--- SEARCH ---
WEATHER
CHINA
INTERNATIONAL
BUSINESS
CULTURE
GOVERNMENT
SCI-TECH
ENVIRONMENT
SPORTS
LIFE
PEOPLE
TRAVEL
WEEKLY REVIEW
Film in China
War on Poverty
Learning Chinese
Learn to Cook Chinese Dishes
Exchange Rates
Hotel Service
China Calendar
Trade & Foreign Investment

Hot Links
China Development Gateway
Chinese Embassies

Huaneng Ups Stake in Aussie Firm

China's largest power generator yesterday bought a 25.5 percent stake in an Australian thermal coal project for 29.423 million Australian dollars (US$22.3 million).

China Huaneng Group signed an agreement to acquire half of Macarthur Coal's 51 percent stake in the Monto thermal coal project in central Queensland, said company sources.

Macarthur said in a statement it would work with China Huaneng and the other Monto partners to complete the stage two feasibility study into the project as soon as possible so that a decision on its development can be made.

The plan involves an exploration program and major feasibility study for an operation processing up to 10 million tons of coal a year, Huaneng said.

Macarthur said the drilling and feasibility study would likely take between two and three years to complete.

The Chinese firm will be one of the Monto project's major coal users, and the acquisition will help secure a long-term stable coal supply for the nation's largest power generator, Huaneng said.

Macarthur, with a market value of 1.2 billion Australian dollars (US$909 million), acquired a 51 percent stake of Monto from Burnett Coal in October 2001.

Huaneng now controls an installed capacity of 40.99 million kilowatts, or 9 percent of Australia's total installed capacity.

The power conglomerate accounts for 10.8 per cent of China's total electricity output.

(China Daily July 29, 2005)

Huaneng's Bond Sale to Fund New Power Plants
CHNG Takes over Control of NUPC
Huaneng Group to Maintain Growth Momentum
Huaneng Power Output Rises 25.7%
Huaneng Reports Modest Half-year Net Profit
Print This Page
|
Email This Page
About Us SiteMap Feedback
Copyright © China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68326688