Private investment encouraged in overseas mineral

(Ecns.cn) -- China, as one of the world's major energy consumers, will for the first time encourage domestic private investment in overseas mineral exploration and development, according to reports citing the Ministry of Land and Resources (MLR) Saturday.

"Encouraging and guiding private investment in mineral exploration will be a priority for MLR," said MLR head Xu Shaoshi during a conference with 26 leaders of private enterprises in the mining sector on March 28th.

In order to encourage more private enterprises to explorefor mineral deposits, MLR will provide information on prospective sites, and give these companies some financial support through geological exploration funds and mining banks, according to Xu.

Besides that, MLR will also improve the mining rights market and prospecting services, as well as protect investors' legitimate rights and interests. The government will not compete with these private enterprises for profits in mining and mining operations, but rather have confidence that these companies can manage under a strategic outline framed by the government.

"Before the meeting, I was a little bit nervous, wondering what the officials would say," said Wang Yusuo, one of the 26 company leaders, "but now I am quite excited about the government's encouragement."

During the conference, MLR also suggested company leaders try to learn more from their counterparts in Japan, the United States and other countries with a better understanding of the overseas situation.