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00975 MONGOL MINING
RTNominal up9.920 +0.620 (+6.667%)
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10/11/2010 14:06

[I-bank focus] StanChart rates MMC (00975) "OP" & HK$11.77

Standard Chartered initiated coverage on
Mongolian Mining Corporation (MMC, 00975) with an "outperform" rating and price target of
HK$11.77.
It said MMC is the only scalable and profitable listed Mongolian coking coal producer.
StanChart forecast stable gross margins of 58-60% in 2011-13 with mining cost falling to
US$21/t, making MMC one of the lowest cost producers in the China/Mongolia region.
The bank added that MMC could double its average selling price in 2011E to US$132/t from
US$65/t in 2010, benefiting from the completion of the construction of washing plants.
(KL)

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