CVRD, Itochu and Yankuang to form coke jv
According to recent news in the market,
Brazil's mining giant Companhia
Vale do Rio Doce (CVRD), Chinese coal producer Yankuang Group and Japanese
trading house Itochu Corp have recently signed an agreement to form a joint venture coke company in
China. The joint venture company, which will be called Shandong Yankuang International Coking Co, will be capitalized at Yuan 11 billion ($1.3 billion). In line with the deal, shares of CVRD, Yankuang and Itochu in the joint venture company will be 25%, 70% and 5% respectively. The joint venture company, which is scheduled to commence operations in 2006, will produce 2 million mts of coke per annum.