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Coal mines targeted

Energy

China Shenhua Energy will consider acquiring small coal mines ordered closed by the government on safety concerns, according to chairman Chen Biting.

Speaking after the company's announcement of an 80.1 per cent jump in first-half net profit to 7.8 billion yuan, Mr Chen said the company would look at opportunities to buy such coal mines of less than 90,000 tonnes of annual production capacity.

'We have acquisition plans and will look at these small mines, but they must fulfil our criteria,' he said. 'We are looking to consolidate them so they can become large-scale operations.'

Mr Chen said the company would also consider buying parent Shenhua Group's coal-to-petroleum project in Inner Mongolia after it came on stream in 2007.

The project involves 24.5 billion yuan of investment in its first phase of development, which would turn 9.7 million tonnes of coal into 500,000 tonnes of petrol, 2.15 million tonnes of diesel, 310,000 tonnes of liquefied petroleum gas and 240,000 tonnes of chemicals, annually.

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