Document:

Unassociated Document

    

      Exhibit
10.23

      

      Contract
No: 20091203-a

      

      Henan
Shuncheng Group Coal Coke Co., Ltd

      
      

      Agreement
of Iron Parts for Protecting

       

      2*65
Holes 5.5m Stamping-charging Coal Coke Oven

      
Party A:
Henan Shuncheng Group Coal Coke Co., Ltd

      Party B:
Shandong Zibo Rumo Iron Co., Ltd

      Signing
at: Tongye Town, Anyang County, Henan Province

      Date:
3rd
November, 2009

       

      Party A:
Henan Shuncheng Group Coal Coke Co., Ltd

      Party B:
Shandong Zibo Rumo Iron Co Ltd

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Party A
intends to construct a 2*65 holes 5.5m stamping-charging coal coke oven of which
the model is JN5555F. The coking chamber height of the coke oven is 5.5m while
the length is 550mm. The heating method is by use of recuperative heating oven.
After an open bidding proceeding and friendly negotiation, both Parties reach a
consensus of the following agreements:

      

      
        	
                1.

              	
                Total
      Payment, Name, Quantity, Material and Tonnage of the
    Product

              

      

      
        	
                 
      

              	
                A.

              	
                The
      total quantity of iron parts for protecting oven of which the model is
      2*65 holes 5.5m is 7 and the total tonnage is 3094.48tons. The total
      payment of the Product is
23370844.80yuan.

              

      

      In CAPITAL: TWENTY THREE MILLION THREE HUNDRED
AND SEVENTY THOUSAND EIGHT HUNDRED AND FOURTY FOUR POINT EIGHT
YUAN

      
        	
                 
      

              	
                B.

              	
                Details
      of the name, model, quantity, material and weight of the Product under
      this Agreement have been attached as Appendix
I.

              

      

      
        	
                 
      

              	
                C.

              	
                Party
      B shall provide the Product to Party A in accordance with the technical
      drawing and relevant graphical standard by Taiyuan Jiatai Chemical of Coal
      Processing Design and Development Co., Ltd. and the Technical Agreement
      signed by both Parties (see Appendix
II).

              

      

      
        	
                 
      

              	
                D.

              	
                Party
      B shall provide the quality certificate of the Product and wholly
      documents including drawing, technical information, inspection
      certificate, fitting and using instruction revised and confirmed by both
      Parties during the manufacturing
proceeding.

              

      

      
        	
                 
      

              	
                E.

              	
                The
      aforementioned total payment shall include fees of manufacturing,
      inspecting, packing, taxes (written by hand, VAT invoice of 17%),
      insurances, and fees for providing drawing and information of Party A.
      Party B shall provide the necessary after-sales services to Party A for
      free. The unload work of the Product shall be borne by Party A after the
      arrival of the Product.

              

      

      
        	
                 
      

              	
                F.

              	
                The
      detailed price hereof shall be deemed as fixed and inalterable under this
      Agreement. After the effectiveness of this Agreement, the both Parties
      shall not alter such detailed price for any reason. The quantity of
      certain type of the Product can be adjusted in accordance with the design
      plan, while the price shall be executed according to the detailed price
      under Appendix I. Only in case that dust-removing housing has been altered
      into accessory to U-type gas-guide burning car, the unit price of such
      item is adjusted to 9300yuan/ton.

              

      

      
        	
                 
      

              	
                G.

              	
                The
      calculated weight of the Product shall be fixed in accordance with the
      weight specified by the drawing paper confirmed by both
      Parties.

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                2.

              	
                The
      Payment and Settlement Methods of the
Product

              

      

      
        	
                 
      

              	
                A.

              	
                Party
      A shall deliver acceptance bills in accordance with performance process
      and the instruction of this Agreement to Party B, which
    means:

              

      

      
        	
                 
      

              	
                i.

              	
                After
      paying an advanced payment equal to 20% of total payment by Party A within
      10 days after signing this Agreement, the Agreement enters into
      effect;

              

      

      
        	
                 
      

              	
                ii.

              	
                After
      initial examination and acceptance of the Product before dispatch, Party A
      pays an amount of 40% of the current batch
  payment;

              

      

      
        	
                 
      

              	
                iii.

              	
                Within
      30 days after installation and debugging of the Product, Party A pays
      another amount of 30% of the current batch
  payment;

              

      

      
        	
                 
      

              	
                iv.

              	
                The
      last 10% of the total payment shall be reserved by Party A as the
      quality assurance bond.
      After one year without quality issues in connection with the Product,
      Party A shall pay the last 10% of the total payment in a lump sum within 1
      month to Party B.

              

      

      
        	
                3.

              	
                Technical
      Conditions

              

      

      
        	
                 
      

              	
                A.

              	
                Party
      B shall manufacture and produce iron parts for oven protection in
      accordance with the Technical Agreement signed by both Parties and the
      technically examined and approved drawing
paper.

              

      

      
        	
                 
      

              	
                B.

              	
                The
      Technical Agreement shall have the same effect with this Agreement and be
      treated as one of the acceptance
standards.

              

      

      
        	
                4.

              	
                Delivery
      and Acceptance

              

      

      
        	
                 
      

              	
                A.

              	
                Place:
      the Product shall be delivered to the construction site and storage for
      coke oven project of Henan Shuncheng Group Coal Coke Co.,
    Ltd;

              

      

      
        	
                 
      

              	
                B.

              	
                Time:
      the 65 holes iron parts for oven protection of No.8 coke oven shall be
      delivered before 10th
      May, 2010; the 65 holes iron parts for oven protection of No.9 coke oven
      shall be delivered before 30th
      June, 2010. The items which may be affected by the proceeding of civil
      engineering like flue bent pipe shall be delivered within 45 days after
      this Agreement taking effective. Every one-day delay delivery of Party B
      shall be charged a cumulative penalty at an amount of
      5000yuan.

              

      

      
        	
                 
      

              	
                C.

              	
                In
      case of failing to do the payment under this Agreement, Party A shall pay
      a fine for delaying payment. At the same time, the equipment delivery
      period shall be extended
accordingly.

              

      

      
        	
                 
      

              	
                D.

              	
                The
      packaging of the Product shall be executed under the relevant national
      laws and regulations. Party B shall guarantee the perfect condition of the
      Product when arrival, otherwise, Party B shall be responsible for any loss
      caused by such reason.

              

      

      
        	
                 
      

              	
                E.

              	
                Party
      B shall notify the delivery date to Party A by fax 24 hours before such
      delivery date. After arrival of the Product, Party A shall notify Party B
      promptly for the arrival and Party B shall send representatives for joint
      inspection and acceptance with Party A within 5 days. Party B shall attach
      the detailed list of the Product as of delivery for satisfying the
      requirement of inspection and acceptance. In case that Party B fails to
      send representatives within 5 days, it shall be deemed as that Party B
      agrees with the inspection and acceptance result made by Party
      A.

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                F.

              	
                Party
      B shall be responsible for indemnification and settlement for any
      shortage, damage or other unconformity with this Agreement or quality
      issues found at inspection and acceptance proceedings. Any shortage,
      damage or destroy caused by Party A for its insufficient safekeeping
      conducts. In such case, Party B is obligated to assist Party A for solving
      the problems and fees shall be borne by Party
A.

              

      

      
        	
                5.

              	
                Quality
      and Guarantee of the Product

              

      

      
        	
                 
      

              	
                A.

              	
                During
      the manufacture proceeding of the Product, Party A has the right to send
      representatives for supervision. Party B shall provide food and
      accommodation conveniences and the fees caused shall be borne by Party
      A. Party B shall provide the integrated schedule diagram, current
      month and following month schedule to Party B. The supervision work by
      Party A shall not exempt Party B from quality
  issues.

              

      

      
        	
                 
      

              	
                B.

              	
                Party
      B shall invite Party A 7 days before the joint temporary assembly
      inspection of iron part for oven protection in accordance with the
      Technical Agreement.

              

      

      
        	
                 
      

              	
                C.

              	
                The
      Process technology performance, quality standard, examining method,
      acceptance standard and guarantee guideline shall be in accordance with
      the Technical Agreement and the approved drawing paper after joint
      trial.

              

      

      
        	
                 
      

              	
                D.

              	
                Party
      B shall provide the certificate of competency of the Product as the
      foundation of acceptance. For bought-in accessories, Party B shall also
      offer the product description and ex-work certificate of
      competency.

              

      

      
        	
                 
      

              	
                E.

              	
                For
      the component problems relating to techniques, delivery, manufacture of
      Party B, Party B shall be responsible for repairing, alternation or return
      of such components, no matter they are self-made components or bought-in
      components by Party B. However, Party A shall provide active assistance.
      Party B shall also be responsible for any loss Party A may
      suffer.

              

      

      
        	
                 
      

              	
                F.

              	
                Party
      A shall provide food and accommodation conditions for the Party B’s
      representatives and the fees caused shall be borne by Party
    B.

              

      

      
        	
                 
      

              	
                G.

              	
                The
      quality warranty period shall be 12 months after operation of every coke
      oven.

              

      

      
        	
                 
      

              	
                H.

              	
                During
      the term of the Product manufacturing, in case the technical alternation
      occurs, such alternation shall be confirmed by both Party A and Taiyuan
      Jiatai Chemical of Coal Processing Design and Development Co., Ltd. The alternation shall
      not decrease the performance and technical level of the equipment. Once
      the technical alternation has been confirmed by aforementioned parties,
      the confirmation document shall be deemed as the contingent drawing
      document and acceptance foundation.

              

      

      
        	
                6.

              	
                Dispute
      Resolution

              

      

      
        	
                 
      

              	
                A.

              	
                Parties
      hereto may revise or supplement matters not mentioned herein through
      negotiation. Any dispute arising from or in connection with this Agreement
      shall be submitted to the court at the place where this Agreement is
      executed.

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                7.

              	
                The
      Effectiveness of the Agreement and
others

              

      

      
        	
                 
      

              	
                A.

              	
                This
      Agreement shall come into effect after signed / sealed by both Parties and
      Party B receives the advanced payment from Party
  A.

              

      

      
        	
                 
      

              	
                B.

              	
                Both
      Parties shall keep confidentiality of the price and patent right under
      this Agreement during the term of
manufacture.

              

      

      
        	
                 
      

              	
                C.

              	
                Technical
      Agreement is a part of this Agreement and has the same legal effect to
      this Agreement.

              

      

      
        	
                 
      

              	
                D.

              	
                Any
      amendment or supplement shall be made in written and comes into effect
      after being confirmed by both Parties. The confirmed amendment and
      supplement shall be treated as part of this
  Agreement.

              

      

      
        	
                 
      

              	
                E.

              	
                The
      duration of this Agreement is from the effectiveness of this Agreement to
      the full performance of all responsibilities under this
      Agreement.

              

      

      
        	
                 
      

              	
                F.

              	
                The
      place of signing this Agreement is the location of Party
  A.

              

      

      
        	
                 
      

              	
                G.

              	
                This
      Agreement is in 6 copies and 3 for each Party. Every copy shall have the
      same legal effect.

              

      

      

      Party A:
Henan Shuncheng Group Coal Coke Co., Ltd

      (Seal)

      Legal
Representative:  /s/ Wang Xinshun

      Address:
Tongye Town, Anyang County, Henan Province

      Tel:

      Fax:

      Postcode:

      Bank
Information:

      Account
Number:

      
        Tax
Number:

      

      

      Party B:
Shandong Zibo Rumo Iron Co., Ltd

      Seal

      Legal
Representative:  /s/ Zhang Yuecheng

      Authorized
Representative:  /s/ Zhang Zhiqiang

      Address:
Tangshan Town, Huantai County, Zibo City, Shandong Province

      Tel:
0533-8511125

      Fax:
0533-8511125, 8510473

      Postcode:
256401

      Bank
Information: Tangshan Office, Huantai Sub-branch, Agricultural Bank of
China

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Account
Number: 

      
        Tax
Number: 37032116441703X

      

      

      
        3rd Dec,
2009 at Anyang County

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Appendix
I

      

      Orders
Inventory of Protection Iron Parts for 2*65 Holes and 5.5 Meters
Stamping-charging Coke Oven of Henan Shuncheng Group Coal Coke Co., Ltd (
Shandong Zibo Rumo Iron Group )

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            	 
      	 
      	
                                                                    Equipment

                                                                  	 
      	
                                                                    Equipment
      Name &

                                                                    Detailed

                                                                  	 
      	
                                                                    Model
      or

                                                                  	 
      	 
      	 
      	 
      	 
      	 
      	 
      	
                                                                    Weight
      ( t )

                                                                  	 
      	 
      	 
      	
                                                                    Unit

                                                                    Price

                                                                  	 
      	
                                                                    Total
      Price

                                                                  	 
      	 
      
	
                                                                    No

                                                                  	 
      	
                                                                    NO.

                                                                  	 
      	
                                                                    Specification

                                                                  	 
      	
                                                                    Drawing
      NO.

                                                                  	 
      	
                                                                    Material

                                                                  	 
      	
                                                                    Unit

                                                                  	 
      	
                                                                    Quantity

                                                                  	 
      	
                                                                    Unit

                                                                  	 
      	
                                                                    Total

                                                                  	 
      	
                                                                    RMB/t

                                                                  	 
      	
                                                                    (
      RMB )

                                                                  	 
      	
                                                                    Spares

                                                                  
	
                                                                    1

                                                                  	 
      	 
      	 
      	
                                                                    Oven
      Port

                                                                  	 
      	
                                                                    JT5555D
      SB 09

                                                                  	 
      	
                                                                    RUT340

                                                                    Q235-A

                                                                    Stainless
      Steel etc.

                                                                  	 
      	
                                                                    Piece

                                                                  	 
      	
                                                                    130*1+3=133

                                                                  	 
      	
                                                                    3.97

                                                                  	 
      	
                                                                    528.01

                                                                  	 
      	
                                                                    7600

                                                                  	 
      	
                                                                    4012876.00

                                                                  	 
      	 
      
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                                                                    2

                                                                  	 
      	 
      	 
      	
                                                                    Oven
      Frame

                                                                  	 
      	
                                                                    JT5555D
      SB 09

                                                                  	 
      	
                                                                    RUT340

                                                                  	 
      	
                                                                    Piece

                                                                  	 
      	
                                                                    130*1+3=133

                                                                  	 
      	
                                                                    2.31

                                                                  	 
      	
                                                                    307.23

                                                                  	 
      	
                                                                    7600

                                                                  	 
      	
                                                                    2334948.00

                                                                  	 
      	 
      
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                                                                    3

                                                                  	 
      	 
      	 
      	
                                                                    Guard
      Board

                                                                  	 
      	
                                                                    JT5555D
      SB 09

                                                                  	 
      	
                                                                    RUT340

                                                                  	 
      	
                                                                    Piece

                                                                  	 
      	
                                                                    132*1+1=133

                                                                  	 
      	
                                                                    3.57

                                                                  	 
      	
                                                                    474.81

                                                                  	 
      	
                                                                    7600

                                                                  	 
      	
                                                                    3608556.00

                                                                  	 
      	 
      
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                                                                    4

                                                                  	 
      	 
      	 
      	
                                                                    Inbuilt
      Iron Parts, Dedusting Housing and Lid; Pending

                                                                  	 
      	
                                                                    JT5555D
      SB 46

                                                                  	 
      	
                                                                    RUT340

                                                                  	 
      	
                                                                    set

                                                                  	 
      	
                                                                    1

                                                                  	 
      	 
      	 
      	
                                                                    43.47

                                                                  	 
      	
                                                                    8000

                                                                  	 
      	
                                                                    347760.00

                                                                  	 
      	 
      
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                                                                    5

                                                                  	 
      	 
      	 
      	
                                                                    Crossover
      Main, Valve Body, Water Tight Lid;

                                                                    Pending

                                                                  	 
      	
                                                                    JT555D
      SB 25

                                                                  	 
      	
                                                                    Composite

                                                                  	 
      	
                                                                    set

                                                                  	 
      	
                                                                    65*1+3=68

                                                                  	 
      	
                                                                    1.41

                                                                  	 
      	
                                                                    95.88

                                                                  	 
      	
                                                                    8380

                                                                  	 
      	
                                                                    803474.40

                                                                  	 
      	 
      
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                                                                    6

                                                                  	 
      	 
      	 
      	
                                                                    Operation
      Board Laying Casting Iron Plate

                                                                  	 
      	
                                                                    JT555D
      GY-1200

                                                                  	 
      	
                                                                    HT150

                                                                  	 
      	
                                                                    set

                                                                  	 
      	
                                                                    1

                                                                  	 
      	
                                                                    72

                                                                  	 
      	
                                                                    72

                                                                  	 
      	
                                                                    5800

                                                                  	 
      	
                                                                    417600.00

                                                                  	 
      	 
      
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                                                                    7

                                                                  	 
      	 
      	 
      	
                                                                    Gas-guide
      Burning Car Railroad Shoe

                                                                  	 
      	
                                                                    JT555D
      GY-1200

                                                                  	 
      	
                                                                    HT150

                                                                  	 
      	
                                                                    piece

                                                                  	 
      	
                                                                    134*1+2=136

                                                                  	 
      	
                                                                    pending
      0.19

                                                                  	 
      	
                                                                    25.84

                                                                  	 
      	
                                                                    6200

                                                                  	 
      	
                                                                    160208.00

                                                                  	 
      	 
      
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 
      	 
      	 
      	
                                                                    8#Coke
      Oven Total

                                                                  	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	
                                                                    1547.24

                                                                  	 
      	 
      	 
      	
                                                                    11685422.40

                                                                  	 
      	 
      
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 
      	 
      	 
      	
                                                                    9#Coke
      Oven Total

                                                                  	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	
                                                                    1547.24

                                                                  	 
      	 
      	 
      	
                                                                    11685422.40

                                                                  	 
      	 
      
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	
                                                                      

                                                                  	 
      	
                                                                      

                                                                  	
                                                                    Two
      Base Coke Oven Total

                                                                  	
                                                                      

                                                                  	 
      	
                                                                      

                                                                  	 
      	 
      	 
      	
                                                                      

                                                                  	 
      	
                                                                      

                                                                  	 
      	
                                                                      

                                                                  	
                                                                    3094.48

                                                                  	
                                                                      

                                                                  	 
      	
                                                                      

                                                                  	
                                                                    23370844.80

                                                                  	
                                                                      

                                                                  	 
      

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      Responsible
person of Party
A:    [signatures]

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      

      Responsible
person of Party B:  /s/ Zhang Zhiqiang’s  [company
seal]

      December
3, 2009

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Appendix
II

      

      2*65
Holes and 5.5 m Stamping-Charging Coke Oven Project of Henan Shuncheng
Group

      Coal Coke
Co., Ltd

      

      Type
of Iron Parts for Oven Protection

      

      Technical
Agreement

      

      Party A:
Henan Shuncheng Group
Coal Coke Co., Ltd

      Party B:
Shandong Zibo Rumo Iron Co Ltd

      

      Date: Dec
3, 2009

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Technical
Agreement

      
 

      Party A:
Henan Shuncheng Group Coal Coke Co., Ltd

      Party B:
Shandong Zibo Rumo Iron Co Ltd

      

      The
agreement is enacted by both parties’ consents and their sufficient negotiation,
in accordance with the Agreement of Iron Parts for
Protection of 2*65 Holes 5.5 Meters Stamping-Charging Coke Oven of Henan
Shuncheng Group Coal Coke Co., Ltd, which is made by both two parties. Both
parties shall observe this agreement to ensure the equipment quality and the
date of delivery, to constrain both parties’ technical action, to define
technical liability, to constitute a harmonious, win-win engineering technology
cooperation atmosphere.

      

      
        	
                1.

              	
                Party
      A shall provide eligible, accurate, complete engineering drawing paper ( 2
      copies ) and related technology materials to Party B, Party B shall take
      good care of and use the drawing paper and technology materials, and shall
      not lose, damage, or demonstrate, lend and sell
  them.

              

      

      
        	
                2.

              	
                Party
      B shall strictly produce and manufacture in accordance with the drawing
      paper, strictly observe related technology requirements and quality,
      strictly control the operation process, so as to make high quality
      products.

              

      

      
        	
                3.

              	
                Party
      B shall take effective control over purchase and use of raw materials
      (steel parts,foundry
      goods and other work pieces).

              

      

      
        	
                3.1

              	
                Test
      raw materials and molten iron of every batch, issue material report, keep
      them in line with the requirements of drawing
  paper.

              

      

      
        	
                3.2

              	
                Mechanical
      property of foundry goods shall be in line with the requirements of design
      standards.

              

      

      
        	
                3.3

              	
                Materials
      shall be in line with the requirements of drawing paper and be dealt with
      by annealing process in accordance with heat treatment
      standards.

              

      

      
        	
                4.

              	
                Foundry
      goods appearance shall be neat, the size and tolerance of any parts of
      finished surface and unfinished surface shall be in line with the
      requirements of drawing design.

              

      

      
        	
                5.

              	
                Party
      B’s products shall obtain certificate of competency, sealing surface and
      abrasive surface shall go through water or air pressure tests in
      accordance with the requirements of drawing
  design.

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                6.

              	
                Appearance
      of Party B’s products, such as oven port, oven frame and guard board shall
      be neat, all parts shall be in line with the requirements of drawing
      paper, unfinished casting surface shall be smooth and straight, without
      any defects as air hole and honeycomb-like holes, and shall be installed
      as accessories. Check the size of installed accessories by the
      requirements of drawing paper, and make corresponding numbers and
      records.

              

      

      
        	
                7.

              	
                Standards
      for cutting edge of oven port and sealing surface of oven frame will be
      eligible by being water-tight.

              

      

      
        	
                8.

              	
                Exhaust
      gas disk and air door must accurately reach the position as regulated by
      the drawing paper when switch actively motions as the drawing paper, and
      the height two disks may lift and the angle air door opens must live up to
      the design standard. Sealing surface of the air door shall be tested by
      0.05 mm feeler gauge, it will be eligible if the feeler gauge couldn’t
      insert into the surface. Coal gas disk shall conduct air pressure test
      with air medium. Using compressed air bag of 0.03 m3
      volume and 4.5kpa pressure to test, it will be eligible if the pressure
      drop is no more than 1.5 kpa in 5 minutes. Exhaust gas disk shall conduct
      water pressure test with water medium of 400 pa, it will be eligible if
      it’s water-tight in 5 minutes.

              

      

      
        	
                9.

              	
                Water-sealed
      valve shall conduct spill-over test, it will be eligible if it’s
      water-tight in half an hour.

              

      

      
        	
                10.

              	
                Nozzle
      part shall conduct 4Mpa water pressure test, it will be eligible if it’s
      water-tight in 30 minutes.

              

      

      
        	
                11.

              	
                Regulating
      and reversing cocks shall conduct leakproofness test, regulating cocks
      shall go through pressure test in two positions of complete open and
      close, reversing cocks shall go through pressure test in three positions
      of complete open, complete close and 45。Angle.
      The pressure connecting the cocks with the compressed air bags of 0.03
      m3
      volume is 20 Kpa, it will be eligible if the pressure drop is lower than
      500 pa in 30 minutes, ( it shall be revised by the temperature
      ).

              

      

      
        	
                12.

              	
                Orifice
      box shall conduct leakproofness test, it will be eligible if the pressure
      drop of 20 Kpa compressed air is lower than 500 pa (it shall be revised
      according to the temperature).

              

      

      
        	
                13.

              	
                Use
      0.05 mm feeler gauge to test space between lid for coal charging hole and
      temprature measure hole and sealing surface, it will be eligible if feeler
      gauge cannot be inserted into the
space.

              

      

      
        	
                14.

              	
                Bought-in
      components shall be checked and accepted by original certificates and its
      quality standards (original certificates are
  complete).

              

      

      
        	
                15.

              	
                This
      agreement is in quadruplicate, it comes into effect when both parties make
      signature and seal. Each party holds two copies, with the same legal
      effect with the contract.

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        
          	
                  Party
      A: Henan Shuncheng Group

                	
                  Party
      B: Shandong Zibo Rumo Iron

                
	
                  Coal
      Coke Co., Ltd

                	
                  Co
      Ltd

                
	 
      	 
      
	
                  (seal
      )

                	
                  (seal
      )

                
	 
      	 
      
	
                  Legal
      representative:  /s/ Wang Xinshun

                	
                  Legal
      representative:  /s/ Zhang Yuecheng

                
	
                  Responsible
      person:

                	
                  Responsible
      person:  /s/ Zhang Zhiqiang

                
	
                  Tel:
      0372-5613886

                	
                  Tel:
      0533-8511125

                
	
                  Fax:
      0372-5607305

                	
                  Fax:

                
	 
      	 
      
	
                  December
      3, 2009Unassociated Document

    Exhibit
10.24

    

    债务承担协议

    Debt
Transfer Agreement

    

    本协议由以下各方于2010年6月21日在安阳达成:

    This
Agreement is entered by and among the following parties in Anyang on June 21,
2010

    

    甲方Party A:

    
      	
              1.

            	
              安阳鑫龙煤业(集团)红岭煤业有限责任公司

            

    

    Anyang
Xinlong Coal (Group) Hongling Coal Co., Ltd.

    
      	
              2.

            	
              安阳市汇昌洗煤有限责任公司

            

    

    Anyang
Huichang Coal Washing Co., Ltd.

    
      	
              3.

            	
              安阳市锦都煤业有限公司

            

    

    Anyang
Jindu Coal Co., Ltd.

    

    乙方Party B:

    
      	
              1.

            	
              王新顺,身份证号码

            

    

    WANG
Xinshun, Identity Card No.: 

    
      	
              2.

            	
              程俊生,身份证号码:

            

    

    CHENG
Junsheng, Identity Card No.: 

    
      	
              3.

            	
              王新明,身份证号码:

            

    

    WANG
Xinmin, Identity Card No.: 

    

    丙方Party C:

    河南顺成集团煤焦有限公司

    Henan
Shuncheng Group Coal Coke Co., Ltd.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    鉴于:

    Whereas:

    
      	
              (一)

            	
              2010年3月31日, 安阳鑫龙煤业(集团)红岭煤业有限公司(以下简称“安阳鑫龙”)和丙方签订了《借款协议》,确认截止至2010年3月31日,安阳鑫龙向丙方提供无息借款余额为人民币30,000,000元。

            

    

    On March
31, 2010, Anyang Xinlong Coal (Group) Hongling Coal Co., Ltd. (the “Anyang Xinlong”) and Party C
entered into a loan agreement, according to which, as of March 31, 2010, the
outstanding balance on Anyang Xinlong’s interest-free loan to Party C is RMB
30,000,000。

    

    
      	
              (二)

            	
              2010年3月31日,安阳市汇昌洗煤有限责任公司(以下简称“安阳汇昌”)和丙方签订了《借款协议》,确认截止至2010年3月31日,安阳汇昌向丙方提供无息借款余额为人民币169,053,092.36元。

            

    

    On March
31, 2010, Anyang Huichang Coal Washing Co., Ltd. (“Anyang Huichang”) and Party C
entered into a loan agreement, according to which, as of March 31, 2010, the
outstanding balance on Anyang Huichang’s loan to Party C is RMB
169,053,092.36.

    

    
      	
              (三)

            	
              2010年3月31日,安阳市锦都煤业有限公司(以下简称“安阳锦都”)和丙方签订了《借款协议》,确认截止至2010年3月31日,安阳锦都向丙方提供无息借款余额为人民币40,278,386.49元(上述三笔借款统称为“债务”, 三份《借款协议》合称“借款协议”)。

            

    

    On March
31, 2010, Anyang Jindu Coal Co., Ltd. (the “Anyang Jindu”) and Party C
entered into a loan agreement, according to which, as of March 31, 2010, the
outstanding balance Anyang Jindu’s loan to Party C is RMB 40,278,386.49
(aforesaid three loans collectively referred to as the “Debt”, the above loan
agreements collectively referred to as the “Loan
Agreements”).

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
      	
              (四)

            	
              王新顺、程俊生和王新明为丙方的自然人股东,各自持有丙方60%,20%及20%股权,即自然人股东股权比例为6:2:2(以下简称“股权比例”)。

            

    

    WANG
Xinshun, CHEN Junsheng and WANG Xinming are shareholders of Party C, who
respectively hold 60%, 20% and 20% share equity of Party C, and the ratio of
share equity is 6:2:2 (“Share
Ratio”).

    

    
      	
              (五)

            	
              甲方,乙方同意,丙方对甲方债务由乙方承担。

            

    

    Party A
and Party B agree that, Party B assumes the Debt of Party C.

    

    因此,各方根据上文所述和下文所述的条款,作如下约定:

    Therefore,
the Parties, in consideration of the foregoing premises and terms set forth
below, hereby agree as follows:

    

    
      	
              第一条

            	
              债务承担 Transfer
      of the Debt

            

    

    甲方,乙方同意,由乙方承担丙方所欠甲方的债务,合计人民币239,331,478.85元。乙方中的三名自然人按照股权比例各自承担该债务,具体见下表。

    The
Parties agree that, Party B shall assume the Debt for Party C and owe it to
Party A respectively, totaled at RMB 239, 331, 478.85. Each of Party B
respectively assumes the Debt based on the Share Ratio as follows.

    
      	 
      	 
      	
              安阳锦都

              Anyang Jindu

            	 
      	
              安阳汇昌

              Anyang Huichang

            	 
      	
              安阳鑫龙

              Anyang Xinlong

            
	
              王新顺

              Wang
      Xin Shun

            	 
      	
              24,167,031.89

            	 
      	
              101,431,855.4

            	 
      	
              18,000,000

            
	
              王新明

              Wang
      Xin Ming

            	 
      	
              8,055,677.298

            	 
      	
              33,810,618.47

            	 
      	
              6,000,000

            
	
              程俊生

              Cheng
      Jun sheng

            	 
      	
              8,055,677.298

            	 
      	
              33,810,618.47

            	 
      	
              6,000,000

            
	
              合计

              Total

            	
                

            	
              40,278,386.49

            	
                

            	
              169,053,092.36

            	
                

            	
              30,000,000

            

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    第二条 借款合同终止 Termination
of the

    自本协议生效之日起,甲方和丙方各自签订于2010年3月31日签署的三份《借款协议》终止,甲方和丙方之间《借款协议》的项下的丙方所欠甲方债务消灭。

    The Loan
Agreements entered into by and between Party A and Party C respectively on March
31, 2010 shall be terminated and the Debt that Party C owed to Party A under the
Loan Agreements by and between Party A and Party C shall be eliminated upon the
effectiveness of this Agreement.

    

    第三条 放弃Waiver

    甲方进一步同意并承诺,本协议生效后,在任何情况下都不追究丙方借款协议项下的任何责任,包括但不限于偿还本金责任。

    Party A
further agrees and covenants that, after this Agreement becomes effective, no
liability can be declared against Party C under the Loan Agreements, including
but not limited to repayment of the principal.

    

    第四条 法律适用和争议解决 Law
governance and dispute solution

    本协议适用中国法律。因本协议而发生任何争议时,首先各方应协商解决,如协商不成的,本协议各方应将该争议提交给法院裁决。

    This
Agreement shall be governed by the laws of China. Any dispute in connection with
this Agreement, the parties shall firstly strive to settle the dispute through
friendly consultation. In case no settlement can be reached through
consultation, either party shall submit the dispute to the
court.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    第五条 生效、文本
Effectiveness, Copies

    本协议经各方签署后即生效。本协议一式七份,各签署方各持一份。

    This
Agreement shall be effective upon the execution of the parties. The Agreement is
singed in seven originals, and each party shall hold one.

    
      (以下无正文/This page is
intentionally left blank)

    

    
      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    本页仅为签署之用

    Signing
Page Only

    

    甲方:Party
A

    

    安阳鑫龙煤业(集团)红岭煤业有限责任公司 (公章)

    Anyang
Xinlong Coal (Group) Hongling Coal Co., Ltd. (seal)

    法定代表人或授权代表人:       
illegible         (签字)

    Legal
Representative/Authorized Representative (signature)

    

    安阳市汇昌洗煤有限责任公司 (公章)

    Anyang
Huichang Coal Washing Co., Ltd. (seal)

    法定代表人或授权代表人:      /s/ Yu
Tao      (签字)

    Legal
Representative/Authorized Representative (signature)

    

    安阳市锦都煤业有限公司 (公章)

    Anyang
Jindu Coal Co., Ltd. (seal)

    法定代表人或授权代表人:       
illegible        (签字)

    Legal
Representative/Authorized Representative (signature)

    

    乙方:Party
B

    

    王新顺 (签字):

    WANG
Xinshun (signature)  /s/ Wang Xinshun

    

    程俊生 (签字):

    CHEN
Junsheng (signature)  /s/ Chen Junsheng

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    王新明 (签字):

    WANG
Xinming (signature)  /s/ Wang Xinming

    

    丙方:Party
C

    

    河南顺成集团煤焦有限公司 (公章)

    Henan
Shuncheng Group Coal Coke Co., Ltd. (seal)

    法定代表人或授权代表人: ______________
(签字)

    Legal
Representative/Authorized Representative (signature) /s/ Wang
Xinshun

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