Hubei encourages private and foreign investment in mining sector
(INTERFAX-CHINA)
Updated:
2007-02-28 14:19
Counter:
Hubei Province said it will encourage private and foreign investment into local mineral resources development.
The Hubei provincial government released guidelines on strengthening geological surveys and mineral exploration administration on Feb. 25, the guidelines stated that the government will push for the development of lead, zinc and manganese in western and southwestern Hubei; iron, copper and gold in the Southeast; as well as gold, silver and vanadium in the Northwest in 2007.
Furthermore, the local government will support investment from private companies and foreign investors in developing mineral resources in Hubei, and will not interfere with prospecting or mining projects.
However, the guidelines do not specify detailed requirements for private and foreign companies.
To increase mineral resource reserves, the Hubei government has decided to assign RMB 30 million ($3.87 million) for a geological reconnoiter this year. Income from exploration and mining licenses and tax payment will be used to expand future mineral resource prospecting, according to the local government.
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