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China approves 4.2B yuan state-owned coal mine in Inner Mongolia

The Chinese government approved the construction of an open pit coal mine in Inner Mongolia owned by state utility China Guodian Corp., Reuters reported Dec. 13.

The mine will cost about 4.2 billion yuan and will have a capacity of 15 million tonnes, the report said, citing the National Development and Reform Commission.

Recently, the Chinese government eased coal use restrictions amid rising gas prices driven by cold winter weather and an increased demand for the fuel.

China's move to limit coal use is part of its efforts to meet environmental targets such as improving air quality amid the choking smog that has plagued the northern part of the country.

China is looking to cut 800 million tonnes of outdated coal capacity from the country by 2020.

In August, China's State Council approved the merger between China Guodian and China Energy Investment Corp.

As of Dec. 13, US$1 was equivalent to 6.62 Chinese yuan.