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China coal miner ventures into DPRK

By Tong Hao (chinadaily.com.cn)
Updated: 2008-12-26 13:12

Henan Yima Coal Mining Group, a major coal miner in Central China's Henan province, plans to invest in a 10-million-ton coal mine and a 1.2-million-ton coal chemical project in the Democratic People's Republic of Korea (DPRK), the company said.

Yima Group reached an agreement on Dec 12 with the Anju Coal Mining Association, the DPRK'S largest coal mining enterprise with nearly ten coal mines, to develop the two projects, according to a statement on its website.

Yima Group will hold controlling stakes in both projects according to the agreement, which did not reveal the financial details of the investment.

"The global financial crisis provides a good opportunity for domestic coal mining enterprises to explore overseas markets at a lower cost," said Li Chaolin, Information Department Director of China Coal Transportation & Sale Society.

"Besides, as a country with a planned economy, the DPRK has advantages in terms of natural resource prices," Li said.

Yima Group is one of the six largest State-owned coal mining enterprises in Henan province with an annual output of 18 to 20 million tons.