NDRC Approves Guanghui Energy's Coal Mine Project in Xinjiang
Ma Yifei
DATE:  Aug 02 2017
/ SOURCE:  Yicai
NDRC Approves Guanghui Energy's Coal Mine Project in Xinjiang NDRC Approves Guanghui Energy's Coal Mine Project in Xinjiang

(Yicai Global) Aug. 2 -- Guanghui Energy Co.'s [SHA:600256] Baishihu open-pit coal mine project in Xinjiang has received approval from China's National Development and Reform Commission.

The Chinese coal company said yesterday that the Baishihu open-pit coal mine will have an output of six million tons per year in its first construction phase, which was backed by investments totaling USD442 million (CNY2.97 billion) excluding mining rights fees.

The NDRC gave Guanghui Energy the thumbs up to promote the establishment of a large-scale coal base and ensure a stable supply of energy, the firm said, citing an approval document from the commission.

This facility will aid China in its push to deal with overcapacity in the coal industry by cleaning up and eliminating projects that use outdated technology and replacing them with large-scale high-efficiency projects.

The Baishihu open-pit coal mine, which borders Mongolia to the northeast, is in Tian Shan in northeastern Xinjiang Uygur Autonomous Region.

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Keywords:   MSCI,Coal,NDRC,Overcapacity Cut,Xinjiang