EYEAFRICA TV: Tianjin Municipality, North China: According to the Global Mining Development Report 2019 released by China Thursday, international mining giants have further enhanced their global resource allocation capacity, and China’s demand for mineral resources will remain relatively high for a long time.
The report shows that the shareholding ratio of financial institutions in mining companies is generally above 50 percent in developed countries including United States, Australia and Canada. International large mining companies are controlling global high-quality resources. Based on its analysis of the trends of international mining companies, the report reveals that they show a high tendency of risk aversion and returning to their native countries.
“Global mining companies, especially Western ones including American, Australian and Canadian companies, have begun to reduce mining investments in Africa and Southeast Asia, mainly as a hedge to reduce risks,” said Chen Qishen, chief researcher at the China Geological Survey of the Ministry of Natural Resources.
In addition, currently the world’s major mineral producing countries are gearing up efforts to ensure the safe supply of key mineral resources and promoting global resource governance. At the same time, technological innovation is leading the transformation and upgrading of traditional mining industry.
“Nowadays, strategic minerals have received close attention from countries around the world. The United States has issued a list of 35 strategic minerals, Japan has listed 30, and the EU, 27. The global mining industry is in a development stage of transformation and upgrading. The Global Mining Development Report 2019 was issued with the hope that the development of the mining industry will be more open to more inclusive and friendly cooperation,” Chen said.
The report also predicts that China’s demand for mineral resources will remain at a relatively high level in the long run. In 2018, China’s total energy production accounted for 19 percent of the global total, and its energy consumption accounted for 24 percent of the world’s total. It is predicted that the demands for metal minerals in emerging Asian economies will continue to grow in the coming years.
Experts say that China will actively participate in the global mining cooperation, and jointly promote the prosperity of the industry. At the same time, China will scale up the development of domestic mineral resources, especially the national strategic mineral resources.
“China has been stepping up efforts to develop renewable energy, especially the solar and wind energy and hydropower. We have become the world’s largest producer of renewable energy. We need to further strengthen the exploration and development of domestic mineral resources, so as to reduce the dependence on foreign resources,” Chen said