Mongolia Energy purchases title to giant Mongolian coal mine
Monday, 04 June 2007
Friday’s announcement that
Mongolia Energy Corp. has purchased a 32,000-hectare mine in western
Mongolia sent its stock surging by 12.43 percent. Shares closed the
day at HK$8.77.
The mine, about one-third the
size of Hong Kong, is estimated to hold between 3.4 billion to 4.4 billion
tons of coal, as well as other minerals.
With Friday’s announcement,
Mongolia Energy Corp. has doubled its mining rights in Mongolia to 66,000
hectares. Additionally, Mongolian Energy Corp. has attained the rights
to purchase the title to mine an additional 32,000 hectares, following
its successful exploration.
Mongolia Energy Corp. was founded
in 1999 as a telecommunications branch of Hong Kong developer, World
Development. Besides its mining operations, the company also has investments
in property and aircraft charter services.
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