AFP reported that China will spend CNY 30 billion searching for domestic mineral deposits over the next 5 years in an effort to lessen its reliance on imported products.
Mr Wang Min vice minister of land and resources of China said that the government will launch the exploration project in 21 provinces. Chinese scientists have already discovered more than 900 separate locations with mineral deposits over the past 12 years.
He said that five of these could hold 5 billion tonnes of iron ore and up to 38.5 million tonnes of copper ore reserves have been discovered in three different areas of China. He added that we believe China has great potential for mineral exploration based on these discoveries.
Mr Chen Renyi of the China Geological Survey said that over the next 5 years, China should import less than 75% of its copper consumption and less than 50% of its iron ore consumption.
(Sourced from AFP)
Sunday, November 7, 2010
China to spend USD 5 billion on domestic mineral exploration
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