The agreement was executed on January 1, 2010, with an effective date of November 30, 2009. L&L paid $1m for the acquisition. Hong Xing now becomes a second tier subsidiary of L&L. The TNI joint venture was approved by the Chinese government on December 24, 2009.
Dickson Lee, chairman and CEO of L&L, said: “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.”
L&L Energy is incorporated in the state of Nevada with a corporate office located in Seattle, Washington.
