L & L Energy, Inc.'s (OTC.BB: LLEN) subsidiary Baoxing Economic and Trade Co., Ltd., has subcontracted the operation at the Ping Yi Coal Mine. The mine is located in the Guizhou Province of China in Pingguan Town.
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Under a fixed rate of about $876,000 per year, Baoxing is allowed to operate the Ping Yi coal mine facilities of 150,000 ton annual production. The agreement allows Baoxing to operate Ping Yi, to provide necessary working capital, and to collect the revenue, net profits/losses of Ping Yi. Under the agreement, Baoxing will be the exclusive provider of advisory and consultancy services to Ping Yi related to its general business operations.
About L & L Energy
Founded in 1995 and headquartered in Seattle, L&L (http://www.LLenergyInc.com) focuses on serving the energy market in China. Through its subsidiaries, it operates profitable coal mines, coal wholesales, coking, and coal-washing facilities in Yunnan Province.
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