A central government fund set up to finance resource exploration will resume operations after a yearlong suspension brought on by falls in commodity prices, the 21st Century Business Herald reported Tuesday, citing Jia Guozhi, chairman of mining investment company China Mega Group. The Central Geological Exploration Fund was founded in 2007 with 2 billion yuan (US$331.1 million) in initial capital. It’s managed by the Ministry of Finance and the Ministry of Land and Resources. The fund identifies and allocates capital for the initial exploration of potential mine assets. One of the fund’s bigger successes was helping identify 20 billion metric tons of coal reserves in Ordos, Inner Mongolia, the report said.
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