Haizhou: China’s largest bankrupt coal mine
The state-owned Haizhou Coal Mine recently declared bankruptcy, becoming the largest coal mine in
China to have done so.
The mine, located in the city of Fuxin in
China's northeastern province of Liaoning, was the country's largest coal mine during the late 1950s.
It was founded in 1949 and has produced more than 210 million tons of coal since its opening in 1953. However, the mine has been struggling financially in recent years, and its current reserves are estimated to be no more than 870'000 tons.
The employees of the company will be transferred to Fuxin Coal Mining Group's new coal mine in northern
China's Inner
Mongolia Autonomous Region. That mine has estimated reserves of 2 billion tons of coal.