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Outflowing 'mining' cash triggers concerns


14:22, December 20, 2012

TAIYUAN, Dec. 19 (Xinhua) -- Liu Yuxue left the mining industry five years ago and pumped his hefty proceeds into building roads and bridges in his hometown.

It was inevitable, at the end, to take the money out of the coal industry, he said.

As the northern province of Shanxi underwent a coal mining industry transformation, many coal barons, such as Liu, were forced out of the business and seeked new investment opportunities with the cash they made from mining.

In 2008, Shanxi was chosen by the central government to shut down a large number of small mines and integrate them into competitive mining conglomerates.

There were 1,053 coal mines managed by 130 mining enterprises by the end of 2011, down from 4,278 mines by 2,200 firms before the reform started, local authorities said.

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