China's resources are underutilized

Nov 07, 2011 12:00 AM

A new government report shows that China has a wealth of unexplored resources, and only 36 % of the country's mineral deposits have been discovered.
According to the China Mineral Resources Report, issued by the Ministry of Land and Resources on Nov. 3, the exploration rate of the country's iron and bauxite deposits only reached 27 % and 19 %, respectively.

Zhang Hongtao, chief engineer at the ministry, said that according to a nationwide survey of China's oil and gas resources, the country's oil resources are in the middle stage of exploration and development because only 26 % of its oil deposits have been explored.
The exploration rate of its natural gas resources only reached 15 %, indicating that the country is still in an early stage in developing its natural gas resources.

China has become one of the largest producers and consumers of mineral products in the world, ranking first worldwide in the output and consumption of coal, steel, 10 types of nonferrous metals and cement.
From 2006 to 2010, the country's total output of coal rose 28 % from more than 2.5 bn tons to 3.2 bn tons, its crude oil output rose 10 % from 185 mm tons to 203 mm tons and its natural gas output rose 65 % from 58.6 bn cm to 96.8 bn cm.

Zhang said that China has completed the evaluation of the reserves of 13 key minerals, including coal, uranium, iron, copper, aluminum, lead, zinc, tungsten, antimony, rare earth, gold, potassium and phosphorus.

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