U.S. Coal Producers Signed LoI Coking Coal Mining Operation In Shanxi Province, China
December 8th, 2009 | File Under : Coal - Companies - Energy - Trade & Market
U.S. coal producer company, America West Resources signs LoI for coking coal operation in Shanxi Province, China. The coal mine will be operated is a coking coal mine owned by Shanxi Jiexiu Luxin Coal Gasification Company, a coal mining company in China. Luxin Company operates coal coking plant in Shanxi Province with annual production capacity of 600,000 metric tons. Coking coal plant built in addition to produce coke, also generates electricity using synthetic gas produced through gasification of coal.
Prospect Of Shanxi Coking Coal Mines Coal Gasification Company Jiexiu Luxin
In 2007, Luxin income reached U.S. $ 129 million and EBITDA of U.S. $ 30 million. In 2008, the Company received an annual income of U.S. $ 140 million and EBITDA of U.S. $ 22 million. During the first six months of 2009, Luxin posted revenues of U.S. $ 60 million and EBITDA of U.S. $ 9 million. Reuter reported, the demand from steel makers for the metallurgical, or coking coal, is rebounding from the recession last year, especially in China. Articles citing industry authorities project that the Asian consumption will increase to eight billion tons of the six billion tons in the next 20 years.
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