China Knowledge reported that Huadian Power International Corp China largest independent power producer has agreed to spend CNY 704.5 million to acquire two coal mines in Shanxi Province.

The company said in a statement filed with the Hong Kong Stock Exchange that its wholly owned subsidiary Maohua Energy Investment Co has spent CNY 526.5 million and CNY 178 million to acquire the Jinneng Erpu mine and Antaibao mine respectively.

Huadian Power plans to integrate the two mines with its Wantongyuan Erpu mine to increase its production capacity to 2.1 million tons a year.

Reportedly, the company development of coal resources in Shanxi Province will help reduce expenditure on coal purchasing as the firm power plants majorly rely on coal mines in the province.

(Sourced from China Knowledge)