CHINA MINING News

China capable of achieving steady GDP growth in 2017: Standard Chartered

Source: www.chinamining.org         Citation: Xinhua      Date: February 16, 2017

China is capable of achieving steady GDP growth this year despite global uncertainties, according to Standard Chartered Bank.

"We expect China to continue to set its GDP growth target at about 6.5 percent for 2017 and the world`s second largest economy could grow 6.6 percent this year," Ding Shuang, chief Greater China economist with Standard Chartered, told Xinhua in a recent interview.

Ding pointed out that U.S. policies towards China and elections in post-Brexit Europe might complicate the international environment for the Chinese economy, while domestic slowdowns in the property and automobile markets might drag on consumption growth. 

China`s real estate market will see slower sales pace as tightened regulations began to bite, while the sales of passenger cars showed signs of contraction by dropping 1.1 percent year on year in January.

However, Ding said that other engines of economic growth were gaining steam in China. 

He said that the service sector would grow faster in 2017 as Chinese would demand better entertainment, health care, education and travel experiences, which could contribute to about 60 percent of GDP. 

Meanwhile, China`s exports seem to be restoring momentum after a subdued performance last year. The country`s foreign trade volume beat market expectations to grow 19.6 percent year on year in January. 

In addition to a lower comparison base and Spring Festival effects, the global economy is showing positive signs as the latest PMI figures in the United States and some European countries showed growing factory and service activities, according to Ding. 

He added that the yuan`s previous depreciation would gradually help lift export performance. 

Ding pointed out that to sustain steady growth at about 6.5 percent, China would still have to combine effective policy tools. 

 "While China decided to take a prudent and neutral monetary stance, the government needs to take more proactive fiscal policies to help prop up growth," Ding said. "China`s debt level is still controllable and the government can lift the fiscal deficit-to-GDP ratio from 3 percent in 2016 to 3.5 percent this year.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.

China-Venezuela commission oversees refinery expansion project

Source: www.chinamining.org         Citation: Xinhua      Date: February 15, 2017

The China-Venezuela Joint Commission on Tuesday is reviewing the expansion of the Puerto La Cruz refinery, according to Venezuelan Vice-President of Planning and Knowledge Ricardo Menendez.

This plant, which was located in the northeastern state of Anzoategui and near the Caribbean Sea, has a current capacity of 129,000 barrels of oil per day for internal and external distribution.

"This alliance will raise (capacity) to 210,000 barrels of oil per day, following the vision that (former president) Hugo Chavez had for the Orinoco Oil Belt as the country`s main reserve," Menendez told a press conference, who was accompanied by Ning Jizhe, vice director of the National Development and Reform Commission of China.

The Puerto La Cruz refinery has seen investment and assistance from a number of countries, including China, which leads the Joint Commission to explore its development. 

In 2014, China`s Wison Engineering Company signed up to help build the refinery`s basic processing units, in a joint venture with Hyundai Engineering and Construction. 

Eulogio del Pino, president of Venezuela`s national oil company, PDVSA, added that the expansion included an investment of around 10.5 billion U.S. dollars.

According to Del Pino, the expansion will be completed in a year and a half, as the work was not stopped even during "the cycle of the lowest oil prices." 

On Monday, during the 15th Meeting of the Joint Commission, the governments of China and Venezuela signed over 20 new cooperation agreements in various fields, including economy, energy, finance, trade, education, culture, and science and technology.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.

CEO of Australia`s Fortescue mining group predicts China to continue to grow

Source: www.chinamining.org         Citation: Xinhua      Date: February 13, 2017

With uncertainty surrounding a number of political and financial risk events during 2017, the world`s economy appears precariously placed. 

Upcoming elections in the Eurozone, along with Brexit negotiations, ongoing war in the Middle East and the unpredictability of the Trump White House, make 2017 seem like difficult waters to navigate for anyone involved in trade. 

But the chief executive officer of Australia`s Fortescue Metals, the fourth largest Iron ore producer in the world, sees things differently and expects China`s economy to continue to grow. 

"I leave politics for the politicians, I`m a simple businessman," Nev Power told Xinhua. "China has very important trade relationships and ultimately I think those are the things that are going to prevail."

"From a business perspective, our relationship with China has been a very successful bilateral relationship over many years and has continued to develop and is important to both countries," he added. 

China`s need for steel is remains high, particularly in the central and western provinces where urbanization and industrialization is rapidly growing. 

"We`ve seen continued steel demand in China at around 800 million tons per year, which is a very strong market. 50 percent of world steel production comes from China," Power said. 

But over the past few years, the government has cracked down on the steel manufacturing industry, as a part of China`s "war on pollution." 

It`s estimated that around 4-5 percent of the industry will be affected, however this tighter regulation has been welcomed by Fortescue. 

"I believe the recent crackdown has been on very small and in most cases illegal production which is impacting on the steel industry because they are highly polluting and highly inefficient, so by removing those production sources there will be extra volume for the large integrated steel mills and that will provide greater levels of efficiency and of course cleaner production," Power said. 

As the lowest cost iron ore producer in the world, Fortescue spends around 12.5 Australian dollars (9.5 U.S. dollars) in generating a ton of the commodity and with the help of China Development Bank in 2016, that number is expected to further decrease after the company obtained a 473-million-U.S. dollar loan in order to finance a new fleet of eight iron ore carrier ships. 

The groundbreaking deal was the largest ever issued to a foreign company by a Chinese Bank. 

"The first ship is running better than expected. It`s very fuel efficient which is the most important thing because we want to be able to provide the most efficient supply chain and pass that low cost onto our customers, so that they in turn are more efficient in their production," Power said. 

"We are very pleased to be able to do business with Chinese shipyards, particularly in a time when business is very tough for them, so we`ve been able to provide some increased demand for them. So it`s a good two-way relationship."

 This is not the first time Chinese financial support has buoyed the exporter. 

"We have very strong Chinese investment in Fortescue with the Hunan Valin Group holding around 15 percent of our stock. That has been one of the most successful investments by a Chinese steel company," Power said. 

Power is a big believer in foreign investment and encourages China and Australia to seek further connections in business and relations. 

"In addition to raw material, increasingly there are opportunities in agriculture, tourism and there are a lot of families travelling back and forward between Australia and China," he said. 

"We are seeing increased air links and communication links which I see as a very strong positive."

The changing tides of politics around the world at the moment has appeared to unsettle those looking to invest, but politics aside, the volatility of iron ore prices alone have been enough to rattle the industry in recent years. 

 During Australia`s mining boom in 2011 the price of iron ore reached a high of 187 U.S. dollars per ton, but as growth in China`s construction sector began to stabilise, the cost of the commodity had fallen to just 38 U.S. dollars per ton in 2015. 

Over-production and stockpiling of the resource were to blame and although the price of iron ore has rebounded and stabilized at just over 80 U.S. dollars, pitfalls for producers wait at every turn. 

But the mining group has worked to keep their Pilbara operations protected from upheaval in the market. 

 "The iron ore market is very difficult to predict in terms of price, but if we look at the underlying supply and demand it`s been pretty much in balance for the last 18 months of so," Power said. 

"Fortescue is in very good shape financially and we have been focused on improving the productivity and efficiency of our business." 

The company have positioned themselves strongly in 2017 and despite global uncertainty, Power predicts the world will follow suit. 

"The world economy has been slowed to recover from the global financial crisis, in Europe we are starting to see signs of growth, Asia is continuing to grow strongly and going forward this year there seems to be signs that economic growth is starting to become stronger right across the world," he said.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.

China urges US to correct unfair anti-dumping duties on steel products

Source: www.chinamining.org         Citation: Xinhua      Date: February 06, 2017

China urged the United States to correct its unfair decision to impose high anti-dumping and countervailing duties on imports of Chinese stainless steel sheet and strip, according to a statement released Saturday by the Ministry of Commerce (MOC). 

The US Department of Commerce said Thursday that it had determined that imports of Chinese stainless steel sheet and strip should be subject to anti-dumping duties from 63.86 percent to 76.64 percent and anti-subsidy duties from 75.6 percent to 190.71 percent. 

China is disappointed by a series of decisions by the US related to high anti-dumping andanti-subsidy duties on Chinese steel products and questions its unfair investigation methods, said Wang Hejun, head of the MOC trade remedy and investigation bureau. 

The United States has violated World Trade Organization rules by neglecting the abundant proof offered by Chinese companies and has treated them unfairly simply because of their state-owned-enterprise status, Wang said. 

The root cause for current challenges facing the steel sector is the sluggish world economy and shrinking demand, which calls for global cooperation instead of protectionism, according to Wang. 

The US should abide by WTO rules and correct their unfair practices and China will take the necessary steps to protect due rights of Chinese enterprises, Wang added.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.

Chinese investment in Middle East win-win partnership: Crescent Petroleum CEO

Source: www.chinamining.org         Citation: Xinhua      Date: January 22, 2017

Chinese investment in the Middle East can produce a win-win result, said Majid Jafar, chief executive officer (CEO) of Crescent Petroleum. 

Hailing China`s policies in the region as "positive and necessary," Jafar, in a recent interview with Xinhua on the sidelines of an annual meeting of the World Economic Forum, said that "Chinese capital can partner well with Middle Eastern companies" in implementing major infrastructure projects. 

The CEO of the oldest and largest private upstream oil and gas company in the Middle East described what he considered to be a win-win partnership, with large infrastructure projects providing stable economic returns over time for Chinese investors, and with the Middle East benefiting from rejuvenated economies, more jobs and competitiveness. 

Noting that "many of the Western companies are leaving or reducing their investment," and that "many Western governments don`t have the capacity for investments in the area," Jafar said he saw a different approach from China.

"Chinese entities have more of a long-term view," he said. "They`re not so worried about what`s in the news today in the Middle East. They take a longer-term perspective and partner with us in a longer-term manner, and that`s very positive." 

Stable relationship and strong partnership matter to a businessman who specializes in a volatile industry, where "the oil price is now double what it was this time last year, but also half what it was this time two years ago," he said. 

Jafar has more reasons to prioritize partnerships with Chinese entities: the importance of China`s energy market in demand, which affects oil prices. 

"In terms of the demand, the most important thing is what`s going to happen, I think, economically in China," he said. "China is the key market in terms of energy demand growth." 

For Jafar, the presence of Chinese President Xi Jinping -- the first Chinese head of state to address the World Economic Forum -- in Davos was in itself a strong message. 

"China`s growing and positive role on the world stage, not only in terms of investment, but in terms of communication and engagement," meant people around the world were eager to hear the president`s message, he said. 

There are also reasons, according to Jafar, to hold a positive outlook for the Chinese economy and future growth. 

"Of course the Chinese economy is changing," he said. "You`re now starting to see a more mature economy with more of a focus on domestic demands." 

"That means that the Chinese economy is also becoming more resilient and less dependent on the outside," said the CEO.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.

China`s industrial output expands 6 pct in 2016

Source: www.chinamining.org         Citation: Xinhua      Date: January 20, 2017

China`s industrial output expanded 6 percent year on year in 2016, largely due to strong performance in the high-tech industry, official data showed Friday.

The growth rate was the same as in the first three quarters, figures with the National Bureau of Statistics (NBS) showed. 

Industrial output, officially called industrial value added, is used to measure the activity of designated large enterprises with annual turnover of at least 20 million yuan (about 2.9 million U.S. dollars). 

In December, the total value added of the designated industrial enterprises was up by 6 percent year on year, or 0.46 percent every month, the data showed. 

Industrial output in the high-tech industry surged 10.8 percent year on year, 4.8 percentage points faster than growth in the secondary industry, accounting for 12.4 percent of the designated industrial enterprises, 0.6 percentage points more than the previous year. 

Mining output dropped 1 percent, while manufacturing output increased 6.8 percent. The output for electricity, thermal power, gas and water grew 5.5 percent. 

Ownership analysis showed that industrial output of state-holding enterprises was up 2 percent, while share-holding enterprises output grew 6.9 percent. Meanwhile, industrial output of enterprises funded by overseas investors increased 4.5 percent.

From January to November, total profits of designated large enterprises reached 6.0334 trillion yuan, up 9.4 percent year on year. The growth rate was 1 percentage point faster than that in the first three quarters, the data showed. 

China`s industrial production grew steadily with rising profits for enterprises, according to the NBS. 

Amid the drive to restructure and optimize industry, the country aims to reduce overcapacity in traditional sectors such as iron and steel while facilitating growth in emerging areas. 

The industrial output figures were released by the NBS along with a slew of other major economic indicators for December, and 2016.

China`s economy grew 6.7 percent year on year in 2016, the slowest pace of growth in 26 years, but well within the government`s target range.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.

Belt and Road initiative boosts green energy along New Silk Road

Source: www.chinamining.org         Citation: Xinhua      Date: January 19, 2017

ABU DHABI - China`s Belt and Road initiative may boost green energy development along the New Silk Road, said comments from ongoing 10th edition of the World Future Energy Summit (WFES) here on Tuesday. 

The CEO of Abu Dhabi National Oil Company (ADNOC) Sultan Ahmed Al-Jaber and the chairman of the green energy company Masdar told Xinhua the WFES congress and exhibition China`s Belt and Road policy "is one of the main pillars in the development for future energies. 

They said the initiative closes gaps by building bridges between regions, which is essential to spur international cooperation to increase the use of renewable energy like wind, solar or hydro energy."

Dr Al-Jaber also said that the Belt and Road initiative puts the WFES host country United Arab Emirates (UAE) into the "center of gravity in relation to the rise of renewable energy along the New Silk Road."

UAE Minister of Energy Al-Mazrouei said Monday at the WFES that UAE aims to increase the share of clean energy in the total energy mix to 50 percent by 2050 from a mere one percent nowadays. 

Ninety-nine percent of the UAE`s domestic energy needs is as of today based on natural gas.

At the China Day held at the WFES on Monday, Dr Adnan Z Amin, director general of the Abu Dhabi-based supranational International Renewable Energy Agency (IRENA), said that the iniative is focused on financing new infrastructure projects along the New Silk Road and the global shift towards clean energy offers tremendous transnational opportunities for both large or medium and small firms.

As an example for intra-regional cooperation, Wang Zhongying, the director of China National Renewable Energy Center in Beijing, presented the ongoing construction of solar and water power projects between China and Pakistan in line with the China Pakistan Economic Corridor.

China`s energy conglomerate Zonergy is currently completing the construction of the world`s largest solar park, the Quaid-e-Azam Solar Park in Bahwalpur, Punjab.

Vincent Lau, Overseas Sales Director at Aikosolar from Foshan city, Guangdong Province, which exhibits for the first time at the WFES, said "we see the initiative indeed as a catalyst because most countries along the Belt and Road enjoy long sunny periods compared to other countries."

He added that taking the WFES host country UAE for example, the Gulf state enjoys six to eight hours intense sunshine per day on average which provides an immense opportunity for marketing or solar cells here and beyond. 

Dubai`s Emirates Airlines said Tuesday in an e-mailed statement it has introduced new sustainable blankets made from 100 percent recycled plastic bottles and is now available in economy class on all long-haul Emirates flights

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.

Belt and Road initiative boosts green energy along New Silk Road

Source: www.chinamining.org         Citation: Xinhua     Date: January 19, 2017

ABU DHABI - China`s Belt and Road initiative may boost green energy development along the New Silk Road, said comments from ongoing 10th edition of the World Future Energy Summit (WFES) here on Tuesday.

The CEO of Abu Dhabi National Oil Company (ADNOC) Sultan Ahmed Al-Jaber and the chairman of the green energy company Masdar told Xinhua the WFES congress and exhibition China`s Belt and Road policy "is one of the main pillars in the development for future energies.

They said the initiative closes gaps by building bridges between regions, which is essential to spur international cooperation to increase the use of renewable energy like wind, solar or hydro energy." 

Dr Al-Jaber also said that the Belt and Road initiative puts the WFES host country United Arab Emirates (UAE) into the "center of gravity in relation to the rise of renewable energy along the New Silk Road."

UAE Minister of Energy Al-Mazrouei said Monday at the WFES that UAE aims to increase the share of clean energy in the total energy mix to 50 percent by 2050 from a mere one percent nowadays. 

Ninety-nine percent of the UAE`s domestic energy needs is as of today based on natural gas. 

 At the China Day held at the WFES on Monday, Dr Adnan Z Amin, director general of the Abu Dhabi-based supranational International Renewable Energy Agency (IRENA), said that the iniative is focused on financing new infrastructure projects along the New Silk Road and the global shift towards clean energy offers tremendous transnational opportunities for both large or medium and small firms. 

As an example for intra-regional cooperation, Wang Zhongying, the director of China National Renewable Energy Center in Beijing, presented the ongoing construction of solar and water power projects between China and Pakistan in line with the China Pakistan Economic Corridor. 

China`s energy conglomerate Zonergy is currently completing the construction of the world`s largest solar park, the Quaid-e-Azam Solar Park in Bahwalpur, Punjab. 

Vincent Lau, Overseas Sales Director at Aikosolar from Foshan city, Guangdong Province, which exhibits for the first time at the WFES, said "we see the initiative indeed as a catalyst because most countries along the Belt and Road enjoy long sunny periods compared to other countries." 

He added that taking the WFES host country UAE for example, the Gulf state enjoys six to eight hours intense sunshine per day on average which provides an immense opportunity for marketing or solar cells here and beyond. 

Dubai`s Emirates Airlines said Tuesday in an e-mailed statement it has introduced new sustainable blankets made from 100 percent recycled plastic bottles and is now available in economy class on all long-haul Emirates flights.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.