Source: Mongolian Energy Corporation

Mongolian Energy Corporation (MEC) has announced its termination of an acquisition deal for mining licenses in Ruogiang county and Xinjiang of China. The deal was first announced on 31 March last year. As per its agreement for mining licenses for Ruogiang County and Xinjiang of China, MEC's board of directors resolved to exercise its right to terminate the transaction and issued a notice for a refund of its payment of HKD 200 million to a joint venture with prospective business partner Liu Cheng Lin for the resources. MEC is a coking coal producer and exporter in Mongolia that owns and operates an open-pit coking coal mines at Ukhaa Khudag deposit located within the Tavan Tolgoi coal formation and Baruun Naran (BN) deposit, both in South Gobi, Mongolia. It has already begun its transport of coal products from its mine via the Khushuut Road to Xinjian shortly after its approval in December to use the road, which heads to the Yarant-Takeshenken border