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Trial operation
China Shenhua Energy Co, the nation's biggest coal producer, started trial operation of a mine after investing 4.48 billion yuan in the project.
The 20 million metric-ton-a-year Bu'ertai mine in the Inner Mongolia autonomous region is the world's largest by capacity, parent Shenhua Group Corp said in a statement on the website of the State-owned Assets Supervision and Administration Commission. The mine, which covers an area of 193 sq km, has explorable reserves of 1.85 billion metric tons, according to the statement.
Stock surges
Semiconductor Manufacturing International Corp, China's biggest chipmaker, rose the most since its 2004 Hong Kong trading debut after saying it's in talks with an undisclosed suitor. Negotiations to sell a "significant" stake to a strategic investor are at an advanced stage, the Chinese chipmaker said in a statement on Monday. The company's shares surged a record 16.5 percent to 53 Hong Kong cents.
Energy deal
China has signed an initial agreement with Peru to enhance cooperation in energy and mining, according to the National Development and Reform Commission (NDRC).
The memorandum of understanding was signed on March 19, the NDRC said on its website yesterday, without elaborating. Peru exported 1.2 million metric tons of crude oil to China in 2007, an increase of 15 percent from a year earlier, according to Customs data.
Bond auction
China Development Bank is likely to auction 20 billion yuan of five-year floating rate bonds today at a coupon of about 50 basis points over the central bank's benchmark one-year deposit rate, Reuters quoted traders as saying yesterday.
Demand is expected to be strong because the central bank is unlikely to raise interest rates in the short term as the domestic and global economies slow, the report said.
Diesel stockpile
PetroChina, the second largest State refiner, has bought 200,000 tons of diesel for April to boost domestic stocks amid sporadic diesel rationing and strong local demand for spring farming, Reuters reported. State refiners Sinopec Corp and PetroChina are still awaiting final government word on extension of a major tax break on diesel imports to help oil firms stem losses on imports, the report said.
HK listings
Sportswear maker Fujian Peak Group and E. Land China, the arm of a South Korean retailer on the mainland, aim to raise a total of about $700 million in IPOs later this year, a Hong Kong newspaper reported yesterday. The South China Morning Post cited market sources as saying Fujian Peak, which makes sportswear from tracksuits and beachwear to shoes for basketball and soccer, plans to raise up to $200 million in a Hong Kong IPO.
Chinalco acquisitions
State-owned aluminum giant Chinalco may spend 20-30 billion yuan or more this year on acquisitions at home and abroad, the South China Morning Post reported yesterday.
"The group will focus on resources acquisition and control both in China and overseas," Chinalco's president, Xiao Yaqing, told the paper. "The investment may be even bigger than between 20-30 billion yuan."
RFID partnership
RFID manufacturer Printronix yesterday formed a partnership with China's Intelligent Grouping and Resource Sharing Group to promote the development of RFID in China. James B. McWilson, Printronix's global senior sales president, says the cooperation would help Printronix to tap China's emerging automatic identification and data collection industry.
Agencies-China Daily
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