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Reported by Reuters, Shenhua will cut spending to 29.9 billion yuan ($US4.38 billion), down from last year.
The coal producer has forecast 220 million tonnes of coal sales this calendar year with over 91% catering to the domestic market.
The news service also reported the producer had signed long-term contracts with Chinese power plants, but the pricing had not been revealed.
Official Chinese news agency Xinhua reported CSE has agreed to supply 85Mt of thermal coal to state-owned conglomerate and power generator China Resources Company in the next five years under an unspecified but “relatively stable” pricing arrangement.
The deal is part of a strategic cooperative agreement recently signed in Hong Kong.
