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[Ministry of Natural Resources Further Clarifies Matters Related to Reserve Prices for Mining Rights Transfers] ⑴ The General Office of the Ministry of Natural Resources recently issued a notice further clarifying matters related to reserve prices for mining rights transfers, in order to safeguard the rights and interests of the state as the owner of mineral resources and ensure fair and just transactions in the transfer of mining rights. ⑵ The notice clarifies that situations requiring a reserve price for mining rights transfers include: transfers of mining rights through bidding; transfers of exploration rights through auction or listing where general surveys of non-oil and gas minerals have been completed or pre-exploration work for oil and gas minerals has been completed; and transfers of mining rights directly through auction or listing. ⑶ The reserve price for mining rights transfers should follow market principles, be close to the fair value of mining rights under open, fair, and fully competitive market conditions, and be determined by the transferor, and shall not be lower than the starting price. ⑷ When determining the reserve price, the transferor may entrust a mining rights appraisal institution to conduct an appraisal, and the appraisal result will serve as an important reference for determining the reserve price, or methods such as price inquiry or comparison may be used to determine the reserve price. (5) For minerals listed in the "Catalogue of Minerals Subject to the Collection of Mineral Rights Transfer Revenue in the Form of Mineral Rights Transfer Rate (Trial Implementation)," the assessed value of the reserve price for mineral rights does not include the mineral rights transfer revenue collected in the form of transfer rate. (6) The notice also stipulates that in competitive bidding, the reserve price may be adjusted upwards or downwards when unsold mineral rights are re-auctioned. (7) The reserve price for mineral rights transfer must be kept confidential and cannot be changed before the end of the transfer transaction. (8) When transferring mineral rights, the Ministry of Natural Resources may entrust provincial natural resources departments to determine the reserve price for mineral rights transfer. Each provincial department may formulate its own management measures based on this notice and in conjunction with local realities. (9) The relevant provisions in this notice will take effect on January 1, 2026.