Shenzhen YanFeng Coal Company Limited: Mining /Energy, Joint Venture with Biosphere Development Corp (GEECF / XETRA: GLI).
February 05 2007 - 4:10AM
PR Newswire (US)
SHENZHEN, China, Feb 5 /PRNewswire-FirstCall/ -- Shenzhen YanFeng
Coal Company Limited, a subsidiary of the Shenzhen Branch of the
Yankuang Group Co, has formed a Joint Venture Company with
Biosphere Development Corp., a subsidiary of Global Environmental
Energy Corp (Deutsche Bourse GLI [DE: GLI] -- USA OTC Bulletin
Board: GEECF). Announcing the deal, Mr. Wang Changyou, Chairman of
YanFeng, stated "Yankuang congratulates Biosphere on its success in
obtaining its permit from the State Environmental Protection
Administration for the Biosphere Process System and the success of
Biospheres' other ongoing joint ventures with Yankuang. The joint
venture has agreed to acquire eight operating mines in China, which
will use Biospheres to generate electricity from coal tailings,
coal mining wastes, and local municipal and industrial wastes. This
will increase the mines profits by about 25%, and operate in
compliance with current environmental regulations as dictated by
the State Environmental Protection Administration. By using
Biosphere Systems, each mine can generate its own electricity from
mine waste as opposed to diesel fuel, which currently costs USD$300
per MW. Surplus energy can be sold to local domestic and industrial
clients. The eight mines are expected to produce approximately
23,750,000 tonnes of coal a year, with a market value of about
USD$24 per tonne. The Biosphere is capable of producing about
2,300,000 MW hours of electricity per year from the waste materials
with a tax free sales value of approximately USD$60 per MW. " The
Yankuang Group Co., Ltd., is engaged in coal mining, coal
chemistry, electrolytic aluminum, real estate development,
electricity generation, construction materials, mechanical process,
environmental remediation, trading etc. The Yankuang Group Co.,
Ltd.'s subsidiary Yangzhou Coal Mining Company Limited is listed on
the New York Stock exchange (NYSE:YZC), the Hong Kong Stock
Exchange (Code number 1171) and Shanghai Securities Exchange (Code
number 600188). DATASOURCE: Global Environmental Energy Corp
CONTACT: Shenzhen YanFeng Coal Company Limited, +0089-1314-389-02
Web site: http://www.gli-geecf.com/
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