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The Chengjiao Coalmine was approved in December 1999 and began trial operations in May this year. Investors Yongcheng Coal and Power Group (YCPG) and the Baosteel Group jointly pumped US$169.14 million into the project, Interfax reported
Annual output is expected to be 2.4 million tons by the end of the year and capacity is expected to reach four million tons over the next three years.
Along with the mine, a railway with a delivery capacity of 10 million tons a year and a coal washery with a processing capacity of 2.4 million tons have also become operational.
Interfax reported the two investors and Brazilian company Companhia Vale do Rio Doce (CVRD), signed a memorandum in late September. The document outlined that the Baosteel and CVRD had promised to put hundreds of millions of RMB into the project. An agreement was also made to build two transportation vessels of up to 500,000 tons in delivery capacity to be used for YCPG to export the coal.
