China Minmetals Corp, the nation's largest metal trader, on
Friday signed a cooperation agreement with central and local
government geological agencies for the joint exploration of
minerals in east China's Anhui Province.
Minmetals will join with Anhui Geology and Mineral Resources
Exploration Bureau in exploring minerals in Lujiang, Chaohu, and
Zongyang in the city of Anqing, according to the agreement signed
in Beijing between the two parties along with China Geological
Survey under the Ministry of Land and Resources and Anhui
department of land and resources.
Minmetals is expected to invest some 60 million yuan in three
major targeted areas in the Lujiang-Zongyang region located in the
middle and lower reaches of the Yangtze River.
The exploration is now proceeding well and a large iron ore
deposit has been found in the region, the company revealed but
declined to elaborate. The parties believe the region has great
potential in terms of mineral deposits.
The move is part of the nationwide efforts to explore minerals
500 meters below the Earth's surface.
The cooperation also helps to guarantee China's resource
security, according to Song Yufang, vice-president of
Minmetals.
"If this joint exploration goes well, such cooperation (between
enterprise and government) will be adopted in more mineral
exploration projects across China," said Zhong Ziran, a senior
official with the China Geological Survey.
The Chinese metal giant has worked hard to diversify its
business in recent years.
Earlier this year it joined forces with the world's
sixth-largest copper supplier, Poland's KGHM Polska Miedz SA, to
develop non-ferrous metal resources at home and abroad.
The company is also cooperating with Chile's Corporacion
Nacional del Cobre to ensure a long-term supply of refined
copper.
It signed an agreement with Anhui provincial government in 2006
to strengthen their cooperation in domestic and overseas resource
exploration.
(Xinhua News Agency November 11, 2007)
