UPDATE: L&L Energy Gains 5% - Signs MOU to Acquire LuoZhou Mine

By MidnightTrader.com Staff,

Shutterstock photo

L & L Energy, Inc. ( LLEN ) is up 4.92% to $1.92 after the company earlier said it signed an MOU to acquire a 50% controlling interest of the LuoZhou Mine in HeZhang County, Guizhou Province. The acquisition of LuoZhou will mark the company's third transaction with Union Energy, a local partner.

The company said LuoZhou is currently in trial production and will reach its approved rate of 150,000 tons per annum by fall of 2012 (on reserves of 27 million tons), with targeted expansion to 450,000 tons.

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This article appears in: Investing Commodities
Referenced Stocks: LLEN

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