Prospects for global mining brighten
Source: Xinhua |
November 7, 2011, Monday
|
Print Edition
Print Edition
IN spite of the uncertainty over the global economic recovery, the mining industry is now showing good development potential, said a senior official with China's Ministry of Land and Resources in Tianjin yesterday.
It is expected that in 2011 the global investment on mining exploration for the non-fuel solid minerals will reach US$13 to 14 billion, which shows global mining is back to healthy development, said Wang Min, vice minister of land and resources, at the 13th China Mining Congress & Expo which opened yesterday.
Global petroleum demand is now growing by 1 percent annually, and some institutions predict the demand in 2011 will exceed previous years, Wang said.
In 2011, the world's demand for copper may rise by 5 percent and for aluminum by 8 percent, while gold production is expected to increase by 5 percent.
In the first half of 2011, 1,379 mergers and acquisitions worth a record high of US$71 billion occurred in the global mining industry, an annual 80-percent jump, Wang said.
These M&As are still dominated by Canada, Australia and European countries and mainly in coal, iron, copper, gold and potassium.
In the first three quarters, China has seen investment in the mining industry reach 2.6 trillion yuan (US$410 billion), up 27.9 percent annually, according to data released by the ministry.
The mineral exploration in China's mining industry has progressed smoothly and mine production has grown steadily, he added.
The annual event, co-hosted by the ministry and the Tianjin government, has 4,800 participants from over 50 countries and regions. It ends tomorrow.
It is expected that in 2011 the global investment on mining exploration for the non-fuel solid minerals will reach US$13 to 14 billion, which shows global mining is back to healthy development, said Wang Min, vice minister of land and resources, at the 13th China Mining Congress & Expo which opened yesterday.
Global petroleum demand is now growing by 1 percent annually, and some institutions predict the demand in 2011 will exceed previous years, Wang said.
In 2011, the world's demand for copper may rise by 5 percent and for aluminum by 8 percent, while gold production is expected to increase by 5 percent.
In the first half of 2011, 1,379 mergers and acquisitions worth a record high of US$71 billion occurred in the global mining industry, an annual 80-percent jump, Wang said.
These M&As are still dominated by Canada, Australia and European countries and mainly in coal, iron, copper, gold and potassium.
In the first three quarters, China has seen investment in the mining industry reach 2.6 trillion yuan (US$410 billion), up 27.9 percent annually, according to data released by the ministry.
The mineral exploration in China's mining industry has progressed smoothly and mine production has grown steadily, he added.
The annual event, co-hosted by the ministry and the Tianjin government, has 4,800 participants from over 50 countries and regions. It ends tomorrow.
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