L & L Energy (LLEN) to Acquire Lashu Mine; Will
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L & L Energy, Inc. (Nasdaq: LLEN has entered into an MOU to acquire the Lashu Mine in HeZhang County, Guizhou Province.
The MOU, for 51% controlling stake in the Mine, is entered with Union Energy, previous owner of L&L's Weishe Mine, also in HeZhang County. The repeat transaction illustrates the confidence in the Company's mining operations and enhances the reputation of the Company as consolidator of mining operations in the region.
Upon production, scheduled for fall 2012 and fully implemented within 2013, the Mine will produce low-sulfur, high BTU, anthracite coal at the approved annual production rate of 300,000 tons on 7.17 million tons of reserves, with potential expansion to 450,000 tons and beyond on reconnaissance resources of 20 million tons.
L&L will pay an earnest deposit of approximately $314,000 (RMB 2,000,000) and the remaining balance, which is being finalized, will be paid in installments over time in accordance with the definitive agreement. Both L&L and Union Energy stand to profit from the enhanced mining operations supervised by L&L's professional team.
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The MOU, for 51% controlling stake in the Mine, is entered with Union Energy, previous owner of L&L's Weishe Mine, also in HeZhang County. The repeat transaction illustrates the confidence in the Company's mining operations and enhances the reputation of the Company as consolidator of mining operations in the region.
Upon production, scheduled for fall 2012 and fully implemented within 2013, the Mine will produce low-sulfur, high BTU, anthracite coal at the approved annual production rate of 300,000 tons on 7.17 million tons of reserves, with potential expansion to 450,000 tons and beyond on reconnaissance resources of 20 million tons.
L&L will pay an earnest deposit of approximately $314,000 (RMB 2,000,000) and the remaining balance, which is being finalized, will be paid in installments over time in accordance with the definitive agreement. Both L&L and Union Energy stand to profit from the enhanced mining operations supervised by L&L's professional team.
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