China Shenhua aims to become world's NO.1 coal producer
(Xinhua)
Updated: 2006-08-28 18:37
HONG KONG -- China Shenhua Energy Co. Ltd will increase its coal output by 15
million tons annually within the next five years to make the company the world's
biggest coal producer, Shenhua's top official said here Monday.
"By 2010, the company's annual coal output is expected to exceed 200 million
tons," said Chen Biting, director of Shenhua's board of directors, while
announcing the interim results of the company.
To reach the ambitious goal, Shenhua, the world's No. two coal producer, will
spend 20 billion yuan (about US$2.5 billion) to 25 billion yuan (US$3.1 billion)
between 2006 and 2008 on developing its core assets, including coal mines,
railways, sea ports and power generators, he said.
In the coming years, Shenhua will purchase from its parent company, the
Shenhua Group, excellent assets in such sectors as coal mining and power
generating, while seeking to acquire foreign companies in a "prudent and
selective way", Chen said.
Shenhua posted a 20.5 percent jump in its revenues to 29.53 billion yuan
(US$3.7 billion) for the six months ending on July 30, with its profits rising
10.4 percent to 8.6 billion yuan (US$1.01 billion).
During the period, its coal output and sales increased 11 percent and 18.5
percent, respectively.
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