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Hubei encourages private and foreign investment in mining sector
(INTERFAX-CHINA)
Updated: 2007-02-28 14:19
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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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