Shenhua Plans to Shift Funding From Coal to Power and Chemicals
This article is for subscribers only.
China Shenhua Energy Co., the nation’s largest coal miner, plans to maintain production despite weak prices, while diverting spending to other businesses.
Coal output is seen rising by 2.4% this year but funding for the division, which focuses on mining and selling the mineral, will be cut by more than a fifth, the company said in a filing on Friday. Total outlays are seen rising by more than a quarter to help finance expansions in chemicals and power-generation projects.