China has emerged as a economical power within a short span of time. When the authorities started removing iron curtains slowly by the end of the last century, even they will not have thought that the nation will become a force to reckon with in the next century. Despite the rumors that China is planning a slowdown in developmental activities, experts at different sectors predict a substantial growth for China in each sector.
Mining industry too started turning China oriented. Energy and Metal Analysis firm, Wood Mackenize reports that China will be the largest consumer for base metals (Non-ferrous, non-precious metals) in the world by 2017. According to their calculation, China will be consuming about 52 % of the quantity of base metals consumed by the entire world. Presently it is about 46%.
Even now China is a determinant factor in base metal mining industry as the major customer. The fast developments the nation experienced in the last two decades and relatively flexible rules promoted industrialization in China. Now it has become a manufacturing hub with manufacturing units for almost everything in the world. Availability of raw materials and comparatively cheaper labor charges make it a favorite destination for many manufacturers. In real, manufacturers from other countries are experiencing a tough competition from Chinese products.
The prediction by Wood Meckenize clearly indicates the fact that the country has a strong financial base and will not have to worry about the happenings in rest of the world. And by this year end, almost all the mining companies worldwide will start concentrating in China. China too is looking for this opportunity when they can bargain strongly for a better deal. According to the head of base metal department in Wood Mackenize, Helen Mathews, more demand will be for the metals such as Zinc, Aluminum, Copper, Lead and Nickel.