China Resources Power seeks $910MM coal stake to ensure supply to power plants

By Dorothy Davis

China Resources Power Holdings Co., said it’s seeking a controlling stake in a coal mining project in the Shanxi Province for approximately 6 billion Yuan (US$910 million), reports Bloomberg.

China Resources' Chief Financial Officer, Wang Xiaobin, said in an interview that the company is engaged in talks on the possible purchase and prices have not been finalized. Xiaobin declined to offer further information on the proposed acquisition.

The Hong-Kong listed utility has outlined plans to increase its total coal reserves in China to upwards of 2 billion metric tones in order to ensure adequate supplies for its power plants after increased fuel costs cut earnings in the first part of 2010.

Coal is currently used to power approximately 80 percent of China’s generators.

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