UPDATE:China Vice Min: Seek "Win-Win" On Mining Investment

China will open its mining industry to overseas investors and hopes their governments will reciprocate, a senior official at China's Ministry of Land and Resources said Tuesday.

Speaking at the China Mining Conference, Vice Minister Wang Min echoed Chinese criticism of Anglo-Australian mining giants BHP Billiton Ltd. (BHP) and Rio Tinto PLC (RTP) over a proposed joint venture and an ongoing disagreement over iron ore benchmark prices as he called on other nations to create "win-win" investment opportunities and urged global mining sector pricing reform.

Wang didn't mention specific mining products, but his comments matched closely the concerns of Chinese steelmakers, who are seeking deep term pricing cuts from global iron ore miners.

Meanwhile, a high-profile investment proposal by Aluminum Corp. of China to acquire $19.5 billion of Rio Tinto's assets that collapsed in June roused domestic allegations that Australia wasn't open enough to major Chinese investments.

China is the world's largest buyer of iron ore.

Wang also said China now has about CNY13 billion in a fund for boosting mining exploration at home. "So far, we already invested about CNY1.5 billion in 191 projects," he said.

-Juan Chen contributed to this article, Dow Jones Newswires; 8610 6588 5848; [e-mail]