UPDATE:China Vice Min: Seek "Win-Win" On Mining Investment
October 20 2009 - 1:13AM
Dow Jones News
China will open its mining industry to overseas investors and
hopes their governments will reciprocate, a senior official at
China's Ministry of Land and Resources said Tuesday.
Speaking at the China Mining Conference, Vice Minister Wang Min
echoed Chinese criticism of Anglo-Australian mining giants BHP
Billiton Ltd. (BHP) and Rio Tinto PLC (RTP) over a proposed joint
venture and an ongoing disagreement over iron ore benchmark prices
as he called on other nations to create "win-win" investment
opportunities and urged global mining sector pricing reform.
Wang didn't mention specific mining products, but his comments
matched closely the concerns of Chinese steelmakers, who are
seeking deep term pricing cuts from global iron ore miners.
Meanwhile, a high-profile investment proposal by Aluminum Corp.
of China to acquire $19.5 billion of Rio Tinto's assets that
collapsed in June roused domestic allegations that Australia wasn't
open enough to major Chinese investments.
China is the world's largest buyer of iron ore.
Wang also said China now has about CNY13 billion in a fund for
boosting mining exploration at home. "So far, we already invested
about CNY1.5 billion in 191 projects," he said.
-Juan Chen contributed to this article, Dow Jones Newswires;
8610 6588 5848; juan.chen@dowjones.com