L&L VP, Ed Moy Provides Update on Weishe Mine at Recent Conference
L & L Energy, Inc. (Nasdaq: LLEN) announced today Clayton Fong, Executive Vice President and Ed Moy, Vice President of L&L presented at the RedChip Small Cap Virtual Conference on February 16.
During the conference, Clayton Fong gave a brief overview of L&L history and operations. Ed Moy then briefed investors on his recent visit to China where he and Dr. Syd Pend, L&L Director, visited L&L's new Weishe Mine ("Weishe") to evaluate its management and progress. They also performed initial due diligence on two other acquisition targets.
Summary of Ed Moy and Dr. Syd Peng's Trip
Weishe Mine is designed with very high standards of safety and mechanization Weishe Mine's management team and staff are very strong with experienced and educated operators who practice a high level of professionalism and safety. Strong management not only ensures day to day operations run smoothly, but will be integral to L&L's ability to acquire additional mines at a faster pace. Weishe is currently approved for 150,000 tons of annual production. The planned addition of a second ventilation shaft will be installed prior to the mines expansion to 450,000 tons. Production test run for Weishe is projected to begin at the end of February and will continue for the next 3 -6 months. Inspectors analyze performance and safety procedures during that time. Once completed, the mine production license will be issued. First year annualized run rate will be at 150,000 tons. Weishe has very sophisticated safety procedures and equipment, including methane gas detectors and a miner GPS tracking system. Current ventilation shaft is more than sufficient for the initial 150,000 ton capacity. Visited two additional mines owned by Union Energy Co. Both mines are in development and have been planned with similar high standards to Weishe. A follow up due diligence trip is planned. Met with Union Investment Holding Company, the parent company to Union Energy Co. New partners are very sophisticated with strong financial background and well-connected within Guizhou. Partnership will be very synergistic going forward for both parties. Met with Mr. Jincai Yang, L&L Advisor and former senior executive of China Shenhua Group Co. Ltd, the world's largest coal company. The meeting in Beijing focused on the inside dynamics and direction of the China coal industry and explored opportunities for L&L to grow outside of South China.
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