Chinese conglomerate XY Group is set to inject about $685 million into the development of a conveyor system, facilitating the transshipment of Russian coal across the Heilongjiang River (Amur River) for export to China, source reported.

The initiative includes building a conveyor over the river and a transportation conveyor system from an opencast coal mine, according to CAA.

This conveyor system will be established using the infrastructure of a coal terminal located in the Amur region, and Heihe city in China's Heilongjiang province is chosen as the territory of building the reception infrastructure.

The project's operational capacity is slated to reach 15 million tonnes per annum (Mtpa), with a potential expansion to 70 Mtpa in the future. Construction is scheduled to start in 2024.

The cooperation framework for the project was formalized during the Eastern Economic Forum in 2022. Signatories included the Far East and Arctic Development Corporation, the Port Infrastructure Development Center, and XY Group.

In January-October 2023, Russian coal exports through border crossings with China increased to 11.1 million tonnes, soaring 72.2% against the same period last year, the report said.

(Writing by Alex Guo  Editing by Harry Huo)
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