China's Shanxi-based Datong Coal Mine Group has announced that it has signed strategic cooperation agreement with the Datong local government and Shanghai Fosun High Technology (Group) Co., Ltd (Fosun Group) for the sale of its subsidiary TongCoal Steel to Fosun Group. In its statement, Datong Coal Mine Group said that Fosun Group will take part in steel industry restructuring in Shanxi Province and will play a key role in the regrouping of iron ore and coal resources in Datong.
The three parties to the agreement are to jointly start the restructuring of TongCoal Steel, while Datong Group is to provide relevant coal resources for Fosun Group.