This article is 12 years old. Images might not display.
For the year ended April 30, the Seattle-headquartered producer recorded revenues of $199 million, up 76% year-on-year on $113 million. Net income was up from $14.2 million to $38.4 million, a 169% spike.
Also on the rise were L&L’s mining tons sold, which jumped 182% over 2012 from 237,000 tons to 670,000t.
In November L&L acquired the Luozhou and Lashu coal mines in Guizhou, China, adding 350,000 tons of coal mining production. When fully expanded, it is targeting 750,000tpa.
L&L vice president and director Clayton Fong called fiscal 2013 strong.
“Our two newly acquired mines, Luozhou and Lashu, were able to ramp up their production ahead of schedule, contributing 167,000t to the company's mining segment in a little over five months,” he said.
“With the addition of L&L's Weishe mine, which produced approximately 143,000 tons during FY2013, the company anticipates its three Guizhou mines to produce 1.2 million tons by 2015.”
Fong noted both Luozhou and Lashu were “wonderful additions” to the company’s portfolio.
“We have been pleased with their organic expansion thus far and look forward to expanding both mines, as well as our Weishe mine, to their designed capacities,” he said.
In addition to increasing its south China footprint, the producer said earlier this year that it was looking at larger mining operations with more than 1Mtpa of production in northern China. It also relocated its headquarters to Beijing. That transition was complete in April.
“These larger mines [in north China] have inherently lower production costs and will allow L&L to grow its mining segment exponentially,” Fong said.
“L&L directors Mr Jingcai Yang and Dr Syd Peng have played integral roles in this due diligence process.”
Operational success has not been L&L’s only achievement over the fiscal year. It realized significant growth in its wholesale segment and secured a large with Chinese electricity giant Datang Power.
The volume increase with the Datang deal let the company further build out its infrastructure, develop additional coal processing operations in Guizhou and open a second loading and blending station in the same province.
The facilities at ShinPingBa and ZhaZhou, Fong said, had been placed to increase the company's ability to source coal from a broader area.
