China Knowledge reported that Huadian Power International Co Ltd the largest power producer in Shandong Province of China will acquire a 85% stake in Inner Mongolia Haoyuan Coal Co for CNY 715 million.

Upon the completion of the acquisition, Huadian Power International will acquire a colliery located in Erdos of the Inner Mongolia Autonomous Region with recoverable coal reserves of 54.6 million tonnes.

The colliery currently has an annual output capacity of 600,000 tonnes, which is expected to increase to 1.2 million tonnes in the fourth quarter of this year.

Since 2009, Shanghai and Hong Kong listed Huadian Power International has acquired coal assets with an annual output capacity totaling 12 million tonnes principally in Shanxi Province, the Inner Mongolia, the Ningxia Hui Autonomous Region and Anhui Province.

(Sourced from China Knowledge)