October 12, 2008

WISCO invests CNY 260 million in Xinwen Mining

It is reported that WISCO and Shandong Xinwen Mining Company signed share transfer agreement on March 5th 2008 under which WISCO would invest CNY 260 million to purchase 5% stock of Shandong new dragon Energy Company.

Xinwen Mining group is the only supply enterprise for WISCO coking coal, the two sides have cooperated for more than 30 years, Xinwen Mining company provides more than 1 million tonnes coal to WISCO every year. The production capacity of the key project invested by Shandong new dragon Energy Company is estimated to reach 6 million tonnes every year.

Mr Shun Wendong of WISCO expressed that this move can satisfy WISCO 100% supply to produce rich coal, if the coal prices rise or the coal resources is shortage, WISCO will not be afraid.