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Shenhua Group to invest into Russia’s Far East coal development

April 26, 2012, 18:15 UTC+3

The Magadan region welcomes Chinese investors in the region

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MAGADAN, April 26 (Itar-Tass) — China’s state-owned mining and energy company Shenhua Group plans to inject funds into coal development projects in the Magadan region, Russia’s Far East, the company’s chairman, Zhang Xiwu, said at the talks with Magadan region governor Nikolai Dudov on Thursday.

Dudov is on a working visit to China at the invitation of Chinese partners.

The Chinese corporation seeks to invest into development of the Galimyiskoye coal deposit in the region’s Omsukchansky district and plans to take part in a tender for its exploration in June, Zhang said.

Shenhua Group also eyes “an opportunity for joint exploration of the field in cooperation with Russia’s mining enterprises that have licenses for exploration of coal and other natural resources,” he said noting that Russia is “a part of his company’s long-term development strategy.”

The Magadan region welcomes Chinese investors in the region.

“Economic relations between Russia and China and actively developing,” Dudov said. “Four large companies from China have already opened its subsidiaries in the Magadan region. We are ready for cooperation with them and try to create favourable conditions for investors aimed at long-term mutually advantageous cooperation.”

Shenhua Group is one of the world’s largest coal mining companies. It ranks the world’s second by annual coal production (around 400 million tonnes).



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