News

China sets up largest gold fund in Xi`an

Source: www.chinamining.org   Citation: Xinhua   Date: May 25, 2015

A gold sector fund involving countries along the ancient Silk Road has been set up in Xi`an, capital of Northwest China`s Shaanxi Province, during a forum on investment and trade held over the weekend.

The fund, led by the Shanghai Gold Exchange (SGE), is expected to raise an estimated 100 billion yuan ($16.1 billion).

China is the world`s largest gold producer, and also a major importer and consumer of gold. Among the 65 countries along the routes of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, there are numerous Asian countries identified as important reserve bases and consumers of gold.

About 60 countries have invested in the fund, which will in turn facilitate gold purchase for the central banks of member states to increase their holdings of the precious metal, according to the SGE.

"China does not have a big say in gold pricing because it accounts for a small share of international gold trade," said Tang Xisheng of the Industrial Fund Management Co.

"Therefore, the Chinese government seeks to increase the influence of renminbi in gold pricing by opening the domestic gold market to international investors," Tang 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 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

Exhibition to shine light on Chenzhou`s resources

Source: www.chinamining.org   Citation: China Daily   Date: May 21, 2015

City is center of Hunan province`s abundance of geological reserves, Hao Nan and Feng Zhiwei report.

Chenzhou, Hunan province, is attracting a lot of attention from stone and gem collectors worldwide as the host of Asia`s largest mineral exhibition from May 21 to 25.

Organized by the Hunan provincial government and the Ministry of Land and Resources, the China (Chenzhou) Mineral and Gem Show will provide a "visual feast" of minerals and gems for exhibitors and enthusiasts from more than 10 countries and regions, said Yi Pengfei, Chenzhou Party chief.

Chenzhou is an ideal host for the exhibition, Yi said, because most of the province`s geological resources are located near the city, including mineral deposits such as nonferrous metals and crystal mines.

Gems that have been discovered in the region include Tongtian jade, Huanglong jade and Qicai stone. There is a total gem reserve of 20 million metric tons worth over 600 billion yuan ($96.7 billion) in and around Chenzhou.

Industrial insiders said jade and gems from Chenzhou are affordable but have the potential to appreciate in value.

The May exhibition will offer 2,600 booths on 100,000 square meters of floor space for exhibitors to showcase their minerals, jewelry, meteorites and root carvings.

About 300 booths will be provided for overseas exhibitors, including 10 booths for a delegation from South Africa, its first time attending the event.

Morocco will be exhibiting trilobite and while Australia is slated to display its native gold and plesiosaur fossils.

Rare mineral products from Hunan and other provinces in China will be shown, organizers said.

Yi Pengfei said he hopes the city will promote environmentally safe methods of extracting minerals during the show.

Mineral resources

Attendees of the May exhibition who have time to explore Hunan province will find that there is a diversity of natural habitats.

The province has 17 UNESCO World Heritage Sites, including the internationally renowned Wulingyuan and Langshan mountains.

Experts said it is rare for so many picturesque tourist spots to be concentrated in one place. Hunan province and the surroundings provinces of Jiangxi, Hubei, Sichuan, Guizhou and Guangdong form China`s most important cluster of geological zones.

In the tungsten-mining area of Yaogangxian in Chenzhou`s Yizhang county, experts have found 308 different types of minerals, some of which were never before been found elsewhere in the world.

The Yaogangxian tungsten mine is also China`s largest production base for wolframite, which in 1982 was featured on one of four mineral-themed stamps issued that year in China.

Shizhuyuan is another town in Chenzhou with rich mineral resources.

Wang Yuquan, deputy head of the Hunan Shizhuyuan Nonferrous Metals Co, said there are 143 kinds of minerals in the company`s 35 square kilometers of mining that make up 360 million tons of proven mineral reserves.

There are also 1.62 million tons of metal reserves.

The area also boasts the province`s largest national mine park that has been under construction since 2012.

With a total investment of 630 million yuan, the park is scheduled to cover an area of nearly 87 sq km, including a mine culture expo zone, a sports park, a water park and a museum of minerals.

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 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

China issues 105,000 tons of rare earth quota

Source: www.chinamining.org   Citation: China Knowledge   Date: May 18, 2015

China, the world`s largest rare-earth producer, has released the rare earth exploitation quota for 2015 at 105,000 tons, according to a statement released by the Ministry of Land and Resources.

The ministry said in a statement that the quota comprised 87,100 tons for light rare earths and 17,900 tons for medium and heavy rare earths.

Six rare-earth companies comprising China Minmetals Corporation, Aluminum Corporation of China, Baogang Group, etc. were in the list of allocation of the rare earth quota.

From Jan to Apr this year, China exported 8,044 tons of rare earth, down 20.8% from a year earlier, with the export value of RMB 590 million, down 30.3% than the previous 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 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

China reduces oil product export quotas in Q2

Source: www.chinamining.org   Citation: Reuters   Date: May 15, 2015

China has cut the pace at which it is allowing Chinese refiners to ship out oil products this year by more than 40 percent, traders familiar with China`s oil markets said Wednesday.

China controls oil product exports through quotas for State-run refiners, which it issues after assessing domestic needs. Authorities made the latest change after their second quarter review of annual export volumes.

Sinopec Corp, CNOOC Ltd and China National Petroleum Corp were given an additional oil product export quota of 5.6 million tons for the year, down from the 9.75 million tons initially awarded for the year in the first quarter.

The State refiners could not be reached for official comment on the matter.

The refiners can usually apply for more allowances once initial quotas are used up. The quotas are typically given every quarter after a review of domestic supply and demand balances.

The drop in the volumes issued this quarter are likely due to expectations of lower operating rates, high domestic prices and high inventory, traders said.

"Stronger domestic gasoline prices, which had tripled in the last two months, and a cut in refining capacities could have prompted the quotas to be revised down," one of the traders said.

Through April, Chinese refineries have been running at near-record levels of around 10.5 million barrels per day, according to data from the National Bureau of Statistics, but traders are expecting a heavy refinery maintenance season this month.

The largest drop in the quarterly quota issue was in gasoline, with the allowance cut by nearly half to 1.4 million tons.

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 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

China, Russia ink agreement on gold exploration

Source: www.chinamining.org   Citation: Xinhua   Date: May 12, 2015

China National Gold Group Corporation announced on Monday it has signed an agreement with Russian gold miner Polyus Gold to deepen ties in gold exploration.

The companies will cooperate in mineral resource exploration, technical exchanges and materials supply, the largest gold producer of China said.

Polyus Gold is the largest gold producer in Russia and one of the world`s top 10 gold miners.

The agreement between the two gold miners is one of many deals signed between China and Russia in energy, transportation, space, finance and media exchanges during President Xi Jinping`s visit to Russia from May 8 to May 10.

"China`s Belt and Road Initiative brings unprecedented opportunities for the gold industry. There is ample room for cooperation with neighboring countries, and we have advantages in technique, facilities, cash, and talents," said Song Xin, general manager of China National Gold Group Corporation.

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 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

China reportedly tops U.S. as world`s largest crude oil importer

Source: www.chinamining.org   Citation: CRIENGLISH.com   Date: May 12, 2015

It is being reported that China has now surpassed the U.S. as the world`s largest importer of crude oil.

Official customs statistics for April show that China imported some 30 million tons of crude oil in April, a 13 percent jump from March.

The total would be equivalent roughly some 222 million barrels.

Which means, on an average scale, China imported 7.4 million barrels a day in April.

According to Financial Times, the import number in the U.S. stood at 7.2 million barrels a day.

The gain for Chinese imports contrasted with China`s exports of crude oil, which fell 41% during April.

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 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

World`s largest oil trade show sees more Chinese presence

Source: www.chinamining.org   Citation: Xinhua   Date: May 05, 2015

The world`s largest oil and natural gas trade show, the Offshore Technology Conference (OTC), kicked off in the U.S. energy hub of Houston on Monday with a visible presence of emerging Chinese companies.

The annual event, a conference and exhibition, was unveiled Monday morning in the cavernous complex of NRG Park near downtown Houston. Thousands of professionals from around the world braved the Texas heat to attend the industry gala.

The show has apparently felt the pinch from the plunging oil prices as quite a few OTC veterans told Xinhua they saw less visitors and exhibitors coming this year.

OTC Chairman Ed Stokes, however, remained optimistic, saying though he did not have the attendance number right now but this year`s exhibition floors are the largest ever -- enough to cover around 12 American football fields.

"The drop in oil price may have some impact (on OTC), but it doesn`t affect the quality of the programs we have. The people here to speak are top class and the equipment and technologies on display are top notch," Stokes said.

Stokes noticed the increasing number of Chinese companies coming to the show. Among some 2,700 exhibitors, about one tenth are from China.

"We have more than 130 countries represented here. China is the second largest economy in the world and also a big player in oil industry," said Stokes. "So it`s very important for Chinese companies to be here to advertise themselves and network with others."

Cao Minghui, an operation director with Sinopec Oilfield Services Corporation, admitted to Xinhua that as a latecomer in the industry, China still lags behind in many areas, especially in core technologies, but "we boast some leading stuff too."

"We are here to show our strength," Cao said while pointing to several simulated models of rig platforms, "we are eager to expand our overseas market."

Yang Yun, executive vice president of China Offshore Oil Engineering Co., was more ambitious. "During previous years, we were here more to learn from others, but this year we are more focused on marketing our own products and landing overseas clients," he said.

The four-day-long show includes exhibitions, panel discussions by high-profile speakers and technical sessions. Started in 1969, it showcases leading-edge technology for offshore drilling, exploration, production, and environmental protection.

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 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

China to become world`s second-largest shale gas producer by 2035: BP

Source: www.chinamining.org   Citation: Xinhua   Date: April 29, 2015

China will become the world`s second-largest shale gas producer by 2035, behind only North America, a report by energy giant British Petroleum (BP) predicted on Tuesday.

From 2025 to 2035, China`s shale gas output will grow by an average of 33 percent every year. By 2035, China and the United States will provide some 85 percent of global shale gas output, according to the report.

BP`s group chief economist Spencer Dale attributed the explosive growth to China`s rich shale gas resources, government policy support to exploration, and China`s current achievements in shale gas development.

Exploration of shale gas, an unconventional source of natural gas, has gathered pace in China as the government promotes the use of clean energy, but high exploration costs and sophisticated technological requirements have substantially restrained the sector`s growth.

Whether China can bring in more private capital to the industry is the key for future development, Dale said.

The report also forecast that China will overtake the United States as the largest oil consumer around 2030.

By 2035, China`s dependence rates on imports of oil and natural gas will rise to 75 percent and 40 percent, from the current 60 percent and 30 percent, respectively, making China the world`s biggest energy importer, according to the report.

The share of coal in China`s energy mix will fall to 51 percent from the current 68 percent by 2035. Natural gas will take up 12 percent and oil 18 percent, said the report.

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 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.