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At the International Mining Conference held in Beijing yesterday, Vice Premier Zeng Peiyan called for the establishment of a new order in world mineral markets. He said there should be more dialogue between the producers and consumers of minerals and a monopoly on prices must be opposed in favor of fair trade to satisfy demand.

 

As an emerging major consumer of oil, iron, copper and other mineral products, China is attempting to gain greater influence in the price-setting process though little progress has been made so far.

 

Zeng said the industry's revenues must be distributed reasonably to promote the economic and social development of mining communities.

 

He called for price stabilization of global mineral products by increasing supplies and diversifying the model of trade. This included entering into long-term supply contracts and developing the futures market.

 

He advocated the sustainable development of mining, saying the industry must step up geological surveys, improve the efficiency of resources utilization and introduce a mechanism to compensate for damage to the environment caused by the industry.  

 

Zeng said China will work together with foreign governments and businesses for the healthy and sustainable development of the industry.

 

More than 2,000 government officials, experts and business executives from over 20 countries are participating in the conference.

 

(Xinhua News Agency November 15, 2006)