Huaibei Coal gets ready for Shanghai listing

HUAIBEI, Anhui - Huaibei Mining Group Co Ltd, one of the 13 national coal production bases in China, said it will complete its domestic initial public offering to raise 8.5 billion yuan ($1.3 billion) by the end of 2011.

The company plans to sell 2.2 billion shares on the Shanghai Stock Exchange. It will use the money to fund two coal preparation plants and a project to upgrade excavation equipment.

Shao Hua, assistant to the general manager of the company, said they have submitted the necessary documents are awaiting government approval of the IPO.