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Industry Overview THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW The information presented in this section is derived from various official government publications, industry sources such as industry publication, and survey or studies conducted by Fenwei, an Independent Third Party. We believe that the sources of such information are appropriate sources and we have taken reasonable care in extracting and reproducing such information. We have no reason to believe that such information is false or misleading in any material respect or that any fact has been omitted that would render such information false or misleading in any material respect. Our Directors confirm, after taking reasonable care, that there is no adverse change in the market information since the date of Fenwei Report which may qualify, contradict with or have an impact on the information in this section. However, the information has not been independently verified by us or the Sole Sponsor, the [REDACTED], the [REDACTED], the [REDACTED], the [REDACTED] or any of their respective Directors, officers or representatives or any other party involving in the [REDACTED], and no representation is given as to its accuracy, completeness or fairness. Accordingly, you should not place undue reliance on such information or statistics. SOURCE OF INFORMATION We have commissioned Fenwei, an independent market research company, to conduct an analysis and prepare a report on the anthracite coal industry in Guizhou and China, as well as the CBM industry and the active charcoal industry in China. Fenwei was established in 1998 as a consultancy firm on the coal industry of China and is an Independent Third Party. Fenwei has extensive experience in the industry and has provided industry opinions to over 100 coal mining enterprises. Fenwei charges RMB350,000 for the provision of the above services. In order to ensure the accuracy of the analysis made to the said industries and markets, methods used by Fenwei to collect data for analysis include: (a) desktop research, including gathering second-hand data from government statistic, periodicals and financial reports; (b) field research by visiting and interviewing competent government authorities, industry associations, relevant industry experts, coal mine operators and downstream users; and (c) database, forecast models of supply, demand and price developed exclusively by Fenwei. All data or information sourced from Fenwei are not statistical data from government authorities. Fenwei obtained such data by calculation, collation and investigation based on publicly available data. In compiling and preparing the Fenwei Report, certain assumptions are adopted by Fenwei, including (a) the economy of China will not undergo a sharp decline; (b) the major market driving forces will continue to influence the coal market in the next five years; and (c) no significant technical changes will appear in downstream coal sectors in the next five years which may dramatically curtail coal demand. Certain information in the Fenwei Report is disclosed in this document. Unless otherwise specified, all the industry data presented in this document have been based on or derived from the Fenwei Report. Fenwei has given consent to us in making reference to its industry report and in using the information contained in its report in whole or part in this document. —79— THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW ANTHRACITE COAL According to the Chinese Coal Classification Standard, coal is generally categorized into lignite coal (褐煤), bituminous coal (煙煤) and anthracite coal (無煙煤) based on their physical and chemical properties and end uses. Lignite coal and bituminous coal are low-rank coals. They feature low calorific value due to high moisture content and low carbon content. Anthracite coal is top-rank coal with volatile matter content (Vdaf) not exceeding 10.0%. It generally has high calorific value due to low moisture content and high carbon content. Figure1: Chinese Coal Classification Anthracite Coal Bituminous Coal Lignite Coal (Vdaf≤10%) (Vdaf>10-37%) (Vdaf>37%, Ogr.maf≤24MJ) Source: Chinese Coal Classification Standard Use of Anthracite Coal Anthracite coal has a wide range of applications in chemical production, power generation, cement production, sintering, smelting and injection in steel plants and other civilian purposes. China’s anthracite coal products can be divided into chemical lump anthracite coal and fine anthracite coal. The specific use of different types of coal are set out below: Lumpiness of Types of Coal Industrial use Anthracite Coal Quality requirements Chemical Coal Chemical Lump coal Low ash, high fixed carbon content, (≥13mm) thermal stability and anti-crushing strength PCI Coal Metallurgy Fine coal (<13mm) High grindability, low harmful content, high threshold for ash content and sulphur content Thermal Coal Power Generation Fine coal (<13mm) High calorific value and ash fusibility, relatively lower requirement on other indicators such as ash content and sulphur content Thermal Coal Building materials Fine coal (<13mm) High calorific value and ash (such as concrete fusibility, relatively lower and glass requirement on other indicators such production) as ash content and sulphur content Source: Fenwei Report Anthracite coal is unlikely to be completely replaced by other coal products due to technological limitations and the shortcomings in using low rank coal. As such, anthracite coal will continue to account for a relatively high share in both the chemical industry and the PCI coal market. —80— THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW OVERVIEW OF THE ANTHRACITE COAL INDUSTRY IN CHINA Distribution of Anthracite Coal Resource Reserve in China According to the Ministry of Land and Resources (“MRL”) and the State Administration of Work Safety (“SAWS”), as of the end of 2014, China had 146.2 billion tonnes of anthracite coal, accounting for only 10% of coal in China. China’s measured resource reserve of anthracite coal are mainly located in Shanxi Province and Guizhou Province where the resource reserve together accounted for 70% of China’s total reserves. The Supply of Anthracite Coal in China China’s anthracite coal production is mainly located in Shanxi, Guizhou, and Henan Provinces. Shanxi Province is the largest anthracite coal producer in China, accounting for 42% of the raw anthracite coal production volume in 2015. Guizhou Province is the second largest anthracite coal producer in China. It produces around 55 Mt of commercial coal in 2015, accounting for around 15% of China’s commercial anthracite coal production volume. China has also imported anthracite coal from other countries, including Russia, North Korea and Vietnam. China’s total net import in 2015 is 21.7 Mt. China’s anthracite coal production volume has declined since 2012. China’s commercial anthracite coal production volume had maintained a CAGR of -6.3% between 2013 and 2015. Coal production volume in China is expected to decrease at CAGR of -0.3% from 2016 to 2020. Demand of Anthracite Coal in China China’s total consumption of anthracite coal continued to decrease during the period from 2013 to 2015, and is expected to decrease at a CAGR -0.7% between 2016 to 2020 in China. The following table sets forth a breakdown of anthracite coal demand and supply by industry and by coal type. CAGR 2013- 2016- 2013 2014 2015 2016E 2017E 2018E 2019E 2020E 2015 2020 Commercial anthracite coal production (Mt) 413.2 392.5 362.8 363.2 361.5 354.6 362.3 359.2 -6.3% -0.3% Chemical lump anthracite production (Mt) 86.9 81.6 74.5 74.2 73.5 71.7 72.9 71.8 -7.4% -0.8% PCI anthracite production (Mt) 58.2 53.6 48.0 47.1 46.0 44.2 44.3 43.1 -9.2% -2.2% Thermal anthracite production (Mt) 267.7 257.1 240.3 241.9 242.0 238.6 245.1 244.2 -5.3% 0.2% Anthracite coal net imports from other countries (Mt) 37.1 28.0 21.7 19.8 18.2 18.7 13.3 12.6 -23.4% -10.6% Anthracite coal demand 450.3 420.5 384.5 383.0 379.7 373.3 375.6 371.8 -7.6% -0.7% Chemical lump anthracite demand (Mt) 86.9 81.6 74.5 74.2 73.5 71.7 72.9 71.8 -7.4% -0.8% PCI anthracite demand (Mt) 70.1 62.7 55.4 53.8 53.7 53.9 53.9 52.5 -11.1% -0.6% Thermal anthracite demand (Mt) 292.9 276.0 254.6 255.0 252.5 247.7 248.8 247.4 -6.8% -0.7% Source: Fenwei Report —81— THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. INDUSTRY OVERVIEW OVERVIEW OF THE ANTHRACITE COAL INDUSTRY IN SOUTHWESTERN AND SOUTHERN CHINA Distribution of Anthracite Coal Resource Reserve in Southwestern and Southern China According to the MRL and the SAWS, as of 31 December 2014, Guizhou Province had approximately 57.4 billion tonnes of measured resource reserve of coal, of which 70% was anthracite coal. The anthracite coal resource reserve in the Guizhou Province accounts for 28% of measured resource in China. The combined proved anthracite coal resource reserve in other provinces in Southwestern and Southern China were 13.8 billion tonnes, which account for 9.4% of China’s total anthracite coal reserve.
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