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.