BEIJING, Feb. 23 (Xinhuanet) -- China last year sold 11,717 prospecting and mining rights through bids, auctions and other public means, according to figures released Monday by the Ministry of Land and Resources at a national conference on mine resources.

    China is terminating the old system of absolute government monopoly in mineral exploration and exploitation, and as part of its reform program, China has adopted the international practices of allowing mining enterprises to determine production in line with market conditions and allowing prospecting and mining rights to be traded.

    Social investment pouring into prospecting projects continued to exceed the governmental investment, figures showed.

    Thirty percent of the newly-registered mine explorers were state-owned firms, 69 percent were other social groups and individuals and one percent were foreign businessmen, according to figures.

    The development of the mine rights market will help improve the prospecting and mining order and make for more efficient use of resources, said Vice-Minister Ye Dongsong of Land and Resources atthe conference.

    The ministry will enhance supervision over the trade of prospecting and mining rights, and create a more transparent, just and fair environment for mineral exploration and exploitation in China, Ye said. Enditem