The company had entered into a memorandum of understanding with Hulaan Coal Corporation to undertake due diligence on the company’s coal reserves in Mongolia.
A review of Hulaan’s coal reserves indicated they would not be commercially viable for Cougar, which has decided to terminate the MoU.
Cougar has closed its Beijing office and Asia general manager Kevin Garner has left the company, along with other office staff.
The company said it also cut costs through a reduction in the size of the board, a review of staff levels within the business, a reduction in general administration costs and the conclusion of legacy consultancy arrangements.
Cougar said it would focus its resources on its coal activities in the Bowen Basin.
EnergyNews attempted to contact Cougar Energy for comment but did not receive a response at the time of publication.
