01、Overview of legal due diligence on domestic mining rights
Since 2021, the prices of mineral resources at home and abroad have reached record highs, with the investment and mergers and acquisitions（M&A）activities of domestic and foreign mining enterprises have become increasingly active, accompanied by the continuous support of the national mineral resources policy and a series of development and management policies carried out by the state to safeguard the security of the supply chain of mining capacity. Due to the different focuses of different countries in terms of industrial policies, national security, development restrictions, ESG strategies, macroeconomics, etc., which leads to huge differences in the legal due diligence of mining rights transactions between domestic and foreign countries, this article will discuss the legal due diligence of domestic mining rights transactions in particular.
自2021年以来，国内外矿产资源价格屡创新高，伴随国家矿产资源政策的不断支持以及对维护矿业产能供应链安全开展一系列开发管理的统筹政策，境内外矿企的投资并购活动日趋活跃。由于不同国家在产业政策、国家安全、开发限制、ESG战略、宏观经济等方面的侧重点不同，导致矿业权交易的法律尽职调查在境内和境外存在巨大的差异，本文将特别仅对境内矿业权交易的法律尽职调查作出探讨。
China's domestic mining rights transactions mainly refers to the form of equity M&A, asset acquisitions or joint ventures to carry out cooperative exploration, joint development and similar ways to realize the investment and control of the target mining enterprises, is to alleviate the contradiction between the supply and demand of domestic mineral resources, and to achieve the transformation and upgrading of the mining enterprises is an important initiative (Shang kunguang et al., 2013). The national "13th Five-Year Plan" clearly puts forward that the "13th Five-Year Plan" is a key period for China's nonferrous metal industry to transform and upgrade, improve quality and efficiency, and enter the ranks of the world's nonferrous metal industry power, and must adhere to the "innovation-driven, quality-first, green development, green development, and innovation" for a long time. Quality first, green development, integration of the two and open cooperation" five basic principles, strong support for technological innovation of mining enterprises to achieve industrial restructuring and upgrading, the closure and elimination of technologically backward and environmentally destructive mining enterprises, and give play to the market forcing mechanism, guiding small and medium-sized mines to restructure, mergers and acquisitions and restructuring and transformation and conversion of production. In the same year, the Ministry of Industry and Information Technology of the People's Republic of China ("MIIT") issued a report on the issuance of the non-ferrous metal industry development plan (2016-2020), which pointed out that in order to realize the sustainable development of the mining industry in terms of large-scale development and intensive utilization, it is necessary to promote the in-depth integration of mining enterprises in the region to improve the degree of concentration of the industry, and strengthen the integration of business, process re-engineering, and encourage the integration of small and medium-sized mines. business integration, process reengineering, and encourage the upstream, downstream and cross-industry joint reorganization of mining enterprises. Under the support of a series of national strategic level policies, only in the 10 years from 2010 to the end of 2019, the effective mining rights transfer transactions in the country have offered 11,300 prospecting rights and 29,423 mining rights in the primary market, and transferred 4,034 prospecting rights and 12,177 mining rights in the secondary market. Such a huge scale of market transactions forces the legal due diligence of mineral rights transactions to dig as deeply as possible into the real operating information and business insider of the target company, to confirm the legality of the flow of mineral rights and the controllability of the risk, so as to make a relatively fair judgment on the value and price of the transaction (Huining, 2018).
我国境内矿业权交易主要是指通过股权并购，资产收购或者合资经营的形式开展合作勘探、共同开发等方式实现对目标矿企的投资和控制，是缓解国内矿产资源供需矛盾，实现矿企产业转型升级的重要举措（尚坤广等，2013）。国家“十三五”规划明确提出，“十三五”是我国有色金属工业转型升级、提质增效，迈入世界有色金属工业强国行列的关键时期，必须长期坚持以“创新驱动、质量为先、绿色发展、两化融合和开放合作”五项基本原则，大力支持矿山企业技术创新实现产业转型升级，关闭淘汰技术落后和环境破坏严重的矿山企业，发挥市场倒逼机制，引导中小型矿山债务重组、兼并重组和转型转产。同年，中华人民共和国工业和信息化部（简称“工信部”）发布关于印发有色金属工业发展规划（2016-2020年）中指出为实现矿业规模开发、集约利用的可持续化发展，要深度推进区域矿山企业的深度整合，提高产业集中度，加强业务整合，流程再造，鼓励开展矿山企业上下游及跨产业联合重组。在一系列国家战略层面政策的支持下，仅2010年至2019年底的10年间，全国有效的矿业权流转交易在一级市场共出让探矿权11300起、采矿权29423起，；在二级市场共转让探矿权4034起，采矿权12177起。如此庞大的市场交易规模，迫使矿业权交易的法律尽职调查尽可能深入挖掘目标公司真实的经营信息和商业内幕，确认矿业权流转的合法性和风险的可控性，从而对交易的价值和价格作出相对公允地判断（惠宁，2018）。
Compared with the legal due diligence of investment transactions in other industries within the territory, mining rights, due to the characteristics of the separation of ownership and use rights, (i.e., the state through the granting of mineral rights to achieve the allocation of mineral resources and the maintenance of the state as the main body of the rights and interests of the mineral owners, the mineral rights holder only within the scope of approval to implement effective exploration and exploitation) makes the legal due diligence of mining rights, in addition to reference to the common problems of the general market enterprises, should also be focus on the acquisition and circulation of mineral rights, and the legal issues related to the government's administrative behavior derived therefrom (Li Berlin et al., 2003). Specifically, the legal due diligence of mining rights transaction not only includes the investigation of the general industry on the company law, contract law, property law, intellectual property law, labor law and other traditional areas of law, but also needs to involve the review of mineral resources law, environmental protection law, production safety law, land law and other special industry laws. In other words, the subject of legal due diligence for mining rights transactions is not only the "company legal person" itself, to ensure the compliance of the subject of the target company, the authenticity of the assets and the legitimacy of the transaction procedures, but also to include the "governmental administrative behavior" into the due diligence object. Compared with traditional corporate due diligence, it is more hidden, procedural, risky, comprehensive and so on, which requires the subject of due diligence (usually a team of professional lawyers) to have basic knowledge of the mining industry and more comprehensive legal capabilities.
相较于境内其他产业的投资交易的法律尽职调查，矿业权因其所有权与使用权相分离的特点，（即国家通过出让矿业权，实现对矿产资源的配置和维护国家作为矿产所有者权益的主体，矿业权人仅在审批范围内实施有效勘探开采）使得矿业权法律尽职调查除参考一般市场企业的共性问题外，还应重点关注矿业权的取得和流转，并由此衍生的政府行政行为相关法律问题（李柏林等，2003）。具体而言，矿业权交易法律尽职调查，不仅包含一般行业对公司法，合同法，物权法，知识产权法，劳动法等传统领域的法律要点的调查，还需要涉及对矿产资源法，环保法，安全生产法，土地法等特殊行业的法律审查。换句话说，矿业权交易法律尽职调查的主体不仅是“公司法人”本身，确保目标公司主体的合规性，资产的真实性以及交易程序的合法性，还需要将“政府行政行为”纳入尽职调查对象之中，因而相较于传统企业的尽职调查，则更具有隐蔽性、程序性、风险性、综合性等特点，需要尽职调查的主体（一般为专业律师团队）具备基本的矿业知识和更全面的法律能力。
Summarizing the writings of relevant scholars at home and abroad, this paper provides a preliminary general definition of legal due diligence for mineral rights transactions, that is, in the process of mining rights transactions, the two parties to the main body of the transaction in order to reduce the asymmetry of the target company's access to information, one or both parties to hire a professional and independent third-party legal team to make a diligent and prudent investigation of the project, as far as possible, to form a more real, comprehensive and systematic understanding of the target company and knowledge, and thus reduce or even avoid the transaction risks. The basis for making a feasible decision on the whole process or a certain stage of the transaction is to minimize or even avoid the risk of the transaction. It can be seen that the legal due diligence of mining rights transaction becomes a crucial and irreplaceable work, which directly determines the feasibility of the mining rights transaction itself and whether the investment purpose can be realized (Shang Kunguang et al., 2013).
综合国内外相关学者的著作论述，本文初步对矿业权交易法律尽职调查作出一般定义，即在矿业权交易过程中，交易主体双方为降低对目标公司信息获取的不对称性，一方或双方聘请专业且独立的第三方法律团队对项目做出勤勉而审慎性地调查，尽可能对目标公司形成更真实，全面，系统地了解和认知，进而降低甚至避免交易风险，最终对交易的全过程或某个阶段作出可行性决策的依据。由此可以看出，矿业权交易的法律尽职调查成为一项至关重要且不可替代的工作之一，直接决定了矿业权交易本身的可行性以及投资目的能否实现的关键（尚坤广等，2013）。
The content of legal due diligence on mining rights transactions not only includes the common content of legal due diligence on companies, i.e. mining enterprises as general corporate subjects, the establishment and articles of association, subject qualification, shareholders' status, payment of registered capital, annual tax review, company business registration, registration of the ownership of company assets, shareholders' meeting, board of directors' meeting, supervisory board's previous resolutions and minutes, intellectual property rights registration, major contracts of the company, compliance review, personnel regulation, whether there is any litigation or arbitration. Compliance review, standardization of personnel employment, review of the existence of litigation or arbitration. At the same time, the core of due diligence needs to be placed on the compliance and legality of the flow of mining rights of the target mining enterprise, including but not limited to the exploration license and mining license, the safety production of the mining enterprise, the comprehensive evaluation of environmental protection, the governmental approving documents, and the review of administrative penalties of the governmental departments and so on (Zhang Jiyong et al., 2023). The systematic review of legal compliance through the above mentioned legal aspects reduces the systematic risks brought about by information asymmetry between the two parties, such as cash collateralized debt, personnel cost burden, legal defects of assets and mining properties, and other objective obstacles to the realization of the value of the mineral rights of both parties to the transaction.
矿业权交易法律尽职调查的内容不仅包含公司的法律尽职调查的共性内容，即将矿业企业作为一般公司主体，对其设立和章程，主体资格，股东情况，注册资本的缴纳，税务年审情况，公司工商登记，公司资产权属登记，股东会、董事会、监事会历次决议和纪要，知识产权登记，公司重大合同合规审核，人事用工的规范，是否存在诉讼或仲裁的审查。与此同时，尽职调查的核心更需要放在目标矿企的矿业权流转的合规性和合法性，包括但不限于勘查许可证和采矿许可证，矿企安全生产情况，环境保护综合评价，政府审批性文件，政府部门的行政处罚等审查（张继勇等，2023）。通过上述一系列的法律层面上合法合规性地系统性审查从而降低将以双方因信息不对称而带来的系统性风险，例如担保债务现金，人员成本负担，资产和矿业权属法律瑕疵等阻碍交易双方矿业权价值实现的客观障碍。
In this paper, we will comprehensively organize the common content of domestic and foreign legal due diligence on mining rights transactions, combined with Jiangsu Sundy Law Firm mining rights transactions team's on-site practical work experience, summarize and organize the legal due diligence on mining rights transactions need to pay attention to the core of the key points. Considering that the readers of this article are mostly professional lawyers, we have specially placed the special industry due diligence of mining rights before the general enterprise due diligence, in order to provide readers with more efficient and practical information.
本文将综合整理国内外矿业权交易法律尽职调查的共性内容的基础上，结合江苏圣典律师事务所矿业权交易团队的现场实务工作经验，总结整理出矿业权交易法律尽职调查需要关注的核心要点。考虑到本文的读者群体多为专业律师，因此特地将矿业权的特殊行业尽职调查置于一般企业尽职调查之前，以期为读者提供更高效实用的信息。
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境内矿业权法律尽职调查概况
Since 2021, the prices of mineral resources at home and abroad have reached record highs, with the investment and mergers and acquisitions（M&A）activities of domestic and foreign mining enterprises have become increasingly active, accompanied by the continuous support of the national mineral resources policy and a series of development and management policies carried out by the state to safeguard the security of the supply chain of mining capacity. Due to the different focuses of different countries in terms of industrial policies, national security, development restrictions, ESG strategies, macroeconomics, etc., which leads to huge differences in the legal due diligence of mining rights transactions between domestic and foreign countries, this article will discuss the legal due diligence of domestic mining rights transactions in particular.
自2021年以来，国内外矿产资源价格屡创新高，伴随国家矿产资源政策的不断支持以及对维护矿业产能供应链安全开展一系列开发管理的统筹政策，境内外矿企的投资并购活动日趋活跃。由于不同国家在产业政策、国家安全、开发限制、ESG战略、宏观经济等方面的侧重点不同，导致矿业权交易的法律尽职调查在境内和境外存在巨大的差异，本文将特别仅对境内矿业权交易的法律尽职调查作出探讨。
China's domestic mining rights transactions mainly refers to the form of equity M&A, asset acquisitions or joint ventures to carry out cooperative exploration, joint development and similar ways to realize the investment and control of the target mining enterprises, is to alleviate the contradiction between the supply and demand of domestic mineral resources, and to achieve the transformation and upgrading of the mining enterprises is an important initiative (Shang kunguang et al., 2013). The national "13th Five-Year Plan" clearly puts forward that the "13th Five-Year Plan" is a key period for China's nonferrous metal industry to transform and upgrade, improve quality and efficiency, and enter the ranks of the world's nonferrous metal industry power, and must adhere to the "innovation-driven, quality-first, green development, green development, and innovation" for a long time. Quality first, green development, integration of the two and open cooperation" five basic principles, strong support for technological innovation of mining enterprises to achieve industrial restructuring and upgrading, the closure and elimination of technologically backward and environmentally destructive mining enterprises, and give play to the market forcing mechanism, guiding small and medium-sized mines to restructure, mergers and acquisitions and restructuring and transformation and conversion of production. In the same year, the Ministry of Industry and Information Technology of the People's Republic of China ("MIIT") issued a report on the issuance of the non-ferrous metal industry development plan (2016-2020), which pointed out that in order to realize the sustainable development of the mining industry in terms of large-scale development and intensive utilization, it is necessary to promote the in-depth integration of mining enterprises in the region to improve the degree of concentration of the industry, and strengthen the integration of business, process re-engineering, and encourage the integration of small and medium-sized mines. business integration, process reengineering, and encourage the upstream, downstream and cross-industry joint reorganization of mining enterprises. Under the support of a series of national strategic level policies, only in the 10 years from 2010 to the end of 2019, the effective mining rights transfer transactions in the country have offered 11,300 prospecting rights and 29,423 mining rights in the primary market, and transferred 4,034 prospecting rights and 12,177 mining rights in the secondary market. Such a huge scale of market transactions forces the legal due diligence of mineral rights transactions to dig as deeply as possible into the real operating information and business insider of the target company, to confirm the legality of the flow of mineral rights and the controllability of the risk, so as to make a relatively fair judgment on the value and price of the transaction (Huining, 2018).
我国境内矿业权交易主要是指通过股权并购，资产收购或者合资经营的形式开展合作勘探、共同开发等方式实现对目标矿企的投资和控制，是缓解国内矿产资源供需矛盾，实现矿企产业转型升级的重要举措（尚坤广等，2013）。国家“十三五”规划明确提出，“十三五”是我国有色金属工业转型升级、提质增效，迈入世界有色金属工业强国行列的关键时期，必须长期坚持以“创新驱动、质量为先、绿色发展、两化融合和开放合作”五项基本原则，大力支持矿山企业技术创新实现产业转型升级，关闭淘汰技术落后和环境破坏严重的矿山企业，发挥市场倒逼机制，引导中小型矿山债务重组、兼并重组和转型转产。同年，中华人民共和国工业和信息化部（简称“工信部”）发布关于印发有色金属工业发展规划（2016-2020年）中指出为实现矿业规模开发、集约利用的可持续化发展，要深度推进区域矿山企业的深度整合，提高产业集中度，加强业务整合，流程再造，鼓励开展矿山企业上下游及跨产业联合重组。在一系列国家战略层面政策的支持下，仅2010年至2019年底的10年间，全国有效的矿业权流转交易在一级市场共出让探矿权11300起、采矿权29423起，；在二级市场共转让探矿权4034起，采矿权12177起。如此庞大的市场交易规模，迫使矿业权交易的法律尽职调查尽可能深入挖掘目标公司真实的经营信息和商业内幕，确认矿业权流转的合法性和风险的可控性，从而对交易的价值和价格作出相对公允地判断（惠宁，2018）。
Compared with the legal due diligence of investment transactions in other industries within the territory, mining rights, due to the characteristics of the separation of ownership and use rights, (i.e., the state through the granting of mineral rights to achieve the allocation of mineral resources and the maintenance of the state as the main body of the rights and interests of the mineral owners, the mineral rights holder only within the scope of approval to implement effective exploration and exploitation) makes the legal due diligence of mining rights, in addition to reference to the common problems of the general market enterprises, should also be focus on the acquisition and circulation of mineral rights, and the legal issues related to the government's administrative behavior derived therefrom (Li Berlin et al., 2003). Specifically, the legal due diligence of mining rights transaction not only includes the investigation of the general industry on the company law, contract law, property law, intellectual property law, labor law and other traditional areas of law, but also needs to involve the review of mineral resources law, environmental protection law, production safety law, land law and other special industry laws. In other words, the subject of legal due diligence for mining rights transactions is not only the "company legal person" itself, to ensure the compliance of the subject of the target company, the authenticity of the assets and the legitimacy of the transaction procedures, but also to include the "governmental administrative behavior" into the due diligence object. Compared with traditional corporate due diligence, it is more hidden, procedural, risky, comprehensive and so on, which requires the subject of due diligence (usually a team of professional lawyers) to have basic knowledge of the mining industry and more comprehensive legal capabilities.
相较于境内其他产业的投资交易的法律尽职调查，矿业权因其所有权与使用权相分离的特点，（即国家通过出让矿业权，实现对矿产资源的配置和维护国家作为矿产所有者权益的主体，矿业权人仅在审批范围内实施有效勘探开采）使得矿业权法律尽职调查除参考一般市场企业的共性问题外，还应重点关注矿业权的取得和流转，并由此衍生的政府行政行为相关法律问题（李柏林等，2003）。具体而言，矿业权交易法律尽职调查，不仅包含一般行业对公司法，合同法，物权法，知识产权法，劳动法等传统领域的法律要点的调查，还需要涉及对矿产资源法，环保法，安全生产法，土地法等特殊行业的法律审查。换句话说，矿业权交易法律尽职调查的主体不仅是“公司法人”本身，确保目标公司主体的合规性，资产的真实性以及交易程序的合法性，还需要将“政府行政行为”纳入尽职调查对象之中，因而相较于传统企业的尽职调查，则更具有隐蔽性、程序性、风险性、综合性等特点，需要尽职调查的主体（一般为专业律师团队）具备基本的矿业知识和更全面的法律能力。
Summarizing the writings of relevant scholars at home and abroad, this paper provides a preliminary general definition of legal due diligence for mineral rights transactions, that is, in the process of mining rights transactions, the two parties to the main body of the transaction in order to reduce the asymmetry of the target company's access to information, one or both parties to hire a professional and independent third-party legal team to make a diligent and prudent investigation of the project, as far as possible, to form a more real, comprehensive and systematic understanding of the target company and knowledge, and thus reduce or even avoid the transaction risks. The basis for making a feasible decision on the whole process or a certain stage of the transaction is to minimize or even avoid the risk of the transaction. It can be seen that the legal due diligence of mining rights transaction becomes a crucial and irreplaceable work, which directly determines the feasibility of the mining rights transaction itself and whether the investment purpose can be realized (Shang Kunguang et al., 2013).
综合国内外相关学者的著作论述，本文初步对矿业权交易法律尽职调查作出一般定义，即在矿业权交易过程中，交易主体双方为降低对目标公司信息获取的不对称性，一方或双方聘请专业且独立的第三方法律团队对项目做出勤勉而审慎性地调查，尽可能对目标公司形成更真实，全面，系统地了解和认知，进而降低甚至避免交易风险，最终对交易的全过程或某个阶段作出可行性决策的依据。由此可以看出，矿业权交易的法律尽职调查成为一项至关重要且不可替代的工作之一，直接决定了矿业权交易本身的可行性以及投资目的能否实现的关键（尚坤广等，2013）。
The content of legal due diligence on mining rights transactions not only includes the common content of legal due diligence on companies, i.e. mining enterprises as general corporate subjects, the establishment and articles of association, subject qualification, shareholders' status, payment of registered capital, annual tax review, company business registration, registration of the ownership of company assets, shareholders' meeting, board of directors' meeting, supervisory board's previous resolutions and minutes, intellectual property rights registration, major contracts of the company, compliance review, personnel regulation, whether there is any litigation or arbitration. Compliance review, standardization of personnel employment, review of the existence of litigation or arbitration. At the same time, the core of due diligence needs to be placed on the compliance and legality of the flow of mining rights of the target mining enterprise, including but not limited to the exploration license and mining license, the safety production of the mining enterprise, the comprehensive evaluation of environmental protection, the governmental approving documents, and the review of administrative penalties of the governmental departments and so on (Zhang Jiyong et al., 2023). The systematic review of legal compliance through the above mentioned legal aspects reduces the systematic risks brought about by information asymmetry between the two parties, such as cash collateralized debt, personnel cost burden, legal defects of assets and mining properties, and other objective obstacles to the realization of the value of the mineral rights of both parties to the transaction.
矿业权交易法律尽职调查的内容不仅包含公司的法律尽职调查的共性内容，即将矿业企业作为一般公司主体，对其设立和章程，主体资格，股东情况，注册资本的缴纳，税务年审情况，公司工商登记，公司资产权属登记，股东会、董事会、监事会历次决议和纪要，知识产权登记，公司重大合同合规审核，人事用工的规范，是否存在诉讼或仲裁的审查。与此同时，尽职调查的核心更需要放在目标矿企的矿业权流转的合规性和合法性，包括但不限于勘查许可证和采矿许可证，矿企安全生产情况，环境保护综合评价，政府审批性文件，政府部门的行政处罚等审查（张继勇等，2023）。通过上述一系列的法律层面上合法合规性地系统性审查从而降低将以双方因信息不对称而带来的系统性风险，例如担保债务现金，人员成本负担，资产和矿业权属法律瑕疵等阻碍交易双方矿业权价值实现的客观障碍。
In this paper, we will comprehensively organize the common content of domestic and foreign legal due diligence on mining rights transactions, combined with Jiangsu Sundy Law Firm mining rights transactions team's on-site practical work experience, summarize and organize the legal due diligence on mining rights transactions need to pay attention to the core of the key points. Considering that the readers of this article are mostly professional lawyers, we have specially placed the special industry due diligence of mining rights before the general enterprise due diligence, in order to provide readers with more efficient and practical information.
本文将综合整理国内外矿业权交易法律尽职调查的共性内容的基础上，结合江苏圣典律师事务所矿业权交易团队的现场实务工作经验，总结整理出矿业权交易法律尽职调查需要关注的核心要点。考虑到本文的读者群体多为专业律师，因此特地将矿业权的特殊行业尽职调查置于一般企业尽职调查之前，以期为读者提供更高效实用的信息。
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