Chongqing to Invest RMB 1.3 bln in Mineral Exploration

CHONGQING, July 29 -- Chongqing, one of the four municipalities in China, plans to spend a total of RMB 1.3 billion on mineral exploration in the next three years, sources reported.

On Wednesday, four partners inked agreements to start the large exploration project that is guided by the central government, and the four sides are Chongqing Municipal Land and Resources and Housing Administrative Bureau, China Geological Survey Bureau, Aluminum Corp of China Ltd and Chongqing Iron & Steel (Group) Co Ltd, the parent of Chongqing Iron & Steel Co Ltd.

At present, Chongqing has around 200 million tons in iron ore reserves, which are expected to be added 500 million tons from the exploration project, and the city's aluminum bauxite reserves will also swell to 160 million tons from current 60 million tons.

Wang Min, vice minister of the Ministry of Land and Resources of China, said that the Chinese government has allocated around RMB 15 billion for mineral exploration nationwide in 2010.