Puda Coal to acquire and consolidate four coking coal mines in Shanxi

Friday, 19 March 2010 13:49:54 (GMT+2)

Chinese metallurgical coking coal producer Puda Coal, Inc. (Puda Coal) announced on March 18 its plans to acquire and consolidate four additional coal mines located in Huozhou County, central Shanxi Province, in addition to its consolidated eight coal mines in Pinglu County, Shanxi Province.

As a result of Shanxi government policy, larger coal production enterprises in the province are given the opportunity to acquire, consolidate and restructure smaller coal mines through mergers, acquisitions and asset or share transfers.

Puda Coal's 90 percent-owned subsidiary Shanxi Puda Coal Group, Co., Ltd (Shanxi Coal), which was previously appointed by the Shanxi government as consolidator of eight coal mines located in Pinglu County in southern Shanxi Province, recently received new approval to consolidate four additional coking coal mines into one coal mine.

After the completion of the consolidation, the combined Jianhe project is expected to increase its total annual capacity from 720,000 mt to 900,000 mt, with total coal reserves estimated to rise from 19.28 million mt to 23.72 million mt.      

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