Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

Mongolian Mining Corporation : THE GOVERNMENT OF MONGOLIA’S DECISION

08/19/2013 | 04:12pm US/Eastern

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

MONGOLIAN MINING CORPORATION

(Incorporated in the Cayman Islands with Limited Liability)

(Stock Code: 975) THE GOVERNMENT OF MONGOLIA'S DECISION ON COAL EXPORT SUPPORT MEASURES

This announcement is made by Mongolian Mining Corporation (the "Company" together with its subsidiaries, the "Group") pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("Listing Rules") and the disclosure obligation under the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong).
Reference is made to the announcements dated 6 October 2011 (the "Road Announcement") and 16 January 2012 (the "Border Expansion Announcement" together with the "Road Announcement", the "Announcements") both issued by the Company in relation to the completion of the Ukhaa Khudag - Gashuun Sukhait paved road ("UHG-GS road") built under the BOT Agreement with the Government of Mongolia ("Government") and the completion of an expansion project of border crossing capacity at Gashuun Sukhait border checkpoint ("GS") of Mongolia, for coal export transportation, respectively. Capitalized terms used in this announcement shall have the same meanings as those defined in the Announcements unless the context herein requires otherwise.
The board of directors (the "Board") of the Company wishes to inform shareholders of the Company (the "Shareholders") and potential investors that according to the news published on the official website of the Government, the Government discussed at its cabinet meeting held on 16
August 2013 the measures to support coal exports from Mongolia. Among other matters discussed, the Government, recognizing the importance of the UHG-GS road to coal exports, has resolved to purchase (i) the UHG-GS road from Gobi Road LLC, an indirect wholly-owned subsidiary of the Company, and (ii) the infrastructure built under the Border Crossing Expansion project by Energy Resources LLC, an indirect wholly-owned subsidiary of the Company, with an aim to decrease transportation costs, an important factor for coal export support.
As at the date of this announcement, the purchase amount payable to the Group by the Government in respect of the above resolutions has not yet been discussed. The Board believes that the cash received by the Group in relation to the above mentioned assets will allow the Group to maintain strong cash position until end of 2013. The Group will continue to have unrestricted access to this transportation infrastructure.
1
Also, in order to lower coal transportation costs, the Government resolved to initiate process to allow Chinese railway network cross-border access to Gashuun Sukhait and Shivee Khuren border crossing points.
As at the date of this announcement, the Company has not yet received any notification letter from the Government in relation to the aforesaid resolutions. The Company will issue a further announcement to inform the public and its shareholders as and when the Company receives any official letter or notification in respect of such resolutions from the Government.

Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company.

For and on behalf of the Board Mongolian Mining Corporation Odjargal Jambaljamts

Chairman

Hong Kong, 19 August 2013

As at the date of this announcement, the board of directors of the Company consists of Mr. Odjargal Jambaljamts and Dr. Battsengel Gotov, being the executive directors of the Company, Mr. Batsaikhan Purev, Dr. Oyungerel Janchiv, Mr. Od Jambaljamts and Ms. Enkhtuvshin Gombo, being the non-executive directors of the Company, and Mr. Ochirbat Punsalmaa, Mr. Unenbat Jigjid and Mr. Chan Tze Ching, Ignatius, being the independent non-executive directors of the Company.

2

distributed by
Latest news
Date Title
1m ago Egdon, Europa, Union Jack To Start Testing After Confirming Discovery
2m ago A C : U.S. Military Airdrops Weapons, Ammunition to Kurds near Kobane
2m ago CAMCO CLEAN ENERGY : REDTenergy Mark PV CROPS Project Launch
2m ago BDI BIOENERGY : awarded contract for a new RetroFit project in the USA (DGAP News)
2m ago France urges Germany to boost investment spending
3m ago SOLSTAD OFFSHORE ASA : Financial calendar 2015
3m ago ROLLS ROYCE : *jpmorgan cuts rolls-royce to 'neutral' ('overweight') - target 950 pence
3m ago EGDON RESOURCES : 20 October 2014 - Operations Update and Notice of Final Results
3m ago SANY HEAVY INDUSTRY : Sales in Thailand Exceed 1500 Units...
3m ago AISINOCO : The Inaugural Meeting & First Member Meeting of Beijing Commercial Password Industry Association Smoothly Held
Latest news
Advertisement
Hot News 
PRESIDENT ENERGY : Oil Discovery in Paraguayan Chaco
NUTRECO : SHV and Nutreco announce a recommended cash offer of EUR 40 per share for all shares of Nutreco
XEROS TECHNOLOGY : Further incentive programmes from us
SAP SE : October 20, 2014SAP Announces Third Quarter and Nine Months 2014 Results ›
MORPHOSYS : Announces Clinical Milestone in Ophthalmology Program
Most Read News
38m ago Pilots extend Lufthansa strikes to long-haul flights
51m ago Adidas shares jump on report of bid for Reebok unit
1d agoDJENERGY DEVELOPMENT : Secures $315 Million Financing For Wind Project
1d ago MICROSOFT PLANS TO LAUNCH SMARTWATCH WITHIN WEEKS : Forbes
1d ago BUSINESS MACHINES : IBM to pay Globalfoundries $1.5 billion to take chip unit off its hands - WSJ
Most recommended articles
2m ago France urges Germany to boost investment spending
4m ago METRO : eyes better Christmas as consumer electronics turns corner
8m ago YAHOO SET TO OUTLINE COST-CUTTING EFFORTS : Wsj
10m agoEUROZONE : Current Account worse than estimates at 18.9M
11m ago Shire CFO to leave drugmaker as AbbVie drops bid
Dynamic quotes  
ON
| OFF