Chinese coal miner taps into North Korea

Wednesday, Dec 31, 2008

Henan Yima Coal Mining Group, one of the leading state-owned coal miners in Henan Province, said the company planned to invest in a 10-million-ton coal mine and a 1.2-million-ton coal chemical project in North Korea, the China Daily reported.

The Chinese coal miner and the Anju Coal Mining Association, the country's largest coal miner with nearly ten coal mines, signed an agreement on Dec. 12 to develop the two projects.

Under the agreement, the two projects, with Yima Group holding controlling stakes, will be built by stages. Auxiliary facilities, such as power plant and coal-selecting plant, are also expected to be jointly constructed by the two companies.North Korea is rich in coal resource, a main energy source of the country's self-dependent economy.