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| 2005103120051031Ministry of Financeepdf/e04881.pdfKOverseas, mineral resources, venture, exploration, special capital, go global, mineral enterprisee04881Circular of the Ministry of Finance on Printing and Distributing the Provisional Measures for Administration of Special Venture Capital for the Exploration of Overseas Mineral ResourcesCai Jian [2005] No.637Relevant central entities, financial departments (bureaus) of all the provinces, autonomous regions, municipalities directly under the Central Government and the cities specifically designated in the state plan:For the purpose of strengthening the administration of special venture capital for the exploration of overseas mineral resources, enhancing the capital profit, we formulated the Provisional Measures for Administration of Special Venture Capital for the Exploration of Overseas Mineral Resources, in accordance with the requirements of budget management and the provisions of relevant laws and regulations of the state. It is hereby printed and distributed to you, please implement it accordingly.Annex: Provisional Measures for Administration of Special Venture Capital for the Exploration of Overseas Mineral ResourcesMinistry of FinanceOctober 31, 2005Provisional Measures for Administration of Special Venture Capital for the Exploration of Overseas Mineral ResourcesChapter I General PrinciplesArticle 1 These measures are formulated for the purposes of implementing ¡±Go Abroad¡± strategy, encouraging and guide the geological exploring units and mining enterprises to go abroad for exploring and developing mineral resources (except petroleum and natural gas, the same below), tightening up the administration of special venture capital for the exploration of overseas mineral resources (¡°special capital¡± for short below), and improving funds returns.Article 2 Special capital means subsidies and funds of interest discount specially used for geological exploring units and mining enterprises to go abroad for mineral resources exploring and developing projects that are in short supply in China and national economy needs badly.Article 3 Mineral enterprises in terms of these measures means the enterprises relying mainly on development and utilization of mineral products, exploring of mineral resources, mining and ore dressing within the business range registered for record in industrial and commercial administration.Article 4 Special capital is preferentially arranged for the exploring with good metallogenic conditions or background and exploring and developing projects that are rich in resource reserves, have better exploring and developing conditions, striking anticipated benefit, perfect works in early stage and invested correspondingly by relative units of Central Government and local government.Article 5 Special capital is managed project by project, special fund for special use. No unit and individual could keep back, forcibly occupy and misappropriate it.Chapter II QualificationsArticle 6 Applying for special capital must meet following requirements:1.The implementation of the project should accord with national laws and industrial policies, laws of the country where the project is executed and standard of international law, should not harm national sovereignty, safety and public interests;2.Investing in enterprises abroad should be approved by the Ministry of Commerce or provincial competent commercial administration; mineral resource developing project abroad should be approved or gone through the record registration formalities by National Development and Reform Commission or provincial development and reform authority or gone through the record formalities in the Ministry of Commerce and the Ministry of Land and Resources;3.The executed project has obtained the license (or permission) for exploring and developing mineral resources issued by the competent authority for mineral resources of the country where the project is executed. The plan for executing the project has been approved by the country where the project is executed. The contract or agreement (initialed text) should be signed for the joint venture and cooperated project with foreign enterprises;4.The executed project should meet the requirements of raw materials, fuel, power, main equipment, communications and transport and ect.5.The mineral area where the project is executed has excellent inside and outside conditions. The explored and developed mineral resources have good market prospects and striking economic benefit;6.Domestic unit has mining right of the project exclusively or together with foreign joint venture or cooperated unit;7.Main mineral resources (or roughing products) explored in the developing project should be transported to home;8.Other requirements requested by the Ministry of Finance.Article 7 The materials that should be provided for applying for special capital:1.Copy of legal person credentials of the enterprises and public institutions or copy of the duplicate of industrial and commercial license;2.Whoever executes exploring project should provide qualification certificate for geological exploring. Whoever executes developing project should provide the certificate of corporate body registered in the country where the project is executed approved by the state;3.License of mineral resources exploring or mining issued by competent administration of mineral resources of the country where the project is executed. Whoever invests jointly or cooperates with foreign enterprises should provide the copy of signed contract or agreement (initialed text);4.Approval Certificate for Investment Abroad of the People¡¯s Republic of China issued by the Ministry of Commerce (to Central enterprises) or by provincial competent commercial department (to other enterprises);5.Written approval documents or record certificate for investment project abroad issued by National Development and Reform Commission or provincial development and reform authority;6.Record Form for Mineral Resources Developing Project Abroad that has been put on record in the Ministry of Commerce and Ministry of Land and Resources;7.Written comments on the reported project issued by our economic and commercial counselor office in the country where the project is executed;8.Other materials requested by Ministry of Finance.Ministry of Finance may readjust the qualification certificates to be provided according to the needs of the state policy.Chapter III Management of BudgetArticle 8 The state shall support the project that has been made pre-survey and general survey in the early stage in the form of financial subsidies. Financial subsidies are mainly used for looking for mines.The state shall support the project that is in the stage of detailed investigation, exploring and mining in the form of providing financial interest discount of domestic bank loan.Article 9 Ministry of Finance shall release guide to apply for special capital project according to relative requirements of ¡°Go Abroad¡± strategy of the state.Article 10 Geological exploring units and mining enterprises applying for special capital should draw up project feasibility report, project design and expenditure budget.The projects executed by Central enterprises and public institutions and the units directly affiliated to Central enterprises and public institutions should be reported directly to the Ministry of Finance after examination and gathering together of Central competent administration or Central enterprises and public institutions. The project executed by other enterprises and public institutions should be reported to the Ministry of Finance after the examination and gathering together of Financial Departments (Bureaus) of all provinces, autonomous regions, municipalities directly under the Central government.Article 11 The Ministry of Finance shall organize relative experts to give comments on and examine the project application materials submitted by Central competent administrations, Central enterprises and public institutions and the locality.Article 12 The Ministry of Finance shall release appropriation budget according to experts¡¯ examination and financial power of this year.Special capital shall be appropriated in accordance with relative provisions of rules for administration of financial national treasury.Article 13 Financial management and account settlement of special capital should be carried out according to current regulations of the state about Chinese invested or Chinese-foreign joint venture enterprises abroad.Chapter IV Supervision and ExaminationArticle 14 Financial authorities at all levels should make necessary supervision and examination on the use of special capital and evaluate the real achievements of the use of special capital.Article 15 The financial authorities at all levels should establish supervision and constraint mechanism for managing the use of special capital, establish project tracking and feedback system, for handling and correcting the problems in use of the funds in time and serious issues should be reported to the Ministry of Finance.Article 16 The competent unit responsible for the project should improve the administration of special capital, strictly abide by financial accountant rules and cooperate actively relative organs to make supervision and examination.Article 17 The unit undertaking the project should submit the information of project progress and use of the funds to the financial authority at the same level. The competent unit responsible for the project should arrange check and acceptance after fulfilling the project in accordance with requirements.Article 18 The competent units responsible for the project and undertaking the project and corresponding persons who have caused the special capital held back, embezzled or losses because of malfeasance or other illegal activities should be ascertained responsibilities in accordance with Punishment and Disciplinary Regulations for Illegal Financial Activities. Whoever commits a crime should be transferred to judicial organ for their criminal responsibilities.Chapter V Supplementary ArticlesArticle 19 These measures shall come into effect as of October 31, 2005. |
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