XinRen Aluminum unit buys stake in Xinjiang coal mine for 88.6m yuan

ALUMINIUM producer XinRen Aluminum Holdings on Monday said its 51 per cent owned subsidiary, Xinjiang Plant, has acquired 55 per cent of Xinjiang Tianfu for 88.6 million yuan (S$18.3 million).

Xinjiang Tianfu, which owns an "ultra-large, modern coal mine in the coal-rich Xinjiang Province", will become a new source of long-term, low-cost, high quality coal supply for XinRen's own independent power plant (IPP), and allow it to further lower production cost, the group said.

Located about 70 kilometres away from the Xinjiang Plant mega aluminium smelting facility, the coal mine has proven reserves of 250 million tonnes of low sulphur, ultra-low ash and high caloric value coal with an average heat value of 6,000 kcal or more. Its current mining capacity is 1.2 million tonnes per annum.

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