China will consolidate and add to its domestic strategic resources bases this year to achieve a rapid buildup in mineral resources, natural resources minister Wang Guanghua said on Sunday, according to state media.
"We will launch a new round of strategic action for mineral prospecting," Wang told reporters on the sidelines of the annual parliamentary meeting.
"The focus is to strengthen domestic exploration and development around scarce and strategically important mineral resources," he said.
China will also promote the "nationalization" of high-tech mineral equipment to avoid being caught in any stranglehold regarding technology and equipment, he said.
Chinese authorities in 2021 rolled out a five-year action plan to increase exploration for strategic mineral resources such as oil, natural gas, copper, chromium, tungsten, rare earths and crystalline graphite, to ensure the security of the country's resources and energy.
The Ministry of Natural Resources will roll out follow-up measures to attract social capital into mineral exploration and development, Wang said.
Against the backdrop of ongoing fluctuations in the global political and economic landscape, a series of agreements recently reached among the United States, Russia, and Ukraine have, like boulders dropped into a calm lake, stirred up huge waves in the global commodity market.
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