Thursday, May 08, 2008

China Guodian Gets Approval to Expand Into Coal Mine Business

China Guodian Corp., one of the nation's five biggest power generators, got permission from the Chinese government to expand into coal mines to help mitigate the impact of rising costs for the fuel.

Coal development is an addition to China Guodian's current power production and supply business, the Beijing-based State Assets Supervision and Administration Commission said in a statement on its Web site yesterday.

China controls electricity prices to limit their impact on inflation, which is at an 11-year high. The nation's five biggest state-owned power producers all posted losses in the first quarter of this year because of rising coal costs, the Shanghai Securities News said yesterday.

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