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10/12/2012 11:43

MEC (00276) denies Khushuut Coal Mine as strategic deposit

Mongolia Energy Corporation (MEC) (00276) said
its wholly indirect owned operating subsidiary MoEnCo LLC received a letter from the
Mining Ministry of Mongolia for requesting information of its Khushuut Coal Mine for
assessment of placing the Khushuut Coal Mine into the list of deposits of strategic
importance in Mongolia.
The request for collection of information from MoEnCo is to identify the reasons whether
or not to place the Khushuut Coal Mine into the list of strategic deposits. MoEnCo will
use its best endeavour to demonstrate to the Mongolian government that the Khushuut Coal
Mine should not be categorized as a strategic deposit.
Under the said Minerals Law, the size of the government participation is determined
largely by the level of state funding which had been provided for the exploration and
development of any deposit, with the government of Mongolia entitled to participate up to
50% in the event that there has been a state funding of such deposit and up to 34% if
there has not. (HL)

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