|By ACN Newswire||
|January 17, 2013 03:09 AM EST||
In addition, the Company entered into an acquisition agreement with Kaisun Energy Group Limited (Kaisun, stock code:8203) for acquiring a 52% equity interest in Kamarob, which controls and holds a sizable coking coal mine in Tajikistan, namely the Kafta Hona Deposit.
The Group currently owns Xiaohuangshan Mine, Shizhuanggou Mine and Quanshuigou Mine in Xinjiang Autonomous Region. Adding Baicheng Wenzhou and Tajikistan Kamarob coal mines, the Group controls approximately 341.15 million tons by the JORC Code of MI & I resources, with 91.24 million tonnes of P&P marketable coal reserves. As a result, Up Energy expects to have the largest amount of coking coal resources among companies listed on the Stock Exchange of Hong Kong.
The Company has also announced that Ping'an Coal Mine Gas Engineering Research Center Limited Liability Company ( "Ping'an Gas "), which is ultimately held by Huainan Group, has stepped into a strategic cooperation with Up Energy's wholly-owned subsidiary Fukang Mining, the owner of Xiaohuangshan Mine. Ping'an Gas has agreed to grant the non-exclusive licence to use the patents and non-patented technologies relating to coal mining held by Huainan Group to Fukang Mining at a consideration of acquiring a 12% equity interest of Fukang Mining. Up Energy has always attached great importance to safety exploration and production. Ping'an gas is one of the 13 national qualified coal mine gas safety governance operators in Chinaw ith hundred-million-ton coal resources base. Up Energy has thus become the first private-owned enterprise which took the lead in introducing national gas safety management.
As the largest integrated energy group with circulative economy business model in the coking coal industry, Up Energy has started its business from coal resources exploration to gradually established a complete set of projects with the concept of circulative economy which includes raw coal mining, raw coal washing, coal coking, cogenerating and coal mine gas utilizing.
Looking forward, Xinjiang is one of the key areas in China's development plan in the northwestern region. A significant portion of newly increased production capacity of China's iron and steel industry will come from Xinjiang in the future. The Group has been well rooted with a solid foundation in Xinjiang and is in a sound financial position with strong liquidity for business expansion. The Group is poised for growth with its market opportunity and bright industy outlook. In 2013, the Group will increase its coking coal producton capacity to 2.7 mllion tons. By adhering to the policy of energy efficiency and assertive M&A strategies, the expected production annual growth rate can reach 40% in the long run. Going ahead, the Group will focus on developing the coking coal mining resources in Central and West Asia, Australia and U.S., so as to further capture future opportunities and to maximize return to our shareholders.
For further information, please contact:
LBS Communications Consulting Limited
Joanne Chan / Xi Zhang / Stacy Zhang
Tel: (852) 3752 0432
Fax: (852) 3753 2899
Email: firstname.lastname@example.org / email@example.com / firstname.lastname@example.org
Source: Up Energy Development Group Limited
LBS Communications Consulting Limited Joanne Chan / Xi Zhang / Stacy Zhang Tel: (852) 3752 0432 Fax: (852) 3753 2899 Email: email@example.com / firstname.lastname@example.org / email@example.com
Copyright 2013 ACN Newswire. All rights reserved.
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