L&L Provides Update on Mining Operations in Guizhou
L & L Energy (NASDAQ: LLEN) provided an update on its mining operations in Guizhou and plans for expansion into Shanxi and Inner Mongolia.
Guizhou Expansion Ahead of Schedule
In November 2012, L&L acquired two newly built mines in the Guizhou Province. The Luozhou and Lashu mines added 34.2 million tons of reserves and, when fully expanded, will add 750,000 tons of annual production to L&L's mining segment. Today the Company is pleased to announce that both new mines are producing ahead of schedule and as a result, L&L expects strong sales and profit for the third quarter ended January 31, 2013. These two mines, along with L&L's Weishe mine, will exceed the one million ton annual production minimum outlined under the Guizhou coal consolidation policy.
L&L's Expansion to Shanxi and Inner Mongolia
With a strong and expanding operational base established in Guizhou in both wholesale and mining, L&L's Board has decided to speed up the evaluation of larger coal operations in the Shanxi and Inner Mongolia Provinces located in North China. Having already undergone a consolidation, the remaining mines