Seattle, US-based L & L Energy Inc, which has coal mining and distribution businesses in China, plans to buy 14 metallurgical coal mines located in Guizhou Province, China. The mines have been approved for 3 million tons of annual coal capacity and the expected revenue of the mines is about $500 million.
L & L Energy's chief executive Dickson Lee said in a statement, "In my recent meetings with the vice governor of Guizhou and the chief of the Energy Bureau, we were encouraged to target 5 million tons of capacity and to take a leadership position in the Guizhou consolidation process."