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18
2024
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11
Gansu Energy and Chemical: 8 pairs of coal production mines have an approved annual production capacity of 16.24 million tons.
Gansu Energy Chemical released the investor relations activity record on June 18, stating that the company accepted research from 59 institutions on June 17, 2024, including QFII, insurance companies, others, fund companies, securities companies, and sunshine private equity institutions.
According to Gansu Energy Chemical, the company's coal types mainly consist of thermal coal and coking coal, with thermal coal primarily sold through long-term contracts. The signing and execution of sales contracts must comply with government regulations and requirements for electricity coal supply, and both the volume and proportion of long-term electricity coal contracts are showing a downward trend in 2024.
As of the end of 2023, the company has a coal reserve of 122,212.63 million tons and an exploitable reserve of 76,237.87 million tons. Currently, the company owns 8 pairs of coal production mines with an approved annual production capacity of 16.24 million tons; there are 2 mines under construction and 1 open-pit mine under construction, with an annual production capacity of 6.9 million tons.
The Tianbao Coal Industry's Hongshaliang open-pit coal mine, under the company, achieved a certain coal production in 2023 according to the joint supply guarantee mechanism. However, due to being in the shallow stripping and trial operation stage, the coal's calorific value is relatively low.
Gansu Energy Chemical emphasizes that in 2024, the company will strictly follow safety supervision requirements to issue production plans, with an actual coal production of 5.2627 million tons in the first quarter. The company will continue to adjust the coal product and sales structure based on market supply and demand changes through measures such as increasing volume, improving quality, and controlling costs, promoting the effectiveness of projects under construction, thereby enhancing the profitability of the coal main business.
In terms of chemical business, Gansu Energy Chemical stated that its wholly-owned subsidiary, Liuhua Chemical, is responsible for the construction of a clean and efficient gasification project, which uses coal as raw material and adopts pulverized coal pressurized gasification technology, domestic isothermal conversion, low-temperature methanol desulfurization and decarbonization, liquid nitrogen purification, and low-pressure ammonia synthesis. The products include synthetic ammonia, methanol CO+H2, urea, liquid CO2, melamine, urea ammonium nitrate solution, sulfur, catalysts, liquid oxygen, liquid nitrogen, and liquid argon, among others. The project has a rich product structure and can adjust production volume according to market demand and revenue conditions, with a good market prospect. It aligns with national industrial policies and structural transformation requirements, which is beneficial for extending the company's industrial chain and enhancing the added value of coal products. The first and second phases of the project share engineering works and are constructed simultaneously. The project has a wide range of raw material options, prioritizing the use of high-quality coal from the Jingmei Wangjiashan mine. Currently, the core equipment for the purification and synthesis unit of the first phase of the project, such as the shift gas washing tower, has been successfully installed. After completion, the project will operate in conjunction with Liuhua Chemical's existing compound fertilizer production line, which will correspondingly reduce energy and material consumption and improve the capacity utilization rate of compound fertilizers.
Regarding the convertible bond situation, Gansu Energy Chemical stated that the company's convertible bonds are currently in a normal existence period. The company's production and operation are stable, and its financial income and expenditure are sound. In the future, the company will pay attention to stock price changes and, based on the established terms of conversion and market conditions, the board of directors will make arrangements for subsequent redemptions.
As for the dividend situation that shareholders are concerned about, Gansu Energy Chemical stated that for a long time, the company has adhered to the corporate mission of returning to shareholders and attaches great importance to reasonable investment returns for investors. Since restructuring and listing, the company has achieved cash dividends for 16 consecutive years and 17 times. In the past three years, the cash dividend amount accounted for 33.84%, 20.37%, and 30.79% of the net profit attributable to shareholders of the listed company in the consolidated financial statements, maintaining a stable cash dividend policy.
Source: Gansu Energy Chemical
Low-temperature methanol desulfurization and decarbonization,Guangtai Leading New
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