Tuesday, March 18, 2014

China's Shanxi province to invest $81.5 mil on mining projects in 2014

Hong Kong (Platts)--18Mar2014/626 am EDT/1026 GMT

China's Shanxi province plans to invest around Yuan 500 million ($81.5 million) on exploration and mining projects in 2014, the Ministry of Land and Resources said Tuesday.

The province aims to further explore available reserves at its existing old mines with bauxite, magnesium, coal and other mineral reserves, the ministry said.

In 2013, a total of 95 mining projects were conducted in China's Shanxi province, involving an exploration and mining cost of Yuan 560 million. The province in northern China has an abundance of natural resources including metals and coal, the ministry added.

China confirmed the discovery of new non-ferrous metals ore reserves, including 260 million mt of bauxite, 11.83 million mt of zinc and 5.38 million mt of lead in 2013, the ministry said in February.

Other new ore reserves found in China last year included 3.14 million mt of copper, 3.07 million mt of molybdenum, 174,000 mt of tungsten, 77,000 mt of tin, 173,000 mt of antimony, 761.4 mt of gold, 16,982.5 mt of silver.

A total of 165 new large- and medium-scale mineral deposits were found in China's Inner Mongolia, Henan, Qinghai, Shanxi, Shandong, Xinjiang and Yunnan regions in 2013, the ministry said.

--Wendy Shair, newsdesk@platts.com

--Edited by Haripriya Banerjee, haripriya.banerjee@platts.com

Similar stories appear in Metals Daily http://www.platts.com/Products/metalsdaily

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