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Mongolian Mining Corp 'Ramps Up'

Mongolian Mining Corp is planning to increase its profit margin by expanding production and completing infrastructure projects with the penultimate aim of becoming listed on the Hong Kong stock exchange.

Mongolian Mining Corp is the owner of the largest private coking coal mine in Mongolia. It will be investing round about $1.3 billion to raise its production capacity to 15 million tonnes by the end of 2013. This is four times more than its current production capacity.

The company will be the first Mongolian firm to become listed in Hong Kong. The company is hoping to raise about US $677 million from its Initial Public Offering (IPO). Bank of America Merrill Lynch, Goldman Sachs Group Inc and Deutsche Bank AG are the joint book-runners for the IPO.

The 719 million shares will be priced between Hong Kong Dollars 6.29 and 7.34. The company is scheduled to list on 13 October 2010. The company is regarded by many analysts as a good investment thanks to the size of its deposit at the flagship mine and its proximity to China.

Mongolia is the 19th largest and the most sparsely populated independent country in the world, with a population of around 2.9 million people. Its economy is centered on agriculture and mining. Mongolia has rich mineral resources, and copper, coal, molybdenum, tin, tungsten, and gold account for a large part of industrial production.

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