Russia’s Rostec, China’s Shenhua to Invest $10 bln in Coal Exploration | Business | RIA Novosti:
"Russian state company Russian Technologies, or Rostec, has signed a $10 billion deal with China’s state-owned Shenhua Group Corp Ltd, the largest producer of coal in the world, to develop coal deposits in Russia’s Siberia and the Far East, Forbes reports.
According to the memorandum of understanding, signed by Sergey Chemezov, Rostec’s CEO, and Yuzhuo Zhang, the chairman of Shenhua Group Corporation, on September 4, the companies will explore and develop the Ogodzhinskoye coal deposit, located in the Amur Region.
Coal reserves at the mine are estimated to be 1.6 billion metric tons. Rostec expects coal production to start in 2019 with an annual output reaching 30 million tons. The commodity will be largely exported to the Asia-Pacific Region, mainly China."
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