MAJOR PORTALS REPORTS
TRITON COAL ACQUIRES 53% OF MSE-LISTED MAJOR REGIONAL COAL MINE SHARYN GOL CONTROLLED BY FIREBIRD EQUITY FUND, LOCAL MINERS REPORT GOLD, SILVER AND URANIUM ARE DISCOVERED, MAJOR PORTALS REPORTS
According to major Mongolian portal gogo.mn today, September 9, 2010, “CEO of Triton Coal company of Australia David Dring” in an interview to gogo.mn content partner “Mongolyn Medee” newspaper has said that” Triton Coal acquired 53% of MSE-listed Sharyn Gol Coal mine.Triton coal was founded in 2009. The company is doing the drilling.”
Earlier this year, Firebird Master Fund controlled majority stake of Sharyn Gol and announced TOB to all shareholders.
According to Firebird, “Firebird Mongolia Fund is a closed-end, limited life fund dedicated to local Mongolian equity securities. Firebird Mongolia Fund Class A is focused on stocks listed on the Mongolian Stock Exchange. Class A is closed to new money. Firebird Mongolia Fund Class B is focused on private equity opportunities in Mongolia and is open to new money.”
According to Bank of Mongolia on September 2,1010, “National Investment Bank with equity of 8.43 billion MNT(6.4 million USD)– owned 55.6% by D.Dagvadorj ,22.2% by UB Diversified Ltd,18.5% by Firebird Global Master Fund, Firebird Aurora Fund Ltd 3.8%”. Mr. D.Dagvadorj is also known as Asashoryu.
The portal has also reported that brother of D.Dagavdorj, Mr.D.Sumiyabazar, Chairman of the Board of Directors of National Investment Bank, is also one of major shareholders of Sharyn Gol.
Local miners have told the reporters that “Americans and Australians started showing up at the mine in last June. There is a rumor that new owners are doing the drilling to confirm the reserves, besides coal, of gold, silver and uranium discovered and re-sell at a higher price. The mine extracts 460K tns per months, stripped 2 million cubic meters, there are plenty reserves for 100 years. As of January , there are 138.5 million tons of coal reserves at area next to mine, mine’s own reserves are 63 million tns, next to mine is Shaazgait deposit with 38 million tns.”
Sharyn Gol Coal Mine is currently best performing stock on MSE rising 429.9% in first 8 months of 2010, according to MSE on August 26,2010.
Only previous week , from September 6,2010 to August 3,2010 the stock jumped 15%, 101800 shares were sold last Friday, August 3,2010 jumping from 9500MNT to 10925MNT, value of trading amounted to 1.1 billion MNT(0.83 million USD.
The stock rose another 4.01% today, September 9, 2010 closing at 13,000MNT, almost 10 USD, with a volume of 2,969 shares.