Shenhua cooperates with Peabody Energy
(Xinhua)
Updated: 2006-04-28 11:14
China's biggest coal producer, China Shenhua Group, and Peabody
Energy have signed a memorandum of understanding to pursue business
development opportunities of mutual interest, according to Peabody Energy in
Beijing Thursday.
The agreement formalizes the parties' mutual interest
in working together in coal and coal-related projects and initiatives, Peabody
Energy said in a press release.
In coming months, the companies intend to
identify specific projects for cooperation, including possible development of
coal projects both in and outside of China and the exchange of best
practices.
Peabody Energy is
the world's largest private-sector coal company, with 2005 sales of 240 million tons of
coal and US$4.6 billion in revenues. Its coal products fuel approximately 10
percent of all United States and 3 percent of worldwide electricity.
"This is a very positive
first step in advancing a strategic alliance between the world's largest coal
company and the leading coal-based energy company in China," said Peabody
President and Chief Executive Officer Gregory H. Boyce.
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