L & L is paying US$1 million for SeZone, and has already been approved by the Chinese government.
Dickson Lee, L&L Chairman & CEO, commented: "This acquisition demonstrates our commitment to expand L&L coal operations in China. This acquisition will add 150,000 tons valued at approximately $19,000,000 (based on $130 per ton) to our existing coal washing capacity in China. We also plan to increase the existing Hong Xing washing operation to 600,000 tons."
Shares in L & L Energy performed exceptionally well in the past year, rising from just 31 cents to $7.40 yesterday.
Disclosure: The author holds no position in the company