Chinese coal miners stage a rally as regulator urged for increased capacity
COMMODITIES STOCKS
Chinese coal miners stage a rally as regulator urged for increased capacity
COMMODITIES STOCKS

Chinese coal miners stage a rally as regulator urged for increased capacity

 

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Shares of Chinese coal miners staged a strong rally on Monday, with an index tracking the sector surging 3.3% at the end of the morning session, making it one of the best-performing sectors in the A-share market. Yunkuang Energy jumped 7.2%, Shaanxi Coal up 6.7%, Shanxi Coal International up 4.7%.

In Hong Kong, Yankuang Energy jumps 5.1%, China Coal up 3.1%, China Shenhua up 1.9%.

China’s National Mine Safety Administration have approved 147 advanced coal mines with newly added annual capacity of 180 million tonnes so far in 2022, and since September in 2021, the regulator has approved 490 million tonnes of newly increased coal capacity, the regulator said on Friday.

The regulator will continue to promote release of advanced coal capacity; push coal mines that haven’t get regulatory approval in land use, mining rights and environment protection to meet requirements and start operations as soon as possible; increase guidance on production resumption; and step up safety inspection to prevent coal mine accident, it said.