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Coal miner's net more than doubled

CHINA'S Pingdingshan Tianan Coal Mining Co, a major coal producer, yesterday said its net income more than doubled last year, thanks to higher demand and prices for the commodity.

The company didn't give a specific figure in its preliminary earnings statement to the Shanghai Stock Exchange. In 2007, its net profit totaled 1.1 billion yuan (US$161 million). The Henan Province-based miner had earlier reported its net profit jumped 50 percent in the first half of last year, and tripled in the third quarter.

The company sold coal at an average price of 570 yuan a ton last year, a surge of 55 percent from a year ago. The price of coking coal, which is used to make steel and accounts for a quarter of the miner's coal sales, was about 1,300 yuan a ton last year, a rise of 86 percent.

Coking coal prices generally outpaced prices in the coal sector because of the government's temporary price caps on thermal coal, used mainly for electricity production, in the summer to avoid a supply disruption after global spot-coal prices nearly doubled in the first half.

Pingdingshan surged 6.83 percent to 18.14 yuan after the disclosure, beating the 1-percent gain in the Shanghai Composite Index.


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