Asia Coal has agreed to acquire mainland coal assets, including a mine in Shanxi province, for US$300 million from Wonder Champion Investment, a British Virgin Islands company 95 per cent owned by Polly Rong Liu. Asia Coal will fund the deal by issuing five-year convertible bonds to Wonder Champion. The mine has an estimated coal resource of up to 95.3 million tonnes. Liu is due to become a key shareholder of Asia Coal on completion of an earlier deal. On April 30, Asia Coal acquired other coal mines in Shanxi from Wonder Champion for HK$1.52 billion.