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Volume
3, Issue 7| July 2008 | E-News
Archives
What's
in the the news?
China tightens rules on overseas mining listings
(Source - Reuters)
Fearful
that control over mineral resources might slip into foreign
hands, China has increased reporting requirements for mining
firms planning to list overseas. Both foreign investors and
Chinese firms with exploration activities in China must report
any listing plans to the Ministry of Commerce and the Ministry
of Land and Resources, if the plans involve any exploration
operations in China, the China Securities Journal said on
Monday.
"I
think they worry about Chinese assets being siphoned out of
the country through listings," said an executive with
a foreign metals company. "Even if the owner is Chinese,
they might have a Hong Kong or Bermuda-based company, and
an overseas passport. Then you do a joint venture with yourself
and gradually shift assets out, or a listing and after a while
it's in foreign hands."China's mining policy is torn
between encouraging foreign investment, especially for remote
or difficult deposits, to ensure the country gets the minerals
it needs, and limiting that investment to avoid losing control
over its resources. Foreign investors should apply for exploration
certificates before starting operations.
They
should also report to the authorities every March on the operations,
tax and fee payments, environmental protection, land usage
and results of annual inspections, the regulation said. The
new regulation takes effect Aug. 20.
China
publishes procedure to standardize foreigners' mineral exploration
(Source - www.chinamining.org)
The Ministry of Commerce (MOC) and the Ministry of State Land
and Resources (MLR) recently jointly publisheda procedure
on the management of foreign invested mineral explorationenterprises,
which will be effective as of August 20. The
procedure stipulates that Chinese government encourages foreign
investors with mineral exploration experiences or financing
ability to invest in mineral exploration. Foreign investors
to go listing on overseas market with their mineral exploration
achievementin China should submit file to MOC and MLR.
The
procedure also encourages foreign-invested enterprises to
adopt new and high technology to engage in mineral exploration
and encourages them to play a positive role in the sustainable
development of mineral sector. Various commercial competent
departments and land and resources administrative departments
will supervise and manage the business activities of foreign
investors' mineral exploration.
Foreign
funded mineral exploration enterprises can make geological
exploration after they got the state-owned geological exploration.
They
should submit related documents to Chinese government and
they can only enter the permitted regions to make explorations.
Do
you have a comment on these articles? Email it to info@cimg.org.cn
CIMG
members are able to receive a translation of the policy. Please
email Mary Yu at the
CIMG Secretariat to recieve your copy.
The
CIMG Secretariat emails daily a list of news headlines to
its members. To make sure you get your copy send an email
to Ivy at info@cimg.org.cn.
Please
remember to read the CIMG Update - Projects
and Member Updates section to make sure you are
abreast of the CIMG's upcoming projects, events and member
news.
News
from the last CIMG gathering
Due to the Olympics
and availability of venues the Monthly Member's meeting was
postponed.
The CIMG Secretariat was however able to have smalled closed
meeting with officials from MOLAR regarding the direction
of China's mining policy.
MOLAR
throughout the meeting remained positive about the outlook
for FDI in China's mining sector, however in a controlled
way that focussed on national treatment, resource security,
equal sharing of mining benefits and industry capacity building
through technology sharing.
MOLAR
opened their remarks by highlighting that China's mining sector
had developed much since the opening up of China and was still
seeking ways to increase the capacity and efficiency of the
industry. This he mentioned was a step by step process for
MOLAR and they considering all aspects of how the industry
should develop considering the current issues surrounding
China's domestic mining industry.
Some
of the issues mentioned by MOLAR included macro and micro
items. From these issues it can be assessed that MOLAR is
aware of bottlenecks to encourage the industry to develop
to meet China's resource needs. At the same time there is
a pressing need for MOLAR to consider the effects of mining
on the environment and to ensure that there is an equal distribution
of the benefits of mining.
MOLAR
mentioned that the issues and how to develop policy to resolve
them must take into account both domestic and international
enterprises. A case in point, Mr Jia mentioned, is related
to benefits of mining (read as tax income) where MOLAR is
working to ensure taxes are paid by all mining enterprises.
He highlighted that in the past some foreign as well as domestic
companies had managed to evade payment of taxes through legal
loopholes. Although legal he noted that MOLAR and other government
departments saw this as only profit taking with little benefits
to China. A similar point he noted was the illegal mining
in China. In this case he noted was also profit taking with
no income being paid to the state for distribution to the
people of China.
The subtext of these and other comments made by MOLAR noted
that development of China's mining sector could be enhanced
by a more centralised approach to the regulatory framework
for China's mining sector (e.g. the centralisation of the
exploration licensing), reviewed mineral classification system
and increased regulation of local departments.
In closing, Mr Jia did manage to answer most of the questions
from the CIMG. MOLAR noted in particular that they would like
to ensure an increase in the quality of investment in China's
mining sector (both domestic and foreign) to ensure China's
resource security.
MOLAR is of the feeling that industry engagement is necessary
for policy and industry development as is good quality foreign
investment and technology.
If you
have any questions regarding this meeting please do not hesitate
to email Mary Yu at
the CIMG Secretariat
Please
click this link CIMG Update - Projects
and Member Updates to veiw the CIMG's projects, events
and member news.
CIMG
Member Update - Projects and Member Updates
CIMG Projects
- Seeking your input and involvement
FINAL
CALL - Seeking Sponsors - CIMG's Taxation White Paper 2008
Since 2003 the CIMG has worked
on creating a greater understanding of Chinese Taxation as
applied to the exploration and mining industry. The CIMG undertook
a number of workshops in 2003 and 2005 with the State Administration
of Taxation and MOLAR.
Members
indicated in the membership survey their wishes for the CIMG
to take on taxation as a key project for the CIMG's work in
2008. The CIMG has taken this on board and has been now completed
a proposal on how and what to lobby the State Administration
of Taxation on. This proposal will lead to a taxation white
paper, meetings with the State Administration of Taxation,
etc. The outcome of this work will be to enhance the understanding
and implementation of taxation and its implementation for
the mining industry.
The
CIMG Secretariat has been liaising with KPMG who will undertake
the work to complete the CIMG's Taxation White Paper. As you
can imagine the work to be undertaken is extensive and the
CIMG Secretariat is seeking sponsorship from member companies
to help subsidise costs of this project.
Those
sponsoring will be able to take part, learn and influence
the way taxation is applied to the mining industry.
Sponsorship
Package and Benefits:
The CIMG Secretariat is seeking 10 sponsors, where each sponsorship
is
valued at 43,200RMB. The CIMG Secretariat will also be making
a contribution
to this project of 48,000RMB. Benefits for Sponsors:
- Exclusive
attendance to meetings with SAT and other government
ministries
- Will
receive all content in full including Taxation Paper, etc
(please note that CIMG other members will receive a short
summary only)
- Recognition
of in White Paper as a key sponsor
For
more information, a full proposal of the project or to register
your
sponsorship interest in this project, please call Auslan or
Mary at the CIMG
Secretariat or by email at mary@cimg.org.cn
UBC:
The NBK Institute of Mining Engineering at UBC - Internship
opportunities
"UBC: The
NBK Institute of Mining Engineering" at UBC in Vancouver
is pleased to announce a new internship opportunity for international
applicants to its innovative Master of Engineering Program.
Four qualified international applicants will be offered an
eight-month internship with Wardrop Engineering of Canada.
Successful applicants will begin the Mining Engineering MEng
program in August, undertake nine months of intensive study,
and then work at one of four Wardrop Engineering offices across
Canada. Interns will work as part of a team developing mining
projects. Internship salaries will range from $3000 to $5000/month
and interns will be considered for fulltime employment in
Wardrop's Beijing office, or in Canada. Applicants must have
an applicable undergraduate engineering degree, good marks
and strong English abilities. For more information, please
contact AJ Gunson at ajgunson@interchange.ubc.ca,
or visit our website at http://www.mining.ubc.ca/MEng.html.
CIMG
and Chinese Media - CIMG Member Submissions Wanted
The CIMG is
now contributing to a number of publications. The Secretariat
is seeking content related to Environment, Community, Safety
and Technology. Articles should be case studies, in Chinese
and 2 pages long. This is a unique chance to share information
and promote the international mining community in China. If
you are interested in submitting an article, please send your
article as a word document to auslan@cimg.org.cn.
CIMG
News Links
Members are being emailed news
links each day from the CIMG Secretariat. In an effort to
keep members informed of the latest developments in the mining
sector in China you will recieve on a regular basis an excel
file with links of mining news in China. Please note this
is a CIMG member only service and will provide only links
to the news with a short headline translation. There will
be no commentary or analysis of the news. If you have news
that you would like to add please email, Ivy Ma, who will
be looking after this at info@cimg.org.cn.
CIMG
Member Update - Member News, Events and more
Welcome New Members
The CIMG would like to make a warm
welcome to:
Yuxin Conveyance Machinery
Company Ltd
Established in Jiaozuo City, Henan Province, in 1998, Yuxin
produces a diverse range of conveyors and quality conveyor
components for the mining industries in China and abroad.
Yuxin is highly focused on building human capital, incorporating
best practices and new technology, and forging strategic relationships.
Contact: Delbin Dan
Address:2008 Yingbin Road Jiaozuo City Henan Province, China
Telephone: +86 15039110698
Email: danbelbin@yuxinhn.com
Website: http://www.yuxinhn.com/english/index.html
Aspermont
Limited
Aspermont Limited is the publisher
of Mining Journal, Mining Magazine, Australia's Mining Monthly
and MiningNews.net, Aspermont is the global mining industry's
most trusted source of news and information.Now with Chinese
language magazine Australia-China Mining Review and a suite
of market-leading conferences, Aspermont offers industry a
full suite of print, online and conferencing options.
Contact: Grey
Tubby
Address: 613-619 Wellington Street, Perth WA 6000
Telephone: +61 8 6263 9149
Email:Greg.Tubby@aspermont.com
Website:www.aspermont.com
Jobs4mining Ltd
Jobs4mining.com was launched by minesite.com to advertise
mining jobs around the world. It provides a cost effective
on line tool for promoting jobs to mining professionals with
technical and specialist skills, candidates search and apply
free.
Contact:
Janet Bewsey
Address:Lower
Mill Offices, Old Basing, Hampshire, RG24 7AT, United Kingdom
Telephone: +44 (0)845 621 6463 (MINE)
Email:Janet.Bewsey@jobs4mining.com
Website:http://www.jobs4mining.com
Regulatory
Update
Please find below the lastest
updates for 2007/8.
CIMG
Sustaining Sponsors
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