A coalfield with estimated coking coal reserves exceeding 3 billion tonnes has been discovered in Cao County, Heze City, Shandong Province, sources report.
The newly-found coalfield is valued at RMB 1.5 trillion, judging by the current price of coking coal.
Reportedly, another coalfield, principally containing coking coal and bituminous coal, has been found in Juye County, Heze City, Shandong Province. The predicted reserves of this coalfield are 5.57 billion tons.
Construction on the province's first coal reserve base began on Mar. 4 in Longkou City. The first stage of the project will cost RMB 530 million and may reach an annual coal yield of 50 million tons, according to Xinhua News Agency.
Source: China Knowledge
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