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Foreign mining firms peeking into China's gold industry
ZHAOYUAN. China, Feb 18: China's decision to prise open its gold industry has allowed foreign mining firms to peek into an Aladin’s cave of opportunity, but behind the glitter lies a quagmire of bureaucracy and confusion. Reports AFP.
So tightly sealed was the country's gold sector in the
past that annual output was a state secret until last year, when the government allowed a degree of transparency to encourage foreign investment in ah industry that has‘struggled more than most to cope with market reforms.
Decades of central control has meant that, below the state level, the Industry’s organisation is highly complex, with quasi-independent gold bureaus, corporations and production enterprises existing at all levels of government.
"At present, power is often arbitrary and personal, control is ambiguous and disputed, and. authority Unpredictable." said David Owens. President of Canada's Asia Minerals Corp (AMC).
AMC in September formed the country's first gold joint venture with China’s largest producer. Zhaoyuan Gold Industrial Corp (ZCGC) in the northeastern province of Shandong.
Coastal Shangoong accounts for 25 per cent of Chinas annual gold output: which officially stood at 105 tonnes last year but which the International Gold Council estimates at 130 tonnes — ranking it sixth in the world.
Labyrinthine bureaucracy and an absence of legislative guidelines meant the 72-mil-lion dollar contract to expand
the low grade YlngZhung gold mine in Zhaoyuang county required two years of negotiations. including a one-year wait between preliminary and final approval from the central government.
According to AMC's chief representative in Btijing. Tim Sun. China's gold industry is desperate for foreign Investment to provide badly needed technology and replace state funding that was all but withdrawn after sectoral reforms
,twoyears ago.
The experiment with foreign investment — begun in mid 1993 — has been extremely tentative, with only 10 low grade deposits offered to overseas -mining corporations, who are excluded from any exploratory operations.
"They're very ‘ territorial. They want to control the situation. which is why they say you can expand an existing mine but cannot have one of your own." Sun said.
"This is the fundamental conflict between the Chinese government and foreign firms, a lot of which are lobbying for policy changes in line with.international practice." he added.
Friction with the authorities is not restricted to overseas companies, according to ZCGC Vice Manager Lu Dongshang. who has his own litany of complaints.