Trading Rules of Mining Rights Taking Effect on March 1st
Source: Portals of Ministry of Land and Resources Citation: China Land and Resources News Date；Jan.17, 2012
Trading Rules of Mining Rights (Trial) is issued by the Ministry of Land and Resources to regulate the mining right transaction institutions and the transactions conducted by mining right owners, and safeguard the rights and interests of our country and mining right owners by guaranteeing the openness, fairness and justice of the mining right market in our country. These Rules will come into effect on March 1st. Trading Rules of Mining Rights (Trial) covers the following major contents. Firstly, the mining right transfer transaction must be conducted in the fixed trading place or on the internet-based trading platform provided by the mining right transaction institutions. And the transaction must be authenticated and announced to the public by the mining right transaction institutions in the fixed trading place or on the internet-based trading platform. Secondly, the mining right transaction institutions issue the transfer notice according to the related materials provided by the granter or transferor. For the granting or transfer transactions by ways of bidding invitation, the notice shall be issued 30 days prior to the completion of bidding invitation. And for the granting or transfer transaction by ways of auction or listing, the notice shall be issued 20 days prior to the starting of the auction or listing. Thirdly, the mining right transaction institutions shall organize the transactions according to the time and place specified in the notice and inform the granter or transferor as well as the qualified bidders of attending the transactions. For the granting or transfer transaction by ways of bidding invitation or auction, each object of the bidding shall not be less than three bidders. Fourthly, the result of the transfer of the mining right and the related information shall be made public. For the granting of the mining right by ways of bidding invitation and auction, the bid winner’s name and the transaction price of the mining rights shall be made public in the notice. For the granting transactions by ways of prior application, transferring mineral exploration rights to mineral exploitation rights and agreement, such transactions shall directly enter into the mining right transaction institution and be disclosed to public as after being duly accepted by the competent land and resources department. For the transfer transactions of the mining right, a mining right contract shall be executed under the authentication of the mining right transaction institution, which shall issue a verification letter. Fifthly, the competent departments of the Ministry of Land and Resources strengthen the guidance and supervision of the mining right transaction institutions by classifying them according to their different properties and by establishing the annual work report on mining right transaction and notification system. The mining right transaction institutions shall make record of each transaction of the mining right. Trading Rules of Mining Rights (Trial) also makes the related regulations on the confirmation, suspension, termination of the mining right transaction as well as the legal liability and dispute settlement arising from the mining right transaction. (By Ding Shuangli)
CHINA MINING Congress and Expo 2011 attracted over 5000 delegates, exhibitors and visitors from 55 countries and regions, increasing by over 650 people as compared to the last session. There were 382 domestic and foreign exhibitors, increasing by 38% as compared to the last year. The exhibition area amounted to 25000 square meters, more than doubling that of the previous session, with 1,050 standard booths, increasing by 65% compared to the previous session. There were a total of 23 forums and 7 projects shows held with 425 promotion and negotiation projects introduced by the congress, increasing by 32.8% as compared to last year. At the project signing ceremony, 55 projects were signed, amounting to RMB15.7 billion, increasing by RMB 4 billion and by 34% as compared to the previous year. More than 40 foreign VIPs including 23 mining ministers and vice ministers as well as ambassadors in China from 18 countries and regions such as Australia, Canada, South Africa, Angola, etc. attended this session of the congress. Meanwhile, the congress attracted more than 100 medias and over 200 journalists from home and abroad to cover the congress. In terms of number of delegates and scale of exhibitors and booths, the CM2011 all topped the previous sessions, ranking the world’s premier mining congress and expo..
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