China sees need to deepen cooperation with Africa in mining sector: Ministry
Source: www.chinamining.org Citation: Platts Date: Feb.06, 2013
China has identified a need to further develop practical cooperation with Africa in the mining sector, Wang Min, vice minister of land and resources, said at an industry conference Tuesday.
(Photo by www.chinamining.org)
Wang Min, the Vice Minister of Land and Resources of China is giving a speech at 2013 Mining Indaba
in Cape Town, South Africa on February，2013.
"We need to deepen mining cooperation with more international partners, and [within this] is an important agenda to establish stronger mining ties with Africa," Wang said.
"We welcome African mining companies to come and invest in China, and also encourage Chinese companies to expand mining businesses in Africa, to bring about better cooperation between our two countries in the mining sector."
China`s mining projects in Africa currently account for 34% of its total mining investment projects and 22% of its total overseas mining investment value. Africa also ranks fourth in terms of China`s overseas investments.
Wang said there are increasingly more Chinese companies investing in Africa, seeing the value of the mining business there. Chinese companies that "have made headway in Africa" include state-owned trading enterprises China Minmetals Corp. and the CITIC Group.
"With African countries seeing robust development, recording an average growth rate of 5.5-6%, there is a lot of potential for investment by Chinese companies and joint implementation of mining cooperation between the two countries," Wang added.
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