Special Report: Global Financial Crisis

    JINAN, March 8 (Xinhua) -- Chinese geologists revealed Sunday they have found a new coalfield with estimated reserves exceeding 3 billion tons in the eastern Shandong Province.

    Zhang Zengqi, deputy president of the Shandong Provincial Academy of Geology and Scientific Experiments, said the rare new reserve mainly comprised coke and was in Caoxian, a county in southwestern Shandong.

    Zhang said the coal-bearing strata covered 300 sq km, with an average thickness of seven meters. The shallowest stratum lay 950 meters below ground.

    The potential economic value of the find is estimated at 1.5 trillion yuan (220 billion U.S. dollars) according to current coke prices.

    The find was made by Zhang's academy, and the land and resources department of Heze City which administers Caoxian. Prospecting began in January 2005.

    Two previous finds, involving a combined 6 billion tons of coal reserves, were announced in 1987 and 1999.