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Wider access for foreign miners promised
(AFP)
Updated: 2005-11-15 23:57
China will step up the opening of its minerals sector to foreign investment
while trying to make its legal framework more transparent, officials said on
Tuesday.
"China will continue its policy of opening up to the outside world in the
mineral resources sector," Sun Wencheng, Minister of Land and Resources, told a
conference in Beijing.
"We shall promote the process of reform by opening up and improving the
overall efficiency and capacity of mineral development, further create a stable,
open and transparent legal and regulatory environment and protect the legal
rights of foreign investors in mineral exploration and development activities in
China."
Sun said China would encourage greater cooperation between domestic firms and
their global counterparts in mineral exploration and development.
"The mining sector faces numerous challenges... such as overcoming low
efficiency, battling environmental degradation and a limited number of
internationally competitive producers," Australia's ambassador to China, Alan
Thomas, said.
China intends to create a level playing field and to focus on foreign
companies coming in, as well as domestic companies investing overseas, said Ye
Zhanghe, deputy director general of the department of foreign investment
administration at the Ministry of Commerce.
Mining industry adopts development strategy
A "two-way development strategy" to be adopted by the Chinese mining industry
will pay equal attention to both the exploitation and efficient use of mineral
resources, from the modernization of mines to bolstered efforts to find new
mineral reserves, land and resources officials said yesterday.
A healthy mining industry will play an important role in the country's
sustainable economic development, Vice-Minister of Land and Resources Wang Min
said yesterday at the opening ceremony of China Mining 2005, an international
symposium that was held in Beijing.
"A feasible energy strategy will be launched to strengthen the country's
mineral reserve survey and investigations into scarce resources," Wang said.
Existing mines will be modernized, and the establishment of competitive
mining groups and development of small mines will be supported, he said.
Supervision measures will also be upgraded to guarantee efficient and
environmentally friendly exploration.
Meanwhile, China will double its efforts to boost international trade in
mineral products, encourage competitive domestic enterprises to join overseas
exploitation and weave a solid and secure energy supply chain.
"China's mining industry has played an increasing role in the world mining
sector," said Karin Finkelston, deputy director of the East Asia and Pacific
Department under the World Bank.
"The World Bank hopes to increase its investment in the mining industry in
China to encourage environmental and social responsible manners in the sector,"
Finkelston said.
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