China Eyes Foreign Mineral Resources

China will fully participate in exploring mineral resources in other countries in order to ensure a sustainable, rapid and healthy develop of its national economy.

Tian Fengshan, Minister of Land Resources, said during a national teleconference in Beijng Thurday that China should utilize both domestic and foreign mineral resources to meet the demands of the nation's economy.

China is facing mineral shortages, especially petroleum, iron, copper and sylvite. Therefore, exploiting minerals in foreign countries is an inevitable choice for China, Tian noted.

He said that utilization of foreign minerals may take many forms. For example, China may directly purchase minerals which are in urgent demand and at low prices on the international market.

As for iron, sylvite and other minerals which are in short supply in China but have high proven deposit in other countries, China may purchase shares in foreign mines or collaborate with the mines.

At the same time, Chinese enterprises are encouraged to explore for minerals including petroleum, natural gas, copper, and diamonds in other countries, and build mines there.

Petroleum, natural gas, rich iron and manganese mines, copper, alum clay, chromite and platinum are all the key minerals of interest to China, and the country will focus on cooperation with neighboring countries, Latin America and Africa, where mineral resources are abundant and the investment environment good, said Tian.

In addition, investment in the United States, Canada and Australia will also be considered, Tian added.

Meanwhile, China will strengthen exploitation of petroleum and natural gas resources in Central Asia, Russia, the Middle East and Africa, according to Tian.

He also emphasized that China will offer policy and financial support to the tapping of foreign minerals, and will collect information on foreign mineral conditions and investment environment. The country will also institute related policies on taxes and foreign trade and loans, and establish support funds for overseas mineral ventures.

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