$38 million Thai investment to Chinese coal
Thailand's largest coal producer Banpu announced that the company would invest THB 1.5 billion ($37.6 million) in a new coal mine project in China through forming a joint venture between its wholly owned subsidiary Banpu China and Chinese Hebi Coal and Electricity Ltd to operate the Hebi coal mine in Henan province of China. Banpu China will have 40% stake in the joint venture, while Hebi Coal and Electricity Ltd and Hebi Zhong Tai Mining Co will hold 60%. With the new investment, the current 900'000 metric tons annual coal production capacity of Hebi mine will be increased to 1.5 million tons by 2008. Banpu currently has 300 million metric tons coal reserves in total and the company is planning to increase its reserves to 800 million metric tons in the next five years.