SEATTLE, Oct. 1, 2012 /PRNewswire/ -- L & L Energy, Inc., (Nasdaq: LLEN) ("L & L" or the "Company"), a Seattle-based company with a track record of profitable coal operations in China, announced that its recently acquired GuangYeh operation contributed its first month of sales as coal prices begin to firm in September.
New Coal Sales from GuangYeh Operation
L & L's GuangYeh operation contributed its first sales during September. Approximately 6,000 tons of coal was sold for $ 0.65 million at $108 per ton. Sales from GuangYeh are anticipated to grow to $19 million over the next year, as discussed in L & L's September 5th news release.
Coal Prices FirmingCoal prices and demand have begun to firm as the fall and winter approach. Traditionally, L & L's coal sales prices see a 7-10% swing from the summer lows to winter peaks. The sales price for L & L thermal coal bottomed in August and has steadily increased from the beginning of September. L & L Chairman and CEO, Dickson Lee, commented, "We are pleased with how quickly GuangYeh completed its first deliveries. Moreover, with the firming of prices and anticipated increasing demand for coal, we expect that L & L sales will exceed that of the first quarter. These developments are a realization of our consolidation strategy, and in parallel the Company is expanding its complimentary distribution." Forward Looking Statements The statements contained words that are not historical fact, including statements related to Company's future performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and that involve a number uncertainties. Actual results of the future events described in this document could differ materially. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements