Cape town (Platts)--5Feb2013/817 am EST/1317 GMT
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. "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. Article continues below...Metals Daily now available on Platts Market CenterPlatts Metals Daily is now available for subscribers on Platts Market Center, an interactive website featuring Platts news, market commentaries, proprietary price assessments and archived content, as well as the daily PDF. PMC will also make available several key US benchmark assessments to subscribers earlier in the US day than with the current PDF-only delivery mode. PMC also includes archived proprietary prices and a custom graphing feature. PMC offers a mobile version viewable on PDAs and smart phones. For further information on registration, please contact Customer Care: support@platts.com
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. "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.
Article continues below...
Platts Metals Daily is now available for subscribers on Platts Market Center, an interactive website featuring Platts news, market commentaries, proprietary price assessments and archived content, as well as the daily PDF. PMC will also make available several key US benchmark assessments to subscribers earlier in the US day than with the current PDF-only delivery mode. PMC also includes archived proprietary prices and a custom graphing feature. PMC offers a mobile version viewable on PDAs and smart phones. For further information on registration, please contact Customer Care: support@platts.com
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.--Celestyn Wong, celestyn_wong@platts.com--Edited by Alisdair Bowles, alisdair_bowles@platts.com
Tweet
@PlattsMetals on Twitter