Huaibei Coal is planning to launch a new initial public offering (IPO), Reuters reports. The Chinese miner will sell a total of 2.2 billion of shares in the offering.

The sale proceeds will be used to fund new projects worth $1.31 billion in the nation. Huabei Coal is 84.4% owned by state-owned parent, while its other shareholders include China Cinda Asset Management and Huarong Asset Management.

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