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- BREAKING NEWS -
Monday, December 1, 2014
Mogi: looks like the tender process is still going ahead. Winners are to be announced by December 15 as per government resolution.
Announcement made after Monday close, MMC closed today +2.08% to HK$0.49
MMC: SUBMISSION OF BID FOR COAL MINING OPERATION
December 1 -- This is a voluntary announcement made by Mongolian Mining Corporation (HKEx:975, the “Company”).
Reference is made to the announcement dated 31 October 2014 made by the Company in which it was disclosed that the Company and its subsidiaries (the “Group”) had been approached by certain independent parties to explore and discuss possibilities in connection with participating in a tender process of the Government of Mongolia (the “GoM”) pursuant to resolution number 268 of the GoM dated 20 August 2014 (“Resolution No. 268”).
The board of directors of the Company (the “Board”) wishes to announce that on 1 December 2014, Energy Resources LLC (“ER”), an indirect wholly-owned subsidiary of the Company has formed a consortium (the “Consortium”) with independent third parties for submission of a bid (the “Bid”) under Resolution No. 268.
ER as the principal party of the Consortium submitted the Bid on 1 December 2014 within the specified timeframe under the Resolution No. 268.
The successful bidder is expected to enter into negotiations with the GoM regarding the terms and conditions of an investment and cooperation agreement in accordance with Resolution No. 268.
The Company will make further announcement(s) in connection with its participation in the bidding process as and when required under the Listing Rules or other applicable rules and regulations.
Shareholders and potential investors should note that as the Bid was made as part of a public tender process, the Bid may or may not succeed. In the event that the Bid is successful, the Company or ER may or may not enter into any definitive agreements with the GoM. Even if definitive agreements are entered into, completion of such agreements will be subject to satisfaction of the conditions precedent set out therein.
6th Floor, NTN Tower
Baga Toiruu, Chingeltei District 1
Ulaanbaatar 15170, Mongolia
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