China National Coal Group, the second largest coal producer in China, plans to cut 17.2 Mtpa coal capacity in 2017, the company said on February 6.
It also aims to relocate 9,300 workers this year, and total stuff number will decrease by 5,000. The company has about 100,000 employees.
Last year, the company eliminated 6.45 Mtpa coal capacity by shutting 7 mines.
The company owns 44 coal mines with combined capacity of 277 Mtpa.
China Coal Energy Co., Ltd, the listed arm of China National Coal Group, expected to realize net profit of 1.8-2.2 billion yuan ($261.6-319.8 million) in 2016, compared with a loss of 2.52 billion yuan a year earlier.
(Writing by Jessie Jia Editing by Harry Huo)
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