Economy

China to spend 30b yuan exploring domestic mineral deposits next 5 years

(Xinhua)
Updated: 2010-11-08 09:52

BEIJING - China will spend 30 billion yuan ($4.48 billion) over the next five years to explore mineral deposits to cut its reliance on imported mineral products, a resources official said Sunday.

China will launch the mineral exploration project in 21 provinces, said Wang Min, vice minister of the Land and Resources Ministry.

Over the past 12 years, Chinese scientists have discovered more than 900 locations that contain mineral deposits, the China Geological Survey (CGS) said in October.

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Five deposits in the provinces of Liaoning, Hebei, Henan, Shandong and Shanxi may hold 5 billion tons of iron ore.

Up to 38.5 million tons of copper ore reserves have been discovered in Tibet, Xinjiang and Yunnan.

Based on the new discoveries, "we believe China has great potential for mineral exploration," Wang said.

Imports of copper ore, iron ore and sylvite should account for less than 75 percent, 50 percent and 60 percent of the minerals' consumption in China, respectively, over the next five years, Chen Renyi, director of the CGS's Department of Mineral Resources Assessment, said.