MARKETS

Yanzhou to buy Jining mine

Yanzhou plans to issue 100 million shares to fund the purchase of the Jining III coal mine from its parent company.

Staff Reporter

Yanzhou Coal Mining plans to buy the Jining III coal mine for US$310 million from its parent Yankuang, subject to shareholders giving their approval at an extraordinary general meeting to be held in September.

 

The acquisition would be funded by proceeds from a planned issue of 100 million Chinese currency A shares and other sources of internal financing. Yanzhou Coal is currently debt free and has assets exceeding $918 million.

 

Jining III, located in China's eastern Shandong province, was expected to start commercial production in the fourth quarter of this year. The mine is forecast to produce 4 million tonnes of coal next year and will increase output to 8Mt by 2005 when it hits full production.

 

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production

editions

Mining Magazine Intelligence Automation Report 2023

An in-depth review of operations using autonomous solutions in every region and sector, including analysis of the factors driving investment decisions

editions

Mining Magazine Intelligence Exploration Report 2023 (feat. Opaxe data)

A comprehensive review of current exploration rates, trending exploration technologies, a ranking of top drill intercepts and a catalogue of 2022 Initial Resource Estimates and recent discovery successes.