Caixin
Jun 10, 2021 07:51 AM
ENERGY INSIDER

Energy Insider: Shanghai to Deploy More NEVs in Public Transportation; Shanxi Warns Local Mining Companies Over Financial Risks

The Shanghai government said 96% of buses and taxis on the city’s streets will be powered by clean energy by the end of 2025
The Shanghai government said 96% of buses and taxis on the city’s streets will be powered by clean energy by the end of 2025

In today’s Caixin energy news wrap: A slew of deadly mining accidents sparked regulators to call for tighter scrutiny; coal-rich Shanxi tells mining companies to step up financial risk controls; Yunnan Copper plans to offload debt-ridden assets; and Shanghai to have more clean energy-powered buses over the next five years.

Yunnan Copper to sell debt-ridden unit

Yunnan Copper Co. Ltd. (000878.SZ) will seek to sell its 63.4% holding in Yunnan Jinsha Mining Industry Co. Ltd. for 721 million yuan ($112.7 million) in a bid to optimize its assets structure, the company said Tuesday. The unit has suffered operating difficulties in recent years and recorded 798 million yuan of losses over the past three years, Yunnan Copper said. All three mines owned by Yunnan Jinsha are not in normal operation, the company said.

Mining safety regulator urges industry to contain risks

The National Mine Safety Administration urged the country’s mining industry to step up safety compliance after several deadly disasters rattled the industry. The regulator vowed to tighten scrutiny of mining sites’ safety standards while toughening punishment for violations.

Shanxi government warns coal mining companies over financial risks

The government of China’s coal-rich Shanxi province ordered state-owned enterprises (SOEs) especially in coal mining to step up efforts to contain financial risks. Vice Governor Wang Yixin said companies must avoid blind investment and reduce debt to put their liquidity at a sound level. Provincial SOEs should also better use listing platforms to accelerate securitization and tap into the capital market, Wang said.

Shanghai to expand clean energy use in public transportation

The Shanghai government said 96% of buses and taxis on the city’s streets will be powered by clean energy by the end of 2025, up from the current 67%. To reach the goal, the city government will support the electric vehicle industry and the development of hydrogen fuel technology. As of the end of 2020, there were 26,000 renewable energy vehicles operating in the city’s public transport system.

China Gezhouba Group signs $1.39 billion deal in Indonesia

A consortium led by China’s Gezhouba Group Co. Ltd. signed an agreement to build an alumina refinery project in Indonesia. The project involves investment of $1.39 billion and will include an alumina refinery with designed annual capacity of 2 million tons and a coal-fired power plant, among other facilities.

Ganfeng Lithium plans new battery material venture

Ganfeng Lithium Co. Ltd. (002460.SZ) signed agreements with the Fengcheng city government in Jiangxi province to build a new project with annual capacity to produce 50,000 tons of lithium cells, the company said Tuesday.

China launches first semi-submersible offshore wind turbine platform

China’s first floating offshore wind turbine with a semi-submersible platform was completed and put into operation Tuesday in Zhoushan, Zhejiang province. This marks a new stage and construction breakthrough in China’s floating wind turbine prototype project, laying a strong foundation for China Three Gorges Corp.’s high-quality demonstration project in floating offshore wind power.

Contact editors Han Wei (weihan@caixin.com) and Bob Simison (bobsimison@caixin.com)

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