Wang Min: The proportion of social funds in mineral exploration investment in China exceeds 70%

Wang Min, deputy director of the Ministry of Land and Resources and director of the China Geological Survey Bureau, attended the national geological prospecting and exploration survey meeting in Kunming on the 13th. He said that in recent years, not only has the state finances increased their investment in geological prospecting, but also social investment. It is also very active. At present, social investment accounts for more than 70% of the total investment in mineral exploration.

Wang Min said that with the rapid economic and social development of our country, the demand for resources for industrialization, urbanization, and agricultural modernization has grown rigidly. However, for a long time, domestic foreign dependence on petroleum, iron, copper, and potassium salts has remained high, and energy security has remained high. The problem is very prominent. Resources have become the bottleneck that restricts economic and social development. Therefore, it is imperative to guide the investment of all parties and increase the strength of geological prospecting and exploration.

In order to achieve a major breakthrough in geological prospecting, the Ministry of Land and Resources began this year with the “358” ore-finding action target of “three years of major progress, five years of major breakthroughs, and eight to ten years of remodeling of mineral exploration and development”. It has also comprehensively promoted new mechanisms for geological prospecting, actively introduced commercial funds for exploration, and conducted exploration and exploration in areas with large ore prospecting potential and strived for rapid breakthroughs.

"Under the conditions of a market economy, achieving breakthroughs in ore prospecting depends to a large extent on whether or not we can coordinate various types of economic relations, balance the interests of all parties, and mobilize the enthusiasm of all parties." Wang Min said that the main starting point for the new prospecting mechanism It is necessary to coordinate and mobilize the enthusiasm of local governments, enterprises, geological exploration units, and the masses, and attract all parties’ funds to the mineral exploration market. At the same time, it is necessary to enable all parties to obtain benefits and achieve efficient investment. There are benefits in investing, rewards in prospecting, and local benefits.

Wang Min said that the promotion of integrated exploration and the introduction of enterprises are the key links, and the integrated exploration must put the introduction of enterprises, especially large enterprises, in an important position. On the one hand, they must support and encourage large enterprises to enter, and on the other hand, they must regulate through contracts. Corporate behavior. Through several years of practice and exploration, more and more places have begun to attach importance to the basic role of market allocation of resources, began to attract investment, and encourage enterprises to invest in risk exploration. “Currently, social capital in venture exploration investments has accounted for more than two-thirds, and with the gradual improvement of the socialist market economic system, this proportion will continue to increase.” said Wang Min.

According to statistics from the Ministry of Land and Resources, in 2010, China's investment in solid mineral exploration was 33.181 billion yuan, an increase of 27% year-on-year, of which social capital investment was 23.514 billion yuan, accounting for 71% of the total, an increase of 35%.