04 June 2004 06:00
Chinese investor puts up $22 Mln for Sakhalin coal mine
YUZHNO-SAKHALINSK. June 4 (Interfax) - China's Heilunzian state company for economic and technical development
will invest $22 million to restore the Sinegorsk coal mine on Sakhalin Island to increase coal production to 500,000
tonnes a year.
The Yuzhno-Sakhalinsk government press service told Interfax the company discussed the first stage of work to restore
the coal mine with Sinegorsk Mine this week.
A 49-year lease for the mine was signed in October 2003 by the Chinese company, Sinegorsk Mine, and the government of
Yuzhno- Sakhalinsk.
Mainly Chinese specialists will work at the mine but local workers will provide support services. The coal will be
sold on the domestic market to the nearby Yuzhno-Sakhalinsk Heat and Power Plant-1.
The mine has been idle since last October and currently has about 50 employees performing maintenance work.
Sinegorsk Mine has debt of 147 million rubles, including 14.5 million rubles in wage arrears to miners and 10 million
rubles for electricity. [RU ASIA EUROPE EEU EMRG ECI COA ENR CN] lt RTS$#&:
[Interfax] |
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