Shenhua Group, China's largest coal producer, announced plans to raise US$2.4bn in IPOs on the Shanghai and Hong Kong exchanges. The dual listing is expected to take place in 2005, although no specific date has yet been announced. The cash raised will be used to fund expansion at its existing coal mines, ports and power plants, as well as to build new ones, Xinhua said. The agency also quoted sources as saying Shenhua was considering a subsequent listing on the New York and London markets, if the conditions are right. Shenhua is the fifth-largest coal producer in the world, with an output of more than 100m tons last year. It plans to double its capacity to more than 200 million tons by 2010.