| Longmay cancels US$1 bln IPO plan |
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issue time:2007-03-10 08:12
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Feb. 12, 2007 (China Knowledge) – Heilongjiang Longmay Coal Mine Group, a State-owned mining company in the northeastern province, has had to scrap plans to raise about US$1 billion from an initial public offering due to safety issues at its mines.
The company could not be reached for comment, reported the South China Morning Post.
Six miners were killed at the company's Taoshan coal mine in Qitaihe in September last year after the mine collapsed. In 2005, an explosion at its Dongfeng coal mine in the same city killed 171 people.
Heilongjiang Longmay Coal, founded in December 2004, mines and processes coal, runs coal-related railways and makes coal-mining equipment. The company owns 17 billion tons of coal reserves in the province, or 76 per of the reserves, according to its website.
The company's 39 mines have annual production capacity of more than 55 million tons. Its 16 coal-processing plants can wash more than 26.3 million tons of coal a year. Its main products are coking coal, used in the production of steel, and steam coal, used to generate electricity.
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