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China’s Shenhua planning to invest $8 billion into coal production in Kazakhstan

03 december 2013, 07:59
0
©REUTERS
©REUTERS
China’s Shenhua, the largest coal-producing company in the world, plans to invest $8 billion into coal production in Kazakhstan, Trend Agency reports, citing Kairat Karmanov, Vice Chairman of the Kaznex Invest [Agency for Promotion of Kazakh Exports and Investments].

“The Chinese Company has had a series of talks with the local governors of Karaganda oblast to develop a coal deposit. The production unit plans to produce 6 million tons of coal a year”, Mr. Karmanov said.

According to him, in the first year investments will make up $2 billion to be further brought up to $8 billion.

“The sides are working to sign respective documents before the end of the year so that the actual construction could start next year”, Mr. Karmanov said.

Coal production in Kazakhstan in 2012 totaled 120.511 million tons (3.5% up).

According to rbc.ru, imports of power-generating coal to China are set to grow by 17%, reaching 281 million tons, within the following 5 years.

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