五矿集团：中国资源短缺前景堪忧Minmetals warns on gulf in resources

China Minmetals Corporation has called the country’s natural resources deficit “worrying” in light of growing demand in the world’s biggest consumer of commodities.

中国五矿集团公司(China Minmetals Corporation)认为，鉴于中国对大宗商品的需求不断增长，这个全球头号大宗商品消费国自然资源短缺的前景“堪忧”。

Wang Jionghui, assistant president of Minmetals Corporation, said that China’s demand for resources would peak in 10 to 20 years and added that the country could become a global hub for mining and exploration within the next five to 10 years.

中国五矿集团总裁助理王炯辉表示，中国对资源的需求将在未来10至20年内见顶，并补充道，未来5至10年内，中国有望成为全球采矿和勘探中心。

China is the world’s largest importer of commodities from iron ore to copper and demand has fuelled the global commodities bull run, prompting investment in natural resources.

从铁矿石到铜，中国是许多大宗商品的全球第一大进口国，其需求推动了全球大宗商品价格的飙升，促进了对自然资源的投资。

However, those trends have simultaneously fuelled resource nationalism and protectionism, which Mr Wang cited as a concern.

但这些趋势同时也助长了资源民族主义和保护主义，王炯辉认为这令人担忧。

“Resources strategy has moved from being an economic issue to being a national strategic issue,” he said.

“资源战略已经从经济问题转变为国家战略问题，”他表示。

China’s mining companies, including Minmetals, Chinalco, Shenhua and Yanzhou Coal, have increased their overseas investments in recent years but their success in completing deals has been mixed. Minmetals failed in a $6.5bn bid for copper producer Equinox in April.

近些年，五矿、中铝(Chinalco)、神华和兖州煤业(Yanzhou Coal)等中国矿业企业纷纷加大海外投资，但它们在完成交易方面有成功也有失败。4月份，五矿以65亿美元收购铜矿商Equinox的交易以失败告终。

“The conflict between resources consumption and resource constraint will be a long-term issue for China,” Mr Wang said. Minmetals plans to spend half of its exploration budget overseas, he added, but he declined to specify an amount.

“资源消耗与资源约束之间的矛盾将成为中国的长期问题，”王炯辉表示。他补充道，五矿计划将一半的勘探预算投往海外，但他拒绝透露具体数字。

In 2010 the state-owned conglomerate’s revenue was Rmb255bn ($39bn) and its profit was Rmb7bn ($1.1bn), according to the Xinhua news agency.

据新华社报道，2010年，这家国有集团的收入为2550亿元人民币（合390亿美元），利润为70亿元人民币（合11亿美元）。

Andrew Driscoll, head of resources research at brokerage CLSA, said Minmetals would have to overcome the impediments of scarcity and competition for assets as it pursued global expansion.

经纪公司里昂证券（亚洲）(CLSA)资源研究部主管金安德(Andrew Driscoll)表示，在寻求全球扩张的过程中，五矿必须克服资源匮乏和资产争夺等障碍。

“Minmetals has the size and financial strength to emerge as one of the leading mid-tier mining houses, but it is not of a scale where it is likely to compete for assets with the world’s largest mining companies,” he said.

金安德表示：“五矿的规模和财力可以让它成为一家领先的中等矿商，但其规模尚不足以与全球最大的矿商展开资产争夺。”

Mr Wang described rare earths, a group of 17 elements with high-tech applications, as the current darling of the mining industry

王炯辉将稀土描述为目前采矿业的宠儿——稀土是指可以应用于高科技的17种元素。

“As a new round of technological innovation appears, relevant strategic mineral resources such as rare earths are expected to be mining firms’ favourites,” he said.

他表示：“随着新一轮技术创新的到来，预计稀土等战略矿物资源将成为矿商的新宠。”

译者/何黎