The reporter learned from Shenhua Group yesterday that, in line with the state's initiative to encourage diverse social capital to participate in mineral resource exploration, the company is taking steps to strengthen its role in commercial exploration. This move aims to expand the market for commercial exploration and reinforce Shenhua’s strategic position in the sector. To achieve this, the group has planned to establish its own exploration company, allowing it to extend its industrial chain into the exploration domain.
It is understood that with the recent national policy promoting private participation in resource exploration, major energy and raw material producers now have new opportunities to restructure their industry chains. This shift is expected to significantly boost domestic resource reserves. According to the "Decision of the State Council on Strengthening Geological Work," issued on January 28, the country will focus on deepening exploration in oil-bearing basins by following a strategy that includes developing the western regions, accelerating marine exploration, opening up new areas, and expanding overseas operations. The plan also emphasizes exploring new terrains, offshore zones, and key strata to increase recoverable oil and gas reserves. Additionally, large-scale coal base surveys and detailed assessments are being accelerated, while unconventional resources like coalbed methane, oil shale, oil sands, and gas hydrates are being actively explored.
Currently, domestic mineral exploration is primarily conducted by government-funded geological teams. Once these teams identify resources, they are allocated to state-owned enterprises at little or no cost. This has led to intense competition and wasteful practices, hindering the efficient and orderly exploitation of limited natural resources. Under the new policy, the government aims to foster internationally competitive mining companies and enterprise groups, enhancing their ability to explore and exploit resources both domestically and abroad. It also encourages the development of resource exploration firms with diverse ownership structures.
In the future, the government will no longer directly invest in commercial geological projects but will instead use policy measures to create a unified, competitive, and well-ordered national resource market. Shenhua Group, a state-owned enterprise and China’s largest coal company, has traditionally focused on coal mining and processing. However, it currently lacks an independent coal exploration team. To address this, the company is pursuing mergers, acquisitions, and the expansion of mining rights to increase its resource base. At the same time, it plans to establish its own exploration company, further integrating its industrial chain.
It is anticipated that Shenhua Group will become the first domestic enterprise with the capability to conduct commercial mineral resource exploration, marking a significant milestone in China's resource development strategy.
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