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Peabody Energy and Shanxi Lu’an Mining Group Co., Ltd. Agree to Pursue Joint Development of Open-Cut Mine in Xinjiang

Wednesday, June 24th, 2009

Peabody Energy and Shanxi Lu’an Mining Group Company Ltd. (Lu’an) have announced that their subsidiaries have entered into an agreement to explore joint development and operation of Lu’an’s Shaxi Mine in the Xinjiang Uygur Autonomous Region in Northwestern China.
The Shaxi Mine, which is under construction, has access to a large dedicated thermal resource. The mine has the potential to expand to 15 million tonnes or more per year in line with the development of a new rail project that would serve electricity customers and other industrial users in Central and Eastern China.
“China is leading the world in industrial growth and fueling its progress with coal,” said Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce. “Peabody has a growing presence in Asia, and seeks to partner in world-class coal projects to fuel long-term energy needs using our state-of-the-art safety, mining and environmental practices that are recognized around the world.”
In the coming months, the companies will conduct a feasibility study to evaluate technical requirements for next phases of development, which also includes other coal reserves in the region owned by Lu’an.
“We look forward to working with our colleagues at Peabody on the joint development opportunities in China, which would bring mutual benefit to both companies,” said Mr. Ren Runhou, Chairman of the Lu’an Group.
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