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00899 ASIA RESOURCES
RTNominal unchange0.340 0.000 (0.000%)
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03/01/2013 11:11

Asia Resources (00899) Mongolian iron mine license cancelled

[ET Net News Agency, 3 January 2013] Asia Resources (00899) said it was notified by the
Ministry of Environment and Green Development of Mongolia that the iron mining license for
the exploration of iron ore mine located in Tumurtei, Khuder Soum, Selenge Aimag, Mongolia
is subject to the new law and shall be cancelled since the Mongolian mine is located in
the protected area.
However, no effective date of such cancellation is advised and the Board is in the
course of seeking further clarification from the Ministry. Asia Resources shall instruct
its legal advisers to Mongolia laws to advise on the final status of the iron mining
license, and on any necessary or possible actions that it shall take, including but not
limited to, claiming for compensation or appeal against the Ministry's decision, if
necessary.
In addition, the IUP OPK license for transportation and selling has been granted to
Dampar by The Governor of East Java, Head of the Investment Coordination Board of East
Java Province in respect of the designated site of iron deposits in Indonesia. Dampar has
already commenced limited operation as permitted under the license. Dampar has also
applied for IUP OPK license for processing and is pending the result of such application.
All required documents for the application of the license have been filed with the
relevant authorities but there is no expected date for the result of such application.
(HL)

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