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

L&L Completes Acquisition Of Two New Mines In Guizhou

SEATTLE, Nov. 19, 2012 /PRNewswire/ -- L & L Energy, Inc. (NASDAQ: "LLEN") ("L&L" or the "Company"), a U.S.-based company with a track record of profitable coal operations in China, announced today its completion of acquisitions of the LuoZhou and LaShu mines, nearby its existing Weishe model mine under its consolidation strategy in Guizhou Province.

Following preliminary agreement and due diligence, L&L is pleased to announce a $37.1 million acquisition of 95% of both mines from Union Energy, satisfied by a cash outlay of approximate $1.7 million and transfers of the Company's interests in Zonelin Coking Plant (98%) and the DaPing Mine (60%).

The two mines contain some 34.2 million tons of low sulfur, high BTU, anthracite coal reserves. Already at trial coal production, the LuoZhou mine will move from an annual production rate of 200,000 tons to 450,000 tons by the end of 2013. LaShu will similarly move from 150,000 tons to 300,000 tons over time. With the production capacity of its existing Weishe mine of 150,000 tons moving to 500,000 tons over time, L&L anticipates a production rate of 500,000 tons within 2013 and to beyond 1 million tons over time.

These acquisitions leverage on government's consolidation, in the context of the Company's US management style and technology, to attract opportunities for the Company to expand and upgrade its coal assets through acquisition of larger and cost effective mines, including thus far, three of Union Energy's seven mines.

L&L's Chairman and CEO, Dickson Lee, commented: "We completed the transaction to build coal reserves, increase production capacity and increase EPS for our shareholders."  Mr. Lee goes on:  "By leveraging on L&L's publicly listed platform in the USA and global management capability, we continue to work closely with Union Energy to realize the full potential of its mine portfolio.  We also have a pipeline of other opportunities and strategic assets in China."

Forward Looking Statements

The statements containing 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.

1 of 2

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,742.54 +123.03 0.70%
S&P 500 2,075.78 +12.67 0.61%
NASDAQ 5,020.55 +33.6830 0.68%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs