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MMC’s wholly-owned subsidiary Mongolian Coal Corporation Limited (MCCL) and Risun will hold respective stakes of 51% and 49% of the Tianjin Zhengcheng Import and Export Trade, MMC said late on Wednesday June 25.
The core business of the jv would be the marketing and sale of MMC’s hard coking coal to customers in Tangshan, Baoding, Xingtai, Shijiazhuang areas of Hebei province and the northern part of Shandong province, according to the statement.
Risun Mining is part of Risun Group, one of the largest independent coke and coal-derived chemicals producers in China.
“[The jv] will expand [our] geographical market penetration to the major coke and steel producing areas in China and further expand long-term relations with the end-users customer base with the expectation to further diversify [our] revenue sources,” MMC said.
Mongolian Mining Corporation (MMC) and China’s Risun Mining have agreed to establish a joint venture in Tianjin for the transportation, sale and distribution of the former’s metallurgical coal.