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.
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