Coal firms diversify with an eye toward entertainment

Many of China’s struggling coal mining firms are branching out into sectors as diverse as film production and restaurants, with figures from the Shanxi province statistics bureau indicating that over 200 resources companies had invested RMB32 billion (US$5.147 billion) into the tourism development industry, South China Morning Post reported, citing local media. A collapse in coal prices 71 of 90 major coal producers reported losses in the first two months of the year according to the China National Coal Association. Liu Biao, chairman of Baoyu Coal & Coke Company, is among those successful in cross-industry investment, having invested in an anti-Japanese occupation-era drama that was recently broadcast on state TV.