Mineral finds off imports tension
By Li Fangchao (China Daily)Updated: 2007-01-25 08:57
Besides the unconfirmed but potentially important crude oil reserves in the Qiangtang Basin of Qinghai-Tibet Plateau, one of the most important discoveries was of rich iron ore in Nixiong, in the western part of the Tibet Autonomous Region, with an estimated prospective reserves of 1 billion tons.
The new find "has rewritten the conclusion drawn from China's geological survey in the 1970s that there was no rich iron ore on the Chinese mainland, and may relieve the country's three-decade-long dependency on rich iron ore imports," said Zhang Hongtao, CGS deputy director.
Lean iron ores account for more than 90 percent of China's iron ore reserves.
China is the top iron ore buyer in the world. It imported 326.3 million tons in 2006, and suffered due to the 164 percent price hike between 2004 and 2006.
Another breakthrough, officials said, is the discovery of a copper belt which extends 400 kilometers from west to east along the Yarlung Zangbo River in the Qinghai-Tibet Plateau. Part of the belt, the copper mine at Yulong, has prospective reserves of 14-18 million tons and may become the largest copper mine in the country.
Yulong, not far from the newly built Qinghai-Tibet Railway, could serve as a turning point for Tibet's mining economy, Zhang said.
Construction has begun on another two giant copper mines discovered in Pulang and Yangla in Yunnan Province, officials said, adding that they could begin commercial operations in the next few years.
The three mines, once in commercial production, are likely to yield 300,000 tons of copper, equivalent to a third of the nation's current overall output. Imports account for almost two-thirds of China's copper demand.
(China Daily 01/25/2007 page1)
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