Shanxi Coal International Energy Group Co Ltd announced on November 24 that the company plans to spend CNY 50 million establishing a wholly-owned subsidiary in Jinzhong city.
The to-be-built branch plans to get engaged in wholesale operation of coal washing, coal storing and coal blending, railway and road transportation of raw coal and clean coal, new high-tech development and research on coal and buying and selling of construction materials, rolled steel, pig iron, mineral ores and mining equipment.
Shanxi Coal International said this investment will help the company expand business and realize strategic development planning of coal industrial chain in all coal business. Shanxi Coal International disclosed its holding subsidiary Shanxi Lingzhida Caol Industry Co Ltd intends to set up a joint venture in Changzi County with Xinjuyuan Materials Co Ltd. Therein, Shanxi Lingzhida Coal Industry will invest CNY 25.5 million cash in the new company which will account for 51% of total registered capital.
The new company will mainly operate business in processing and sales of 1.5 million tons of coal after being established