auditor said in the annual results announcement that the Group would incur a significant
impairment loss on the related mineral properties and/or exploration and evaluation assets
if its five mining concessions and/or exploration concession worth about HK$13.2 billion
is revoked due to the Mining Prohibition Law.
Although the affected license holders, including the Mongolia Energy Group, are to be
compensated, a significant impairment loss will be recorded if the compensation received
is significantly less than the consideration the Group paid to acquire these concessions.
As at 31 March 2011, the Group's current liabilities exceeded its current assets by
about HK$2.02 billion. There are also uncertainties about the commencement of the
commercial production of the Khushuut Coking Coal Mine and the related capital commitments
that may cast significant doubt about the Group's ability to continue as a going concern.
(HL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00276 MONGOLIA ENERGY
Nominal 
0.700 +0.020 (+2.941%) Others
29/06/2011 11:38
Mongolia Energy's (276) HK$13.2bn concessions may be revoked
| Remark: | Real time quote last updated: 27/11/2024 10:14 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |