Qinghai Province-based Chinese coal mining company Damei Coal Mining, a subsidiary of Xining, Qinghai-based private sector miner Western Mining Co., has signed an agreement to invest RMB 40 billion ($6.35 billion) in a coal deep-processing project in Qinghai, according to local media sources.
The project targets an annual production capacity of 10 million mt of coal, while construction work on the project is expected to be completed in 2015. After the project is put into production, over 3,000 new jobs are expected to be created, while an annual gross profit of RMB 3 billion ($476.19 million) is anticipated.