China leads the race to exploit deep sea minerals — UN body
China is likely to become the first country in the world to start mining seabed minerals if the international rules for exploitation are approved next year.
BHP Billiton Ltd. (NYSE:BHP) is betting on the iron ore market as one of the forces to drive the mining industry in the next decade, especially as developing nations such as China move from investment-led economic growth to consumption-led economic growth.
Sinopec Group, China’s second biggest oil and gas producer, announced it has launched its first shale gas project, expecting to produce 300 to 500 million cubic metres a year by the end of 2012, said the conglomerate on Tuesday.
There was a strong reaction last week to the elevated debt crisis in Europe, with commodities and equities being indiscriminately sold. Gold fell 3 percent this week, losing its safe haven status as the dollar grew stronger and the 10-year government note headed lower.