China sold 11,717 prospecting and mining rights through bids, auctions and other public means last year, the Ministry of Land and Resources said Monday at a national conference on mine resources.
The government monopoly in mineral exploration and exploitation now has been broken. As part of its reform program, China allows mining enterprises to determine production in line with market conditions and allows prospecting and mining rights to be traded.
Social investment in prospecting projects continued to exceed the governmental investment, figures showed.
Thirty percent of the newly registered mine explorers were state-owned firms, 69 percent were other social groups and individuals and one percent were foreign businessmen, according to figures.
The development of the mine rights market will help improve the prospecting and mining order and make for more efficient use of resources, said Vice-Minister Ye Dongsong of Land and Resources at the conference.
The ministry will enhance supervision over the trade of prospecting and mining rights, and create a more transparent, just and fair environment for mineral exploration and exploitation in China, Ye said.
(Xinhua News Agency February 24, 2004)
