China's Top Coal Firms Lean Into Power as Mining Profits Slip [Yahoo! Finance Canada]
CHINA SHENHUA EN UNSP/ADR (CSUAY)
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Source: Yahoo! Finance Canada
(Bloomberg) -- China's top coal producers are accelerating a move into power generation as fuel prices drop and electrification takes center stage in China's low-carbon transition. Most Read from Bloomberg Profits this year at miners such as China Shenhua Energy Co., the country's biggest producer, and China Coal Energy Co., have come under pressure as the market has weakened. Nationwide mining expansions of recent years have left a glut of coal, and benchmark prices have fallen nearly 8% this year while mining profits across the industry have slumped 22%. Shenhua cut coal production in the third quarter after promising earlier this year to shift investments away from mining. The firm added 305 megawatts of new generation capacity through September, the majority as solar panels. Mining costs are rising because of aging deposits that demand deeper bores and increased maintenance to avoid accidents, Song Jinggang, Shenhua's chief financial officer, said at a briefing on Friday.
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