By Xiao Yu
Bloomberg News Service
Wednesday, May 10, 2006
http://www.bloomberg.com/apps/news? [1]
pid=10000080&sid=afPXJdQluoms&refer=asia
China aims to build up strategic reserves of minerals such as
uranium, copper, and aluminum to help meet rising demand and provide
a buffer against supply disruptions, the Ministry of Land and
Resources said.
The nation aims to have "sufficient reserves" of uranium, and will
start to build stockpiles of copper, aluminum, manganese, tungsten,
and other minerals in the next few years, the ministry said in a
statement on its Web site, citing a five-year government plan. The
term "sufficient reserves" was not defined, and there were no
specific targets for the eventual size of the mineral holdings.
China, the world's biggest consumer of steel, copper, aluminum, and
other metals, is building up the reserves to ensure stable supplies
for its economy, which grew 10.2 percent in the first quarter. The
growth, the fastest rate among the world's major economies, has
contributed to a surge in many metal prices to records this year.
China has already announced plans to begin building up a strategic
oil reserve as early as this year. The government has also urged
companies such as Aluminum Corp. of China Ltd., the world's second-
largest alumina maker, to secure raw materials overseas to make sure
the nation's metals needs are met.
The government and companies will jointly invest to build up the
mineral reserves, the statement said. It didn't specify how the
reserves will be managed.
China's State Reserves Bureau currently manages the nation's
commodities reserves, including copper and steel. The Ministry of
Land and Resources' Web site statement was dated April 28; it was
unclear when it was first posted online.
The ministry said it will step up domestic exploration and increase
the country's proven reserves of iron ore by 5 billion metric tons;
of copper by 20 million tons; and of bauxite by 200 million tons by
2010. Bauxite is used to make aluminum.
The ministry wants to increase proven reserves of oil by 4.5 billion
to 5 billion tons; natural gas by 2 trillion to 2.25 trillion cubic
meters; and coal by 100 billion tons, the statement said.
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