Shanxi Lanhua seeks CNY 6.9bn for coal acquisition

Shanxi Lanhua Sci-Tech Venture (SSE:600123) announced that its board of directors has approved plans to seek financing for the acquisition of coal resources. The company aims to secure up to CNY 6.9 billion to fund the exploration rights for the Si Tou block coal mine in Yangcheng County, Shanxi Province. The financing term is expected to be up to 10 years, with the specific terms to be negotiated between the company and the lending institutions. The company has authorized its management to pursue financing from a range of financial institutions. Furthermore, the company will convene its first extraordinary general meeting of shareholders for 2025.