China Strengthens Management on Mineral Explorations    

"When encouraging firms to invest on mines, China will promote the integration of resource explorations companies," commented Wang Min, vice minister of the Ministries of Land and Resources in a presentation at a seminar on October 20th.
   He said that China's economic development contributed to the recovery of global economy and the growth in Chinese mining industry helped the global mining industry recover. In the first eight months China's total investment in the mining industry was RMB440.6 billion, up 18.9% over the year-ago period.
   Wang Min also described in his presentation the government's fundamental policies on managing mineral resources. The central government will expand financial budget in strategic minerals prospecting, and invite private investors to join in.  The government will guide large scale mineral companies to merge small ones in order to improve the using efficiency of resources. China will control the overall exploration volume on tungsten, antimony and rare earth metals and temporally stop approving new prospecting and exploration licenses for tungsten, antimony and rare earth mines and new prospecting license for coal mine.      
   The current resource tax regulation is needed to be reformed, Wang said. Demand for mineral resources in China is increasingly expanding, so China needs to treasure resources than any other countries. China will improve the investment conditions in the mining industry and further open up the prospecting market, do more for the sustainability in the world.