China coal mine Heilongjiang plans 2006 IPO - paper

08 October 2005 | 02:27 Code : 5977 Geoscience events
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Heilongjiang Longmei Mining (Group), China's third-largest coal mine, plans to raise more than HK$2

 Heilongjiang Longmei Mining (Group), China's third-largest coal mine, plans to raise more than HK$2 billion ($258 million) in a Hong Kong public offering in the first half of next year, Standard newspaper said on Saturday. Quoting unnamed sources, the paper said Heilongjiang Longmei had picked CITIC Capital as the IPO sponsor and it planned to bring in strategic investors before the deal. No officials from Heilongjiang Longmei or CITIC Capital were immediately available for comment. Any offering would follow an IPO by China Shenhua Energy , the country's largest coal producer, which raised US$2.95 billion in June. The newspaper said Heilongjiang Longmei was formed in December through a merger of four state-owned coal producers as the northeastern province tried to emerge as one of the country's top coal producing bases. It produced 27 million tonnes of coal during the first half of this year, the paper said, and plans to raise annual output to 100 million tonnes. Beijing is trying to restructure the industry, saddled with hundreds of small mines. While China is one of the world's top coal exporters and relies on coal for over two-thirds of its energy consumption, its mining industry is the world's most dangerous, with a death toll of about 2,700 in the first half of 2005 alone

REFERENCE:http://asia.news.yahoo.com

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