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CNOOC : China calls for better reporting of mineral reserves for energy security

09/15/2021 | 08:09am EDT
FILE PHOTO: An employee works at the Ma'anshan Iron and Steel Company in Hefei

(Reuters) - China has asked local governments and major oil companies to conduct a thorough survey of their mineral reserves as it seeks to provide more "dynamic" updates on the country's mineral wealth for the sake of its energy and economic security.

The Ministry of Natural Resources urged provinces, regions and companies including state oil majors China National Petroleum Corp (CNPC) and Sinopec to focus their efforts on "strategic mineral resources", in a notice published on Wednesday.

These include commodities the country is short of, such as oil, natural gas, iron, copper, aluminium, gold, nickel, cobalt and lithium, it said, adding that miners' annual reports on their reserves should also be improved.

The ministry further called for an evaluation of China's mineral resource potential, with an emphasis on strategic minerals and those used in emerging industries.

"Knowing the quantity, quality, structure and distribution of our mineral resources is an important precondition for ensuring resource security and economic security," and will form the basis of mineral resource strategies, it said.

China, the world's top metals consumer and biggest crude oil importer, vowed to strengthen management of its mineral resources in its 2021-2025 economic planning period.

As well as seeking more accurate data on resources in the ground, the Chinese government last month called for better management of strategic commodity stocks kept in tanks and warehouses.

China is holding rare public auctions of state metal and crude oil stocks this year in a bid to tame high commodity prices.

(Reporting by Min Zhang and Tom Daly; Editing by Mark Potter)

By Min Zhang and Tom Daly


© Reuters 2021
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Financials
Sales 2021 237 B 37 064 M 37 064 M
Net income 2021 69 320 M 10 858 M 10 858 M
Net Debt 2021 101 B 15 800 M 15 800 M
P/E ratio 2021 4,48x
Yield 2021 9,65%
Capitalization 314 B 49 109 M 49 112 M
EV / Sales 2021 1,75x
EV / Sales 2022 1,60x
Nbr of Employees 18 151
Free-Float 35,0%
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Number of Analysts 21
Last Close Price 7,02 CNY
Average target price 10,02 CNY
Spread / Average Target 42,6%
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Ke Qiang Xu Chief Executive Officer & Executive Director
Qing Long Xia President & Executive Director
Wei Zhi Xie Chief Financial Officer
Dong Jin Wang Chairman
Xiaonan Wu Joint Secretary & Compliance Officer
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