Yanzhou Coal Mining Co Ltd (1171.HK:), China's third-largest coal producer by market value, plans to double its annual output to roughly 70 million tonnes by around 2012, with aggressive expansion offsetting lower production at its old mines.
The company was investing two to three billion yuan ($268 million-$402 million) to develop new mines as part of the expansion, including a project with Thailand's C.P. Group in Shaanxi province, an official from the mine told Reuters at the company's headquarters on Friday .
But Yanzhou's 2007 coal exports were likely to reach just two million tonnes, falling short of an initial target of three million tonnes, said investment relations officer Jin Qingbin.
China, the world's top coal producer and consumer, emerged as a net importer of the commodity for the first time in January and remained so in each month during the first half of the year, helping to push up global prices to record highs....MORE