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L&l energy update on surface mining in inner mongolia by wwy yrj
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L&l energy update on surface mining in inner mongolia by WWY YRJ
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| Article Posted: 06/29/2012 |
| Article Views: 50 |
| Articles Written: 1412 - MORE ARTICLES FROM THIS AUTHOR |
| Word Count: 390 |
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L&l energy update on surface mining in inner mongolia |
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Business,Business News,Business Opportunities
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L & L Energy, Inc a US based company with a five year track recordof profitable underground coal mining and distribution operationsin China, has begun due diligence of targeted large scale surfacemines in Inner Mongolia, China for potential acquisition. The eventual acquisition of surface mines and entry into long-termcoal supply agreements in Inner Mongolia is expected tosignificantly expand and diversify L&L's existing underground coaloperations from south China into a national presence. Mr. JingcaiYang, a recently appointed director of L&L, is assisting theCompany in sourcing suitable surface mines.
Mr Yang, the formerChief Engineer at Shenhua Group Corporation Ltd. and formerchairman & CEO of Shengdong Coal Corporation, is an expert insurface mining in China. Mr Dickson Lee chairman & CEO of L&L stated that "We are nowexpanding our platform to target one million ton and larger surfacemining operations in Inner Mongolia which will expand and diversifyour mining portfolio. Our on the ground technical capabilities arein place, and we have built a strong team that includes Mr Yang andDr Syd Peng, who bring industry connections in Inner Mongolia andUS mining technology, respectively, to our operations." To further strengthen shareholder value, L&L has reached anagreement to sell the underperforming Ping Yi mine, which is one offive L&L underground mines.
Under the terms of the agreement, L&Lsells Ping Yi back to its original owners, while securing anoff-take agreement at a discounted price to take advantage of themine's future production. The sale terms include, among others, aUSD 31 million sale price, payable in part as a prepayment onfuture coal purchased by L&L, and future use of the mine's coalwashing facility. L&L purchased the mine in 2009 for approximatelyUS $4 million. Mr Lee also commented that "We are committed to enjoying the longterm benefits of consolidation in the Guizhou Province. Selling thePing Yi mine is a healthy move and will allow us to focus ourenergy on purchasing additional mines, including those in InnerMongolia.
As L&L has developed more resources over the years, adiversification into larger, surface mining in Inner Mongolia, aswell as upgrading our existing mining portfolio will ensurediversified growth with a positive impact on company's bottomline." Source - L & L Energy. I am Explosive writer, reports some information about cross cutting machine , triple h wallpaper.
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