Shandong to invest in deep prospecting projects

Shandong Province in East China is planning to invest 2.5 billion yuan in deep prospecting projects to search for iron ore, gold ore and coal, sources with the Shandong Land and Resource Bureau said recently.

The province plans to target 20-50 medium-sized mineral deposits in the next five years, and submit of 350 tons gold reserve, 10 billion tons of coal and 2 billion tons of iron ore. Total potential mineral resources will value 3.3 trillion yuan, according to recently drafted outline of deep prospecting by the bureau.

The required investment for deep prospecting projects will mainly from the provincial and financial departments, geological exploration units, mining enterprises and etc..

Prospecting projects carried out in Shandong was mostly surface prospecting, and insufficient available reserves are rather outstanding in large and medium mines.