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Strategies & Market Trends : Greater China Stocks
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To: pcyhuang who wrote (7723)2/4/2012 10:15:06 PM
From: pcyhuang  Read Replies (2) of 8334
 
L&L Energy Acquires Majority Stake In China Coal Mine For $16M
DOW JONES NEWSWIRES

L&L Energy Inc. (LLEN) agreed to acquire a majority stake in the Weishe coal mine in the Guizhou province in China for about $16 million, a move the company said will help it upgrade its mining portfolio.

The U.S.-based company, which has a coal-mining and distribution businesses in China, currently anticipates the mine will produce 124,000 tons of coal a year at an average price of $158 a ton.

L&L added that it expects the mine to be expanded to its designed 450,000 tons of annual production over the next few years.

Chief Executive Dickson Lee noted the addition of the Weishe mine continues the company's consolidation efforts. The company last year signed letters of intent to buy 14 coal mines in southwestern China, expanding its presence in Guizhou province.

"We are positioning ourselves well to fully execute the two one millions ton wholesale agreements negotiated in the fall of 2011," he said.

Shares closed Friday at $2.64 and were inactive in premarket trade. The stock is down 68% over the past 12 months.

--By Mia Lamar, Dow Jones Newswires; 212-416-3207 begin_of_the_skype_highlighting 212-416-3207 end_of_the_skype_highlighting begin_of_the_skype_highlighting 212-416-3207 begin_of_the_skype_highlighting 212-416-3207 end_of_the_skype_highlighting end_of_the_skype_highlighting; mia.lamar@dowjones.com
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