Chinese companies pump $1.3B into BC coal mine
A proposed coal mine near Hudson’s Hope, BC, got a billion-dollar shot in the arm today.
The BC government reports that CKD Mines, which is developing the Gething metallurgical coal project, will receive $1.36 billion through two separate investments coming from Chinese companies — the first, $860 million, is from CKD Mines, a partnership formed in 2010 that includes the Kailuan Group Co., Ltd, Shougang Group and Canadian Dehua International Mines Group Inc.
The second investment, $500 million, is from a partnership between Shandong Energy Feicheng Mining Group Co. Ltd. and Canadian Dehua International Mines Group Inc.
The company says the property has been explored since 1971; the mine is expected to produce 2 million tonnes per annum of met coal, for a minelife of 40+ years.
Construction of the mine would take two years.