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Hainan Mining to invest 50M yuan in launching power unit

Hainan Mining Co. Ltd. said Feb. 6 that it will invest 50 million yuan to set up an electricity power unit in Hainan province, China, in line with the local provincial government's initiative to introduce more private capital to the local power sector.

The company expected the new unit, Hainan Jinniuling Electric Power Co. Ltd., to provide synergies for its existing assets and to improve profitability for the iron ore producer. The company already owns a power plant in Hainan province, which is mainly for internal use, according to its website.

As of Feb. 5, US$1 was equivalent to 6.29 Chinese yuan.