The move, a promotion for Lee, was effective August 25.
“I am delighted that Mr Dickson Lee, chairman of the KMC coal subsidiary in China, is taking on the responsibility of CEO, to lead L&L's business expansion," said company nomination committee chairman Joe Borich.
In June, L&L took a 60% equity interest in two mining operations in Yunnan, China.
A new joint venture to be called L&L Coal will be the umbrella over the 150,000-ton DaPuAn and 90,000t SuTsong coal mines in the province.
Last year, the operations garnered a net profit of $US5.2 million and $2.9 million, respectively, and L&L said it anticipated earnings in 2008 of $11 million from the mines.
Once in place, the company said it would expand coal production at the mines to 450,000t and would develop a new coke factory at the DaPuAn operation.
“This joint venture is a significant accomplishment for us as we seek to vertically integrate our operations along the coal value chain and enhance profitability,” L&L chairman Paul Lee said at the time of the announcement.
“We look forward to the opportunity to expand capacity and accelerate growth in the future."
