China’s bid to rein in exports roils aluminum stocks and prices
China’s cancellation of tax relief on exports has left the aluminum industry scrambling to assess the impact on supply flows.
China plans to promote investment in repairing environmental damage caused by mining, and wants a mixture of public and private entities to contribute, the Ministry of Natural Resources said on Tuesday.
More than 3.6 million hectares of land in China was used and damaged by mining activities at the end of 2018, the ministry said in a statement on its website.
Until now restoration has been held up by a lack of effective policies to stimulate investment, according to the ministry.
The ministry’s “market-oriented way” for the restoration process aims to encourage the repair and utilisation of mine land, including suitable use of abandoned soil and stones left over from mining.
It also aims to encourage social capital investment by granting land usage rights for abandoned state-owned construction land after the restoration is completed.
The plans, which will be in force for five years, will include all entities including private firms, according to the ministry.
(By Min Zhang and Emily Chow; Editing by Jane Merriman)
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