Shanxi Lu'an to launch group listing before 2015

Jul. 13, 2009 (China Knowledge) - Shanxi Lu'an Environmental Energy Development Co<601699>, which is headquartered in Shanxi Province and is principally engaged in exploration, production and sale of coal, is preparing for group listing before 2015, sources reported, said Ren Runhou, chairman, sources reported.

Ren added that the Shanghai-listed company will acquire all the coal assets of its Shanxi-based parent, Lu'an Group, prior to 2015, which means that the group plans to integrate coke assets totaling 670 million tons and may integrate more than 180 collieries. 

Last month, the coal developer combined two collieries in Pu County, Shanxi Province with total proven reserves of nearly 70 million tons. The combined annual yield of the two collieries will be between 1.2 million and 1.8 million tons.  

The enterprise also plans to build a coke plant with a designed annual output of 8 million tons. In addition, the enterprise will expand its production of processed byproducts including methanol.

In the first quarter of this year, Shanxi Lu'an Environmental Energy's sales revenue was RMB 3.9 billion, a year-on-year increase of 25%. The net profit of the coal firm hit RMB 695 million, a year-on-year growth of 30.42%. Earnings per share were RMB 0.6 and raw coal output was 7.04 million tons, sources reported.