Qingdao firm to invest in African coal mine
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.