Major coal miner to launch strategic project in Fuzhou, report say

Chin's top coal miner, Shenhua Group Corp, plans to build strategic coal reserves, deep-water berths, and power generation projects in the southeastern city of Fuzhou, a local paper reported.

The coal hub will be built in Luoyuan Bay, a planned deep-water harbor area with the ambition to become a major bulk commodities port in southeastern China, the Fuzhou Daily said.

"Based on the arrangement of the state's strategic coal reserves, the two parties have reached a cooperation agreement to build a number of deep-water berths, environment-friendly state-level strategic coal reserves, a large international bulk commodities port, large thermal power stations and to form large fleets to serve local firms and the coal base," the paper said.

The paper did not give details on Shenhua's investment scale, capacity of the reserves, or time frame for the project, but said Fuzhou's government vows to help the project start construction as soon as possible.

Shenhua Group's listed arm, China Shenhua Energy, posted record quarterly profits on higher sales and output, and said it expected a fledgling economic recovery in the country and the region to boost demand for coal.

Reuters

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