Related News

U.S. shale methanol soon en route to China

Source: www.chinamining.org     Citation: China Daily          Date: April 10, 2017

China is investing heavily in North American shale gas in order to commercially extract methanol for use as an environmentally sustainable motor fuel, a leading executive behind the multibillion-dollar project said. 

Spearheaded by Shanghai Bi Ke Clean Energy Technology Co Ltd, a State-owned enterprise focused on methanol production, a plant has been set up in the state of Washington to produce methanol from the shale gas, said Wu Lebin, chairman of Bi Ke`s parent－the Chinese Academy of Sciences Holdings Co Ltd 

He said the plant had attracted $6 billion in funding from both Chinese and United States investors. 

Wu said that he expected the first batch of methanol to be shipped to China via seaborne carriers by 2019.

"If we replace diesel, coal and gas with methanol to power vehicles, emissions of PM2.5 (a critical air pollutant) would be slashed by 80 percent, and carbon emissions would be halved," he said, adding that the cost is only two-thirds that of coal. 

China has factored in environmental concerns while maintaining economic growth, by transitioning from the use of coal to other cleaner energy such as liquid natural gas.

China is investing heavily in North American shale gas in order to commercially extract methanol for use as an environmentally sustainable motor fuel, a leading executive behind the multibillion-dollar project said.

Spearheaded by Shanghai Bi Ke Clean Energy Technology Co Ltd, a State-owned enterprise focused on methanol production, a plant has been set up in the state of Washington to produce methanol from the shale gas, said Wu Lebin, chairman of Bi Ke`s parent－the Chinese Academy of Sciences Holdings Co Ltd. 

He said the plant had attracted $6 billion in funding from both Chinese and United States investors. 

Wu said that he expected the first batch of methanol to be shipped to China via seaborne carriers by 2019. 

"If we replace diesel, coal and gas with methanol to power vehicles, emissions of PM2.5 (a critical air pollutant) would be slashed by 80 percent, and carbon emissions would be halved," he said, adding that the cost is only two-thirds that of coal.

China has factored in environmental concerns while maintaining economic growth, by transitioning from the use of coal to other cleaner energy such as liquid natural gas.

Utilizing methanol as a source of power has been adopted by a number of Chinese companies, Wu noted, but the technology to convert shale gas into methanol is "cutting-edge", he added. 

The US is a favorable source of shale gas thanks to easy access, the low cost of electricity and a close location for international shipping, Yuhuang Chemical Inc CEO Charlie Yao said. 

Yao`s company has also established a plant in the US－in Louisiana－to produce methanol for the Chinese market. 

By 2020, proven reserves of shale gas will surpass 1.5 trillion cubic meters, according to the 13th Five-Year Plan (2016-20) on the energy sector released by the National Development and Reform Commission and the National Energy Administration. 

China has steadily increased its ability to extract shale gas in recent years and aims to substantially improve its shale gas yield in the next decade and beyond. 

Annual output is expected to reach 30 billion cu m by 2020 and jump to a range of 80 to 100 billion cu m in another 10 years, the NEA said.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: m.balanzskin.com.

U.S. shale methanol soon en route to China

Source: www.chinamining.org     Citation: China Daily          Date: April 10, 2017

China is investing heavily in North American shale gas in order to commercially extract methanol for use as an environmentally sustainable motor fuel, a leading executive behind the multibillion-dollar project said. 

Spearheaded by Shanghai Bi Ke Clean Energy Technology Co Ltd, a State-owned enterprise focused on methanol production, a plant has been set up in the state of Washington to produce methanol from the shale gas, said Wu Lebin, chairman of Bi Ke`s parent－the Chinese Academy of Sciences Holdings Co Ltd. 

He said the plant had attracted $6 billion in funding from both Chinese and United States investors. 

Wu said that he expected the first batch of methanol to be shipped to China via seaborne carriers by 2019.

"If we replace diesel, coal and gas with methanol to power vehicles, emissions of PM2.5 (a critical air pollutant) would be slashed by 80 percent, and carbon emissions would be halved," he said, adding that the cost is only two-thirds that of coal. 

China has factored in environmental concerns while maintaining economic growth, by transitioning from the use of coal to other cleaner energy such as liquid natural gas.

China is investing heavily in North American shale gas in order to commercially extract methanol for use as an environmentally sustainable motor fuel, a leading executive behind the multibillion-dollar project said. 

Spearheaded by Shanghai Bi Ke Clean Energy Technology Co Ltd, a State-owned enterprise focused on methanol production, a plant has been set up in the state of Washington to produce methanol from the shale gas, said Wu Lebin, chairman of Bi Ke`s parent－the Chinese Academy of Sciences Holdings Co Ltd. 

He said the plant had attracted $6 billion in funding from both Chinese and United States investors. 

Wu said that he expected the first batch of methanol to be shipped to China via seaborne carriers by 2019. 

"If we replace diesel, coal and gas with methanol to power vehicles, emissions of PM2.5 (a critical air pollutant) would be slashed by 80 percent, and carbon emissions would be halved," he said, adding that the cost is only two-thirds that of coal. 

China has factored in environmental concerns while maintaining economic growth, by transitioning from the use of coal to other cleaner energy such as liquid natural gas. 

Utilizing methanol as a source of power has been adopted by a number of Chinese companies, Wu noted, but the technology to convert shale gas into methanol is "cutting-edge", he added. 

The US is a favorable source of shale gas thanks to easy access, the low cost of electricity and a close location for international shipping, Yuhuang Chemical Inc CEO Charlie Yao said.

Yao`s company has also established a plant in the US－in Louisiana－to produce methanol for the Chinese market.

By 2020, proven reserves of shale gas will surpass 1.5 trillion cubic meters, according to the 13th Five-Year Plan (2016-20) on the energy sector released by the National Development and Reform Commission and the National Energy Administration. 

China has steadily increased its ability to extract shale gas in recent years and aims to substantially improve its shale gas yield in the next decade and beyond.

Annual output is expected to reach 30 billion cu m by 2020 and jump to a range of 80 to 100 billion cu m in another 10 years, the NEA said.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: m.balanzskin.com.

Mining giant Rio Tinto calls out Australian Government on tax, urges rate cuts

Source: www.chinamining.org     Citation: Xinhua      Date: April 10, 2017

Australian mining giant Rio Tinto has gone on the offensive on Monday, releasing their tax statements, as the Australian Government seeks to recoup 447 million (335.46 U.S. million) dollars in what it claims are unpaid taxes. 

The bill is based on what the government calls "transfer pricing", which it said has allowed Rio Tinto to transfer profits to Singapore, where they will be taxed at a lower rate.

Currently in Singapore, companies are taxed at 17 percent, as opposed to the 30 percent they are subject to in Australia. 

The Australian Government has been cracking down on multinationals in recent years, with the Australian Tax Office currently auditing 59 global corporations, and scores of others, in an attempt to enforce their new legislation regarding tax avoidance. 

However, the tax details released by the miner, show that Rio Tinto paid 2.9 billion U.S. dollars on their income for the year ending 2016, and Chris Lynch, chief executive officer of Rio Tinto said in a statement obtained by Xinhua, the decision to release the figures shows the company is committed to tax transparency.

"In 2016, we paid US$4 billion in taxes and royalties to governments, which takes our total direct tax contributions over US$50 billion since 2010." 

The mining chief also reiterated his company`s firm support for the proposed reduction in company tax by the government, despite the move facing considerable push-back in the senate, and said that if the current 30 percent tax rate is maintained, it will hurt Australia in the long run. 

"We support the Australian government`s policy to reduce the corporate tax rate. If Australia remains with a 30 percent corporate tax rate, this will come at a cost to investment and jobs, as other nations leave Australia behind," Lynch said. 

"For an industry that makes multi-decade investments, with significant up-front capital expenditure, the risk of fiscal instability will influence the global flow of capital and a country`s ability to attract and retain investment." 

This comes as the price of iron ore has plummeted significantly over the weekend, with the Port of Tianjin spot price plummeting 7.3 percent to around 75 U.S. dollars per metric ton, with further falls expected throughout the year.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: m.balanzskin.com.

Asia`s largest manganese ore discovered in SW China

Source: www.chinamining.org     Citation: Xinhua     Date: April 10, 2017

A reserve of 203 million tons of manganese ore, the largest in Asia, has been discovered in Southwest China`s Guizhou province, local authorities said Saturday. 

Pujue manganese ore lies in the mountains of Songtao Miao autonomous county in Tongren city and was discovered by Guizhou provincial geology and mineral exploration bureau, the county government said in a press release. 

It said the ore had a potential value of more than 100 billion yuan ($14.5 billion). 

China is the world`s largest producer and consumer of manganese, which is used widely in making batteries and magnetic new materials. 

In recent years, scientists have discovered four large manganese ore deposits in Guizhou province with combined reserves of 600 million tons, said Chen Yuchuan, a noted geologist and academician with the Chinese Academy of Engineering. 

"The newly discovered ore deposits make up 60 percent of China`s total proven reserves and will greatly reduce the country`s reliance on imports," he said.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: m.balanzskin.com.

PetroChina net profit tumbles 78 pct in 2016

Source: www.chinamining.org     Citation: Xinhua          Date: March 31, 2017

PetroChina, China`s largest oil and gas producer, reported Thursday a 77.9-percent year-on-year plunge in net profits last year due to low oil and gas prices. 

Profit attributable to owners of the company totaled 7.9 billion yuan (around 1.1 billion U.S. dollars) in 2016, according to results released by PetroChina in line with international financial reporting standards. 

Revenue dropped 6.3 percent year on year to 1.6 trillion yuan, the company said, attributing the revenue decrease to falling oil and gas prices. 

The company saw crude oil output slip 5.3 percent year on year to 921 million barrels in 2016 and marketable natural gas output rise 4.6 percent to 3.3 trillion cubic feet. 

It plans to further reduce crude oil output to 879 million barrels this year, while keeping gas production at approximately the same level as last year. 

Despite the sharply lower profits, PetroChina saw its shares edge up by 0.13 percent in Shanghai and 0.17 percent in Hong Kong on Thursday.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us. For more information about CHINA MINING 2017, please visit: m.balanzskin.com.

Oil imports through Sino-Kazakh pipeline hit 100 mln tons

Source: www.chinamining.org     Citation: Xinhua       Date: March 31, 2017

Oil imports from Kazakhstan to China through a land pipeline hit the 100-million-ton mark Wednesday, the pipeline operator said.

"The safe operation of the pipeline has ensured diverse export channels for Kazakhstan, and also ensured stable energy supply to western regions of China," said Meng Fanchun, general manager of the Central Asia Pipeline Company of China National Petroleum Corporation. 

The pipeline runs 2,800 kilometers from the city of Atyrau to Atasu, in Kazakhstan, via the Alataw pass in Xinjiang Uygur Autonomous Region, to the PetroChina Dushanzi Petrochemical Company, one of China`s major petrochemical producers. 

Operation started in 2006. Crude oil arriving in China through the pipeline is so far worth 60 billion U.S. dollars, according to Meng. 

The oil is transported to refineries in Xinjiang, Sichuan and Gansu. 

By the end of last year, the pipeline company had paid about 350 million U.S. dollars of fees and taxes to Kazakhstan, the company said.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us. For more information about CHINA MINING 2017, please visit: m.balanzskin.com.

Newly discovered mine expected to be China`s largest-ever gold reserve

Source: www.chinamining.org     Citation: China Daily         Date: March 30, 2017

China has detected a gold mine with estimated reserves of 550 metric tons in the eastern province of Shandong, a major gold producer has announced. 

A total of 382.58 tons of gold reserves have been located at the Xiling gold mine in the Laizhou-Zhaoyuan region, according to Shandong Gold Group, one of the top-three gold producers in the country. 

The volume of gold could reach more than 550 tons once exploration is completed in two years, with a potential value of more than 150 billion yuan ($21.8 billion), which would make Xiling the largest-ever gold reserve mine in China, according to the group. 

The Laizhou-Zhaoyuan region is one of the largest gold production areas in China, with gold reserves and output in the region ranking first in the country.

Chen Yumin, chairman of the group, said that the gold deposit at Xiling mine extends more than 2,000 meters and part of it has a thickness of 67 meters. The 382.58 tons of gold reserves have been detected to have an average gold grade of 4.52 grams per ton.

"The gold mine could potentially be exploited to process 10,000 tons of ore every day for about 40 years," Chen said.

Shandong Gold Group has spent 16 years exploring the mine with a total investment of 320 million yuan, according to the company.

The group aims to produce 55 tons of gold a year by 2020, according to the company`s development plan.

To achieve the goal, the company has to go overseas to explore other gold mines, Chen said.

Last year, the company conducted research in places such as Africa, North America and East Asia.

Statistics from the China Gold Association show that China produced 453.49 tons of gold in 2016, remaining the world`s largest gold producer for the 10th consecutive year.

China was also the biggest buyer of gold in the world for the fourth consecutive year, with gold consumption reaching 975.38 tons last year, down 6.74 percent compared with 2015.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.

Jiangxi Copper`s annual net profit rises for first time in 5 years

Source: www.chinamining.org     Citation: Reuters         Date: March 30, 2017

Jiangxi Copper Co Ltd , China`s biggest integrated copper producer, posted on Wednesday its first rise in annual net profit in five years, helped by cost controls and higher metal prices. 

Jiangxi Copper`s net profit rose 23.6 percent to 787.5 million yuan ($114.34 million) in 2016, it said in a filing to the Shanghai stock exchange. The last time the producer recorded a net profit rise was in 2011, according to company data on Eikon. 

"Even though non-ferrous metal prices were increasing steadily, there were still challenges in the market," Jiangxi Copper said. "However, we implemented a series of effective measures to resolve the issues to achieve our operational targets." 

China`s non-ferrous metals producers have been reporting better financial results in 2016, helped by recovering global prices, which rose by around 18 percent during the year, and the country`s increase in infrastructure building. 

This week, Yunnan Copper Co Ltd posted a 683.8 percent rise in 2016 net profit, mainly helped by cost cuts and increasing output. 

($1 = 6.8875 Chinese yuan renminbi) (Reporting by Lee Chyen Yee in Singapore and Twinnie Siu in Hong Kong; Editing by Mark Potter)

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.