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Foreign-funded Enterprises Can Go Prospecting in China
China has recently readjusted its policy on prospecting and mining, according to which foreign-funded enterprises are allowed for the first time to apply for the right to go prospecting in order to attract foreign funds in this field, said an officials with the Ministry of Land and Resources in Beijing.
Overseas non-corporate enterprises can directly apply to the Ministry for the right to go prospecting and the qualification as geological prospecting unit, according to Zhong Weizhi, a senior official with the Ministry of Land and Resources.
The measure is aimed at protecting the interests of foreign investors by granting prospecting rights and qualifications, while in the past, an overseas enterprise must seek cooperation from a Chinese counterpart dealing in like line, Zhong said.
China has launched a pilot project in Yunnan Province to woo foreign funds for its mining industry, in which local authorities have rights to examine and approve foreign investors' application for prospecting and mining when such special species of resources as petroleum, natural gas and radioactive minerals are excluded.
Zhong also pointed out that, China will expand the pilot scale at a proper time and extend welcome to overseas investment in the country's west.
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