China significantly increased its critical mineral reserves and discovered additional mineral deposits last year as part of efforts to strengthen its self-reliance and energy security, according to the country’s Natural Resources Ministry.
The ministry reported on Tuesday that increased investment has led to “significant advances” in oil and gas exploration and “substantial advances” in mineral resources, leading to the discovery of 124 new deposits last year.
The report also showed that China has significantly increased its reserves of strategic minerals such as fluorite and crystalline graphite over the past year, the South China Morning Post reported.
15-year mining strategy aims to expand reserves and energy security
In 2021, the Chinese government launched a 15-year strategy to strengthen mining exploration, aiming to increase reserves and production, strengthen self-reliance, and ensure domestic energy security. The ministry stressed that China is focusing on strategically important minerals that are in short supply and exploring large-scale, high-quality and urgently needed mineral deposits, while actively promoting technological innovation. .
Reserves of fluorite, also known as fluorite, increased by 24.4 percent to about 107 million tonnes in 2023, according to a report on Tuesday. This mineral is valued in countries such as the United States, Australia, and Japan, where it is used in the production of semiconductors and electric vehicle batteries.
China’s crystalline graphite reserves increased by 23.9% to exceed 100 million tons. This raw mineral is essential for industries such as new energy, nuclear power, military defense, aerospace, and solar power.
China’s investment in mineral exploration increased for the third consecutive year, with more than 110 billion yuan (US$15.5 billion) allocated in 2023, according to the report. In the same year, China discovered four new oil fields with a production capacity of over 100 million tons each. The ministry said in September that it holds 746 million barrels, along with four gas fields each with a capacity of more than 100 billion cubic meters.
Increasing resource security through new mineral discovery and geological surveys
According to the ministry, the recent discovery of large-scale mineral deposits strengthens China’s leading position in antimony, crystalline graphite, tungsten and molybdenum, and strengthens the security of resources needed for the growth of strategic emerging industries. That’s what it means.
The ministry also reported on Tuesday that China is expanding geological exploration of maritime and marine zones. Furthermore, reserves of sylvite, essential for the production of chemical fertilizers that improve crop quality and yield, increased by 15.3% last year to more than 332 million tonnes, highlighting its importance in food security. .
Chinese President Xi Jinping has emphasized that domestic resource exploration is of vital importance to the national economy, public welfare and security. China remains a major producer, consumer and trader of mineral-based products.
Over the past year, the Chinese government has tightened controls on exports of critical minerals such as antimony, gallium, germanium and graphite, raising concerns in industries such as semiconductors, electric vehicles and defense that rely heavily on these materials. are.
