I think a buyout merger is very probable with the recent changes to the Chinese laws. Hope they can sell at a decent price! Lee is no fresh chicken, I can't imagine him hanging on this much longer then necessary.
Hmmm, this is one of the only posts that makes any sense...
I wonder if they are negotiating terms right now, this could be the reason for no CC. That would be nice to see some money come back my way. I have been stuck in this god d*$n stock for way too long...
Anyways, finally something may happen, I would be happy to take 1.50- 2.00 a share right now and just get this nightmare stock off my books.
China will adopt stricter measures over coal mines this year to improve safety record in the industry, sources reported, citing an official with the State Administration of coal mine Safety.
Starting from 2014, small coal mines with annual capacity below 300,000 tonnes will not be allowed to construct, and no approvals will be granted to those with designed annual capacity below 900,000 tonnes but prone to accidents (e.g. coal and gas outburst mines), according to Song Yuanming, vice director of the administration.
The government will continue to shut small coal mines with annual capacity of 90,000 tonnes and below resolutely, though large companies are encouraged from the policy aspect to merge and regroup small ones.
"Small coal mines failing to meet safety standards must be shut, and we must not tolerate those under the cover of transformation, merger and regrouping, etc.," said Yang Dongliang, director of State Administration of Safety, "so many accidents had happened in mines under transformation, especially those below 90,000 tonnes."
Data showed that China presently has more than 12,000 coal mines in operation, of which nearly 10,000 belong to small mines with annual capacity below 300,000 tonnes.
According to the 2014 implementation plan of the coal industry’s 12th Five-Year Plan drafted by the National Energy Administration (NEA) for opinions solicitation in late January, China plans to eliminate over 110 million tonnes of outdated coal capacity by phasing out nearly 1,450 coal mines this year.
To realize the target, there will be 700 coal mines with capacity of 39.4 million tonnes closed directly, 223 coal mines with capacity of nearly 12.3 million tonnes eliminated through transformation and upgrading, and 523 coal mines with capacity of over 58.9 million tonnes removed through mergers and regrouping, the NEA said in the plan.
Once again, Southwest China’s coal-rich Guizhou pro