Last Saturday, Shanxi Lanhua Sci-Tech Venture signed a contract increase its stake in Shanxi Yamei Daning Mine by five-percent stake for $59.73 million, bringing its total holding in the company to 41 percent, reports Shanghai Securities News, citing a company filing.

Lanhua Sci-Tech Venture and Yamei Daning Holding had come to an agreement on the acquisition last year. However, since China Resources Power Holdings' subsidiary acquired a 100-percent stake in Yamei Daning Holding in March this year, the share acquisition contract was rendered invalid due to the change of effective controller.

The mine mainly produces anthracite and has an anthracite reserve volume of 220 million tons with an exploitable volume of 181 million tons. Shanxi Yamei Daning Mine suspended operations last year and posted a loss of 205 million yuan in the first half of 2011.