Word: antaibao
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...teamed up with a people who have gone on forever, the Chinese. The 85-year-old chairman of Occidental Petroleum signed an agreement with the People's Republic for the largest Sino-U.S. deal yet: a $580 million venture to mine coal from a huge pit at Antaibao, 310 miles west of Peking...
...American partner in the mining project, Omaha contractor Peter Kiewit Sons, will contribute about $340 million to the operation, chiefly in the form of equipment and engineering talent. China will put up another $240 million. The 30-year agreement calls for the Chinese eventually to take over management. Antaibao's 1.4 billion tons of proven reserves could make it the world's largest open-pit mine after production starts in 1987. Its high-grade coal will be sold to Pacific-basin countries, but low-quality coal will go to the domestic market...
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