Henan Province-based Chinese coal miner Shenhuo Coal and Electricity Co. has announced that it has raised a total of RMB 652.8 million ($100.7 million) by the private offering of its shares, and that these funds will be used for the acquisition of 28 small-sized coal miners in Henan Province.
Through this merger project, Shenhuo Coal and Electricity will have additional coal reserves of 15.35 million mt and will reach an annual coal production capacity of 4.62 million mt.