L & L Energy (LLEN) Acquires 60% Interest in DaPing Coal Mine; Establishes Joint Venture
L & L Energy Inc., a U.S.-based coal company with mining and distribution businesses in China, today announced its acquisition of a majority controlling interest of the DaPing coal mine, effective March 15, 2011. The DaPing mine is located in PanXian, Guizhou Province in China. L & L is partnering with the current owner to form a U.S. joint venture in China, in which L & L will contribute approximately USD $18 million in exchange for management control and 60 percent equity of the new joint venture. L & L will inject an additional $3 million in capital expenditures to…