L&L Updates Shareholders on Operations
SEATTLE, Jan. 31, 2013 /PRNewswire/ -- L & L Energy, Inc., (Nasdaq: LLEN) ("L&L" or the "Company"), a Seattle-based company with a track record of profitable coal operations in China, provided an update on its mining operations in Guizhou and plans for expansion into Shanxi and Inner Mongolia.
Guizhou Expansion Ahead of Schedule
In November 2012, L&L acquired two newly built mines in the Guizhou Province. The Luozhou and Lashu mines added 34.2 million tons of reserves and, when fully expanded, will add 750,000 tons of annual production to L&L's mining segment. Today the Company is pleased to announce that both new mines are producing ahead of schedule and as a result, L&L expects strong sales and profit for the third quarter ended January 31, 2013. These two mines, along with L&L's Weishe mine, will exceed the one million ton annual production minimum outlined under the Guizhou coal consolidation policy.
L&L's Expansion to Shanxi and Inner Mongolia
With a strong and expanding operational base established in Guizhou in both wholesale and mining, L&L's Board has decided to speed up the evaluation of larger coal operations in the Shanxi and Inner Mongolia Provinces located in North China. Having already undergone a consolidation, the remaining mines in Shanxi and Inner Mongolia have larger production capacities and safer operating histories. L&L will be targeting mines with over one million tons of annual capacity.
L&L Director, Mr. Jingcai Yang will guide the due diligence process, accessing his robust coal network. Mr. Yang was formerly the Chairman & CEO of the Shendong Coal Corporation, Shenhua's largest coal subsidiary. Recently, L&L relocated its China headquarters to Beijing, which will provide additional support to the due diligence process. Shanxi and Inner Mongolia are the number one and two coal producing provinces in China.
L&L Chairman and CEO, Dickson Lee commented, "Over the 18 years of L&L's operations, we have continuously expanded and upgraded our portfolio to improve scalability, safety, and technology. Our South China operations create a solid base for our mining segment and we will work with Mr. Yang, Dr. Syd Peng, and other partners to evaluate new opportunities in Shanxi and Inner Mongolia."
Forward Looking Statements
The statements containing words that are not historical fact, including statements related to the Company's future performance, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results of the future events described in this document could differ materially. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
L&L Energy Inc.
SOURCE L & L Energy, Inc.