Chinese are willing to mine coal in the U.S.
As reported by MarketWatch, U.S. coal companies seeking to attract Chinese partners to develop the coal resources of the United States. The company Xcoal, the largest U.S. supplier of coking coal, said the interest in the partnership with the Chinese coal and energy companies. Among the possible investor named companies such as Shenhua Group and China National Coal Group.
Previously reported attempts to acquire coal assets in the U.S. by companies such as Datang, Huadian, Shenhua, China Coal, Qinfa Group and China Coal Solution, however, the first Chinese investor in the coal industry of the country was the company Guizhou Guochuang Energy Holding Group. In May, Guizhou attracted 3.9 billion yuan ($ 616 million) from a private placement of shares, which will be used primarily for the acquisition and development of the American Triple H Coal Company. The company plans to build five new mines have a total annual production capacity of 5 million is coking coal.
Despite the slowdown in economic growth in China, the demand for coal in the long term will continue to grow. In April 2012, China imported 25.05 million tons of coal of all types, which is higher by 17% compared with the previous month, and by 90.1% more than a year ago.
Within China, the prospects are complicated by a large number of coal mining accidents, the high cost and environmental problems. In the U.S., the minimum cost of production is about $ 10 per ton. With transport costs, prices at Chinese ports are about $ 80 per ton, it is cheaper than purchasing Chinese coal (about $ 120 per ton).
