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Tuesday May 10, 09:00
Anglo American buys stake in Chinese miner Shenhua
(by Julia Jenson)

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Anglo American buys stake in Chinese miner Shenhua Anglo American Plc., a mining company, wants to buy a stake in China’s biggest coal miner Shenhua Energy Co. in the company’s upcoming initial public offering. Shenhua plans to raise $3 billion selling stock to Anglo American and Hong Kong corporate investors.

The coal sector is on the rise in China’s sizzling economy, which allowed Shenhua to triple its profit in 2004 to 9 billion yuan ($1.1 billion). The company hopes to be able to upgrade its mining techniques and cost structure by partnering with Anglo American.

``It’s generally good to have a strategic investor because it helps the IPO and indicates confidence in the company’s future prospects,’’ said Kenneth Kwan. ``The coal sector will remain the major source of electricity generation in China and investors have expectations about profit growth.’’

Shenhua will probably put off its sale till next month on speculations that the share prices may take a dip this month on the government’s decision to sell part of its holdings. Investors fear that such a move could lead to a glut in the market which could bring down the stock of Chinese companies.
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