Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
MONGOLIAN MINING CORPORATION(Incorporated in the Cayman Islands with Limited Liability)
(Stock Code: 975) VOLUNTARY ANNOUNCEMENT
The board of directors (the "Board") of Mongolian Mining
Corporation (the "Company") is pleased to announce that in
December 2011, a consortium comprised of Erdenes MGL LLC, a
state owned company ("Erdenes MGL") and Energy Resources LLC
("ER"), an indirect wholly-owned subsidiary of the Company
has completed an expansion project of border crossing
capacity ("Border Crossing Expansion") at Gashuun Sukhait
border checkpoint ("GS") of Mongolia, for coal export
transportation.
According to Government Resolution, Erdenes MGL leads the
consortium, and Gobi Road LLC, an indirect wholly-owned
subsidiary of the Company, managed the construction and
project management of the Border Crossing Expansion at GS
under the Consortium Agreement executed between Erdenes MGL
and ER. The expansion project commenced in June 2011 and was
fully completed and commissioned for operation on 12 January
2012.
The Border Crossing Expansion comprises the construction of 8
new lanes for cross border trucks transportation in addition
to the existing 4 lanes, together with the construction and
commissioning of support buildings, infrastructures and
facilities for inspection and clearance process of customs,
border control, immigration and professional inspection
agencies. The Border Crossing Expansion also covered
construction of new lanes and support infrastructures at
"no-man" buffer zone between Mongolia and the People's
Republic of China ("PRC") directly connecting existing lanes
at Ganqimaodu ("GM") of the PRC to newly constructed lanes at
GS of Mongolia.
Upon full operation, the total capacity of GS is estimated to
handle 1,200 loaded trucks for the export to the PRC per day,
which is approximately 3 times higher than the current
capacity of GS.
The Border Crossing Expansion is expected to boost coal
export volume and truck turnaround over the GS and GM
borders, reduce transportation cost of the Company and its
subsidiaries, and improve the environmental and safety
conditions of cross border transport operation. Furthermore,
as the port for Mongolian coal export, the Border Crossing
Expansion at GS would bring significant benefit to the
economy of Mongolia by increasing regional cross border trade
cooperation between Mongolia and the PRC and in turn
encourage export of key mineral commodities.
1
This announcement is a voluntary announcement made by the
order of the Board which is not pursuant to the Rules
Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited. The directors of the Company individually
and jointly accept responsibility for the accuracy of this
announcement.
For and on behalf of the Board Mongolian Mining Corporation
Odjargal Jambaljamts
Chairman
Hong Kong, 16 January 2012
As at the date of this announcement, the Board consists of Mr. Odjargal Jambaljamts and Dr. Battsengel Gotov, being the executive directors of the Company, Mr. Gantumur Lingov, Ms. Enkhtuvshin Gombo, Mr. Enkh-Amgalan Luvsantseren, Dr. Oyungerel Janchiv, Mr. Philip Hubert ter Woort and Mr. Batsaikhan Purev, being the non-executive directors of the Company, and Mr. Ochirbat Punsalmaa, Mr. Unenbat Jigjid and Mr. Chan Tze Ching, Ignatius, being the independent non-executive directors of the Company.
2
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