基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极电解液隔膜隔膜电解液电芯

美澳日西澳镓工厂落地：关键矿产供应链重构的 “破局之战”

2025-10-21 17:05:57 来源：北方有色网责任编辑：王欣悦

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美澳日三国联手推进的西澳镓工厂项目，是全球关键矿产供应链重构的重要举措，其核心要素可从合作架构与资源技术基础两方面展开。从合作架构来看，项目涉及四方主体，分别是作为运营方的美铝、提供资金与承购支持的美澳政府，以及作为合资方的日本 JAGA(由日本政府和双日株式会社组成)，具体实施路径为美澳与美铝先组建特定目的实体(SPV)，再由该 SPV 与 JAGA 成立合资公司，计划 2026 年投产，每年可生产 100 公吨镓;资金将主要用于两方面，其中约 30% 投入最终可行性研究，剩余 70% 则用于厂房建设及设备采购。在资源与技术基础上，该项目依托西澳 Wagerup 氧化铝精炼厂，利用铝土矿中伴生的镓资源，且该厂 2025 年将启用高品位铝土矿以提升产能，同时得益于美铝此前关闭高成本的 Kwinana 厂，西澳产能集中于 Wagerup 等高效工厂，镓提取成本预计可降低 12-15%。

这一项目的推进，背后是全球镓市场失衡与地缘博弈下的供应链安全需求。当前全球镓市场呈现明显失衡态势，中国不仅主导生产(占比超 60%)，还占据超 40% 的消费份额，前五大厂商更是垄断了 65% 的市场份额，而镓在半导体领域的需求占比高达 86%，2025 年全球消费量将达 1.3 万吨，供应缺口已逐渐显现。正是在这样的市场背景下，美澳日开启了协同防御：美澳计划 6 个月内投入 30 亿美元用于关键矿产项目，其中该镓工厂获得专项融资支持;同时，针对 2025 年 10 月中国稀土出口管制升级(新增加工设备管制)的情况，三方希望通过该项目打造 “采矿 - 精炼 - 应用” 全链条自主能力，实现关键矿产供应链的战略替代。

从市场影响来看，该项目短期冲击有限，但长期将重塑全球镓市场格局：其 100 公吨 / 年的产能仅占全球 2025 年产量的 0.67%，却标志着西方在镓供应链上的重要突破，若 2026 年中国以外产能能增至 3000 公吨，全球镓价或回落 10-15%。不过该项目也面临三重待解风险，首先是技术瓶颈，澳大利亚本土精炼能力薄弱，90% 锂矿依赖中国加工，镓提纯良率存在不确定性;同时，审批层面存在不确定性，西澳环保评估周期或延长至 18 个月，可能导致投产计划滞后;此外，成本压力也不容忽视，天然气价格波动或使镓生产成本增加 20%，进而侵蚀项目收益。

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