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Xinjiang Opens Mineral Resources to Foreign Investors
Northwest China's Xinjiang Uygur Autonomous Region will open nine key mining areas to overseas investors for financially risky exploration.
They are located in Tarim, Junggar, Turpan, Hami and Ili basins, and southern parts of Tianshan Mountain and Altay and Altun mountains.
About 50 large ore deposits are to be located in the areas over the next 15 years. The region has 68 kinds of mineral resources. The probable reserves of copper and sylvine are 5 million tons and 350 million tons respectively.
The Ministry of Land and Resources will allocate 60 million yuan in each of the next five years for prospecting mineral resources in Xinjiang.
According to preferential policies granted by the regional government, foreign investors will be exempted from paying resource tax in the first five years of operation.
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