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.
More from Stocks
Avoid the 'Lunacy' of After-Hours Trading, Jim Cramer Says
Jim says after-hours action can be 'crazy' -- just look at what happened when Palo Alto Networks reported earnings.
Should Investors Be Optimistic About U.S.-China Trade Talks?
Need some advice when it comes to U.S.-China trade talks?
Biometric Passwords Are About to Go Big Time; Here's Who's Set to Profit
Diebold Nixdorf is best known for its 35% global market share of automated teller machines, but it is successfully branching out into digital verification.