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China says it will seek to purchase Mongolian mines

Wednesday, 09 April 2008

China’s state-owned Shenhua Energy has said it will seek to purchase coal mines in Mongolia.

Shenhua Energy raised a record $8.9 billion last fall in China’s largest domestic first-time public offering. It is thought such funds may be used, in part, for foreign acquisitions. Shenhua Energy is a subsidiary of China's top coal producer, Shenhua Group.

Industry leaders see Shenhua’s announcement to purchase foreign coal mines as a first move for China to become active in the international mining of energy related minerals.

Further, the company has announced it might also discuss joint ventures in international mining opportunities with select mining companies. Shenhua specifically mentioned interest in meeting with Rio Tinto about possible joint ventures.

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