Mongolian Mining Drops to Record Low on Investment Rule Concerns - Businessweek: "Mongolian Mining Corp. (975), the nation’s biggest coking coal exporter, slumped to a record low on speculation investment rules will be tightened after this week’s parliamentary elections.
The Hong Kong-listed coal producer fell 3.1 percent to HK$4.70 at the close, the lowest since the shares started trading in October 2010. Modun Resources Ltd. (MOU), an Australian company that’s developing a thermal coal project in Mongolia, fell 6.7 percent in Sydney and Xanadu Mines Ltd. (XAM) dropped 4.9 percent. SouthGobi Resources Ltd. (SGQ) fell 1.23% in Hong Kong.
There’s growing concern among Mongolia’s citizens about the way politicians are handling the country’s mineral resources. Lawmakers, seeking to control ownership of assets, approved a law in May requiring parliament to approve deals in which overseas investors hold more than 49 percent of the equity and for transactions exceeding $75 million in strategic sectors, including mining."
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The Hong Kong-listed coal producer fell 3.1 percent to HK$4.70 at the close, the lowest since the shares started trading in October 2010. Modun Resources Ltd. (MOU), an Australian company that’s developing a thermal coal project in Mongolia, fell 6.7 percent in Sydney and Xanadu Mines Ltd. (XAM) dropped 4.9 percent. SouthGobi Resources Ltd. (SGQ) fell 1.23% in Hong Kong.
There’s growing concern among Mongolia’s citizens about the way politicians are handling the country’s mineral resources. Lawmakers, seeking to control ownership of assets, approved a law in May requiring parliament to approve deals in which overseas investors hold more than 49 percent of the equity and for transactions exceeding $75 million in strategic sectors, including mining."
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