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Shanxi coal industry investment down 6pct in 2014

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Publish time: 4th March, 2015      Source: www.cnchemicals.com
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Shanxi, one leading coal production base in northern China, saw a year-on-year drop of 6% in its coal industry investment in 2014, the latest official data showed.Shanxi spent a total of 108.81 billion yuan ($17.38 billion) on fixed assets in the coal industry last year, accounting for 21.5% of the total industry investment, the Shanxi Bureau of Statistics said late February.That compared with the first recorded drop of 14.4% in 2013, indicating a further shift away from over-reliance on the coal industry, which is struggling with low prices and weak demand.While, investments in non-coal industries reached 396.58 billion yuan during the same year, up 12% year on year, accounting for 78.5% of the total industry investment.The province saw its raw coal output increase 1.47% to 976.7 million tonnes last year, a much slower pace compared with the growth of 5.3% in 2013 and 4.7% in 2012, showed data from the Shanxi Coal Industry Administration.The province has set a goal to control coal output within 1 billion tonnes by 2020, and it would not approve any new coal mining projects, either underground or open-pit, before 2020, said the provincial government in late January.Separately, Shanxi’s investment in power industry surged 68.4% year on year in 2014, while investment in coking and metallurgy industries dropped 43.5% and 15.1% from the year before, respectively, the bureau said, without giving the actual investment figures.