Puda Coal, Inc. (PUDA) to Acquire Two Coal Mines in China
Puda Coal, Inc. announced that the company has agreed to purchase two coal mines located in China. The mines have extensive reserves of thermal coal. Puda Coal, Inc. said that Shanxi Puda Coal Group Co. Ltd., which is a 90% owned affiliate of the company, will pay $18.77 million for Sanmenzhen Xuhutuo Coal Mine Ltd., and $9.94 million for Daqi Coal Mine Ltd. Both mines are located in Pinglu County, Shanxi Province in China. The acquisition agreement covers tangible assets and mining rights at both locations. Puda Coal, Inc. agreed to pay half of the purchase price for each coal…