Money

Fund for geological exploration hits $3b in China

(Xinhua)
Updated: 2011-06-23 09:38

BEIJING -- The fund aiming to help geologists survey minerals in China has reached 20 billion yuan ($3.09 billion) since its launch in 2006, the fund's manager said Wednesday.

Cheng Liwei, director of the China Central Geological Survey Fund Management Center, made the remarks at a video conference jointly held by the Ministry of Land Resources and the Ministry of Finance.

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The fund, which helps reduce the risk of geological disasters, has effectively attracted social capital to jointly promote geological exploration, Cheng said.

According to Cheng, the fund includes 2 billion yuan of the central fund and 18 billion yuan of the provincial fund.

So far, the fund has supported more than 2,500 geological survey projects and helped discover 156 large and medium-sized mineral deposits, Cheng said.

Currently, about 24 provinces and regions have set up the geological survey fund, with Inner Mongolia Autonomous Region and the provinces of Gansu and Anhui accounting for 54.77 percent of the total provincial fund, he said.

During 2006-2010 period, Inner Mongolia, possessing the country's largest proven coal reserves, input 6.74 billion yuan into the geological survey while attracting 21.59 billion yuan of commercial capital, he added.