Modun: June 2012 Quarterly Report
July 30, Modun Resources Limited (ASX:MOU) --
Highlights:
· Drilling re-commences on Nuurst Project
· Nuurst Project progresses towards the granting of Mining license
· New Foreign Investment Law approved
· Elections completed and coalition government being formed
· Cash balance of $3.5 m
The Directors of Modun Resources Ltd (ASX: MOU) (Modun) are pleased to provide you with an update of activities during the June quarter 2012. It has been a challenging three month period with significant uncertainty created by the introduction of new foreign investment laws into Mongolia and a general election that is likely to result in a new coalition government led by the centre right Democratic Party coming to power. These events and the market response to them have compounded the challenges of operating in Mongolia. Despite these challenges, Modun has continued to progress the Nuurst Project towards the granting of a mining licence as well as putting in place plans to broaden its geographical focus when searching for additional projects to add to its portfolio.
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Relevance to the Nuurst Coal Project:
Under the new foreign investment legislation, Modun is required to notify the Foreign Investment Agency within 180 days of its existing investment in the Nuurst Coal Project. No further Mongolian Governmental approvals are anticipated. However, the newly formed Government is yet to provide details as to how the new Foreign Investment Law will be administered and implemented and Modun continues to work with the relevant Government authorities to ensure that all the requirements to progress the Nuurst Project towards the granting of a mining licence continue to be met.
Relevance to the Tsagaan Tolgoi Coal Project:
Modun anticipates that it will be required to obtain Mongolian Government Approval under the new Foreign Investment Legislation in order to complete the Tsagaan Tolgoi Coal Project acquisition.
Modun continues to believe that Mongolia is an attractive investment destination, with a significant supply of largely untapped mineral resources and a highly competitive market advantage given its proximity to Mongolia's "resource-hungry" southern neighbour China.
However, given the uncertainty over the new Governments intentions as to how it will implement the new Foreign Investment Law and the likely impact this will have on the timing of receiving approval for new acquisitions, Modun plans to broaden its geographical focus when searching for additional resource projects to add to its portfolio.
…
Link to reportLink to Cashflow report
Highlights:
· Drilling re-commences on Nuurst Project
· Nuurst Project progresses towards the granting of Mining license
· New Foreign Investment Law approved
· Elections completed and coalition government being formed
· Cash balance of $3.5 m
The Directors of Modun Resources Ltd (ASX: MOU) (Modun) are pleased to provide you with an update of activities during the June quarter 2012. It has been a challenging three month period with significant uncertainty created by the introduction of new foreign investment laws into Mongolia and a general election that is likely to result in a new coalition government led by the centre right Democratic Party coming to power. These events and the market response to them have compounded the challenges of operating in Mongolia. Despite these challenges, Modun has continued to progress the Nuurst Project towards the granting of a mining licence as well as putting in place plans to broaden its geographical focus when searching for additional projects to add to its portfolio.
…
Relevance to the Nuurst Coal Project:
Under the new foreign investment legislation, Modun is required to notify the Foreign Investment Agency within 180 days of its existing investment in the Nuurst Coal Project. No further Mongolian Governmental approvals are anticipated. However, the newly formed Government is yet to provide details as to how the new Foreign Investment Law will be administered and implemented and Modun continues to work with the relevant Government authorities to ensure that all the requirements to progress the Nuurst Project towards the granting of a mining licence continue to be met.
Relevance to the Tsagaan Tolgoi Coal Project:
Modun anticipates that it will be required to obtain Mongolian Government Approval under the new Foreign Investment Legislation in order to complete the Tsagaan Tolgoi Coal Project acquisition.
Modun continues to believe that Mongolia is an attractive investment destination, with a significant supply of largely untapped mineral resources and a highly competitive market advantage given its proximity to Mongolia's "resource-hungry" southern neighbour China.
However, given the uncertainty over the new Governments intentions as to how it will implement the new Foreign Investment Law and the likely impact this will have on the timing of receiving approval for new acquisitions, Modun plans to broaden its geographical focus when searching for additional resource projects to add to its portfolio.
…
Link to reportLink to Cashflow report
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