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December 9, 2013
08:47 EDTSCOKSinoCoking Coal signs tripartite agreements wiht Fangda and Henan
SinoCoking Coal announced that Henan Province Pingdingshan Hongli Coal & Coke has signed "tripartite" agreements. The first is a grade II coke and clean coke sales agreement with Fangda Special Steel Technology for monthly supply of 6,000 metric tons of grade II coke and 3,000 metric tons of clean coke. Monthly supply is expected to gradually increase over time to fulfill larger requirements by Fangda. The second is a coking coal supply agreement with a wholly owned subsidiary of Henan Shenhuo Group. Per the terms of the agreement, Shenhuo will supply Hongli with the coking coal necessary to manufacture the grade II coke and clean coke for Fangda. As per the terms of these agreements, Hongli will be able to obtain coal from Shenhuo without using its working capital. Upon Hongli's delivery of coke products, Fangda will pay both Hongli and Shenhuo.
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