Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
China’s second-largest energy company will invest $11.3 billion to build the country’s largest coal-to-gas project, reports Proactive Investors Australia.
Sinopec Group will construct the project in eight to 10 years in northwest Xinjiang to meet the increasing demand for natural gas. It will have an annual production capacity of 8 billion cubic metres.
Two coal mines in Zhudong, which each produce 15 million tonnes annually, will supply the nearby facility.
Sinopec will transport the natural gas through a 30 bcm/year pipeline to the southern Guangdong and eastern Zhejiang provinces.
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