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EXCEL - IDEA: XBRL DOCUMENT - Grand China Energy Group LtdFinancial_Report.xls
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EX-31.1 - CERTIFICATION OF THE CEO - Grand China Energy Group Ltdexhibit31-1.htm
EX-32.1 - CERTIFICATION OF THE CEO - Grand China Energy Group Ltdexhibit32-1.htm
EX-31.2 - CERTIFICATION OF THE CFO - Grand China Energy Group Ltdexhibit31-2.htm
10-K - ANNUAL REPORT - Grand China Energy Group Ltdform10k.htm
EX-32.2 - CERTIFICATION OF THE CFO - Grand China Energy Group Ltdexhibit32-2.htm
v2.4.0.6
ACCOUNT PAYABLE AND ACCRUED LIABILITIES
12 Months Ended
Dec. 31, 2011
ACCOUNT PAYABLE AND ACCRUED LIABILITIES [Text Block]
9

ACCOUNT PAYABLE AND ACCRUED LIABILITIES

The following is a summary of accounts payable and accrued liabilities:

    2011     2010  
          (Restated)  
     $      
Interest payable (i)   -     564,307  
Mining license fee payable (ii)   -     422,788  
Staff costs / wage payable   974,034     479,351  
Accrued liabilities   359,172     107,649  
Employee safety deposits   38,414     98,134  
Other payable   39,152     95,745  
    1,410,772     1,767,974  

Notes:

(i)

During the financial year ended December 31, 2010, loan interest was accrued for the interest-bearing loan payable to an unrelated third party. No interest is accrued in the year ended December 31, 2011 as the related loan has been settled and converted into the Company’s shares in pursuant to a settlement agreement. (Note 12).

   
(ii)

The mining license fee accrual is associated with the issuance of mining permit. The total fees payable under the mining permit is RMB 4,386,200 (equivalent to about $685,344) payable in 6 installments. The remaining balances of RMB 2,200,000 was settled as at December 2011.