Templeton Emerging Markets Group’s Mark Mobius says he’s bullish on Chinese coal companies.

“These companies are not only mining but also producing power and the demand for power is insatiable in China and everywhere else in the world,” Mobius tells Bloomberg. His funds currently hold shares of coal companies Shenhua, Yanzhou Coal Mining Co., and China Coal Energy Co.

Chinese coal companies have been rebounding from their cheapest levels on record, Bloomberg reports, and Mobius thinks some may be ready to expand. “The slowdown that we’ve seen in global markets means there’s an opportunity for these companies to buy mines at low cost,” Mobius said.