China-based coking coal producer Puda Coal, consolidator of twelve coal mines in Shanxi Province, announced on October 25 that Shanxi Puda Coal Group Co. Ltd (Shanxi Coal), a 90 percent subsidiary of Puda Coal, entered into separate mining rights and mining assets transfer agreements with two coal mines located in Pinglu County, Shanxi Province, on October 20, 2010. The mines named Pinglu County Sanmenzhen Xuhutuo Coal Mine Ltd and Pinglu County Daqi Coal Mine Ltd represent an aggregate purchase price of RMB 125 million (approximately $18.77 million).
Shanxi Coal plans to place all the purchased assets of Xuhutuo Coal and Daqi Coal into Shanxi Pinglu Dajinhe Jinmen Coal Co, Ltd, a newly established project company approved by the Shanxi provincial government.