Mongolian companies look to trade on the TSE

The American Chamber of Commerce in Mongolia

2018-03-06 14:00 GMT+8

Several mining companies operating in Mongolia attended the Prospectors and Developers Association of Canada (PDAC) conference in Toronto, Canada, and expressed their interest in trading on the Toronto Stock Exchange.

During the conference, Mongolian Metals Corporation, Steppe Gold and other companies with Mongolian interests presented their projects to foreign investors. In 2017, it was announced that Steppe Gold planned to issue an IPO, and the company has started to intensify its exploration in Mongolia.

The company recently bought the Altan Tsagaan Ovoo special mining license from Centerra Gold for 9.8 million USD, and has initiated drilling of 4,000 meters at the mine site.

Steppe Gold also purchased a license for the Uudam Khundii exploration project in Bayankhongor Province with an 80/20 percent joint venture with the local government. According to company, initial exploration work has been completed, resulting in the identification of four new gold reserves. Mongolian Metals Corporation has purchased 13 exploration licenses within the last 12 years, and has been actively conducting exploration on 75,000 hectares in Bayankhongor Province over the past nine years.

The company reports that it identified promising reserves of gold, copper, and silver in 2017. Bloomberg TV Mongolia reported that during the conference, Minister of Mining and Heavy Industry D. Sumiyabazar informed investors that Mongolia will lower taxes on the sale of  mining licenses.  

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