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Mineral-rich nations make foreign investment pitch

By Hao Nan (China Daily)
Updated: 2010-11-18 07:50

Mining ministers promoted the advantages of investing in their nations during a keynote session on Nov 17 at this year's China Mining Congress and Expo in Tianjin.

Although minerals are abundant in various countries, most of it remains undeveloped.

Nearly 60 percent of the lands in Eritrea have minerals including emeralds, gold, sulfides and base metals, according to the country's Minister of Energy and Mines Ahmed Haj Ali.

He said development of those state assets promotes sustainable economic development, so his government "warmly welcomes foreign investors".

The country has signed agreements with 17 foreign companies - including five from China - mostly for sulfides.

Argentina's Secretary of Mining Jorge Mayoral said his country has 150 million ounces in gold deposits, large belts of cooper and 2.8 million tons of lithium.

The country's production of copper, gold, iron and lithium account for 30 to 50 percent of total Latin American output.

The mining industry in Argentina has grown by double digits for eight years and now exports to some 70 countries, he noted.

To attract investment, the resource-rich countries pledged to formulate laws and regulations to "vigorously protect foreign investor interests".

Sudan's Minister of Mines Abd Elbagi Gialani Ahmed said his government aids investors with agreements protecting the investment environment and by avoiding duplication of charges.

Tajikistan's head of geology Azim Ibrohim noted his nation's legislative support for the mining industry to better serve investors.

Ibrohim said he guarantees foreign investors are fairly treated regardless of race, language or religion.

He added that Tajikistan is using the same approaches to multinational business that advanced countries use so the interests of foreign investors are maximized.

Preferential policies in the nations include reductions in tariffs and a range of other taxes.