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In the article titled "Mineral Exploration Market Declines for the First Time," Lu Yu, Executive Deputy Director of the Department of Geological Exploration at the Ministry of Land and Resources, addressed the 2013 China International Mining Conference. He highlighted that due to macroeconomic factors, the domestic mineral exploration market saw its first decline in a decade. “Currently, China is implementing the largest-scale mineral exploration strategy since the founding of the People's Republic of China,†he said, emphasizing the country’s renewed focus on resource discovery.
The initiative was launched in 2011 and involved collaboration between the Ministry of Land and Resources, the National Development and Reform Commission, the Ministry of Science and Technology, and the Ministry of Finance. Since its implementation, the program has been carried out systematically, sparking a new wave of exploration across the nation. Significant progress has been made in oil, natural gas, nickel, and tungsten, with the discovery of several world-class mineral deposits.
Despite economic challenges, investment in geological exploration continued to grow rapidly in previous years. In 2012, total investment reached 126.9 billion yuan, representing a 9% year-on-year increase. However, by the first half of 2013, investment dropped by 24% compared to the same period in 2012. This marked the first decline in over a decade, after years of double-digit growth.
Yi Junhou, an inspector from the Shandong Bureau of Geology and Mineral Exploration, noted that his province experienced similar trends. Since 2002, mining exploration revenue had consistently increased, with an average annual growth rate exceeding 25%. But in the first half of 2013, this trend reversed—revenue from geological exploration fell by 3%, and market contracts declined by 19%.
Additionally, mineral product prices, which had been rising for several years, saw a significant shift this year. Many companies reported difficulties in production and operations due to falling demand and lower prices. Yi Junhou pointed out that global economic growth is expected to remain sluggish in the coming years, which will likely limit the recovery of mineral prices and lead to further market contraction.
Tang Jinrong, Director of the Intelligence Department at the China Geological Survey's Development Research Center, added that current economic conditions have made it difficult for both large and small companies to sustain their operations. He stated that financial challenges are a major factor behind the reduction in new exploration projects, contributing to the overall decline in the sector.