Major coking coal producers to form jv in China

Major coking coal producers to form jv in China

According to recent news in the market, leading coking coal producers have recently signed a memorandum of understanding (MoU) with the purpose of forming a joint venture company in China. The coking coal producers signing the MoU are China National Coal Energy Group, China Coal and Coke Holding Ltd, BHP Billiton, US Steel, two domestic coke and chemical companies, one iron and steel company and an institute of design and research. The joint venture company is named as Northern Coke and Chemical Co Ltd. The shares of each company and names of certain companies have not been revealed yet. Annual production capacity of the joint venture company will be 15 million tons and the assets will amount Yuan 10 billion ($1.2 billion).