Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

Mongolian Mining Corporation : THE GOVERNMENT OF MONGOLIA’S DECISION

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/19/2013 | 10:12pm CEST

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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
05:31p MICROSOFT : Second Year of Microsoft Affordable Access Initiative Grants Awarded
05:31p OTC MARKETS : Electra Meccanica Announces Listing on the OTCQB Market
05:31p ICC INTERNATIONAL CANNABIS : Announces New CEO
05:31p MITEK : Average UK bank wastes £5 million a year on inefficient KYC checks
05:31p GAMING NATION : IIROC Trade Resumption - Gaming Nation Inc.
05:31p BANK OF AMERICA : Selects Oracle Cloud for ERP and Financials
05:31p ElectriPlast Secures Order for Two Million Vehicles
05:31p AAR : to Announce Fourth Quarter Fiscal Year 2017 Results on July 11, 2017
05:31p 24HR HOMECARE : -Oxnard Wins the Ventura County Star Reader’s Choice Awards
05:31p INGENICO : ePayments announces complete and PSD2-compliant solution for marketplaces
Latest news
Advertisement
Hot News 
-1.69%Kinnevik appoints Georgi Ganev as CEO
2.06%AP MOLLER MAERSK : Maersk Line plans pharma transport market push with new digital tool
1.21%In Unilever's Radical Hiring Experiment, Resumes Are Out, Algorithms Are In
1.14%Japanese airbag maker Takata files for bankruptcy, gets Chinese backing
0.72%EU must get more Russian guarantees over gas pipeline plan - Ukraine
Most Read News
10:39a U.S. activist presses for 'bold action' at Nestle
05:01a INSTINET : and Virtu Financial launch liquidity streaming relationship
07:13a MIKHAIL FRIDMAN : Fridman's L1 Retail to buy Holland & Barrett for $2.3 billion
10:04a Facebook in talks to produce original TV-quality shows - WSJ
09:18a RETROPHIN : 'Pharma bro' Martin Shkreli heads into fraud trial
Most recommended articles
11:27aDJOil Prices Lower on Global Supply Glut
11:22aDJSteel Yourself for Trump's Anti-Trade Moves
11:20aDJMARKET SNAPSHOT : Want To Know Where The Stock Market's Headed Over The Next 6 Months? Don't Ask OPEC
11:17aDJNEWS HIGHLIGHTS : Top Global Markets News of the Day
11:14a TSX down as softer commodity prices weigh on resource shares