Exhibit 99.11
Purchase Agreement
(Unofficial English Translation)
Contract No. C-JM20110101
Place of execution: Pindingshan
Date of execution: January 1, 2011
Seller: Pingdingshan Hongfeng Coking Factory
Buyer: Baofeng Coking Factory of Henan Province Pingdingshan Coal and Coke Co., Ltd.
I. Purchase Order
| Amount of Purchase (metric tons) | ||||||||||||||||||||||||
| Name of Receiver | Goods | Specification | Yearly Total Purchase | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||
| Baofeng Coking Factory of Henan Province Pingdingshan Coal and Coke Co., Ltd. | Processed Coal | Water ≤ 8% Volatility ≤ 35% Ash ≤ 10.3% Sulfur ≤ 0.5% G Value ≥ 80 | 72,000 | 36,000 | 36,000 | 36,000 | 36,000 | |||||||||||||||||
II. The price of the goods shall be RMB 1,000 per metric ton, subject to further negotiation between the parties according to the market price at the time of delivery.
III. A difference of 0.8 metric tons per truckload from the order amount shall be allowed without requiring additional payment or refund. Any difference of more than 0.8 metric tons per truckload from the order amount shall be resolved by additional payment or refund based on the actual amount delivered.
IV. Seller shall not deliver the goods until Buyer completes a sample inspection and gives permission to Seller to deliver.
V. Buyer shall pay for the goods when the goods are loaded and ready for delivery.
VI. Any unsettled matter under this Agreement shall be resolved through consultation between the parties. This Agreement is effective through December 31, 2011.
Seller: Pingdingshan Hongfeng Coking Factory [corporate seal]
Buyer: Baofeng Coking Factory of Henan Province Pingdingshan Coal and Coke Co., Ltd. [corporate seal]