Its up for contention whether they received any subsidies last year - I couldnt find anything more about it in the 10K but this:
Heat Power is a regulated utility company and it meets the current regulatory requirements applicable to such companies. Heat Power supplies electricity to its customers through a government controlled intermediary, Inner Mongolia Electric Power Group Co., Ltd. (“Electric Power Group”). Electric Power Group is also subject to regulated utility company rules and regulations consisting of compliance with safety and environmental standards. In addition, the prices charged by the Company are approved by the local government. The government reviews the price of heating and electricity from time to time as market conditions change. We purchase coal from suppliers to fuel our boilers at market prices; therefore, we bear the risk that market prices for raw materials exceed the regulated prices paid by end users. We receive governmental subsidies from time to time to offset this risk.
Since the mine has gone from a 35% recovery rate to 80% it will greatly improve their numbers since there is a shortage of coal currently and prices are rising. I wouldnt be surprised to see something like .17 - .20 per share on 25 - 29 million in revs.
Of course, I could be way off and they come in higher due to efficiencies. Now that would be something, wouldnt it?
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