It is reported that Chinese power generation titan Huadian Power International Corporation Limited inked two acquisition agreements with XinKuang Inner Mongolia recently, part of its aim to extend its industrial chain and improve its coal self sufficient rate.
The company will pump CNY 498 million to acquire 35% of Fucheng Mining; and CNY 180 million to buy 25% of Changcheng Mine. Fucheng Mining is located in nearby Yinchuan City, capital of Ningxia, west China with a well field area of 27.5 square kilometers and it has available oil reserves of more than 237 million tonnes and assessed recoverable oil reserves of about 155 million tonnes.
Changcheng Mine is about five kilometers far away from Fucheng Mining, with a well field area of 5.99 square kilometers, and it has gained the exploitation right for 1.206 square kilometers. In addition, it owns available oil reserves of 111.4 million tonnes and assessed recoverable oil reserves of 65.3 million tonnes. The mine was constructed in November 2007.
