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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
ASSET RETIREMENT OBLIGATION
12 Months Ended
Dec. 31, 2011
ASSET RETIREMENT OBLIGATION [Text Block]
10

ASSET RETIREMENT OBLIGATION

The following is a summary of asset retirement obligation:

    2011     2010  
          (Restated)  
         
Face value   428,959     408,115  
Effective interest rate – 10%   (71,287 )   (98,758 )
Subtotal   357,672     309,357  
Current portion   171,404     81,538  
             
Asset retirement obligation – long term   186,268     227,819  

The Asset Retirement Obligation is associated with the Ecological Environment Rehabilitation fee of about RMB3.86 million payable to the Fujian Provincial Land and Resources Bureau for operating the coal mine. As of December 27, 2010, a payment extension has been applied and approved till April 2015 for the full settlement of approximately RMB2.7 million. The Company is not required to pay any interest on the postponed payment for the Ecological Environment Rehabilitation fee. The Company accounted the remaining asset retirement obligation by applying the relative discounted rate of 10%. During the years ended December 31, 2011 and 2010, the Company charged interest accretion expense of $31,791 and $27,694 respectively in connection with the asset retirement obligation.