Mongolia Energy Corporation
Encyclopedia
Mongolia Energy Corporation Limited ( MEC; ) is a mining and energy develing holding company operating in Mongolia
and Xinjiang
in northwestern China. It was incorporated in Bermuda
and listed on the Hong Kong Stock Exchange
. MEC became a constituent to the MSCI Hong Kong Index from June 2008.
on intended transport guarantees. In December 2007, MEC acquired 20% stake of 487509 hectares (4,875.1 km²) oil and gas exploratory concession areas in western Mongolia, and the deal is at the feasibility study stage. To explore and develop this concession, MEC cooperates with CNPC Daqing Petroleum
.
In January 2008, following exploration work in Khushuut of over 600 hectares (6 km²) out of the 66000 hectares (660 km²) of concession areas, MEC received the final exploration report confirming adequate coal resources at the concessional areas. In March 2008, the company acquired a stake in a multi-metals project with explored tungsten and tin resources at Ruoqiang County
in Xinjiang Province, China to be completed in mid-2009.
During the 2008-2009 fiscal year, MEC continued its acquisitions. In May 2008, MEC made its next acquisition of a coal, ferrous and non-ferrous metals resources concession in Olan Bulog and Govi-Altai of some 260000 hectares (2,600 km²) bringing the total western Mongolia concessions to 330000 hectares (3,300 km²). This was followed by acquisition of 25% of a resources corporation working on 2 billion tonnes of coal resources concession in Xinjiang providing MEC with 20% interest under this and other potential projects. In September 2008, MEC acquired 20% interest of over 1.18 million hectares oil and gas concessions in Southern Mongolia under a contested international bid of Ergel XII petroleum block.
As of 2009, MEC controlled a total of 330000 hectares (3,300 km²) of concession areas. Starting from mid 2009, the company plans to produce 3 million tons of coking coal a year and increase the production to 8 million tons per year by 2012.
Mongolia
Mongolia is a landlocked country in East and Central Asia. It is bordered by Russia to the north and China to the south, east and west. Although Mongolia does not share a border with Kazakhstan, its western-most point is only from Kazakhstan's eastern tip. Ulan Bator, the capital and largest...
and Xinjiang
Xinjiang
Xinjiang is an autonomous region of the People's Republic of China. It is the largest Chinese administrative division and spans over 1.6 million km2...
in northwestern China. It was incorporated in Bermuda
Bermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
and listed on the Hong Kong Stock Exchange
Hong Kong Stock Exchange
The Hong Kong Stock Exchange is a stock exchange located in Hong Kong. It is Asia's third largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and the Shanghai Stock Exchange and fifth largest in the world...
. MEC became a constituent to the MSCI Hong Kong Index from June 2008.
History
Mongolia Energy Limited was listed on the Stock Exchange of Hong Kong in 2007 through the transaction by which technology company New World Cyberbase, listed at the Hong Kong Stock Exchange since 1972, acquired all assets of Mongolia Energy Limited and renamed itself Mongolia Energy. In the 2007–2008 fiscal year, MEC acquired 66000 hectares (660 km²) of concession areas for coal, ferrous and non-ferrous metal resources in western Mongolia. Between January–February 2007, MEC entered into the acquisition of its first coal resources concessions at Khushuut and Darvi of 34000 hectares (340 km²) in western Mongolia. The acquisition was approved by MEC's shareholders in April 2007. In May 2007, MEC acquired 32000 hectares (320 km²) of coal, ferrous and non-ferrous metal resources concessions at Gants Mod in western Mongolia. In September 2007, MEC inked a cooperation deal with COSCOCOSCO
China Ocean Shipping Company, known as COSCO or COSCO Group, is one of the largest liner shipping companies worldwide. It is a government owned company of the People's Republic of China...
on intended transport guarantees. In December 2007, MEC acquired 20% stake of 487509 hectares (4,875.1 km²) oil and gas exploratory concession areas in western Mongolia, and the deal is at the feasibility study stage. To explore and develop this concession, MEC cooperates with CNPC Daqing Petroleum
China National Petroleum Corporation
China National Petroleum Corporation is a state-owned fuel-producing corporation and the largest integrated oil and gas company in the People's Republic of China...
.
In January 2008, following exploration work in Khushuut of over 600 hectares (6 km²) out of the 66000 hectares (660 km²) of concession areas, MEC received the final exploration report confirming adequate coal resources at the concessional areas. In March 2008, the company acquired a stake in a multi-metals project with explored tungsten and tin resources at Ruoqiang County
Ruoqiang County
Ruoqiang is a county of the Xinjiang Uyghur Autonomous Region in Western China and is under the administration of the Bayingolin Mongol Autonomous Prefecture...
in Xinjiang Province, China to be completed in mid-2009.
During the 2008-2009 fiscal year, MEC continued its acquisitions. In May 2008, MEC made its next acquisition of a coal, ferrous and non-ferrous metals resources concession in Olan Bulog and Govi-Altai of some 260000 hectares (2,600 km²) bringing the total western Mongolia concessions to 330000 hectares (3,300 km²). This was followed by acquisition of 25% of a resources corporation working on 2 billion tonnes of coal resources concession in Xinjiang providing MEC with 20% interest under this and other potential projects. In September 2008, MEC acquired 20% interest of over 1.18 million hectares oil and gas concessions in Southern Mongolia under a contested international bid of Ergel XII petroleum block.
Operations
MEC, through its subsidiaries, engages in the acquisition, exploration, and mining of concessions of coal, ferrous and non-ferrous metals, and oil and gas resources in Mongolia and Xinjiang, China.As of 2009, MEC controlled a total of 330000 hectares (3,300 km²) of concession areas. Starting from mid 2009, the company plans to produce 3 million tons of coking coal a year and increase the production to 8 million tons per year by 2012.