SEATTLE (AP) â¿¿ L&L Energy Inc., which mines and distributes coal in China, is buying a majority stake in China's Weishe coal mine for about $16.2 million.
The Seattle company said Monday that it will pay for the 51 percent stake with 3 million L&L shares at $5.396 per share.
The Weishe mine, which makes high quality, low sulfur, anthracite coal, has reserves totaling 19 million tons and a production rate of 124,000 tons. Annual production is expected to be expanded to 450,000 tons over the next few years.
The mine is one of three newly constructed mines owned by Union Energy and located in the Hezhang, Guizhou Province.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV