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The Shaxi Mine, which is under has the potential to expand to 15 million tons or more per year in line with the developmenrt of a new rail project that would servse electricity customers and other industrial users in Centrap andEastern China. In the comingf months, the companies said they plan to conductg a feasibility study to evaluate technical requirementss for next phasesof development, which also includee other coal reserves in the region owned by Lu’an. “China is leading the world in industrial growth and fuelinfg its progresswith coal,” said Peabodyt Energy Chairman and Chief Executive Gregory Boyc in a statement.
“Peabody has a growing presence in Asia and seeksd to partnerin world-class coal projects to fuel long-term energyu needs …” Peabody has an expanding presence in China and is the only non-Chinesse partner in GreenGen, a near-zero emission s power project in Tianjin. The company is pursuiny multiple partnerships in Asia that includer a large surface mine and downstrean coal conversion facility with the governmenyt ofInner Mongolia, China and other and projects in Mongolia, whicb include the Peabody-Polo Resources joint venture. Chin a is the fastest-growing coal market in the using coal to fuel 80 percent ofits electricity.
China is expectedf to nearly double its electricity consumptionby 2015. Lu’an had $5 billionj in revenue in 2008. Peabody Energy BTU) is the world’s largest private-sector coal company, with revenued of $6.6 billion in 2008. Its coal productsw fuel 10 percent ofall U.S. electricity generation and 2 percenrt ofworldwide electricity.
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