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SOURCE L & L Energy, Inc.
SEATTLE, Oct. 28, 2013 /PRNewswire/ -- L & L Energy, Inc. (NASDAQ: "LLEN") ("L&L" or the "Company"), a U.S.-based company with a track record of profitable energy (coal) operations in China, today announced that it signed a strategic marketing agreement with Guizhou Zheshang Coal Group ("Zheshang"). Under the agreement, L&L will utilize its extensive customer network to market coal produced by Zheshang. L&L will be responsible for customer relationships, transportation and logistics, while Zheshang will be responsible for mining production, and mine safety. The partners are targeting sales of approximately 1.2 million tons of coal per year.
Zheshang is a privately held company located in Guizhou with 10 mines that produce approximately 2 million tons per year. Zheshang is currently expanding their targeted annual production to 5 million tons.
Walter Lin, L&L Vice President of China Operations commented, "L&L is pleased to work with Zheshang Coal Group again, building on previous successful partnership efforts. Given the large size of the agreed tonnage, L&L and Zheshang will scale its sales up in phases. With expected prices around $115 or RMB714 per ton, the financial impact will be significant. L&L is continuing to build an extensive sales and distribution capability, and with this supply agreement we will meet customers demand beyond our own production capacity."
Forward Looking Statements
The release contains statements related to Company's future performance and is within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve uncertainties and actual results of the future events described in this release could differ materially. Other than as required under the securities laws, the Company does not assume a duty to update these forward looking statements.
For more information, please contact:
L&L Energy, Inc.
+1 (206) 264-8065
Gary Dvorchak, CFA
Senior Vice President
U.S.: +1 (310) 954-1123
China: +86 (10) 6583-7528
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