L&L Energy, Inc. (LLEN) Enters Agreement to Acquire Another Chinese Coal Mine
Seattle-based L&L Energy, a company with coal operations in China, is one of the few that Chinese authorities picked to be a consolidator of its coal industry, buying up smaller coal companies. The company today has more than 1,000 employees, growing from just one when it started operations 17 years ago. The company announced today that it has signed a memorandum of understanding to acquire a 50 percent controlling interest in the LuoZhou Mine in HeZhang County, Guizhou Province in China. It will pay a deposit of approximately $349,000 for LuoZhou. The remaining balance will be paid in installments under…