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| Expanding acquisition of Coal mining Assets to Takijistan |
HONG KONG, Mar 16, 2011 - (ACN Newswire) - The board (the "Board") of the directors (the "Directors") of Kaisun Energy Group Limited ("Kaisun Energy") is pleased to announce that on 15 March, 2011, a wholly owned subsidiary of the Company and Saddleback Corporation Limited has entered into the Sales and Purchase Agreement pursuant to which Kaisun Energy has conditionally agreed to acquire 100% of interest in Saddleback Mining Limited by cash and shares.
Saddleback Mining Limited and its subsidiaries (SML Group) are principally engaged in coal and anthracite mining and exploration in Tajikistan. SML Group owns mining rights and interests in three mines in Tajikistan, namely the Nazar-Aylok anthracite deposit, the Ziddi coal deposit and the Mienadu coal deposit. Upon completion, SML Group will become a wholly owned subsidiary of the Kaisun Energy.
Mr. Joseph Chan, Chairman of Kaisun Energy, said, "Our investment in Saddleback Mining Limited represents an expansionary step outside of the Greater China region. SML Group controls coal mining assets in neighboring Tajikistan with significant resources in both anthracite and coal. In combination with our integrated Mengxi coal operation, we can continue to develop our supply facilities to meet mounting demand in both China and other developing countries in Asia. Tajikistan's close proximity to Xinjiang is particularly beneficial both for its proximity to the Chinese market. Moreover, the Chinese government continues to invest in Western provincial infrastructure such as the old Silk Road. Finally, our strategic partnership with the Xinjiang Uygur Autonomous Region Coal Bureau will bring technical proficiency to our Central Asia exploration effort including Tajikistan."
Details of the announcement can be found at http://www.kaisunenergy.com under "Announcements" section.
Contact:
Helen Young
Kaisun Energy Group
Email: helen@8203.com.hk
Topic: Merger & Acquisition
Source: Kaisun Energy Group
Sectors: Metals & Mining
https://www.acnnewswire.com
From the Asia Corporate News Network
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