New Regulation Launched For Mining Companies

The passage of a new securities law through Mongolias parliament is causing concern to managers of the countrys exchange

. Were hoping that the parliament will pass the bill during the spring session, the Mongolian Stock Exchanges (MSE) chief financial officer Tushig Dul told Mining Journal. However, the parliamentary elections are due to take place in June this year, and MPs have other critical issues which need to be passed too. So our concern is whether the bill will be included in those which are passed before the election. The exchange has been attracting international mining companies seeking a secondary listing in the mineral-rich state. Mr Dul said that around 20% of actively trading companies on the exchange are from the mining industry, with mining stocks comprising around 50% of overall trading volume.Companies including Winsway Coking Coal Holdings Ltd and SouthGobi Resources Ltd were interested in joining the exchange. It remained to be seen whether Aluminium Corporation of China Ltd, which has recently taken large stakes in both companies, would itself seek a listing in Ulan Baator.Keep an eye on Mongolian capital market developments its mostly all about mining, said MSE chief executive Altai Khangai. There are about 50 internationally listed mining companies with Mongolian operations, which are interested in listing in Mongolia to get exposure to local shareholders and local currency. Were also seeing Mongolian mining companies interested in growing domestically through the stock exchange. For that we need sophisticated market infrastructure and a proper legal environment, he added. Hammer crusher:http://www.hx-china.com/2.html ball mills:http://www.hxjq-crusher.com/50.html Sand maker:http://www.hx-china.com/8.htmlThe proposed law seeks to reduce the burden on companies seeking to make a secondary listing by removing the need for registration in Mongolia, and the need for compliance with both Mongolian and home-country securities legislation. It further attempts to align the new regime with an existing law that requires that at least 10% of stock in strategic mineral deposits be traded on the MSE.Recent reports suggest that an anticipated US$3 billion initial public offering by Mongolian coal producer Hongxing Machinery specializing in manufacturing sand maker would now be delayed until 2013. The company had proposed a triple listing on the MSE, London Stock Exchange (LSE) and Hong Kong Exchange, but its plans remain stalled as Hong Kong will not accept listings from Mongolian companies until the new law is passed.Erdenes Tavan Tolgois next steps are all related to the new law, said Mr Dul. He noted that the state had distributed 20% of the company stock among the citizens of Mongolia, to be traded on the exchange. Mr Khangai said the MSE and London Stock Exchange were progressing with a partnership aimed at modernising Mongolias trading infrastructure, with a new cross-trading platform to be launched in the next two months.As the professional manufacturer of complete sets of mining machinery, such as cone crusher,hammer crusher, Henan Hongxing is always doing the best in products and service.

by: chris lee

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