Business
Global mining recovering, but still 'filled with uncertainties'
By Hao Nan (China Daily)
Updated: 2010-11-17 08:00
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Vice-Premier Li Keqiang notes progress, challenges at opening of mining forum
The global mining industry is recovering from the depths of the recent economic crisis, but a range of risks remain, Vice-Premier Li Keqiang said in an opening address to the China Mining Congress and Expo that began on Nov 16 in Tianjin municipality
The annual event has attracted experts, scholars, economists and company representatives from more than 50 countries and regions this year.
Joining Li at the opening event were World Bank Managing Director Ngozi Okonjo-Iweala and Tianjin Mayor Huang Xingguo.
The three-day forum is designed to strengthen cooperation for sustainable development in the mining industry amid global economic uncertainties.
"The global mining industry was impaired due to last year's financial crisis," said Vice-Premier Li at the opening ceremony of the event.
"Fortunately, the industry is gradually recovering, stimulated by the policies of nations beginning in the second quarter of last year.
Worldwide investment in exploration has increased, prices have rebounded and trading is more dynamic."
China's investment in mineral exploration in the first nine months of this year increased 20 percent to around 27 billion yuan ($4 billion).
The nation's recovery "has made great contributions to the revival of the world economy as well as the mining industry", Li said.
But potential risks remain in monetary policies, debt in the eurozone and from inflation, he noted.
The mining industry is particularly vulnerable to complex economic changes and remains filled with uncertainties, said the vice-premier.
"That fact compels us to actively shoulder our responsibilities and make joint efforts for mutual benefits," he added.
Li called on an intensive, comprehensive cooperation in trade, exploration, development and processing because "countries can not independently satisfy their development demands due to the non-balanced distribution of world mining resources".
"China always adheres to the opening-up policy, encouraging foreign investment and introducing advanced technologies and management."
He also advocated developing a "green" mining industry with an environmental evaluation index and standards to minimize contamination.
The vice-premier also pushed for deeper research into cleaner energies such as geothermal and shale gas.
The latest central government five-year plan calls for further transformation of the mining industry for more efficient use of resources.