L & L Energy announced the conclusion of a management visit to a recently acquired coal mine located in Guizhou Province, China. The visit was led by top officials of the company and also included due diligence inspections on other prospective acquisition opportunities.
In January 2012, L & L Energy announced the acquisition of a 51% interest in the Weishe coal mine for total consideration of $16.2 million. The company issued three million shares of common stock to Union Energy Co. in the deal.
The Weishe coal mine has 19 million tons of coal reserves located in a 1.8 square kilometer section of the property. The mine has a design capacity of 450,000 tons of coal per year.
The visit to the Weishe coal mine was led by Ed Moy and Dr. Syd Pend. Mr. Moy is a Vice President at L & L Energy and Dr. Pend is a member of the company’s board of directors. The two officials reported that the mine was designed with high safety standards and was impressed by the strength of the mine’s management team.
Mr. Moy and Dr. Pend also visited two other coal mines in the area owned by Union Energy Co. and plan to make a future due diligence trip to the facilities.
For more information on the company, go to www.lnlinternational.com
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