China Coal aims to double capex to fuel expansionadmin
China Coal Energy Co , the country’s No. 2 coal producer, plans to more than double capital spending in 2008 as it pushes a rapid production expansion plan.
Executive Director Yang Lieke told reporters on Thursday the firm intends to set aside 16.16 billion yuan to spend on its core coal and coal chemicals businesses this year, versus 7.14 billion yuan in 2007.
The firm and bigger rival Shenhua Energy are ramping up output at a rapid clip to feed the world’s largest market for the hydrocarbon.
China Coal has said it planned to raise annual output by 15 million tonnes a year until 2010 to power roaring economic expansion.