UPDATE 1-L&L buys stake in Chinese coal mine; shares up

* To pay $16.2 mln for 51 pct of Weishe mine in Guizhou

* Stock up 10 pct

Jan 30 (Reuters) - U.S.-based coal miner L&L Energy Inc said it has bought a 51 percent controlling stake in a coal mine in Guizhou, China for about $16.2 million in stock, sending its shares up as much as 10 percent.

The Weishe mine deal is expected to add 124,000 tons to L&L's production and $19.6 million in revenue for the year ending April 2013. It had a revenue of $41.9 million in the quarter-ended October 2011.

L&L said the mine will be expanded to its design capacity of 450,000 tons "over the next few years."

Earlier this month, the company had said it was looking for acquisitions to strengthen its presence in the Guizhou province of China.

Shares of the company were trading up 6.82 percent, at $2.82 on the New York Stock Exchange on Monday.