Jinneng Holding Coal Industry Group completed resource consolidation and was formally established on December 17 as a subsidiary of Jinneng Holding Group, according to local media.
It has consolidated coal businesses of Datong Coal, Shanxi Jincheng Anthracite Coal, Jinneng Group as well as coal assets of Lu'an Group and Huayang New Materials Technology Group (former Yangquan Coal).
Jinneng Holding Coal Industry Group has total assets of 670 billion yuan ($102.3 billion) and coal production capacity of about 400 million tonnes per annum (Mtpa). It is the largest among the six subsidiaries of Jinneng Holding Group.
Its establishment not only has great significance in promoting high-quality development of China's energy industry and guarantee the national energy security, but also can concentrate Shanxi' resource advantage and push forward industry transformation and upgrade.
Subsequently, Jinneng Holding Coal Industry Group plans to close 31 resource depleting mines, exiting coal capacity of 30 Mtpa, with its coal production and sales expected to reach 500 million or exceed 600 million tonnes if possible by 2025.
Smart transformation will be realized at all its mines above designated size by 2022. Through streamlining staff and optimizing management, it will strive to cut cost by 87 billion yuan as of the end of the 14th Five-Year Plan period (2021-25).
(Writing by Shengnan Liu Editing by Tammy Yang)
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