China to revise mineral law, expand foreign access to mining - reportPublished by MAC on 2006-06-13
Source: AFX News ()
China to revise mineral law, expand foreign access to mining - report
AFX News Limited
13th June 2006
BEIJING (AFX) - China is planning to amend its mineral resources law by 2008, potentially improving multinationals' access to mining in the country, the China Daily reported.
The official newspaper cited a source as saying that the Ministry of Land and Resources is consulting an industry association including Rio Tinto Group, Anglo American and BHP Billiton on the planned changes, which could 'create a more fair and reasonable investment environment for the foreign companies.'
Under the current mineral resources law, which was last amended in 1996, foreign companies must undergo a long and complicated approval process to gain mining licenses for commodities like gold and copper, the report said.
The amendment aims to make the mining policy in China more market oriented, the report said, adding that the government wants to see the law revised by 2008.
A senior expert from the Ministry of Land and Resources was quoted as saying that the ministry wants to improve the law and added that China welcomes foreign investment in mining activities across the country, the report said.