Document:

Unassociated Document

    Exhibit
10.47

    Guarantee
Agreement

    

    
      
        
          
            	 
      	
                    Number:
      41901201100001003

                  	 
      

          

        

      

    

    

    Creditor:
Linzhou Branch,
Agricultural Bank of China

     

    Guarantor:
Henan Shuncheng
Group  Coal  Co., Ltd

     

    Wang
Haiyu

     

    To
guarantee the fulfillment of debt under the Principal Agreement of Loan Agreement No.
41101201000000472 by and between the Creditor and Linzhou Hongqiqu Electrical
Carbon Co. Ltd. (the Debtor). The Guarantor are willing to provide
guaranty to the Creditor for benefit of the creditor’s right under the Principal
Agreement. This Agreement is entered by and between the Guarantor and the
Creditor in accordance with the relevant laws of the country.

     

    
      	
              Article
      1

            	
              Type
      of principal creditor’s right to be guaranteed and the
    Amount

            

    

     

    The
Principal Credit under Principal Agreement is Short-term
working capital loan of RMB 10
million.

     

    
      	
              Article
      2

            	
              Scope
      of the Guarantee

            

    

     

    The Scope
of Guaranty covers the capital of loan, interests, default interest, compound
interest, penalty damages, legal fees, lawyer's fees and other fees for the
Creditor to realize its creditor’s right.

     

    
      	
              Article
      3

            	
              Type
      of Guaranty

            

    

     

    The guaranty under this agreement shall
be guarantee with joint
and several liabilities.  When there are no less than two Guarantors,
the Guarantors shall bear joint and several liabilities to the
Creditor.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              Article
      4

            	
              Guaranty
      Period

            

    

     

    
      	
              1.

            	
              The
      guaranty period shall be two years after the date on which deadline for
      the debtor to complete its debt obligations under the Principal Agreement
      arrives. 

            

    

     

    
      	
              2.

            	
              The
      guaranty period for the acceptance of bank acceptance bill and L/C
      issuance finance or that under the letter of guaranty shall be two years
      from the date on which the Creditor effects advance money for the
      Debtor.

            

    

     

    
      	
              3.

            	
              The
      guaranty period for discount of commercial bill shall be two years from
      the date on which such bill
expires.

            

    

     

    
      	
              4.

            	
              Where
      the Creditor and the Debtor come to an extension period agreement on the
      time limit for the debtor’s fulfillment of the debt regulated by the
      principal Agreement, the Guarantor shall continue to bear the guaranty
      responsibility.  The guaranty period shall be two years from the
      date on which the extension period
expires.

            

    

     

    
      	
              5.

            	
              In case that the issues stated in
      the principal Agreement or any laws and regulations lead to the Principal
      Agreement is declared mature by the Creditor before the expiration date
      hereof, the guaranty period shall be two years from such declared maturity
      date.

            

    

     

    
      	
              Article
      5

            	
              Undertakings of the
      Guarantor

            

    

     

    
      	
              1.

            	
              It has duly obtained legal and
      valid authorization to execute and perform this
      Agreement.

            

    

     

    
      	
              2.

            	
              The
      Guarantor shall be liable for true, complete and valid financial report,
      articles of association and other relevant documents and information and
      shall assist the Creditor to supervise and check the Guarantor’s operation
      and financial condition.

            

    

     

    
      	
              3.

            	
              In
      case that the Debtor fails to perform its obligations under the Principal
      Agreement, the Guarantor undertakes that it, of its own free will, will
      exercise the guaranty obligation.

            

    

     

    
      	
              4.

            	
              When
      the Guarantor fails to perform his guaranty obligation under this
      agreement, the Creditor is entitled to deduct relevant sum from any
      account of the Guarantor.

            

    

     

    
      	
              5.

            	
              The
      Guarantor shall notify the Creditor in writing immediately upon the
      occurrence of the following events:

            

    

     

    
      	
               
      

            	
              (1)

            	
              Any
      change to company name, legal domicile, legal representative, contact or
      others;

            

    

     

    
      	
               
      

            	
              (2)

            	
              Any
      change to the ownership, top management or any amendment to Memorandum and
      Article of Associations, or any adjustment to organizations for the
      Guarantor;

            

    

     

    
      	
               
      

            	
              (3)

            	
              Deterioration
      of financial status, encountering great operation difficulties or involved
      in big litigation or arbitration
issues.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (4)

            	
              Cease
      of production, cease of business, termination of business being applied
      bankruptcy or rectification;

            

    

     

    
      	
               
      

            	
              (5)

            	
              Cancellation
      of business registration or revocation of business license, being closed
      down or other causes to be
dissolved;

            

    

     

    
      	
               
      

            	
              (6)

            	
              The
      Guarantor involved in any matters that will negatively affect the
      realization of creditor’s right of the
Creditor.

            

    

     

    
      	
              6.

            	
              The
      Guarantor shall notify the Creditor 15 days in advance in a written form
      and obtain written consent from the Creditor before it undertakes any of
      the following actions:

            

    

     

    
      	
            	
              (1)

            	
              The
      Guarantor changes its capital structure or operation mechanism, including
      but not limited to contracting, renting, remolding with the stock system,
      joint operation, merger, take-over, de-merger, joint venture, asset
      transfer, applying for cease of business for internal rectification
      purpose, applying for dissolution, applying for
  bankruptcy.

            

    

     

    
      	
            	
              (2)

            	
              If
      the Guarantor provide guaranty for benefit of a third party’s debt or use
      its main capital directly or indirectly to set up mortgage or pledge
      guarantee for benefit of itself or a third party, and such is likely to
      negatively influence the Guarantor’s capacity to perform its obligations
      under this agreement.

            

    

     

    
      	
              Article
      6

            	
              Performance
      of Guaranty Liability

            

    

     

    
      	
              1.

            	
              In
      case of any of the following circumstances, the Creditor is entitled to
      require the Guarantor to perform guaranty liability. If the amount paid by
      the Guarantor is insufficient to repay the guaranteed creditor’s right
      hereunder, then the Creditor is entitled to decide the priority to repay
      principal, interest, default interest, compound interest and other
      dues;

            

    

     

    
      	
            	
              (1)

            	
              In
      case that the debt under the Principal Agreement is mature but the
      Creditor is not repaid. “Mature” includes that debt is mature in
      accordance with expiration date stipulated in the Principal Agreement and
      the debt is declared mature by the Creditor in accordance with the state
      laws and regulation as well as the provisions under the Principal
      Agreement which states that creditor’s right is expired
      earlier.

            

    

     

    
      	
            	
              (2)

            	
              Bankruptcy
      application against the Debtor and Guarantor is accepted by the court or
      the bankruptcy reconciliation is ordered by the
  court;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
            	
              (3)

            	
              cancellation
      of company registration, revocation of business license, being ordered to
      close down or occurrence of other causes of
  dissolution;

            

    

     

    
      	
            	
              (4)

            	
              The
      Debtor or the Guarantor dies or is legally declared dead or missing by the
      court.

            

    

     

    
      	
            	
              (5)

            	
              The
      Guarantor breaches its obligations
hereof;

            

    

     

    
      	
            	
              (6)

            	
              Other
      circumstances may adversely affect realization of the creditor’s
      right.

            

    

     

    
      	
              2.

            	
              Where
      there is security upon a real right concurrently set for the benefit of
      the guaranteed Principal Credit in addition to the guaranty hereunder, the
      Creditor is entitled to require the Guarantor to perform guaranty
      liability prior to the security upon a real
  right.

            

    

     

    
      	
              3.

            	
              Where
      the Debtor provides security upon a real right and the Creditor waives
      such security upon a real right or its priority or alters the security
      upon a real right, the Guarantor agrees to continue to provide guarantee
      with joint and several liabilities. “Security upon a real right” refers to
      security upon a real right set by the Debtor for the benefit of the
      guaranteed Principal Credit.

            

    

     

    
      	
              Article
      7

            	
              Liability
      for Breach of Agreement

            

    

     

    
      	
              1.

            	
              After
      the Agreement taking effective, the Creditor shall compensate the
      Guarantor for any loss caused to the Guarantor resulting from its breach
      of Agreement.

            

    

     

    
      	
              2.

            	
              If
      any of circumstances happens to the Guarantor, the Guarantor shall pay
      liquidated damages to the Creditor according to _/_% of the amount of
      creditor’s right of the agreement, in addition to compensate all the
      losses caused to the Creditor:

            

    

     

    
      	
               
      

            	
              1)

            	
              The
      Guarantor fails to obtain all the legal and valid authorization necessary
      for this Agreement;

            

    

     

    
      	
               
      

            	
              2)

            	
              The
      Guarantor fails to provide financial statement, articles of association
      and other documents or information which are true, complete and
      valid;

            

    

     

    
      	
               
      

            	
              3)

            	
              The
      Guarantor fails to notice the Creditor promptly in case any circumstance
      under section 5 of Article 5
happens.

            

    

     

    
      	
               
      

            	
              4)

            	
              The
      Guarantor fails to obtain consent from the Creditor prior to its
      implementation of any circumstance under section 6 of Article
      5.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              5)

            	
              Other
      circumstances that breach provisions hereof or adversely affect the
      Creditor to realize its creditor’s
right.

            

    

     

    
      	
              Article
      8

            	
              Solutions
      to Conflicts

            

    

     

    Any
conflicts arising from the performance of this Agreement shall be settled
through the negotiation by both parties, or resolved through the first of the
following ways:

     

    
      	
               
      

            	
              1.

            	
              Litigation.
      Any litigation shall be subject to the jurisdiction of the people’s court
      in the Creditor’s domicile
location.

            

    

     

    
      	
               
      

            	
              2.

            	
              Arbitration.
      The conflicts shall be submitted to ____/____ (full name of arbitral
      institution) and resolved in accordance with its applicable
      rules.

            

    

     

    During
the period of litigation or arbitration, the other clauses not in dispute shall
be performed continuously.

     

    
      	
              Article
      9

            	
              Other
      Issues

            

    

     

    No.1: The
Guarantor has received the Principal Agreement as well as read and understood
it.

     

    No.2:
_______/______

     

    
      	
              Article
      10

            	
              Execution
      of the Agreement

            

    

     

    The
agreement will come into effectiveness upon the signature or stamp by both
sides.

     

    
      	
              Article
    11

            	
              This
      agreement is executed in THREE
      originals, and each party holds ONE with the
      same legal effectiveness.

            

    

     

    
      	
              Article
      12

            	
              Note

            

    

     

    The
creditor has required the Guarantor to understand every single clause fully and
accurately; meanwhile, the creditor has explained the relevant articles upon the
Guarantor’s request; thus, both parties have achieved common understanding as of
this agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Creditor:

     

    (Seal)

     

    Legal
Representative

     

    /Authorized
Representative: [illegible]

     

    Guarantor:
Henan Shuncheng Group Coal Coke Co., Ltd

     

    (Seal)

     

    Legal
Representative /s/ Wang Xinshun

     

    /Authorized
Representative:   (the
signature)

     

    Guarantor
: Wang Haiyu /s/ Wang Haiyu

     

    Execution
Date: January 29, 2010

     

    Execution
Place: Agricultural Bank of
China, Linzhou BranchUnassociated Document

    Exhibit
10.48

     

    Guarantee
Agreement

    

                               Number:
41901201100001574

     

    Creditor:
Linzhou Branch,
Agricultural Bank of China

     

    Guarantor:
Henan Shuncheng Group
Coal Coke Co., Ltd

     

             Wang
Haiyu

     

    To
guarantee the fulfillment of debt under the Principal Agreement of Loan Agreement No.
41101201000001016 by and between the Creditor and Linzhou Hongqiqu Electric
Carbon Co. Ltd. (the Debtor)., the Guarantor are willing to provide
guaranty to the Creditor for benefit of the creditor’s right under the Principal
Agreement. This Agreement is entered by and between the Guarantor and the
Creditor in accordance with the relevant laws of the country.

     

    
      	
              Article
      1

            	
              Type
      of principal creditor’s right to be guaranteed and the
    Amount

            

    

     

    The
Principal Credit under Principal Agreement is Short-term
working capital loan of RMB 30
million.

     

    
      	
              Article
      2

            	
              Scope
      of Guarantee

            

    

     

    The Scope
of Guaranty covers the capital of loan, interests, default interest, compound
interest, penalty damages, legal fees, lawyer's fees and other fees for the
Creditor to realize its creditor’s right.

     

    
      	
              Article
      3

            	
              Type
      of Guaranty

            

    

     

    The
guaranty under this agreement shall be guarantee with joint and several
liabilities.  When there are no less than two Guarantors, the
Guarantors shall bear joint and several liabilities to the
Creditor.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              Article
      4

            	
              Guaranty
      Period

            

    

     

    
      	
              1.

            	
              The
      guaranty period shall be two years after the date on which deadline for
      the debtor to complete its debt obligations under the Principal Agreement
      arrives.

            

    

     

    
      	
              2.

            	
              The
      guaranty period for the acceptance of bank acceptance bill and L/C
      issuance finance or that under the letter of guaranty shall be two years
      from the date on which the Creditor effects advance money for the
      Debtor.

            

    

     

    
      	
              3.

            	
              The
      guaranty period for discount of commercial bill shall be two years from
      the date on which such bill
expires.

            

    

     

    
      	
              4.

            	
              Where
      the Creditor and the Debtor come to an extension period agreement on the
      time limit for the debtor’s fulfillment of the debt regulated by the
      principal Agreement, the Guarantor shall continue to bear the guaranty
      responsibility.  The guaranty period shall be two years from the
      date on which the grace period
expires.

            

    

     

    
      	
              5.

            	
              In case that the issues stated in
      the principal Agreement or any laws and regulations lead to the Principal
      Agreement is declared mature by the Creditor before the expiration date
      hereof, the guaranty period shall be two years from such declared maturity
      date.

            

    

     

    
      	
              Article
      5

            	
              Undertakings of the
      Guarantor

            

    

     

    
      	
              1.

            	
              It has duly obtained legal and
      valid authorization to execute and perform this
      Agreement.

            

    

     

    
      	
              2.

            	
              The
      Guarantor shall be liable for true, complete and valid financial report,
      articles of association and other relevant documents and information and
      shall assist the Creditor to supervise and check the Guarantor’s operation
      and financial condition.

            

    

     

    
      	
              3.

            	
              In
      case that the Debtor fails to perform its obligations under the Principal
      Agreement, the Guarantor undertakes that it, of its own free will, will
      exercise the guaranty obligation.

            

    

     

    
      	
              4.

            	
              When
      the Guarantor fails to perform his guaranty obligation under this
      agreement, the Creditor is entitled to deduct relevant sum from any
      account of the Guarantor.

            

    

     

    
      	
              5.

            	
              The
      Guarantor shall notify the Creditor in writing immediately upon the
      occurrence of the following events:

            

    

     

    
      	
               
      

            	
              (1)

            	
              Any
      change to company name, legal domicile, legal representative, contact or
      others;

            

    

     

    
      	
               
      

            	
              (2)

            	
              Any
      change to the ownership, top management or any amendment to Memorandum and
      Article of Associations, or any adjustment to organizations for the
      Guarantor;

            

    

     

    
      	
               
      

            	
              (3)

            	
              Deterioration
      of financial status, encountering great operation difficulties or involved
      in big litigation or arbitration
issues.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (4)

            	
              Cease
      of production, cease of business, termination of business being applied
      bankruptcy or rectification;

            

    

     

    
      	
               
      

            	
              (5)

            	
              Cancellation
      of business registration or revocation of business license, being closed
      down or other causes to be
dissolved;

            

    

     

    
      	
               
      

            	
              (6)

            	
              The
      Guarantor involved in any matters that will negatively affect the
      realization of creditor’s right of the
Creditor.

            

    

     

    
      	
              6.

            	
              The
      Guarantor shall notify the Creditor 15 days in advance in a written form
      and obtain written consent from the Creditor before it undertakes any of
      the following actions:

            

    

     

    
      	
            	
              (1)

            	
              The
      Guarantor changes its capital structure or operation mechanism, including
      but not limited to contracting, renting, remolding with the stock system,
      joint operation, merger, take-over, de-merger, joint venture, asset
      transfer, applying for cease of business for internal rectification
      purpose, applying for dissolution, applying for
  bankruptcy.

            

    

     

    
      	
            	
              (2)

            	
              If
      the Guarantor provide guaranty for benefit of a third party’s debt or use
      its main capital directly or indirectly to set up mortgage or pledge
      guarantee for benefit of itself or a third party, and such is likely to
      negatively influence the Guarantor’s capacity to perform its obligations
      under this agreement.

            

    

     

    
      	
              Article
      6

            	
              Performance
      of Guaranty Liability

            

    

     

    
      	
              1.

            	
              In
      case of any of the following circumstances, the Creditor is entitled to
      require the Guarantor to perform guaranty liability. If the amount paid by
      the Guarantor is insufficient to repay the guaranteed creditor’s right
      hereunder, then the Creditor is entitled to decide the priority to repay
      principal, interest, default interest, compound interest and other
      dues;

            

    

     

    
      	
            	
              (1)

            	
              In
      case that the debt under the Principal Agreement is mature but the
      Creditor is not repaid. “Mature” includes that debt is mature in
      accordance with expiration date stipulated in the Principal Agreement and
      the debt is declared mature by the Creditor in accordance with the state
      laws and regulation as well as the provisions under the Principal
      Agreement which states that creditor’s right is expired
      earlier.

            

    

     

    
      	
            	
              (2)

            	
              Bankruptcy
      application against the Debtor and Guarantor is accepted by the court or
      the bankruptcy reconciliation is ordered by the
  court;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
            	
              (3)

            	
              cancellation
      of company registration, revocation of business license, being ordered to
      close down or occurrence of other causes of
  dissolution;

            

    

     

    
      	
            	
              (4)

            	
              The
      Debtor or the Guarantor dies or is legally declared dead or missing by the
      court.

            

    

     

    
      	
            	
              (5)

            	
              The
      Guarantor breaches its obligations
hereof;

            

    

     

    
      	
            	
              (6)

            	
              Other
      circumstances may adversely affect realization of the creditor’s
      right.

            

    

     

    
      	
              2.

            	
              Where
      there is security upon a real right concurrently set for the benefit of
      the guaranteed Principal Credit in addition to the guaranty hereunder, the
      Creditor is entitled to require the Guarantor to perform guaranty
      liability prior to the security upon a real
  right.

            

    

     

    
      	
              3.

            	
              Where
      the Debtor provides security upon a real right and the Creditor waives
      such security upon a real right or its priority or alters the security
      upon a real right, the Guarantor agrees to continue to provide guarantee
      with joint and several liabilities. “Security upon a real right” refers to
      security upon a real right set by the Debtor for the benefit of the
      guaranteed Principal Credit.

            

    

     

    
      	
              Article
      7

            	
              Liability
      for Breach of Agreement

            

    

     

    
      	
              1.

            	
              After
      the Agreement taking effective, the Creditor shall compensate the
      Guarantor for any loss caused to the Guarantor resulting from its breach
      of Agreement.

            

    

     

    
      	
              2.

            	
              If
      any of circumstances happens to the Guarantor, the Guarantor shall pay
      liquidated damages to the Creditor according to _/__% of the amount of
      creditor’s right of the agreement, in addition to compensate all the
      losses caused to the Creditor:

            

    

     

    
      	
               
      

            	
              1)

            	
              The
      Guarantor fails to obtain all the legal and valid authorization necessary
      for this Agreement;

            

    

     

    
      	
               
      

            	
              2)

            	
              The
      Guarantor fails to provide financial statement, articles of association
      and other documents or information which are true, complete and
      valid;

            

    

     

    
      	
               
      

            	
              3)

            	
              The
      Guarantor fails to notice the Creditor promptly in case any circumstance
      under section 5 of Article 5
happens.

            

    

     

    
      	
               
      

            	
              4)

            	
              The
      Guarantor fails to obtain consent from the Creditor prior to its
      implementation of any circumstance under section 6 of Article
      5.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              5)

            	
              Other
      circumstances that breach provisions hereof or adversely affect the
      Creditor to realize its creditor’s
right.

            

    

     

    
      	
              Article
      8

            	
              Solutions
      to Conflicts

            

    

     

    Any
conflicts arising from the performance of this Agreement shall be settled
through the negotiation by both parties, or resolved through the first of the
following ways:

     

    
      	
               
      

            	
              1.

            	
              Litigation.
      Any litigation shall be subject to the jurisdiction of the people’s court
      in the Creditor’s domicile
location.

            

    

     

    
      	
               
      

            	
              2.

            	
              Arbitration.
      The conflicts shall be submitted to ___/___ (full name of arbitral
      institution) and resolved in accordance with its applicable
      rules.

            

    

     

    During
the period of litigation or arbitration, the other clauses not in dispute shall
be performed continuously.

     

    
      	
              Article
      9

            	
              Other
      Issues

            

    

     

    No.1: The
Guarantor has received the Principal Agreement as well as read and understood
it.

     

    No.2:  ____/___

     

    
      	
              Article
      10

            	
              Execution
      of the Agreement

            

    

     

    The
agreement will come into effectiveness upon the signature or stamp by both
sides.

     

    
      	
              Article
    11

            	
              This
      agreement is executed in THREE
      originals, and each party holds ONE with the
      same legal effectiveness.

            

    

     

    
      	
              Article
      12

            	
              Note

            

    

     

    The
creditor has required the Guarantor to understand every single clause fully and
accurately; meanwhile, the creditor has explained the relevant articles upon the
Guarantor’s request; thus, both parties have achieved common understanding as of
this agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Creditor:

     

                 (Seal)

     

    Legal
Representative

     

    /Authorized
Representative: [illegible]

     

    Guarantor:
Henan Shuncheng Group Coal Coke Co., Ltd

     

    (Seal)

     

    Legal
Representative/Authorized Representative: /s/ Wang Xinshun

     

    Guarantor
: Wang Haiyu /s/ Wang Haiyu

     

    Execution
Date: 10 February,
2010

     

    Execution
Place: Agricultural
Bank of China, Linzhou Branch

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