China's iron ore has an external dependence of over 56%
The “2011 China Land and Resources Bulletin†recently published by the Ministry of Land and Resources shows that at present, China’s large-scale dependence on mineral products is at a high level. Among them, the degree of dependence on petroleum and iron ore exceeds 56%.
According to the communique, in 2011, the output of major mineral products in China maintained an overall growth trend and supply capacity was improved, but the gap between the supply and demand of large mineral products remained large. In 2011, the total import and export volume of mineral trade in the country totaled 957.1 billion U.S. dollars, an increase of 34.3% year-on-year. Among them, imports increased by 34.5% year-on-year; exports increased by 33.9% year-on-year. Imports of crude oil, coal, iron ore, bauxite, manganese ore, chromite ore and nickel ore have all increased at different rates compared to the previous year. In particular, coal, following net imports in 2009, imported 222.28 million tons in 2011, an increase of 20.3% over the previous year. Among them, the degree of dependence on foreign oil is 56.7%, and the dependence on iron ore is 56.4%.
The communique pointed out that in 2011, geological prospecting work became a national strategy, and investment in geological exploration continued to increase. The total investment for the year was 109.23 billion yuan, an increase of 6.7% year-on-year; of which, investment in oil and gas minerals increased by 6.9% and non-oil and gas mineral investment increased by 6.4. %. Most of the major minerals identified increased reserves of resources. Among them, energy minerals identified a general increase in resource reserves, especially for coalbed methane, with recoverable reserves of remaining technologies increasing by 72.0%, and increases in identified resource reserves for iron, aluminum, lead, and nickel minerals exceeding 10%. The identified resource reserves of copper, gold, silver and other minerals also have different growth rates.
According to the communiqué, the exploration and development of mineral resources have been continuously strengthened and the supply capacity has been further enhanced. However, the supply of domestic bulk mineral products is still unable to meet the rapidly growing consumer demand. The degree of foreign dependency is at a high level and there are hidden dangers in resource security. The task of improving resource support capacity is arduous.
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