Puda Coal, Inc. (Puda) is a supplier of high-grade metallurgical coking coal to the industrial sector in the People’s Republic of China (the PRC or China). Its processed coking coal is primarily purchased by coke and steel producers for the purpose of making the coke required for the steel manufacturing process. Puda’s operations are conducted by Shanxi Puda Coal Group Co., Ltd (Shanxi Coal), which it controls through 90% indirect equity ownership. Puda cleans raw coking coal sourced from third-party coal mines primarily located in Liulin County, Shanxi Province, and markets the cleaned, coking coal to coke and steel makers. Its primary geographic markets include Shanxi Province, Inner Mongolia Autonomous Region, Hebei Province, Beijing and Tianjin, China. It purchases raw coal from a diversified pool of local coal mines in Shanxi Province.