Miner shares fall after order from Beijing

PUBLISHED : Tuesday, 05 April, 2011, 12:00am
UPDATED : Friday, 08 May, 2015, 9:51am
 

Coal miner shares fell yesterday after the National Development and Reform Commission issued a circular on Saturday ordering an inspection to ensure miners obey a rule that they must not keep this year's contract coal prices higher than last year's. The NDRC will punish miners that raise prices, lower coal quality, impose surcharges or rig prices. Offenders will be publicly censured and illegitimate levies confiscated. Shares of China Coal Energy lost 1.1 per cent to HK$10.6, Yanzhou Coal Mining fell 0.8 per cent to HK$29.6, while China Shenhua Energy gained 0.1 per cent to HK$36.95.

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