Mongolian float success in Hong Kong

MONGOLIAN Mining Corporation, formerly known as Energy Resources, has raised $US650 million in its Hong Kong float at 7.02 Hong Kong dollars a share (US90.5c).
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Hong Kong Stock Exchange

Blair Price

The company was a subsidiary of major Mongolian conglomerate MCS, and its Ukhaa Khudag (UHG) open cut coal mine is the benchmark for what is possible in Mongolia.

With Leighton Asia contracted to earn well over $A1 billion as operator, the coking coal mine is expected to ramp up to 10 million tonnes per annum run-of-mine production by June 2011.

MMC’s shares are expected to list on the Hong Kong Stock Exchange on October 13.

Hunnu Coal managing director George Tumur was the former head of mining for MCS, and he introduced Leighton and Sedgman to the country.

Energy Resources only had four staff when Tumur arrived, but by the time he left its UHG mine was producing 2 million tonnes per annum of coking coal for export into neighbouring China.

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