Shandong Province establishes large coal group through consolidation
Shanghai. March 22. INTERFAX-CHINA - Shandong Province officially established a large coal group on March 21, consolidating six state-owned coal producers in the province, state media reported the same day.
According to Xinhua news agency, the newly-established Shandong Energy Group (SEG) now controls the assets of Zaozhuang Mining Group, Zibo Mining Group, Xinwen Mining Group, Longkou Mining Group, Feicheng Mining Group and Linyi Mining Group.
The group's annual combined coal production capacity stood at 83 million tons in 2010, and is expected to exceed 100 million tons in 2011.
Though based in Shandong, the dual Hong Kong and Shanghai stock exchange-listed Yankuang Group, with annual coal production capacity of 60 million tons, was not a part of the consolidation.
Bu Changsen, former head of Shandong Provincial Coal Industry Bureau, was named board chairman and general manager of SEG.
Ma Houliang, former board chairman of Zibo Mining Group, was slated to become SEG's top executive, but was arrested late last year on alleged counterfeiting charges.
-TW
