Jingyuan Coal Power to acquire 60% equities of Jingtai Coal
2019-05-29 16:08:44 [Print]
Jingyuan Coal Power released an announcement on the evening of 27 May that it has signed an equity transfer agreement with Jingyuan Coal, the controlling shareholder of Jingtai Coal. According to the agreement, Jingyuan Coal Power will acquire 60% equities of Jingtai Coal at the price of RMB60.2599 million (USD8.72 million) and take related shareholders' rights and obligations.
After the acquisition, Jingtai Coal will become a holding subsidiary of Jingyuan Coal Power.
Jingtai Coal was co-established by Jingyuan Coal and Gansu Coal Resources Development Co., Ltd. in 2012. By 31 December, 2018, Jingyuan Coal invested RMB60 million (USD8.68 million) by cash and held 60% shares while Gansu Coal Resources Development invested RMB40 million (USD5.79 million) by cash and held 40% shares.
Jingtai Coal focuses on development and construction of Baiyanzi mine, which owns 90.758 million tons of coal (including 47.363 million tons of gas coal and 43.395 million tons of 1/3 coking coal) and is the largest coking coal project found ever in Gansu. According to feasibility study report of Baiyanzi mine and coal preparation plant, the designed annual production capacity of the mine is 900,000 tons and the mine life is 44.2 years. Covering an area of 31.79 hectares, the mine has excellent transportation, power supply, water supply and other external conditions.
After the acquisition, Jingtai Coal will become a holding subsidiary of Jingyuan Coal Power.
Jingtai Coal was co-established by Jingyuan Coal and Gansu Coal Resources Development Co., Ltd. in 2012. By 31 December, 2018, Jingyuan Coal invested RMB60 million (USD8.68 million) by cash and held 60% shares while Gansu Coal Resources Development invested RMB40 million (USD5.79 million) by cash and held 40% shares.
Jingtai Coal focuses on development and construction of Baiyanzi mine, which owns 90.758 million tons of coal (including 47.363 million tons of gas coal and 43.395 million tons of 1/3 coking coal) and is the largest coking coal project found ever in Gansu. According to feasibility study report of Baiyanzi mine and coal preparation plant, the designed annual production capacity of the mine is 900,000 tons and the mine life is 44.2 years. Covering an area of 31.79 hectares, the mine has excellent transportation, power supply, water supply and other external conditions.
