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Shenhua secures exploration license

(Shanghai Daily)
Updated: 2008-08-16 22:56

China Shenhua Energy Co has agreed to pay A$300 million (US$261 million) for a coal exploration license in Australia. It reported a 17.4-percent growth in July output.

A sign of China Shenhua Energy Co [File photo]

Shenhua, the world's most valuable coal producer, will explore an area of 190 square kilometers near Gunnedah in New South Wales, where there are thought to be shallow thermal coal resources.

Related readings:  China Shenhua Energy H1 net profit up 35.7%  Engergy: Shenhua Energy Q1 net profit up 37.6%  China Shenhua mine starts trial operation  Shenhua seeks fresh price hikes

In addition to the license fee, China Shenhua would give A$1 million annually for five years to a regional community trust and invest A$175 million in transport infrastructure if a mining lease is granted, according to reports.

A Shenhua spokesman in Beijing confirmed the exploration permit, saying whether it will get mining rights will be decided when exploration produced results.

Shenhua beat companies such as Anglo American and Xstrata in the bidding for the permit, which was opened in October and closed in February.

The project could be worth more than A$670 million to New South Wales, its minister for mineral resources, Ian Macdonald, said.

Though the bid is not a particularly big one for Shenhua, which posted revenue of 82.1 billion yuan (US$11.97 billion) in 2007, the move underscores its ambition to venture overseas and boost reserves.

Meanwhile, Shenhua said it produced 16.2 million tons of coal last month, up 17.4 percent from a year earlier.

Sales of the fuel, including those sourced from third parties, grew 12.1 percent to 19.4 million tons in July while exports gained 5.6 percent to 1.9 million tons.

The firm, which also operates railways, ports and power plants, reported July's electricity output of 10.2 billion kilowatt-hours, up 39.5 percent year-on-year. The faster growth in power generation implies the company retained more of the fuel for its own use.

"This told a real picture of coal shortages in many parts of the country, and was also the main reason contributing to the tight supply-demand condition," an Orient Securities report said. Shenhua rose 1 percent to 28.26 yuan in Shanghai but fell 1.41 percent to HK$24.50 (US$3.15) in Hong Kong.