Puda Coal, Inc. announced that the company has agreed to purchase two coal mines located in China. The mines have extensive reserves of thermal coal.
Puda Coal, Inc. said that Shanxi Puda Coal Group Co. Ltd., which is a 90% owned affiliate of the company, will pay $18.77 million for Sanmenzhen Xuhutuo Coal Mine Ltd., and $9.94 million for Daqi Coal Mine Ltd. Both mines are located in Pinglu County, Shanxi Province in China. The acquisition agreement covers tangible assets and mining rights at both locations.
Puda Coal, Inc. agreed to pay half of the purchase price for each coal mine within three days after the signing of the agreement. The company is required to pay another 40% of the purchase price within 15 days after the property is officially transferred, and the final 10% six months after the official transfer date.
The agreement also specifies that the sellers will cancel all existing labor agreements with the staff at the two mines, and settle all outstanding wages, and any penalties associated with terminating any labor agreements.
Puda Coal, Inc. operates several mines in China that produces metallurgical coking coal used to produce coke for steel making. The company’s current annual capacity is 3.5 million metric tons.
For more information on the company, go to www.pudacoalinc.com
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