Shanxi Puda Coal Group, a subsidiary company Puda Coal, one of the largest suppliers of the largest metallurgical coking coal, signed the treaty rights and the transfer of mining assets, mining coal mining companies Da Wa Pinglu County Coal Co. Indsutry. Pinglu County Guanyao and Coal Industry. Puda Coal will own 100% of mining assets, all assets purchased will be placed in two newly formed companies.

In accordance with the agreement, Da Wa Guanyao Coal Coal will be responsible to cancel or terminate the employment contract (or employment) with their staff, pay all unpaid wages, premiums and welfare costs, and bear all costs resulting from the cancellation or termination of the contract work.

The total price of the purchased asset transfers Da Wa Coal is RMB 190 million ($ 27.8 million), which RMB 46.6 million ($ 6.8 million) was for Da Wa’s intangible assets and RMB 143.3 million ($ 21.0 million) is for mining rights and compensation to previous owners. For Coal Guanyao, the purchase price reached RMB 94.8 million ($ 13.9 million), which RMB 37.6 million ($ 5.5 million) is for Guanyao’s intangible assets and RMB 57.2 million ($ 8.4 million) for the mining rights and compensation to previous owner.

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