L & L Energy adds additional coal washing capacity in China
Integrated coal company, L & L Energy, Inc (OTCBB: LLEN) has added additional coal washing capacity in China through the acquisition of the SeZone County Hong Xing Coal Washing Factory (“SeZone”).
L & L is paying US$1 million for SeZone, and has already been approved by the Chinese government.
Dickson Lee, L&L Chairman & CEO, commented: "This
acquisition demonstrates our commitment to expand L&L coal
operations in China. This acquisition will add 150,000 tons valued at
approximately $19,000,000 (based on $130 per ton) to our existing coal
washing capacity in China. We also plan to increase the existing Hong
Xing washing operation to 600,000 tons."
Shares in L & L Energy performed exceptionally well in the past year, rising from just 31 cents to $7.40 yesterday.
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