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Fixed-asset investment in China’s mining sector grew 0.8% year over year in the first half of 2023, slower than the 3.8% growth for the country’s overall fixed-asset investment and slowing sharply from the 9.8% in the first half of 2022, according to Chinese Academy of Natural Resources Economics.
In particular, fixed-asset investment in the sector fell by 2.2% on year in the period of January – April, marking the first drop since 2021.
Fixed-asset investment in the non-ferrous metal mining industry and ferrous mining industry grew by 4.1% and 4.2%, respectively, in the first half from a year earlier, compared to 8.4% and 33.3% in 2022.
Meanwhile, the mining sector’s profit reached 681.68 billion yuan in the first half, sliding 19.9% from a year earlier due to factors including insufficient market demand, mounting cost pressure and sliding mineral prices, said the academy. For comparison, the mining sector’s profit surged 190.7% on year in 2021 and by 48.6% in 2022.
In contrast, fixed-asset investment in oil and gas extraction industry surged 22.4% year over year in the first half, picking up from the 15.5% growth in 2022. Fixed-assed investment in non-metal mineral mining industry and coal mining and washing industry grew by 14.3% and 9.6%, respectively, in first half from a year earlier, slowing from the growth of 17.35 and 24.4% in 2022.