Mines seek foreign capital boost

China is seeking to boost overseas investment in its mining industry, promising a better investment environment with more supportive policies, Wang Min, vice minister of land and resources, told the China Mining 2004 symposium meeting in Beijing. He said investment was especially needed in prospecting and exploration of mineral resources and in China's western regions, with the option to establish wholly foreign-owned mining enterprises for some minerals including copper, lead, zinc and bauxite. Mining companies looking to operate in the mineral-rich west of China are eligible for tax reductions and tax exemptions, he added. Wang said foreign investment would bring new technology, equipment and expertise to help increase the productivity of the Chinese mining industry.