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International Mining Machinery JV with Shanxi Coal Transportation

 International Mining Machinery JV with Shanxi Coal Transportation,It is reported that Shanxi Coal Transportation and Sales Group and International Mining Machinery Holdings plan to form a joint venture, Shanxi Meijia Mining Machinery.

As per report, the joint venture will have a registered capital of CNY 69 million of which Shanxi Coal Transportation and Sales will contribute CNY 35.19 million for a 51% stake. International Mining Machinery, a maker of coal mining equipment will hold the remaining shares and take charge of daily operations of the joint venture for 50 years.

The joint venture will be engaged in the production and sale of road headers and other coal mining machinery. The joint venture is expected to start production at the end of 2011. Investment on the first phase of the joint venture is CNY 83 million.

Shanxi Coal Transportation and Sales Group has annual coal sales volume of 200 million tons, ranking second among the top 100 coal enterprises in China in 2009. It currently has 163 modern mines and expects to have an output of 100 million tons in three to five years.

 


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