Qing­dao firm to in­vest in African coal mine

China Daily (Canada) - - BUSINESS -

Qing­daoHeng­shun Zhong­sheng Group, head­quar­tered in port city of Qing­dao, will buy a 34 per­cent stake in South Africa’s Coal of Africa for $114 mil­lion. Heng­shun is traded on the ChiNext, China’s board for growth en­ter­prises. It will buy the stake from Baob­a­bMin­ing and Ex­plo­ration (Pty) Ltd, which is con­trolled by Coal of Africa. The lat­ter’s Makhado Coal Project, lo­cated in Lim­popo prov­ince, has gross re­serves of 790 mil­lion tons and re­cov­er­able re­serves of 340 mil­lion tons. en­gine. The en­gine rep­re­sents a tech­no­log­i­cal break­through in ship­build­ing in­dus­try, and took five years of re­search and de­vel­op­ment. For decades, the coun­try re­lied on en­gines that were de­vel­oped us­ing patented for­eign tech­nolo­gies. China de­vel­oped its first ever low-speed diesel en­gine used in sur­face trans­port in 1958.

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