HK-listed China Strategic to acquire coal mine in Inner Mongolia for 320 yuan

Monday, December 31, 2007; Posted: 08:37 AM

HONG KONG, Dec 31, 2007 (XFN-ASIA via COMTEX) -- CSHYY | charts | news | PowerRating -- China Strategic Holdings Ltd said its wholly-owned subsidiary Joinway Group Corp has entered into a memorandum of understanding to buy mining assets from Gainpro Group Ltd for not less than 320 mln yuan.

Under the agreement, China Strategic will acquire 100 pct of Xiwuzhumuqinqi Jinzheng Mining Co Ltd, which owns a coal mine in the Inner Mongolia region of China.

The mine, which covers an area of 38.4065 square kilometers, has a proven reserve of 750 mln tons of power coal, and has been granted a production permit of 1.20 mln tons of coal per annum.

Xiwuzhumuqinqi is applying for a production permit to extract not less than 3.0 mln tons of coal from the mine per annum.

China Strategic said the agreement is not legally binding and is subject to several conditions, including the acquisition of Xiwuzhumuqinqi by Gainpro Group from Zhong Run New Century (Beijing) Investment Co Ltd.

Shares of China Strategic today closed up 0.12 hkd or 15.0 pct at 0.92 hkd.

( 1 usd = 7.30 yuan, 7.80 hkd)

From:

http://www.tradingmarkets.com/.site/news/Stock%2520News/947925/&cid=1125605775&ei=7Ld6R8_5PJ-6qwPZrYXcDg

Inner Mongolia study completed

By Chen Jia (China Daily)
Updated: 2008-01-02 07:46

A feasibility study on the ways to efficiently harness Inner Mongolia Autonomous Region's rich oil and coal resources has been completed, paving the way for the government to develop the region into one of the country's key strategic energy bases.

Han Wenke, director of the energy research institute under the National Development and Reform Commission (NDRC), the nation's top planner, said yesterday that a comprehensive plan with a supervision structure was needed to prevent "unscientific exploration", and subsequent environmental damage from occurring.

The research was jointly launched by the NDRC, the Ministry of Finance, the Development Research Center of the State Council, the Chinese Academy of Sciences and other related departments.

The Asian Development Bank has funded the research since the beginning of last year.

Details of the project are expected to be released next month.

Inner Mongolia has some 89 percent of the world's 150 different types of mineral resources.

Oil reserves are estimated to be as much as 4 billion tons.

Duan Lianao, head of the research program under the Asian Development Bank, was quoted yesterday by the China Economic Times as saying that Inner Mongolia is rich in energy resources and its geographic location makes it suitable to become a major pillar for the industrial development of northern China.

The region covers an area of almost 1.2 million sq km and accounts for roughly 12 percent of the country's land area.

In the first three quarters of last year, the autonomous region exported almost one-third of its electricity to northern regions in China, mainly Beijing.

However, the exploration and harnessing of the region's energy reserves has not been very efficient or suitable for long-term development, Han said.

The development of clean energy sources such as wind and solar power in Inner Mongolia now rank "first and second in the world, respectively", he said.

from:

http://www.chinadaily.com.cn/china/2008-01/02/content_6363340.htm

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