Mercator Minerals Ltd MLKKF

China: Copper is a Strategic Priority

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Oil, copper are strategic priorities, says China The Age[Thursday, February 15, 2007 15:09] https://www.phayul.com/news/article.aspx?id=15594&t=0 CHINA, the world's largest consumer of commodities, says crude oil and copper are priorities for its strategic stockpiles as the world's fastest-growing major economy nation competes with the US and Japan for resources. China would fund increased domestic exploration of minerals and boost overseas purchases, partly through mine investments, to build supplies, said Meng Xianlai, director-general of the China Geological Survey of the Ministry of Land and Resources. He was speaking in an interview at the Asia-Pacific Economic Co-operation mining conference in Perth yesterday. President Hu Jintao toured eight African nations last week, seeking to boost investments in oil and minerals there and to secure supplies for China. Vice-Premier Zeng Peiyan said China would use its $US1 trillion ($A1.29 trillion) foreign reserves to increase purchases of resources for strategic stockpiling. China would "mainly rely on domestic production" to build the supplies, Mr Meng said. Geologists had discovered "huge copper deposits in Tibet and south-west China, and the mines are expected to boost copper mine production by a third, easing reliance on imports". China is building an emergency supply of crude oil and plans to expand that to metals and uranium.