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China collects 2.5b yuan in mining compensation
Updated: 2004-12-23 23:09

In the first 11 months of 2004, the Chinese government collected 2.47 billion yuan from mining enterprises as compensation for mineral resources, a senior land official said here Thursday.

 This is the result of the country's enhancing supervision on mining activities starting early this year, said Li Yuan, vice minister of Land and Resources at a national conference of the ministry.

Progress has also been made in regulate the country's mining market, he said. In the first three quarters this year, the government collected 2.35 billion yuan (about 8.27 yuan equals one US dollar) for selling mining rights through public bidding, up 185 percent year-on-year.

Further efforts will be taken next year to regulate the mining market to establish a unified, open, competitive and orderly market system in the country, he said.

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