Shanxi Coal International Energy Group (hereinafter referred to as SCIE) is a state-controlled coal company under Shanxi Coal Import & Export Group. SCIE is the listed arm of the group. It produces both thermal and metallurgical coal in Shanxi province. SCIE expanded its production by acquiring Hequ Jiuxian surface mine in 2018. We expect the company to produce 28.7 Mt in 2019 at an average total cash cost of RMB216/t.