Tuesday, 16 Aug 2011
It is reported that Qitaihe Baotailong Coal and Coal Chemicals Public plans to acquire to two coal mines in an unspecified location one for CNY 60 million the other for CNY 52 million.
The sellers of mines gave commitment that the assets will yield no less than CNY 16 million for the remainder of this year and CNY 30 million and CNY 30 million in 2012 and 2013 respectively.
The transaction will improve Baotailong supply capacity and lower the risk of fluctuations in crude coal prices.
(sourced Shanghai Securities Journal)
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