Shaanxi Coal and Chemical Industry Group Co Ltd, a major State-owned energy and coal chemical company, plans to invest in an Australian coal mine, group chairman Hua Wei told China Daily while attending the fifth session of the 11th National People's Congress on Tuesday.
"We are currently undergoing geological exploration of the coal mine (in Australia)," said Hua.
The investment was carried out jointly with other energy companies based in?Northwest China's Shaanxi province, according to a source close to the matter. Neither the source nor Hua revealed further details.
This is the latest overseas investment made by the company after it invested in a fertilizer plant in Argentina in 2011. Estimated to be completed in 2013, the plant was the company's first overseas project and the largest Chinese investment in Argentina.
Hua's group made the investment through a joint venture with China-based Shaanxi Xinyida Investment Ltd and Jinduicheng Molybdenum Group Co Ltd.
"We have made steady progress (in the plant's construction)," Hua said.
