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00975 MONGOL MINING
RTNominal up10.600 +0.080 (+0.760%)
Research Report

02/02/2012 10:33

[I-bank focus] Goldman trims Mongol Mining target to HK$7.3

Goldman Sachs trimmed its target price for
Mongolian Mining (MMC)(00975) to HK$7.3 from HK$7.5, and maintained its "buy" rating.
It said Mongolia's leading position in supplying China coking coal strengthened with 48%
market share in January-November 2011 versus Australia's 25%.
The research house sees further upside for Mongolia coking coal exports to China as
Mongolia ramps up infrastructure for coal transportation.
With a high-quality HCC mine, 15mtpa washing capacity in 2012, and a mandate to build
the UHG-GS railway, MMC is best-positioned to benefit from the scaling-up of Mongolia
coking coal exports thanks to its ownership of the supply chain, Goldman noted. (KL)

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