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Miners must break ground overseas

By He Rongliang (Global Times)

13:25, October 18, 2012

Around 40 percent of China's mining companies had closed down by the end of September, according to recent figures from the Metallurgical Mines Association of China.

While many Chinese miners struggle with deficits due to shrinking resources and soaring exploration costs, firms which are able to secure extraction rights and form partnerships overseas stand the best chance of surviving the current downturn.

As a third round of quantitative easing in the US drives down the value of the dollar, the prices of dollar-denominated commodities, such as iron ore, will accordingly go up, a development which will no doubt be warmly welcomed by the global mining industry. Chinese miners should prepare for this upswing and work to secure their positions in the still-lucrative market.

As countries with well-developed mining sectors grapple with their own economic woes, Chinese miners should look abroad for inexpensive opportunities to tap foreign resources.

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