Abstract: Urban mineral exploitation is an important means to promote the construction of ecological civilization and build "zero waste city". In this paper, a theoretical model for interpreting how collaborative governance influences the poor performance of urban mineral exploitation from the perspective of industrial chain vulnerability was constructed, and empirical research was carried out using 312 sample data from national urban mining demonstration bases by structural equation model and regulatory regression analysis. The results show that industrial chain collaborative governance, which consists of collaborative subject quality, collaborative structure quality and collaborative mechanism effectiveness, have significant negative effects on the poor performance of urban mining. Dynamic collaborative competence plays a fully mediating role in the relationship between collaborative governance and poor performance, and the three dimensions-collaborative awareness, collaborative adaptability and collaborative resilience-have significant but differential partly mediating effects in the relationship. The collaborative atmosphere has negative moderating effect between collaborative subject quality and dynamic collaborative ability, and positive moderating effect between collaborative mechanism effectiveness and dynamic collaborative ability. In addition, environmental uncertainty plays a positive moderating role between dynamic collaborative ability and the poor performance of urban mining. These conclusions reveal the inherent mechanism of collaborative governance for solving the problem of poor performance of urban mineral exploitation, which will provide decision-making reference for improving the performance of urban mineral exploitation.