的境外并购等业务中脱颖而出。
“最后还是要多积累。每个项目都有其特殊性、难度不一样，多做一些项目能帮助你更好地理解矿业，提升综合专业能力。”龙律师说。
MAJOR PLANS OF MINERS
Following our earlier coverage of China’s burgeoning new energy vehicle industry and the pivotal role played by legal professionals, ALB now shifts its focus to mineral resources, the upstream sector of the thriving electric vehicle (EV) industry. Two experienced legal professionals in the mining industry share their insights into the recent globalisation efforts of Chinese mining companies, shedding light on the legal risks they encounter and the vital support offered by legal professionals.
Mineral resources are the lifeblood of various industries, especially the rapidly evolving electric vehicle (EV) industry. Over the past decade, the swift growth of the EV sector has spurred Chinese companies to accelerate their efforts in prospecting for mines and engaging in overseas mergers and acquisitions within the mining field. According to Caixin data, “from 2013 to 2022, Chinese investors have invested in over 50 lithium mining projects overseas, primarily in Australia, South America, Southeast Asia, Africa, and other regions.”
China's new energy industry, including EV manufacturers, consistently strives to strengthen the entire supply chain by focusing on the upstream sector. However, China faces a shortage of crucial metals like cobalt, nickel, and lithium, essential for power battery cathode materials. Its domestic resources are no longer sufficient to meet the rapidly growing industry demand. Consequently, both upstream and downstream companies across the EV industry chain are compelled to seek resources overseas. Zhang Jiangbo, Legal Director of Zhejiang Huayou Cobalt Co., Ltd., says: “We believe that only by controlling the source can we control the outcome.” He emphasises that the recent trend of Chinese companies venturing overseas to prospect for mines and invest in factories has created opportunities for Huayou to develop further and achieve industrial integration.
Long Yanmei, partner at Jingtian & Gongcheng, has been advising China's state-owned enterprises (SOEs) and private enterprises in the mining industry since 2008, assisting them in their global expansion efforts. She noted that Chinese companies possess not only a significant number of advanced technologies but also substantial competitive advantages when establishing a presence overseas. “The advantages gained from early investment in overseas markets and securing upstream supply have already trickled down to the downstream sector. New energy has now become one of China's prominent calling cards worldwide,” says Long.
RESOURCES AND MARKETS
According to Zhang, Huayou has undergone two waves of internationalisation since its establishment in 2002. The first wave commenced in 2003 and involved the company exploring Africa and other regions in search of mineral resources. The second wave took place in the past two years. Zhang explains, “We not only need to explore resources from our upstream suppliers but also expand markets downstream to bolster supply chains overseas. In this recent global expansion, we have keenly felt policy pressure from foreign authorities.”
For instance, when Huayou ventured to Indonesia to explore laterite nickel ore resources in 2018, the ore resources were primarily exploited through mining or preliminary processing in Indonesia before being shipped back to China for further processing. During that time, there were minimal policy and legal challenges concerning the exploitation of nickel resources in Indonesia.
However, shortly after, “the Indonesian government recognised the global trend towards carbon peaking and carbon neutrality, realising that the continued development of the EV industry was inevitable,” Zhang elaborates. Indonesia possesses some of the world's largest reserves of laterite nickel ore, a critical component for ternary cathode materials, high-nickel power batteries, and the overall advancement of electric vehicles. The Indonesian government became aware that global mining companies were merely exploiting resources in Indonesia without extending the benefits downstream. Consequently, Indonesia's domestic industry chain remained singular, contributing little to output value, tax revenue, and employment opportunities. To address this, the Indonesian government repositioned the nickel ore resource industry, altogether banning the export of nickel raw ore in 2020 and mandating foreign companies to conduct deep processing and refining of nickel within Indonesia. This necessitated Chinese companies like Huayou to adjust their business development models in Indonesia.
Zhang further shares that Huayou chose to respond to these policy changes through technological innovation, developing a unique technique using “high-pressure acid leaching” for wet smelting of laterite nickel ore. This process, consuming less power and utilising a higher rate of low-grade nickel ore, facilitates low-carbon, green, and sustainable development of resources. Huayou's innovative approach garnered attention, creating opportunities for the company to establish more business partnerships or equity deals in nickel development with local mining companies, international automobile manufacturers, and battery companies in Indonesia. Such collaborations enhanced supply chain security, creating an integrated industry chain from mining resource extraction to environmentally-friendly smelting, precursor manufacturing, and, ultimately, cathode material production.
“The mine is like rice, while the smelting factory is like the pot. Without rice, you cannot cook a meal,” says Long. After Chinese companies made technical advancements in the downstream sector of the EV industry, they naturally progressed upstream. Despite the complexities arising from the pandemic, the Russia-Ukraine conflict, and geopolitical tensions between China and the United States in recent years, Chinese mining companies have remained quite active. This activity has propelled deal-making on the global stage for cobalt, nickel, lithium, and other mineral resources, even as traditional commodity markets such as iron ore have been relatively quiet.
On the domestic front, mineral prospecting activities steadily advance with government support. Zhang notes that cobalt and nickel resources are highly scarce in China, while lithium resources are available in regions such as Qinghai and Jiangxi. Consequently, Huayou is actively searching for more lithium resources. However, domestic lithium ore is of lower grade and requires higher development costs. “Local governments and SOEs are actively leveraging lithium resources,” Zhang states. Hence, when collaborating with local governments, Huayou seeks not only cooperation in resource development but also aims to utilise resources to establish lithium battery factories. This initiative assists local governments in building a lithium battery material industry chain and fostering a robust industry ecosystem. This cooperative approach by Huayou promotes domestic mineral prospecting.
HIGH RISK
On the other hand, both Zhang and Long believe that while Chinese companies possess advantages across the overall EV industry chain, they also face numerous challenges and risks.
“Huayou entered Indonesia relatively late. By then, most of the mining resources were already in the hands of internationally renowned mining companies and Indonesia’s state-owned enterprises. If we wish to collaborate with these companies, ESG and compliance pose as the two major challenges,” says Zhang. “Internationally renowned large car manufacturers uphold highly refined management practices and maintain exceptionally high standards regarding ESG and compliance management for potential partners. Before formalising any collaboration with potential partners, they conduct comprehensive ESG and compliance due diligence. They only engage in formal business cooperation with those potential partners who successfully pass such due diligence. Huayou initiated its ESG and compliance efforts in 2020, but there is still a gap between our standards and those of century-old European and American car manufacturers. We must acknowledge this disparity and develop our ESG and compliance plans and programs to open up more business development opportunities and space.”
Zhang further emphasises that as China plays an increasingly significant role in developing Indonesia's nickel industry, other countries are experiencing heightened pressure due to escalating competition. When it becomes challenging to keep up or surpass Chinese companies in terms of technology and manpower, European and U.S. companies resort to leveraging political strategies, indirectly using governments, international organisations, and related groups to limit or suppress Chinese companies. Considering geopolitical influence, the Indonesian government also aims to attract more European, American, Japanese, and Korean companies to develop nickel resources in Indonesia. Confronted with such internal and external pressures, Huayou leverages its technological and industrial advantages to support the Indonesian government in enticing more partners from the US, Europe, South Korea, and so on to invest in Indonesia. This way, Huayou contributes its part to Indonesia’s initiatives for industrial upgrading, green economy development, and seizing global development opportunities in the EV industry. Concurrently, Huayou actively responds to the calls of the Belt and Road Initiative, venturing overseas to engage in international production capacity cooperation, striving to establish new benchmarks for high-quality joint construction and collaboration.
Drawing from her extensive cooperation with Chinese companies, Long also highlights the elevated political risks frequently faced by mining companies. “Chinese companies typically seek mineral resources in developing countries, such as Zimbabwe and the Democratic Republic of the Congo in Africa, and Indonesia in Southeast Asia, among others,” she says. “These developing countries often experience more fragmented political landscapes and are susceptible to government changes and political party conflicts. Furthermore, some countries heavily rely on fiscal revenue generated from mineral resources. During heightened resource sovereignty and nationalism, the nexus between resources and politics strengthens, making mineral resources easily subject to political influences. Politicians frequently utilise mining projects to showcase their ability to stand against foreign investors, garnering support from domestic voters. Consequently, shifts in mining policies in some countries often reflect external manifestations of political risks. Additionally, political risks are often intertwined with geopolitical tensions. In recent years, numerous projects involving Africa have been more or less overshadowed by geopolitical considerations.”
She adds, “Moreover, the pandemic has impacted resource-rich countries, resulting in decreased fiscal revenue amid growing demands for public services and expanding fiscal budgets. As new investments decline or slow down, governments of resource-rich nations may adjust the commercial terms of existing mining projects. They might cite compliance as an excuse to opportunistically renegotiate terms and conditions, thereby augmenting their fiscal and tax revenue.”
LEGAL PROFESSIONALS’ ROLE
Despite the myriad risks, Chinese mining companies are determined to advance their global supply chain advantages in the new energy sector through international expansion. How can legal professionals support these companies?
According to Zhang, the shifting dynamics on the international stage, geopolitics, and alterations in policies and regulations significantly impact Chinese companies venturing overseas. For in-house counsel, the first imperative is to conduct comprehensive research and analysis of macro policies and regulations. “For instance, following the introduction of the Inflation Reduction Act in the US, our in-house team collaborated with the investment, finance, and business departments to conduct in-depth studies. These studies provided a foundation for decision-making regarding the company’s foreign investment cooperation, enabling us to formulate risk response strategies,” Zhang explains. He also cites the EU’s new batteries regulation as an example, highlighting its substantial impact on Huayou’s industrial planning. To swiftly adapt to such changes, understanding and studying relevant policies and regulations are crucial. This involves consulting international firms, and intermediaries, and maintaining close communication with partners along the industry chain to seek their analyses and opinions.
“In our latest round of international investment projects, we have shifted our focus to developed regions such as Europe, the US, and South Korea. The laws, regulations, and industrial policies in these regions are entirely new to us, characterised by high standards and stringent requirements. Therefore, before entering any country, we conduct proactive and forward-looking research on the legal environment for investment in that specific country. Meticulous preparations allow us to comprehensively grasp the relevant situation,” Zhang adds.
Moreover, Huayou prioritises legal compliance when investing abroad. The in-house team follows their investment projects wherever they go. Zhang shares that when Huayou's early-stage business team embarks on exploring new projects or cooperation abroad, the in-house team is at the forefront rather than remaining in the background. After a project is initiated, apart from stationing Chinese in-house counsel in the host country of the overseas project, Huayou also recruits in-house counsel proficient in the local language and laws. Simultaneously, the company forms and engages a team of local lawyers to support legal compliance efforts further.
Long underscores that overseas mining projects necessitate professionals, both in-house counsel and external lawyers, to possess a broad perspective and propose pragmatic solutions. Concerning existing overseas projects of mining companies, Long suggests that compliance often becomes a critical risk point. She recommends that external lawyers focus on compliance-related business, closely monitor the legal compliance dynamics of companies, and actively contribute to drafting legal opinions on major contracts and key legal matters. “This not only translates into business development for lawyers but also aids companies in risk mitigation,” she notes.
Furthermore, considering that many mining projects are situated in non-English-speaking countries, Long, proficient in both French and English, suggests that lawyers with knowledge of another foreign language can specialise in the business of certain countries. This specialisation enables them to differentiate themselves in the fiercely competitive landscape of overseas mergers and acquisitions.
“Ultimately, lawyers need to amass more experience. Each project presents its own unique and intricate challenges. Engaging in more projects helps lawyers deepen their understanding of the mining industry and enhance their comprehensive professional capabilities,” concludes Long.
