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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (31009)	1/11/2009 6:55:39 PM
From: LoneClone	Read Replies (1) of 193808

China to consume 5 1.3 billion tonnes of iron ore in 2020 steelguru.com According to the National mineral resources program issued recently by the Ministry of Land and Resources P.R.C, in the year of 2020, China is to consume 500 million tonnes of oil, 1.3 billion tonnes of iron ore and 3.5 billion tonnes of coal. The program shows that China has been a net importer of oil ever since 1993. Mr Hu Zhicun the general planner from the Ministry of Land and Resources P.R.C said "By the year of 2015, China's oil production will be above 200 million tonnes. However, this amount still falls short of domestic demand by a large extent. The above program report points out that in order to resolve oil scarcity, China must try to prove six 100 million grade oil fields.” At present, 50% of China's oil is imported from abroad. Its oil import volume in going up by 10 million tonnes each year and the amount is still increasing now. (Sources: Beijing Times)

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