Mongolia Energy Corporation

Last updated

Mongolia Energy Corporation
FormerlyNew World Cyberbase
TypePublic company
SEHK:  276
IndustryCoal mining
Founded1972 (1972)
Headquarters
Hong Kong
Key people
 Simon Lo  [ zh ] (Chairman)
Chinese name
Traditional Chinese 蒙古能源有限公司
Simplified Chinese 蒙古能源有限公司
Website mongolia-energy.com

Mongolia Energy Corporation Limited (abb. MEC) is a mining and energy development 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. [1]

Contents

The company was criticised in 2008 as a China Concepts Stock, which had no real profit; its share price was only based on market speculation. [2] The company was also criticised that it bought a private jet in 2005 by recapitalisation. [3] The jet were sold in 2007. [4]

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. [5] [6] In the 2007–2008 fiscal year, MEC acquired 66,000 hectares (660 km2) of concession areas for coal, ferrous and non-ferrous metal resources in western Mongolia. [7] Between January–February 2007, MEC entered into the acquisition of its first coal resources concessions at Khushuut and Darvi of 34,000 hectares (340 km2) in western Mongolia. The acquisition was approved by MEC's shareholders in April 2007. In May 2007, MEC acquired 32,000 hectares (320 km2) of coal, ferrous and non-ferrous metal resources concessions at Gants Mod in western Mongolia. In September 2007, MEC inked a co-operation deal with COSCO on intended transport guarantees. In December 2007, MEC acquired 20% stake of 487,509 hectares (4,875.09 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. [8]

In January 2008, following exploration work in Khushuut of over 600 hectares (6.0 km2) out of the 66,000 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 260,000 hectares (2,600 km2) bringing the total western Mongolia concessions to 330,000 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. [8] 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. [9]

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. [10]

As of 2009, MEC controlled a total of 330,000 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. [11]

See also

Related Research Articles

Scrap Recyclable materials left over from manufactured products after their use

Scrap consists of recyclable materials left over from product manufacturing and consumption, such as parts of vehicles, building supplies, and surplus materials. Unlike waste, scrap has monetary value, especially recovered metals, and non-metallic materials are also recovered for recycling.

Baowu

China Baowu Steel Group Corp., Ltd., commonly known as Baowu, is a state-owned iron and steel company headquartered in the Baosteel Tower in Pudong, Shanghai, China. The company was formed by Baosteel Group absorbing its smaller state-owned peer, Wuhan Iron and Steel Corporation in 2016.

Vale S.A. Multinational diversified metals and mining corporation

Vale S.A. is a Brazilian multinational corporation engaged in metals and mining and one of the largest logistics operators in Brazil.

Aluminum Corporation of China Limited, is a Chinese company listed in Hong Kong and in New York. A multinational aluminium company, its headquarters are in Beijing, People's Republic of China. It is the world's second-largest alumina producer and third-largest primary aluminium producer.

Eurasian Natural Resources Corporation

Eurasian Natural Resources Corporation PLC (ENRC) is a private, Kazakhstan/Central African-focused, multinational leading diversified natural resources company headquartered in London, United Kingdom. It has activities in integrated mining, processing, energy, logistics and marketing.

Shanxi Coking Co., Ltd. (SCC) is a publicly traded coke manufacturing conglomerate in China. The company was listed on Shanghai Stock Exchange.

China Coal Energy

China Coal Energy Co., Ltd., is a publicly traded company listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange. It owns 12 coal mines, 13 coal processing plants, 5 coking plants, 4 coal mining equipment manufacturing plants, and 2 mine design institutes. The chairman is Wang An.

China National Coal Group Co., Ltd., known as China Coal Group, is a Chinese coal mining conglomerate that was supervised by the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council. It was the second largest state-owned coal mining enterprise in the mainland China, and the third largest in the world, just after Shenhua Group in 2008, according to a website quoting Xinhua News Agency. It is engaged in coal production and sales, coal chemicals, coal mining equipment manufacturing, coal mine design and related engineering services.

Tavan Tolgoi Coal mine in southern Mongolia

Tavan Tolgoi is one of the world's largest untapped coking and thermal coal deposits, located in the Ömnögovi Province in southern Mongolia. It has a total estimated resource of 6.4 billion tonnes, one quarter of which is high quality coking coal. It is divided into six sections: Tsankhi, Ukhaa Khudag, Bor tolgoi, Borteeg, and Southwest and Eastern coalfields. The Tsankhi section is the largest part, and is divided into East and West Tsankhi - these have had the most focus recently.

China Minmetals Corporation is a Chinese metals and mineral trading company headquartered in Beijing. It is a state-owned corporation under direct supervision of the State-owned Assets Supervision and Administration Commission (SASAC). China Minmetals is engaged in the production and trading of metals and minerals, including copper, aluminum, tungsten, tin, antimony, lead, zinc, and nickel.

China National Gold Group Corporation

China National Gold Group Corporation (中国黄金集团公司) is a centrally state owned Chinese gold corporation primarily engaged in the mining and refining of gold, silver, copper, and molybdenum.

Moreton Resources Limited is an Australian coal mining company. In 2007–2013 it was specialized on underground coal gasification and electric power production by produced syngas. In addition to Australia, the company planned underground coal gasification projects in the United Kingdom, India, Pakistan, China, and Mongolia.

China Nonferrous Metal Mining (Group) Co., Ltd. is a Chinese corporation involved with the mining of non-ferrous mineral resources. Established in 1983, it is a large central enterprise managed by the State-owned Assets Supervision and Administration Commission of the State Council.

First Majestic Silver Canadian silver mining company operating in Mexico

First Majestic Silver Corp. is a Canadian silver-mining company that operates in Mexico and the United States. It has four producing mines under its control: San Dimas Silver/Gold Mine, Santa Elena Silver/Gold Mine, La Encantada Silver Mine, and Jerritt Canyon Gold Mine. First Majestic also produces and sells its own bullion rounds and bars.

Hunnu Coal

Hunnu Coal Limited is a mining company that is incorporated in Australia for the purpose of acquiring and developing coal projects in Mongolia.

This is a list of state-owned enterprises of China. A state-owned enterprise is a legal entity that undertakes commercial activities on behalf of an owner government. Their legal status varies from being a part of government to stock companies with a state as a regular or dominant stockholder. There is no standard definition of a government-owned corporation (GOC) or state-owned enterprise (SOE), although the two terms are often used interchangeably. The defining characteristics are that they have a distinct legal shape and they are established to operate in commercial affairs. While they may also have public policy objectives, SOEs should be differentiated from other forms of government agencies or state entities that are established to pursue purely non-financial objectives. The role of the Chinese Communist Party (CCP) in SOEs has varied at different periods but has increased during the rule of CCP General Secretary Xi Jinping, with the Party formally taking a commanding role in all SOEs as of 2020. For example, Lai Xiaomin, the former president of China Huarong Asset Management, which is a famous state-owned enterprise, announced in 2015 that during the operation of China Huarong Asset Management, the Committee of China Communist Party will play a central role, and party members will play an exemplary role.

Mongolian Mining Corporation (MMC) is a Mongolian coking coal producer listed in the Hong Kong Stock Exchange. It is the largest coal mining company in Mongolia, owning two coal mines located in the Gobi Desert, namely the Ukhaa Khudag mine and the Baruu Naran mine.

Xinjiang Beishan Mining Industry Co., LTD., is a Chinese coal products company established in 2007 in Ürümqi, Xinjiang Region. Hong Kong Rong Hua Energy Group is its major investor. The CEO of the company is LIN Qingxiang Xinjiang Beishan Mining Industry Co. claims to have an annual production capacity of 6 million tons and reports annual revenues of 900 million yuan. The main production site is in the Qitai County, Xinjiang Uyghur Autonomous Region in the north west of China. The company has approximately 500 employees.

China Cinda Asset Management Co., Ltd. known as China Cinda or just Cinda is a Chinese merchant bank and asset management company. The corporation was founded as a state-owned enterprise and a bad bank for China Construction Bank in 1999. The bank received shares by debt-to-equity swap on non-performing loans. In 2010, the corporation became a "company limited by shares".

SouthGobi Resources is a coal mining company listed on the Hong Kong Stock Exchange and Toronto Stock Exchange. The company's primary asset is a coal mine and development projects of coal assets in Mongolia.

References

  1. ↑ "MSCI Provisional Global Standard Indices" (PDF). MSCI. 6 May 2008. Archived from the original (PDF) on 24 July 2008. Retrieved 24 January 2009.Cite journal requires |journal= (help)
  2. ↑ 被翻大股东"原罪"蒙古能源香港兴讼. 第一财经日报 (in Chinese). 11 January 2008. Retrieved 28 February 2018.
  3. ↑ 籌1.44億向霍建寧購飛機　財顧籲反對新數碼供股. Apple Daily (in Chinese). Hong Kong. 31 December 2005. Retrieved 28 February 2018.
  4. ↑ 蒙古能源賣私人飛機. 財話短說 column. Apple Daily (in Chinese). Hong Kong. 22 September 2007. Retrieved 28 February 2018.
  5. ↑ Connelly, John T. "Mapping a New Mining Model". Australia Business Review. Archived from the original on 20 November 2010. Retrieved 29 June 2011.
  6. ↑ "Listing rules cloud HK's mining IPO hopes". Alibaba.com Hong Kong Limited. Reuters. 13 May 2010. Retrieved 29 June 2011.
  7. ↑ "MEC To Mine 3 Million Tons of Coal Per Year at Khushuut Site". Mongolia Web. 2 December 2008. Archived from the original on 16 December 2018. Retrieved 24 January 2009.
  8. 1 2 "MEC to supply coking coal to Xinjiang's steel industry". GCTL. 21 January 2009. Archived from the original on 3 March 2016. Retrieved 24 January 2009.
  9. ↑ "MEC Consortium wins international tender" (PDF). Stock Exchange of Hong Kong News. 12 September 2008. Retrieved 30 January 2009.
  10. ↑ "Mongolia Energy Corporation Limited". Business Week. Retrieved 24 January 2009.
  11. ↑ "Mongolian firm to produce 3 million tons of coking coal for Xinjiang annually". China Mining. 26 November 2008. Archived from the original on 30 August 2009. Retrieved 30 January 2009.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.