Report released on energy consumption, reserves

China has fueled energy and mineral resource consumption in the global market as the world economy recovers from COVID-19, according to data shared in a report released by the China Geological Survey last week. 

The Global Mining Development Report 2020-2021 said last year China consumed 2 percent more oil and 17 percent more copper year-on-year, having played a vital role in stabilizing the global mining market.

Additionally, the global consumption of mineral resources declined and total energy consumption fell by 4.5 percent, the largest drop since the World War II.

Consumption of oil and coal dropped by 9.5 and 3.9 percent respectively, the report said.

"The epidemic shut down about 270 mines worldwide and affected global mine production. Demand for energy also reduced due to the shrinking world economy," the report asserted.

"However, China quickly controlled the epidemic and embarked on an upper trend on resource demand." 

China has cooperated in mineral resource trade with other countries to promote global mining cooperation and development. Despite the fall in fossil fuel consumption, the world has seen a rise in renewable energy consumption by 9.7 percent including wind, hydro and solar power.

Another report released last week surveyed mineral resource reserves and distribution around the world.

The Research Center for Strategy of Global Mineral Resources under the China Geological Survey conducted the research and summarized it in the Report for Lithium, Cobalt, Nickel, Tin, and Potash Reserves in the World 2021.

Wang Gaoshang, director of the center, said: "China has established a technical method system for global resource reserve assessment. Our team collected first-hand information from companies' annual reports, exploration reports and government documents."

"We plan to complete assessment for reserves of 40 important minerals in five years and will release the results to the world," he said.