Beijing (CNS) – China's governments at all levels have benefitted from revenues totalling 49.3 billion yuan through one year grants of mineral exploration rights, it was revealed at the fifth congress of China Mining Association (CMA) on November 20. The rights involve over 86% of all existing areas where exploration rights may be awarded.
Investments by enterprises and public institutions in solid mineral resources exploration rose from about 4.6 billion yuan in 2006 to 23.5 billion yuan in 2010, which accounted for 54% of the total exploration investment in 2006, 70.9% in 2010, according to statistics from the Ministry of Land and Resources. Zeng Shaojin, deputy president of the CMA, reckons this signals a revitalization of mining that will give the industy a more prominent place in China's market-oriented economy.
China's internationalization of its mining industry is also revving up. Over 430 enterprises from 33 regions have invested about 24.6 billion USD in 519 mining projects underway in 63 countries since May 2009, according to the CMA.
China's mining industry has enjoyed rapid development the last 6 years as her minerals needs soared. Standard coal production increased by 900 million tons, and crude steel experienced an increase of 277 million tons, said Zeng. China's iron ore imports rose from 275 million tons in 2005 to 619 million tons in 2010, which accounted for 54% and 63% respectively.
