China Offers Opportunity to Global Mining Sector: China Minmetals

TIANJIN, Oct. 23 -- China has promoted the recovery of the world's mining sector with increases in ore demands and robust investment, Zhou Zhongshu, president of China Minmetals Corp., said at the 2009 China Mining Conference concluded here Thursday.

    Speaking at the three-day meeting, Zhou said the global mining industry was still in a tough period due to the financial crisis and urged all countries to boost cooperation and open to each other.

    Most of the small and medium-sized miners were short of fund, he said. "Some rich mines aren't well developed due to lack of fund and this leads to shortage of supply of resources products."

    Zhou also urged other nations to clear up prejudice against and controls on Chinese investment.

    "The majority of China's state-owned enterprises aren't in the traditional forms. They are listed and have diversified stake holders and the deals are made out of commercial interests," he said.

    Australian authorities have delayed or rejected a spate of mining asset purchases made by Chinese businesses this year.

    Michael Elliott, the global mining and metals sector leader of Ernst & Young, said the concentration of Chinese mining investment in Australia could trigger alert and resentment.

    As on the iron ore talks, Zhou said China shouldn't always "accept others' instructions without a murmur".

    The two sides, one with resources and the other with the market, should have a relationship of cooperation and mutual benefits, the president said.

    The two sides should work out a "China price" in the 2010 iron ore talks, he added.

    (Source: Xinhua)