Policy shocks, not prices, drive mining write-downs | Valtech Valuation reviewed 78 Hong Kong-listed mining companies. The 14 RMB-reporting majors alone wrote off at least RMB61bn of long-lived assets in FY2019–FY2025, and five groups booked 83% of it. The largest charges came from water-protection zones, nature reserves, land-use plans, capacity-replacement policy and licence actions, not from commodity price falls.