XinRen clinches 55% of Chinese coal mine for $18.23m

It will provide coal for its IPPs.

Mainboard-listed mainland aluminum producer XinRen Aluminum Holdings Limited today revealed that its subsidiary has acquired 55% of Xinjiang Tianfu Coal Mining Co. Limited for $18.23m (RMB88.6m), a deal that was entirely funded by internal resources.

Xinjiang Tianfu owns a coal mine in the coal-rich Xinjiang Province, about 70km away from the Xinjiang Plant mega aluminum smelting facility. The move will allow XinRen to secure coal for its own independent power plants.

According to the group’s Executive Chairman Zeng Chaolin, “This long term coal supply, locked in at below market prices, will enable our IPPs to generate all the electricity requirements of Xinjiang Plant as it ramps up production.”