This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Joint-Venture With State-Owned Enterprise Receives Business License

PINGDINGSHAN, China, May 2, 2011 /PRNewswire-Asia/ -- SinoCoking Coal and Coke Chemical Industries, Inc. (Nasdaq: SCOK) (the "Company" or "SinoCoking"), a vertically-integrated coal and coke processor, today announced that its planned joint-venture with the state-owned Henan Province Coal Seam Gas Development and Utilization Co., Ltd. ("Henan Coal Seam Gas") has received its business license. The business license, dated April 28, 2011, is issued by the State Administration of Industry and Commerce of Zhengzhou, the provincial capital of Henan Province, China. 

The Company's interests in the joint-venture, which is named "Henan Hongyuan Coal Seam Gas Engineering Technology Co., Ltd." ("Hongyuan CSG"), are held by Henan Zhonghong Energy Investment Co., Ltd. ("Zhonghong Investment"), which was formed by the Company in December 2010 for such purpose. Under its business license, Hongyuan CSG's business parameters include: (1) research and development of and technical consulting in coal and coal bed methane ("CBM") extraction; (2) research and development in CBM-related engineering; (3) investment and management of coal, CBM and coke enterprises; and, (4) sales of mining facilities.

With the business license in place, the Company now intends to carry out and complete all previously announced coal mine acquisitions through Hongyuan CSG, as well as to pursue any other potential acquisitions until the provincial-wide consolidation drive expires at the end of the year. The Company also intends to operate its Hongchang Mine through Hongyuan CSG, and expects that operations there can officially resume full capacity sometime in the second half of fiscal 2012. Under this joint-venture framework, Henan Coal Seam Gas will assume management of and responsibility for all mining safety issues at Hongchang Mine as well as all other mines to be acquired by Hongyuan CSG.  

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 17,841.98 -86.22 -0.48%
S&P 500 2,080.15 -9.31 -0.45%
NASDAQ 4,919.6440 -19.6830 -0.40%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs