The Ministry of Land and Resources revealed that in 2010, China's oil, natural gas, coal, iron and other important mineral reserves increased considerably.

Last year, China discovered1.15 billion tons of new proven oil reserves, and new technology meant that 210 million tons are recoverable. Newly-proven reserves of natural gas reached 594.55 billion cubic meters, and with the current technology proven recoverable reserves totaled 287.5 billion cubic meters.

As of the end of 2010, the national oil proven reserves amounted to 31.28 billion tons, with the remaining recoverable reserves of 3.14 billion tons, an increase of 6.5 percent.

Proved reserves of natural gas totaled 9.3 trillion cubic meters, and the remaining technically recoverable reserves totaled 3.9 trillion cubic meters, an increase of 3.7 percent.

In 2010, national oil production reached 201 million tons, an increase of 6.9 percent. Production of natural gas totaled 94.73 billion cubic meters, an increase of 12.2 percent.

In 2010, China also identified new reserves of coal, iron ore, copper, lead, zinc, bauxite, pyrite, phosphate, tungsten ore, tin, molybdenum, antimony, gold, silver, rare earth and other major mining resources grow in varying degrees.

Earlier, Premier Wen Jiabao announced the industry guideline at an executive meeting of the State Council on Feb. 16, saying that the government would strive to establish a healthy development of the rare earth industry with appropriate development, rational production, high utilization and technological advancement within five years.

As the world's largest rare earth producer and exporter, China provides more than 90 percent of global rare earth demand. The country's reserves account for one-third of the world's total.

Surging global demand for rare earth is crucial in the production of components used in a variety of high-tech products, such as consumer electronics. The demand had prompted companies in the United States and Australia to start developing or reopening rare earth mines.

China's mining industry has witnessed significant growth in investment and mineral production, yet uncertainties still loom ahead, officials and experts attending the 12th China Mining Conference and Expo said in November last year .

Beginning in the second quarter of 2009, China's mineral market resumed its past strength, following the global financial crisis, as the Chinese government put in place a stimulus package plan of 4,000 billion yuan, or 600 billion U.S. dollars.

In the first eight months of the year, China's mining industry took advantage of an investment of 530 billion yuan, equal to 80 U.S. billion dollars, which is up 20 percent year on year.

Further, this tremendous investment in the mining industry triggered increases in production across a range of mineral products.