L&L acquires majority stake in the Weishe coal mine
US-based L&L Energy has acquired a 51% stake in the Weishe coal mine located in China’s Guizhou province from Union Energy for $16.2m.
Union Energy will receive $16.2m and three million L&L shares at $5.396/share for the coal mine.
The company said that the Weishe mine generates high quality, low sulfur, anthracite coal, and is one of three newly constructed mines owned by Union Energy in Guizhou Province.
The Weishe mine deal is anticipated to add 124,000 tonnes to L&L's production and $19.6m in revenue by the end of 30 April 2013.
L&L said the mine is expected to be expanded to produce 450,000 tonnes of coal annually over the next few years.
L&L Energy Chairman and CEO Dickson Lee said L&L Energy has been focused on executing its plan for the Guizhou consolidation.
"With the recently established Hong Gou operational office in Guizhou, the government's approval of our new wholesales license, and now the addition of the Weishe Mine, we are positioning ourselves well to fully execute the two one millions ton wholesale agreements negotiated in the fall of 2011," said Lee
Related Insight
Suppliers Directory
Power Generation Biofuels & Biomass Fossil Fuel Geothermal Hydro Nuclear Solar Wind
Power Distribution Utilities Network Utilities Retail
Mining & Commodities Carbon Coal Minerals & Materials Nuclear Fuels
Coal Intelligence
“Competing For Share Of Global Upstream Oil & Gas Industry Spend In 2010-2011” is a new report published by ICD Research that analyzes how industry suppliers’ media spend, marketing and sales strategies & practices and business planning will be shaped in 2010 to 2011. In an uncertain economic climate this report gives you access to the media channel spending outlooks, media budgets, marketing agency selection criteria, business challenges and sales tactics of leading suppliers to the upstream oil and gas industry. The report also identifies oil and gas exploration and production companies and suppliers future growth, M&A and investment expectations. The research is based on an extensive survey of senior and C-level industry executives from our market leading panels. Buy online from $2000
Comments may be moderated for spam, obscenities or defamation.