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Home >> Business
UPDATED: 08:53, May 10, 2005
China appropriates treasury bond funds to harness coal mine gas
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The State Development and Reform Commission (SDRC) and the State Administration of Production Safety have appropriated the first 50.2 million yuan (6.06 million US dollars) of treasury bond funds for upgrading coal mine safety, said sources with the SDRC on Monday.

The money will be used to establish a gas supervision and control system in 104 coal mines of the country, said an official with the SDRC.

The total cost for the systems will be 167.28 million yuan (20.2 million US dollars) -- 12.64 million yuan (1.53 million US dollars) from local governments, 104.44 million yuan (12.61 million US dollars) from the enterprises and the 50.2 million yuanfrom the central government.

China will spend an estimated 15 billion yuan (1.81 billion US dollars) in 2005 to improve safety of its coal mines, among the most dangerous in the world with an annual death toll of more than6,000 in recent years.

Three billion yuan (362.32 million US dollars) will come from treasury bonds and budget funds, and local government should take out some fiscal funds in helping to establish safety infrastructures of local coal mines, the sources said.

According to the SDRC official, the standard security fee charged per ton of coal will be increased from the current two to ten yuan (0.24 to 1.21 US dollars) to a maximum of 15 yuan (1.81 US dollars).

According to the SDRC, local governments at all levels should list the funds for coal mine gas prevention and control as a special item in their budgets and ensure the funds be in place at the same time as the central funds.

Furthermore, the use of the central funds should be arranged properly and effectively after gas harnessing projects were workedout or improved with the help of experts, said the SDRC.

Source: Xinhua

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