Click here to close now.


News Feed Item

Up Energy Development Group Limited Aims to be the Substantial Scale of Integrated Energy Conglomerate with Circulative Economy Model

Hong Kong, Jan 17, 2013 - (ACN Newswire) - Up Energy Development Group Limited (the "Company" or "Up Energy", together with its subsidiaries, the "Group", stock code: 307), wrapped up two acquisitions of coking coal mines. It recently announced the purchase of the entire equity interest in Baicheng coal mine from Hao Tian Resources Group Limited (stock code: 474) for a total consideration of HK$1.58 billion, including HK$845 million in cash, and HK$367 million consideration shares at an issue price of HK$2. Upon the completion of this transaction, the coal resources of the Group will be increased by 44.3% to 362 million tons. Given the potential synergy from the transaction, the Company expects to strengthen its leading industry position with substantial coal reserves.

In addition, the Company entered into an acquisition agreement with Kaisun Energy Group Limited (Kaisun, stock code:8203) for acquiring a 52% equity interest in Kamarob, which controls and holds a sizable coking coal mine in Tajikistan, namely the Kafta Hona Deposit.

The Group currently owns Xiaohuangshan Mine, Shizhuanggou Mine and Quanshuigou Mine in Xinjiang Autonomous Region. Adding Baicheng Wenzhou and Tajikistan Kamarob coal mines, the Group controls approximately 341.15 million tons by the JORC Code of MI & I resources, with 91.24 million tonnes of P&P marketable coal reserves. As a result, Up Energy expects to have the largest amount of coking coal resources among companies listed on the Stock Exchange of Hong Kong.

The Company has also announced that Ping'an Coal Mine Gas Engineering Research Center Limited Liability Company ( "Ping'an Gas "), which is ultimately held by Huainan Group, has stepped into a strategic cooperation with Up Energy's wholly-owned subsidiary Fukang Mining, the owner of Xiaohuangshan Mine. Ping'an Gas has agreed to grant the non-exclusive licence to use the patents and non-patented technologies relating to coal mining held by Huainan Group to Fukang Mining at a consideration of acquiring a 12% equity interest of Fukang Mining. Up Energy has always attached great importance to safety exploration and production. Ping'an gas is one of the 13 national qualified coal mine gas safety governance operators in Chinaw ith hundred-million-ton coal resources base. Up Energy has thus become the first private-owned enterprise which took the lead in introducing national gas safety management.

As the largest integrated energy group with circulative economy business model in the coking coal industry, Up Energy has started its business from coal resources exploration to gradually established a complete set of projects with the concept of circulative economy which includes raw coal mining, raw coal washing, coal coking, cogenerating and coal mine gas utilizing.

Looking forward, Xinjiang is one of the key areas in China's development plan in the northwestern region. A significant portion of newly increased production capacity of China's iron and steel industry will come from Xinjiang in the future. The Group has been well rooted with a solid foundation in Xinjiang and is in a sound financial position with strong liquidity for business expansion. The Group is poised for growth with its market opportunity and bright industy outlook. In 2013, the Group will increase its coking coal producton capacity to 2.7 mllion tons. By adhering to the policy of energy efficiency and assertive M&A strategies, the expected production annual growth rate can reach 40% in the long run. Going ahead, the Group will focus on developing the coking coal mining resources in Central and West Asia, Australia and U.S., so as to further capture future opportunities and to maximize return to our shareholders.

For further information, please contact:

LBS Communications Consulting Limited
Joanne Chan / Xi Zhang / Stacy Zhang
Tel: (852) 3752 0432
Fax: (852) 3753 2899
Email: [email protected] / [email protected] / [email protected]

Source: Up Energy Development Group Limited

LBS Communications Consulting Limited
Joanne Chan / Xi Zhang / Stacy Zhang
Tel: (852) 3752 0432
Fax: (852) 3753 2899
Email: [email protected] / [email protected] / [email protected]

Copyright 2013 ACN Newswire. All rights reserved.

More Stories By ACN Newswire

Copyright 2008 ACN Newswire. All rights reserved. Republication or redistribution of ACN Newswire content is expressly prohibited without the prior written consent of ACN Newswire. ACN Newswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Internet of @ThingsExpo, taking place June 7-9, 2016 at Javits Center, New York City and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).