China Shenhua plans $40 bln investment 2009-2013
Published: 31 Aug 2009 20:10:08 PSTHONG KONG, Sept 1 - China Shenhua Energy Co Ltd, the world's most valuable coal producer, said on Tuesday it plans to invest 270 billion yuan ($39.5 billion) from now until 2013.
About 30-50 percent of the investment will be used for capital spending, an executive told reporters in a results news conference.
Shenhua, which like its Chinese peers is scouring the globe for resources to feed the world's second-largest energy consumer, has been hunting for coal mines in places such as Mongolia, Indonesia and Australia. Last Friday, the company reported record quarterly profits of 8.98 billion yuan ($1.3 billion) for April-June on higher sales and output. ($1=6.830 Yuan)
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