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TOKYO, Nov 5, 2007 - (ACN Newswire) - Mitsubishi Corporation ('MC'; TSE: 8058) is pleased to announce its agreement with China Shenhua Energy Company Ltd ("Shenhua") to establish strategic cooperation and begin formal discussions to jointly identify business opportunities.
Shenhua is a subsidiary (73.9%) of Shenhua Group Corporation Ltd ("Shenhua Group"), and its shares are listed on both the Hong Kong and Shanghai stock exchanges.
Shenhua Group is a total energy enterprise (coal production, coal sales, and power generation) and the world's largest coal producer (235 million tons in 2006). It operates an integrated coal supply chain (coal production, railways, and port facilities), including one of the world's largest coal companies, "Shendong Coal Mine".
MC has enjoyed a successful commercial relationship with Shenhua Group, spanning more than 20 years of coal imports to Japan and mining equipment supply to China. Both sides are working to strengthen this relationship even further.
To start, Shenhua and MC signed a Memorandum of Understanding ("MOU") to establish a strategic cooperation relationship. MC President and CEO, Yorihiko Kojima, later took up a post as a member of Shenhua's International Consulting Committee. Then in August this year, as part of this strategic cooperation relationship, MC purchased about 30 million shares of Shenhua's Hong Kong listed H shares.
President Kojima, together with members of MC's senior executive management, visited China from the 23rd to the 26th of October, in order to see Shenhua's coal mine and port facility, and to have a meeting with Chen Biting, Shenhua's Chairman and Executive Director. In the executive meeting, both companies agreed to jointly pursue business opportunities in the following fields: environment, coal mine development and coal sales/trading, power generation equipment, and plant/equipment supply.
Contact:
Sadanobu Takemasu
Mitsubishi Corporation
Public Relations Office
Tel.: +81-3-3210-2104
Fax.: +81-3-3210-2104
Topic: Awards
Source: Mitsubishi Corporation
http://www.acnnewswire.com
From the Asia Corporate News Network
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