Lu'an Environmental Energy boosts coal capacity, approves market bidding

Shanxi Lu'an Environmental Energy Development Co., Ltd. announced that its subsidiary, Shanxi Lu'an Group Puxian Yitian Coal Industry Co., Ltd. (Yitian Coal Industry), will acquire coal production capacity replacement indicators totaling 600,000 tonnes per year for 135,712,000 yuan (tax inclusive). The acquisitions include 200,000 tonnes per year from Shanxi Gaohe Energy Co., Ltd., 200,000 tonnes per year from Shanxi Yangmei Sijiazhuang Coal Industry Co., Ltd., and 200,000 tonnes per year from Shanxi Yangquan Coal Industry (Group) Co., Ltd. These indicators are for increasing Yitian Coal Industry's production capacity from 1.2 million tonnes per year to 1.8 million tonnes per year.

The company also approved market bidding for coal resources. The board authorized the general manager to handle market bidding for coal resources, including upfront earnest money and guarantees, for transactions not exceeding 30% of the company's latest audited total assets or 50% of its net assets over a 12-month period. These measures are expected to enhance the company's competitiveness in the regional coal market and ensure the long-term sustainable development of its coal industry.